Authorities poor record keeping undermining valuation of property

According to Palm Golding Properties Zambia Head […]

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.

“This information gap can create uncertainty for buyers and investors and may also make it easier for unrealistic prices to remain on the market, case which has severally being mentioned, across Lusaka and other parts of sellers inflating prices to the displeasure of a common Zambian.”

Mwape said the blame falls squarely on record keepers – local authorities and the Ministry of Lands, which often leads to inefficiencies in property transactions.

He called for a stronger and more coordinated property information system could help improve transparency, support more accurate valuations and provide better protection for buyers. It could also assist in reducing land disputes, cases of multiple claims to property and other challenges that continue to affect the real estate sector.

Article by Samuel Mutale