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The property resale market in Dubai is showing marginal growth as many of the new-build apartments and villas have come back to the market for resale. If the owner of a property decides to sell, it is essential to make sure the transaction happens at the most opportune time in the market. The investor might realize that holding out for improving prices is his / her best bet. There are many things to take into account when reselling properties in Dubai.
According to the Dubai Land Department (DLD), “In 2014, the total number of real estate transactions in Dubai exceeded AED 61 billion, an increase of 38 per cent compared to the previous year. It is quite conservative to estimate a doubling or trebling of residential property prices in Dubai by the year 2020. Developers are launching several projects including luxury residential properties in line with Dubai’s strategies to become the world’s best tourism hub.”
The real estate market is showing a high degree of flexibility in trade with the requirement of investors. There are two categories of the resale market in the real estate – ready residential properties owned independently, and units in projects at the construction stage. In such cases, the seller does not own the property yet, but has an agreement with the buyer entitling him to ownership in the future.
The resale value of a property is very important to look into while selling a property as well as when buying one. Evaluating a home’s resale value, thinking towards the future and what a home’s potential resale value may be are imperative to making good returns on one’s real estate investment.
From a buyer’s point of view, choosing a good location and the connectivity of the property with the rest of the city are certain attractive factors to own a property. A wide range of amenities, including the number of bedrooms, bathrooms, storage space, parking space, garden and available technical features that meet the requirements and comfort of a family, also needs to be considered while buying a property for resale.
If you are planning to buy a resale property, then you can save on costs in terms of taxes and other charges, and you can also get ready to move in to the new property without much delay if you do so now.
• Investors know that holding out for improving prices would be their best bet
• A strategic location and the connectivity of the property are priorities of buyers
• One also needs to consider the number and quality of amenities available
Source: Yash Shah, Special to Properties
The writer is Property Sales and Leasing Manager, SPF Realty