Terms of Reference:
This comprehensive valuation report, undertaken by the undersigned architect and civil engineer, is commissioned as an independent assessment requested by the property owner. The primary objective is to evaluate the fair market value of the property, ensuring transparency and impartiality in the process.
Basis of Valuation:
A physical inspection of the property was conducted, with size calculations derived from approved plans (see Fig.1). The comparative method of valuation was applied, backed by extensive research on similar properties.
Age of Property:
Constructed approximately 22 years ago.
Tenure of Property:
As reported by clients, the apartment is subject to a ground rent of €2.33 p.a., while the carspace is subject to a ground rent of €0.46 p.a.
Nestled in the exclusive residential development of Portomaso, St. Julians, the property occupies the seventh floor, offering panoramic views of the marina (see Fig.2).
A luxurious three-bedroom apartment featuring a spacious open-plan living-dining area, a large front terrace with direct marina views, a kitchen, an entrance hall, a main bedroom with ensuite bathroom, two spare bedrooms, a bathroom, and a spare shower. Access is facilitated by a common staircase and two mechanical lifts, with a gross floorspace of 200 sq.m., including external areas. Carspace 2110 accommodates one large vehicle.
Property Amenities & Finishes:
Situated in a highly desirable area within a prestigious residential development, the property boasts luxury standards throughout. High-quality ceramic flooring, suspended gypsum soffits, solid timber doors, gypsum decorations, gypsum plaster and paint, three bathrooms, double-glazed aluminium external apertures, steel railings, and a top-quality fitted kitchen define the finishes. The property is fully furnished with high-quality furniture and soft furnishings (see Figs.3-9).
Property Services and Installations:
Essential services include water supply, foul and rainwater drainage, electrical supply, two mechanical lifts, air-conditioning, kitchen appliances, and electric water heaters.
Maintained to very high standards, the property requires no immediate repairs or refurbishments. Structurally, it consists of load-bearing concrete beams, columns, and slabs.
With a prime location, exceptional amenities, and limited availability of similar properties, the demand for this type of property is expected to remain very high, ensuring sustained steady growth in value.
Considering the above factors, the location, amenities, and other influencing aspects, the fair market value is reflective of the property’s unique and desirable attributes.