When a client buys a new home or sells their old one, the first thing they need to understand is the probable value of which the particular Dubai property stands at. It isn’t possible to deduct an accurate amount with the constantly changing market trends; however, there are several aspects that help determine how much a property is worth. We found out the four essential factors that make a property valuable.
“Location, location, location…” This saying holds especially true when dealing with Dubai real estate. The location of a property can make a large difference in its market value. An apartment in Sharjah will cost approximately 30% lesser compared to the cost of an apartment in Dubai. An average two-bedroom apartment cost in an expensive area of Sharjah amounts up to AED 4,188 per month, whereas an average two-bedroom apartment cost in an expensive area of Dubai will be approximately AED 7,738 per month. Furthermore, an area that has grand city views, a nearby beach, or an apartment in an urban district will have a high demand and a high price.
2- Size of the Dubai Property
The overall size is the second most important factor for figuring the net worth of a Dubai property. This includes the number of rooms and the total size area of the unit. More clients will want a home that is large in size with spacious interiors than an apartment that feels cramped and has limited space. Naturally, a 1000 square feet, two bedroom apartment will have a higher value than a one bedroom apartment with a total area size of 750 square feet.
Does the property of interest have a maid’s room, 24-hour security, a gym or a pool? These added amenities can increase the rate of the property. Most of the time customers may find the perfect apartment in a good location, but not having the necessary amenities such as proper car parking or built in wardrobes, and kitchen appliances can affect their decision of buying or renting that property.
Many developments and residential districts in Dubai feature their own educational institutions, healthcare facilities, fitness & sports centers, and social hotspots. This can have a high impact on property value because residents don’t have to travel long distances to avail these services. Distinguished areas such as Arabian Ranches, Dubai Investment Park (DIP), Dubai Sports City, etc. have their own schools, clinics, and training centers within the community.
Other than the above-mentioned factors there are other elements that can affect Dubai property prices such as the general economic market trend, age and condition of the property, and the popularity of an area.
Among our various services, Driven Properties also offer a comparative market analysis service which is completely free of cost to clients who want to have an approximate evaluation of how much a particular property is worth.