The prices of cement, steel bars and bricks have been increasing steadily. In other words, everything on the market is getting pricier. So why has the valuation of houses remained unchanged?
A double-storey terrace unit is valued at the same price as a double-storey semi-detached house, but as long as it is double storey, it is safe to say it is valued higher than a bungalow, even when the bungalow is a detached house.
My question is: How is it possible that a detached bungalow house fetches lower valuation than a double-storey terrace or semi-detached unit, especially when land prices have been going up? What confuses me even more is that I’m seeing low valuation on houses in prime locations. Shouldn’t these houses be worth more? I hope the authorities could look into the valuation procedures in the real estate market.
Frustrated
