REAL ESTATE VALUATION
ARCO REAL ESTATE started provision of real estate valuation services in 1998, and in August 2000 the Board of Directors of the Company decided to establish a valuation department as a separate, independent structural unit of the Company. In July 2007, taking into account the increase in number of orders and establishment of new structural units in regions of Latvia, the second valuation department was established.
Since November 19, 1998, ARCO REAL ESTATE is an associated member of the Latvian Association of Property Appraisers (LĪVA). Mr. Māris Laukalējs is a member of the Board and the head of the Education Commission of the LĪVA.
In October 2008, ARCO REAL ESTATE received the LĪVA Competence Certificate No. 20. Active participation in the activities of the LĪVA ensures provision of efficient and professional valuation services, based on the latest recommendations and methods of the LĪVA and international valuation organisations.
Real estate valuations prepared by the Company are accepted by all major Latvian financial institutions, which at the same time are major cooperation partners. Among the other persons ordering valuations, there are both owners of individual houses and apartments and large enterprises of national importance, international companies, embassies of foreign countries, and governmental and local authorities.
The total number of properties valued by ARCO REAL ESTATE since 1998, is more than 30 000. During the last year, the average monthly number of properties valued is around 250.
Already since 2001, ARCO REAL ESTATE carries out regular real estate market analyses that ensure more accurate valuations. Summary of the real estate market analyses is published annually in the “Latvian Real Estate Market Overview” published by ARCO REAL ESTATE.
High quality of real estate valuations prepared by ARCO REAL ESTATE is guaranteed by the use of the Company’s large database of transactions; it is also important to note that for the preparation of real estate valuation, virtually all publicly available databases of transactions (both freely accessible and against a fee) are being used.
Most of assistants of certified valuators employed by the Company have several years experience in the field of real estate valuation - an average of 4-5 years, while the certified valuators working for the Company have work experience gained in 10-12 years. ARCO REAL ESTATE employees regularly attend local and international training courses, including those in the sphere of real estate valuation, which allows the use of advanced solutions according to the specific features of the markets of the Baltic countries and the coordination of international orders in those countries.
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