Residential properties are the class of property which is used for dwelling purposes. It contains both land and buildings. Examples: single detached houses, condominiums, houses within housing schemes etc. The interests attached to such property are different and where the major interest attached is always freehold interest.
We have extended the valuation services to the residential properties in Sri Lanka. The valuations cover the whole range of residential properties such as houses, condominiums, housing schemes and land subdivisions (blocking out). The values range up to Rs.150 million for a residence in prime residential locations in Colombo 3, 5 and 7. Condominium housing units are valued as part of the condominium developments registered under The Apartment Ownership Law. Apart from the location factors and property type, all the other amenities are considered. Usually the condominium properties are valued from investors’ point of view as there is a clear investment market. Some of the apartment valuations undertaken at Royal Park, Havelock City, Fairview, Fairway, St. James, Trillium and Queens Court. Land subdivisions (blocking outs) are thoughtfully undertaken with quite a lot of research in the housing market. The legal aspects are checked with The Urban Development Authority Law.