Selling property in Dubai

When it comes to which properties are selling and which aren’t selling in Dubai, it all comes down to price.

Current market sentiment in the UAE is that the real estate sector is in a period of decline and that not enough buyers exist against the properties on the market. However, the Dubai Land Department figures suggest otherwise.

Dubai's real estate market recorded 39,802 real estate transactions worth Dh162 billion from the beginning of 2018 till the end of September, according to a report released by the Dubai Land Department (DLD).

That means there are transactions taking place real estate agents just need to advise their clients of the current selling prices, and if the seller cannot accept this reality they should be advised to hold until the market turns around.

The problem is that some agents simply seek properties to list, in the hopes that they may sell. In some instances, correct advice is not offered, or they let the clients advise them. A real estate agent’s job is to know the market and guide clients based on true selling prices, not advertised prices.

What is selling right now?

The properties selling are those which were bought for less than current prices. These sellers have a realistic understanding of today’s market and are not aiming for prices that are unobtainable.

We advise not to list properties with multiple agents which is somewhat the norm in Dubai. This just adds to the appearance of oversupply and can potentially convey a sense of urgency on the seller’s behalf and work against you by achieving a lower price. Choose one agent that you can trust on an exclusive basis. This was the agent is committed and will work harder.

Good real estate agents will also offer your property to other agents that specialize in your area. Thus maximizing reach of the property. It’s also important that your agent is a specialist in your specific area.

Ensure your agent knows everything about your property and location before proceeding with them. If they are specialists their network will be extensive in that area and your property will move fast.

In summary, know the correct value of your property, choose an area specialist to help you and then work with them exclusively.