January 2nd, 2017 by Own A Space
Established communities are witnessing several buyers lined up for buying properties in Dubai. The buyers still are the king in the property market of Dubai. However, this is true for upcoming community properties where sellers lower the asking price to meet the buyer’s expectations.
Earlier in 2016, several sellers had to accept offers below the price of property marketing rate as the gap widened between what they were demanding and how much the potential buyers were willing to pay. Multiple buyers were lined up with offers with prime communities bucking up this trend.
Picture Courtesy: www.khaleejtimes.com
Examples are there where a property is at an attractive location, with facilities and amenities, pulling the potential buyers resulting in the offers being increased to secure the home.
Specific communities’ villas such as Arabian Ranches, Emirates Living, The Villa Project and Victory Heights witnessed a slender increase in the actual sale agreed to prices over the subsequent part of the year. Some of the sub-communities, however still require lowering their marketing price to drive buyers for viewing. The property agency mentions a certain instance in earlier December where an Arabian Ranches homes were sold for Dh 50,000 over the marketing price because the buyer did not want to lose the villa to others.
The locations which experienced price appreciation during 2016 were International City (about 10.3%), Discovery Gardens (up to 6.1%), Motor city (8.1%) and Dubai Production City (4.7%).
The above locations were forecasted to continue an easy process of recovery towards 2017. Other freehold locations are to witness prices to remain flat during the 2nd half of 2017, according to research manager, Haider Tuaima.
Apartments were in good conditions which are furnished; enjoy an amazing view within a demandable sub-community, not near construction or civil infrastructure work, more in demand by the buyers.
Meanwhile, tenants are reluctant to pay the advertised rent across all locations in the leasing market. According to Sanjay Chimnani, the MD of Raine & Horne Dubai, it was a fair correction of rents in 2016, especially in the high end of the residential real estate. Things are established now and there is not much supply which is likely to hit the market there. Strong demand can be seen in the budget housing all over 2016. Rents in the segment will rise up to 2-3 % in 2017, irrespective of good supply coming into the market.
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