Valuing a Dubai Property
Valuing a Dubai property has become an issue in the recent past. Property prices in Dubai in 2015 have been among the worst performing in the world. Hopes for Dubai Property Prices in 2016 are not, at time of writing, very positive either. This has meant that the valuation of a Dubai property can be somewhat tricky.
It is, of course, possible to visit a range of property websites, there are dozens specifically dealing with the Emirate. Here you can see what values are being sought for property in your area or development. One word of warning if you choose this route to valuing a Dubai property – it may be somewhat misleading.
In a falling or stagnant market, sellers will almost always look for more than the market is prepared to pay. Even when they drop the asking price, it is often a belated action. It generally drops the price in reaction to market movements, but not enough. This is understandable, sellers will always wish to get as much as is achievable for their property. They will consequently avoid undervaluing it very strenuously.
In an interesting piece in the Khaleej Times in early January 2016 ValuStrat’s Declan King was quoted as saying: “On average, deals are being agreed at four to six per cent below listing price, depending on the property itself and the location.” He is, of course, referring to asking prices with agents, not on property sales websites that also contain private listings. But the premise still holds. Even property sales companies are not currently listing properties at prices that are achievable.
Valuing a Dubai Property – Can SellDubai.co.uk help?
Here at SellDubai.co.uk we do not actually value properties for clients. We have a large database of end users, landlords, investors and institutional property buyers looking to make an offer on your Dubai property.
You can list your property with a local agent, and they will probably list it for more than it can achieve. Consequently it will probably be on the market for many months, if not years.