Authorities poor record keeping undermining valuation of property

According to Palm Golding Properties Zambia Head of Valuation Chengelo Mwape one of the major challenges facing the property valuation sector is the lack of a comprehensive central database containing information on property transactions.

A reliable database system allows valuers, developers, investors and buyers to access more reliable information about recent property sales and prevailing market values.

“There is no central information where all developers and experts can check for information on property. We have some information, and sometimes it is difficult to identify whether the property next door has been sold, and such things are very common in our sector,” he added.

The absence of comprehensive and easily accessible property transaction data can make it difficult to accurately compare properties and establish realistic market values.

For example, a buyer may see a house listed at a particular price but have no easy way of determining whether a similar property in the same neighbourhood recently sold for significantly less.