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RICS Cayman chapter talks valuation issues

Cayman’s chapter of the Royal Institute of Chartered Surveyors told Cayman 27 the organisation adheres to the highest international standards.

Former firefighter Raul Martinez and his family face eviction next week after foreclosure. Mr. Martinez told Cayman 27 his home was sold for just $285,000 dollars. He showed Cayman 27 documents from the 2008 to 2012 time frame in the $700,000 to $800,000 range.

George Town Central MLA Kenneth Bryan said these discrepancies in valuations need to be investigated. He’s calling for the industry to face regulations.

Past president of the Cayman chapter of the RICS Nigel Bates said there’s more to a valuation report than the bottom line.

“There are certain conditions, there are certain assumptions that need to be looked at, the valuation could be broken down into various aspects, we have to make sure that what is being valued is included in what is actually the property that is being valued,” said Mr. Bates.

Mr. Bates said in 2014 Cayman became the first Caribbean island fully regulated by the RICS.

He said those who believe RICS rules of conduct have been violated, they can make a complaint.

Make a complaint to RICS here.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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