In a recent case we handled, we were asked to review the valuation of a property that had been set by a fund at a starting price of €177,000. Our own analysis, based on extensive comparable market data and the market's recent upward trend, arrived at a different, more thoroughly documented valuation.
By submitting a fully documented report that highlighted factors which had not been adequately taken into account (such as the area's tourism potential, its short distance from the sea, the renovation, and the recovery of the real estate market), the Court fully accepted our approach and adopted the value of €660,000. The difference of €490,000 is concrete proof of how critical a valid and objective valuation can be in such important cases.
Excerpt from the Court's Decision
«The above seized property is being put up for a public open-bid foreclosure auction by electronic means on ....with a starting price equal to its market value, as estimated by the above-mentioned court bailiff who, having also taken into account valuation report no. .........., estimated its value at €177,000.
However, the value of the seized property is estimated to be higher than the value determined. Specifically, the above valuation report by the certified valuer dated ....... as well as the ........... forced real estate seizure report did not take into account that the property in question is located in an area characterized by a set of particular natural, geographical and development features ............... .
Taking into account all of the above, the fact that the real estate market has recovered in recent years, following an upward trend, and that this is also a tourist accommodation located in a good area of .........., close to the sea, making it more attractive to tourists during the tourist season, the value of the seized property is calculated at the amount of €660,000 and not at the aforementioned value of €177,000 in total, as incorrectly determined in the contested seizure report by the above-mentioned court bailiff, following an incorrect estimate of the value of the entire property.
Furthermore, it was found probable that, should the relevant correction not be made to the value of the seized property in question and to its starting price, this would cause harm to the objecting party, as the above discrepancy is in any case considered material.»
Why You Should Trust Us
A correct valuation is not a matter of impressions, but of scientific documentation. Our approach is based on gathering valid comparable data, a thorough understanding of local market characteristics, and the application of international valuation standards.
- For property owners: If your property is about to go to auction, a second, independent valuation can reveal significant discrepancies and protect your assets.
- For law firms: In objection cases, a technically sound and fully substantiated valuation report significantly strengthens your arguments before the Court.
Our Commitment
We offer a free preliminary assessment of your case. We will examine whether there are scientific grounds to challenge the existing valuation. We only undertake a new report if the evidence supports it, so as not to burden the client with unnecessary costs.