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Who are BFA Valuers?
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FA Valuers are in a privileged position case in the EU Court of Justice in respect as they become aware of development of its Corporation Tax Reform proposals, schemes at the very early stages of the and although nothing in life is ever certain, most analysts agree that Gibraltar’s case is development process. Clearly, without funding, such schemes strong and likely to succeed. Unfortunately, would not be able to materialize and this although the case was heard early last year, is where their expertise comes in. Lending the court ruling is still anxiously awaited. The Spanish market is a different story, institutions rely on BFA Valuers’ local knowledge of the market and they have also although Mark Francis, who has been on several occasions assisted International valuing residential properties at the higher Valuation firms such as CBRE, DTZ and end of the market over the last two years, Savills to name but a few of the more has not detected any significant changes in that sector. Exclusive important names in properties in the the global market. Marbella area have up They have also in spite of the looming to now held their value, been involved in global recession, the but he believes that two major market much depends on the research reports outlook for both the quality of the properties carried out for residential and and their surrounding two local leading commercial market in infrastructure. Exclusive financial institutions residential zones, such and whilst they are Gibraltar is favourable as La Zagaleta, where, obviously bound not only the highest by confidentiality standards of planning agreements, they are pleased to say that in spite of the looming and construction are rigidly enforced but global recession, the outlook for both the where maintenance, management and residential and commercial market in security are likewise of the highest standards, Gibraltar is favourable. Much will depend on are still very much in demand and will the outcome of the Gibraltar Government’s always be desirable properties at the higher end of the market. It is often said that valuation is not a precise science, but is also an art. There is some truth in this because apart from the main methods of valuation, i.e. the ‘Comparison Method’, the ‘Investment Method’, the ‘Profits Method’ and the ‘Contractor’s Method,’ at the end of the day an experienced valuer has to judge how much an interested buyer would be willing to pay to a willing seller at arm’s length without compulsion and after a proper period of marketing assuming the parties had full knowledge of all the facts. That is how Market Value is defined by the RICS in its latest Valuation Standards Manual internationally known as the Red Book and although the valuer will rely on one or more of the four main methods of valuation, such a judgement often requires a much wider approach based on his years of experience.
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at home in Gibraltar | spring | summer | 2008
BFA Valuers have been undergoing valuation works in Gibraltar and in Southern Spain over the last 21 years, ever since its founder member Brian Francis FRICS resigned as Director of Crown Lands to venture into the private sector. The BFA Group is composed of BFA Valuers, BFA Estate Agents and BFA Management and all three have specific roles within the organisation. The entire Group employs 28 members in the three sections, of which BFA Valuers rely on 5 members of staff – 2 Chartered Surveyors and 3 members for secretarial support. Brian Francis is a Fellow of the Royal Institution of Chartered Surveyors. He obtained his Chartered status in 1974 and became a Fellow in 1986 when he started his private practice. His son Mark is also a Chartered Surveyor, having obtained his Charter in 2003 after successfully passing his APC (Assessment of Professional Competence) following his First Class Honours at University of Westminster. He also obtained the RICS Central London Prize for the best student. Today, both Brian and Mark carry out extensive valuation work for lending institutions, developers and private clients. The work ranges from Valuation Appraisals of large development schemes to smaller mortgage valuation work. BFA Valuers are also involved in other general valuation work such as rent reviews, lease renewals, and arbitrations where their knowledge and experience is invaluable. The group prides itself in that, with the exception of Land Property Services, who provide consultancy services to the Gibraltar Government, it is arguably the largest property consultancy firm on the Rock. Indeed, because of the increase in workload, BFA Valuers are now actively seeking to recruit another Chartered Surveyor or Graduate who they would train to obtain Chartered status. Brian, who is also Managing Director of the Group believes that as a service provider the most important ingredient for success is not just the quality of the staff which is excellent but also their well-being. Hence, apart from generous performance driven incentives, all members of staff enjoy a private pension scheme funded by the company after the first year of employment, thus ensuring continuity and company loyalty. More recently BFA has also subsidised those wishing to become members of the new Ocean Village Health Club. As a keen sportsman himself, Brian firmly believes in the old adage “ of sound body and mind ” and this will inevitably redound to the benefit of their numerous clients.