Property Valuations Dubai
“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 and experience.
The reason for this is simple, the market is maturing and not all properties are now in the same condition as handover, some years ago. 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 + Average Valuations
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 your property is worth.
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 in taste or requirements.
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 me.
Check out my blog www.lauravadams.com to keep up to date with the Dubai Property Market.
Laura Adams Managing Director Carlton Real Estate
data from propertymonitor.ae