As a loan officer in a bank, you received an application for a real estate loan from a borrower to buy an apartment in Dubai. The apartment is an unfurnished one bedroom flat situated in Park Island building (Sanibel) in Dubai Marina. Details about the property (and a comparable one sold in the same building) are presented in the following table: Questions: The current owner of property (A) bought it new from Emaar in 2010 at 1,000,000 AED. In 2010, construction costs (including partial value of the land value) of the apartment by Emaar were 750,000 AED. It would cost Emaar 1,100,000 AED to reproduce the same apartment today. In addition, the owner did an upgrade to the apartment this year (upgrade cost: 50,000 AED). The property has depreciated since 2010 by 150,000 AED. Using cost approach, find the value of property (A). As a loan officer in a bank, you received an application for a real estate loan from a borrower to buy an apartment in Dubai. The apartment is an unfurnished one bedroom flat situated in Park Island building (Sanibel) in Dubai Marina. Details about the property (and a comparable one sold in the same building) are presented in the following table: Questions: The current owner of property (A) bought it new from Emaar in 2010 at 1,000,000 AED. In 2010, construction costs (including partial value of the land value) of the apartment by Emaar were 750,000 AED. It would cost Emaar 1,100,000 AED to reproduce the same apartment today. In addition, the owner did an upgrade to the apartment this year (upgrade cost: 50,000 AED). The property has depreciated since 2010 by 150,000 AED. Using cost approach, find the value of property (A)