|“A property is only worth what someone is willing to pay for it”|
This is an infamous saying that is widely used in the property industry,
which is true, but ultimately a valuation should be completed to get a
ballpark selling price.
Pricing property in Dubai now requires expertise, access to data
The reason for this is simple, the market is maturing and not
Either the property has had renovations/alterations and has been upgraded or the opposite, the property still remains the same with years of wear and tear.
An experienced Agent will be able to give you a guide price based on size, view and layout but to really know what it is worth you need to look at 3 things:
Average Listing Prices +
Average Sold Prices +
Whether Buying or Selling ask your agent for the average of the above
3 prices. This will give you a very good indication as to what
Note: if you have upgraded or renovated and spent, example AED250,000 this does not necessarily mean that the property is worth an additional
AED250,000 as the Buyer may not see the value due to the difference
I have shown an example below of a recent valuation I did for a one bedroom apartment in Bay Central, Dubai Marina. The Valuation shows the
Sold Prices (from Dubai Land Department), listing prices and valuations
for the past six months.
If you would like to know what has sold in your building or community
to gain a more realistic valuation then please do not hesitate to contact
Check out my blog http://www.lauravadams.com to keep up to date with the
Dubai Property Market.
Carlton Real Estate
data from propertymonitor.ae