It was a stellar year for real estate in Dubai as the emirate recorded 166,400 total transactions with a combined value of Dh634 billion in 2023. These numbers represent a 36 per cent rise in the number of transactions and a 20 per cent increase in value. The exceptional performance in 2023 has provided a strong foundation for further growth this year. However, while there are plenty of opportunities, homeowners looking to sell their property will still have to navigate a few challenges to fully capitalize on market conditions and optimize returns.
It is certainly now a seller’s market, but sellers looking for maximum profits can adopt these strategies to further enhance their returns and ensure a successful sale.
Having a good grasp of market trends will help you set the right price for your property. Dubai has enjoyed steady price appreciation, registering a 15% rise in residential prices since the pandemic, with villas seeing an even more impressive performance with a 44% increase in prices. Knowing and understanding trends like this will be valuable in pricing your property correctly.
Property buyers in Dubai are becoming younger, and this means that there are a lot of tech-savvy, digital-first homebuyers in the market. In this regard, sellers who take advantage of digital tools will be able to reach a much broader market base of potential homebuyers and ultimately sell faster. Use digital platforms like Gllit.com to market your property and take advantage of the platform’s free tools to enhance your listing. The platform allows you to host quality virtual tours, embed videos, organize e-meetings, and even easily edit photos to showcase your property’s best assets.
Also read: Who can qualify for a mortgage in Dubai
Stay informed about the legal aspects of selling property in Dubai. Keep yourself up to date with any changes in real estate laws and regulations to avoid potential pitfalls and ensure compliance when completing transactions.
First impressions matter. Keep your property ready for viewings and ensure it is well-maintained and looks good inside and out. You can tap a professional staging contractor to help you further improve the appeal of your property.
Overpricing can be a problem in a seller’s market and deter even the most serious buyers. It’s certainly fair to price your property competitively, considering the current market trends and the unique features of your home, but make sure it is in tune with realistic market values.
Even in a seller’s market, you still have to negotiate. So be prepared to discuss terms confidently, staying flexible yet firm on what you want to achieve. Also, have a clear strategy so you can respond effectively to potential buyers’ offers and counteroffers.
Gllit.com offers a seamless platform for homeowners to list their properties, reaching a vast network of potential buyers and tenants. With its user-friendly interface and robust features, Gllit.com ensures that your property gets the visibility it deserves.
So why wait? Head over to Gllit.com and list your property today.