Dubizzle Property, the UAE’s biggest and most visited Property platform, advise UAE residents on the power of bargaining, following insights from the latest co-authored report with JLL. The report revealed an increase in demand for properties in the mid-market segment also highlighted a gap between the advertised sale price and actual transaction price of properties in this sector.
dubizzle Property has over 150k listings at any given time and registers over 3.7m visits per month. By analyzing the advertised sale prices in key mid-market communities on the platform and comparing them with the transaction prices as recorded by the Dubai Land Department's public transactional data, dubizzle Property observed that properties for sale were priced on average 6% higher than the price they were transacted at.
In this regard, Paul Kelly, Operations Director at Allsopp & Allsopp real estate agency, winner of Top Content Quality Agent award at the Exclusive Agency Club 2017 by dubizzle, commented: “Working with a landlord to bring their property to the market at the right price level is perhaps the agent's most important job. It has to be at the right level to attract interest whilst at the same time leaving themselves some room to negotiate a deal and most importantly, ensuring that they can sell their property in a good time frame and for the maximum sales price that is achievable in the market.”
From the mid-market areas analyzed, Discovery Gardens experienced the largest transactional price per sq.ft. gap with properties selling at 20% lower than the advertised sale price. Jumeirah Village Circle ranked second with an 8% transactional price per sq.ft. gap, followed by Dubai Sports City with a gap of 2%.
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