Main features of the property market in Dubai
What are the main features of the property market in Dubai?
property market
The average monthly income for retail property Market in Dubai amounts to $3,500 in 2019. Some of the highest median incomes in this country are reported to be recorded in three prime zones of housing markets namely Central Market Zone, Southern Market Zone and Downtown District. Amongst these three markets, the majority of the residents are concentrated in the Center and South.
1 . Dubai’s property market
Dubai’s property market is divided into several subcomponents, which include land and buildings. Land refers to the total area that comprises both agricultural and non-agricultural properties. On the other hand, building refers to the total area that belongs to either residential or commercial use. Both land and buildings include some commercial and industrial works.
2 . Main Features of Market Zones in Dubai :
Amongst these three markets, the Northern property Market Zone is considered to be among the oldest and most active. It includes mostly older buildings and lots. Due to its historical significance and age, it is mainly built of sandstone, brick, and mortar. Whereas, Middle Market Zone constitutes of the most modern buildings and lots.
Although it is a mix of old buildings, modern and contemporary ones, its structure is predominantly made of bricks, concrete, glass, iron, and steel. Lastly, Downtown Property Market Zone encompasses all kinds of buildings including new projects, refurbished ones, and existing ones. It comprises of a diverse population of people who reside in the center of the city.
3 . multiple renters and landlords
To cater to multiple renters and landlords, the property market in Dubai consists of a mixture of rentable and fixed rents. Fixed rents are the amount based upon rents that tenants pay to the landlord. On the other hand, fixed rents are the costs that a landlord pays to accommodate his or her tenant in the rent.
Since the property market is composed of various elements like land, buildings, cars, and so many more, it is not surprising to see its performance. Many investors have found the property market to be lucrative. The vastness of the property market is expected to grow exponentially.
4 . How does selling property in Dubai can benefit you?
When you decide to sell something you want, you want the right choice in terms of the place you want to sell it and get the right price. That is why you choose to sell a family home or office. For this purpose, you have to consider the following aspects when deciding whether to sell:
1) The condition of the property
2) Location
3) Price
4) Time-frame
5) Quality
6) Condition
7) Availability
8) Reputation
5 . the condition and location of the property
If you find yourself in this kind of dilemma, then it is time you hire a property owner and start exploring different options. Take note of this before making your final call. Once you get into contact with a property owner, you should get informed about your prospective buyer. You are advised to talk to them directly about the condition and location of the property. After considering everything, the property could be rented out for a single month or a year or more.
After completing your investigation regarding the property, you would ideally get three proposals to discuss. One proposal would represent the maximum potential return that you can expect on a particular investment. Another proposal would entail your own investment with profit margins equal to 30%. If both of the proposed solutions seem appealing, then you might wish to look further into getting involved in the negotiations.
6 . the property must be located in a highly desirable area
When you find an interested seller, you need to meet them and discuss. Keep the conversation short because you would not like to spend a lot of time with a person who is willing to waste your time. A thorough discussion is mandatory. During this meeting, you would also discuss the details regarding the property and the details related to the listing process.
It would be important to get an idea about the history of the property as well as the list of key staff members and associates. Moreover, the property must be located in a highly desirable area because that is all we need to determine the ideal location. Therefore, you will find that the property market in Dubai, is quite attractive for the type of a place that you are searching for.
7 . prepare the document related to the purchase
Apart from the two-way communication between you and them, you would also have to prepare the document related to the purchase and send it back to the seller. At the end of the contract, you would need to pay the money and find a new place for your residence.
Now that seems pretty simple, doesn’t it? But wait! Before actually moving the stuff, you must gather an estimate of what would be required for the whole lease process. Along with all these, there is also the question of the size and space of the plot. What is the amount of the plot that you will have to buy to build a family house? Your planning ability is necessary for the development of a successful property market in Dubai.
8. the information related to the purchase of the property
On the other hand, when you are ready with all the information related to the purchase of the property, you will need to request the approval. Depending upon the response, you will either move forward or request another option. The next stage would begin.
Before proceeding further, you would get your preferred offer from the seller. Of course, you will not be able to reach your goals and expectations on your own. You can only expect to achieve success through the collaboration of all stakeholders. Thus, you must first meet the requirements and expectations of everyone else before pushing forward with anything.