When buying, selling or inheriting, the question of selling price always arises. You need to know the current market value of the apartment, villa or land in question. To do this, you need to estimate its fair price. Several techniques are available. Without rushing to an objective online calculator, follow these few tips. They will guarantee you a coherent assessment of the property's value, without underestimating or overestimating it. So how do you get a reliable valuation of your property? Can you trust the price of an apartment or house without having seen it? What criteria are taken into account?
Why value your property?
The purpose of a good estimate is to enable the seller to sell his property as quickly as possible at the best possible price. Indeed, offering a property for sale with a well-executed estimate will enable you to find an initiated buyer very quickly. It will also limit the negotiations that a buyer is used to making, and you'll be sure to make your sale under the best possible conditions.
However, a poor estimate can imply a poor apprehension on the part of the buyer, and can have the effect of undermining the credibility of your property. In this sense, if your property's value is too low, you'll end up with a shortfall, and potential buyers will tend to see it as an attempt to manipulate the market by hiding something. Either a hidden defect, or an element not mentioned in the ad that hides a problem in the day-to-day life of the property for sale (e.g.: noise from work, hidden defect, unsustainable co-ownership, joint ownership, etc.).
Conversely, if your property is too expensive in relation to the current market, potential buyers will think it impossible to obtain an adequate price. The seller will then have no choice but to gradually lower the price of his property, risking losing credibility on the various real estate platforms on which it is posted.
Things to consider?
The location and environment of your property
Factors that have a positive impact on my estimate: location. Is it downtown? Close to public transport? Or with quick access to a major thoroughfare?
Are there schools nearby? Local shops? Is it a lively or quiet neighborhood?
You need to ask yourself all these questions before setting your selling price. The environment of a property is a decisive factor in the valuation of your home, because the price will vary according to this criterion.
Projects under construction in the neighborhood
You need to find out about the various projects under construction in your neighborhood that will revitalize it and make it more attractive. The more construction projects that reshape your neighborhood, the more the price of your property will rise over time. That's more bang for your buck when it comes to selling your property at the best possible price.
The case of an apartment
Certain features will have a positive or negative influence on the selling price. Below you'll find a list of the main points considered as advantages or disadvantages for your apartment.
Competition
If you're in an area where many other properties are for sale, you'll want to take a look at the posted prices and see if they're comparable to yours.
You'll understand that if your neighbor is selling the same apartment as you but for 15% less, you won't be likely to receive any calls about your property. On the other hand, if your property doesn't need any work and your neighbor's does, or if you're aligned on a price, you'll get inquiries.
To study the market in your city/neighborhood, we invite you to use the ad sites in Morocco, such as Avito, Mubawab, facebook Marketplace, etc.
Real estate price benchmarks in Morocco ?
With a view to ensuring the transparency of the Administration's actions and rationalizing its assessment powers, this manual publishes the reference prices, by zone and by type of property, selected jointly by the Direction Générale des Impôts (DGI) and the Agence Nationale de la Conservation Foncière, du Cadastre et de la Cartographie (ANCFCC).
The prices shown are determined on the basis of the average of current prices by zone and consistency. They are given for information only, to serve as a basis for calculating the above-mentioned duties and taxes, and in no way constitute a direct valuation of a property. In the case of the DGI, these prices are only opposable to the tax authorities.
The data in this reference database may be periodically updated and revised in line with changes in the real estate and land market, or when the market value adopted is not in line with the average price in force in the area where the property concerned is located.
Real estate asset price index ?
Bank Al-Maghrib and the Agence Nationale de la Conservation Foncière, du Cadastre et de la Cartographie (ANCFCC) have jointly set up a framework for monitoring real estate asset prices in Morocco. The framework consists of price indices for residential property (apartments, houses and villas), commercial property (offices and commercial premises) and land (urban plots). These indices are compiled at national level, by region and for the major cities of Rabat, Casablanca, Marrakech, Tangier, Fez, Oujda, El Jadida, Kenitra, Meknes and Agadir.
Example of an expert report on the Internet ?
Although appraisal reports differ from one expert to another, you're probably wondering how to find examples of appraisal reports made in Morocco?
One of the best-known sites in Morocco, and the richest in terms of expert reports, is Annoncesjudiciares.
Professional estimate of real value?
Only a professional on-site appraisal can confirm the actual value of a property. Many factors can influence the price. Property valuations are carried out by real estate experts who bring with them their experience of the market and its trends. They also have a good knowledge of the region in which they operate. This process is essential to enable you to sell your property as quickly as possible. A complete appraisal is based on the value of the land and the value of the property according to construction standards, less any depreciation due to age.
Based on information provided by the owner and on on-site observations, the expert takes into account the various characteristics of the property. The geographical location, the neighborhood, its condition, the work carried out, the type of building, the floor on which it is located (for an apartment), the view and its orientation are determining parameters. Technical and legal factors(land registry, zoning, etc.) are also taken into account. Other factors may come into play: the social and economic environment, proximity to public facilities and amenities, accessibility to urban centers by public and road transport, possible nuisances, and so on. Last but not least, the property's energy balance can be an important criterion.
In conclusion: only a complete appraisal can reflect the real value of a property in line with the current market. This 15-30 page report, produced by an experienced expert, is an essential prerequisite for setting the right price. It's important to bear in mind that real estate value is linked to the ever-changing economic context. You should therefore have your property revalued every three to five years.
Need an expert? Then welcome to HEXAGON GEOSURVEYS for your expertise.
Would you like an appointment, a quote or advice? Write to us and we'll be happy to advise you: (+212) 6 60 41 02 18 Monday to Friday.
I WOULD LIKE TO MINFORM