The real estate market in Dubai is quite dynamic, and every day, new projects are being launched and completed. Buying or selling property in Dubai is a huge life decision, and that is why you need to ensure you do not forget important details.
According to reports, the value of real estate transactions in Dubai in 2021 comprised around AED 150.6 billion (EUR 36.1 billion). In the previous year, the figure was AED 72 billion (EUR 17.3 billion) – still an increase of 109%. The best sales month was November 2021, followed by December and September.
The current state of the property market in Dubai makes it an ideal place for investors to buy commercial or residential properties in the UAE.
The best way to find out the worth of a property is by using the services of a professional property valuation company. This gives you a much better idea about the real estate you are interested in buying, selling, renting, or leasing.
What is Property Valuation?
This is a process where a professional valuer prepares a detailed report that gives you the market value of a property after considering various factors such as location, condition, available facilities, etc.
Property valuation in Dubai makes it very easy for you to come up with a price you need to pay when buying a property and that you are most likely to receive when selling.
Thus, you can easily determine the most accurate market value of your property, making it easy to negotiate the deal in your favor.
Why is Professional Property Valuation Important in Dubai?
Real estate valuation is of great significance, especially when you are buying or selling property in the UAE. Knowing the property costs, its main features, and some aspects that need repairs and maintenance, you can easily find the most accurate price to ask or pay.
Here are some points that clearly illustrate the importance of professional property valuation in Dubai
Getting an Accurate Estimate of the Property Value
It is not possible for you to come up with an accurate price for your property on your own or by using some online tool. You need the help of a property valuation service since they know very well how certain factors can affect the price.
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By knowing the right value, you can easily negotiate better deals that make you financially strong and minimise risks.
Make Informed Real Estate Investment Decisions
Real estate investment can be very lucrative with care and proper due diligence. A property valuation service can help you protect your interests and make much better decisions.
Many factors can affect the value of a real estate investment, and that is why you need to consider as many of these as possible. This will help you make investment decisions that guarantee both short-term as well as long-term profits.
Property Valuers Can Help with Price Negotiation
The value of a property can be determined by comparing it with other similar properties. By knowing what a property is worth, you can easily negotiate the price as a buyer or a seller.
This also allows you to avoid scams since now you have the right knowledge about the market trends.
Get the Best ROI
A property valuation can highlight some aspects of your house that need minor tweaks and adjustments. You can use the valuation report to work on all these things. This will improve the quality of your property and will help you get a higher return on your investment when selling.
For buyers, this is also important since using valuation; they can easily determine whether the property they are about to buy has the potential to generate more ROI or not.
A property valuation also helps you manage your taxes more effectively. It helps you figure out how much tax you need to pay based on the estimated value of your real estate.
If you opt for property valuation, you may also be able to obtain the appropriate insurance. In the event that something bad occurs with the property, it helps you obtain the finest insurance deals that allow you to prevent financial difficulties. It aids in ensuring that the insurance premium is sufficient and meets your needs.
Factors That Affect Property Valuation
Following are some of the main factors that influence property valuation to a very great extent
A property near major attractions, hospitals, malls, schools, etc., usually costs more.
If you wish to buy a property in Dubai that is located at the center of the city and has access to all the major facilities, you better be prepared to pay a large sum of money. The same property in some other parts of Dubai costs much less.
The bigger the size of the property, the more it will cost. Properties with many rooms, wide areas, open spaces, etc., have more value. Such properties are expensive since they improve the quality of life for the residents in many ways.
Property valuation involves looking at the age of the property as well. Older properties do not have modern designs, features, or looks. These properties are not equipped with amenities that make life easier and more efficient for the residents.
This reduces the market value of a property, and that is why it is suggested that the sellers should make some upgrades before putting up an ad for their property.
Another important part of the valuation process is to figure out the zoning of the property. This allows you to remember the rules and regulations that must be followed when developing real estate in Dubai.
A property valuation report can also give you an idea about a property’s potential to generate more profits in the future. Real estate that is located in areas that are under development costs less, but it has the potential to generate much higher ROI down the line.
A valuer can use his experience to predict the profit potential of a property giving you more information to make a better decision.
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So, now you know why it is important to get a property valuation in Dubai. You can use the information a valuer offers to make better financial decisions. No matter if you are buying, selling, renting, or leasing a property, a valuer can guide you in all of these situations.
Hiring a valuer gives you peace of mind that you are not wasting any of your time and money while making a real estate deal and that is why we urge you to use their expertise to your advantage.
Land Sterling is Dubai’s leading real estate valuation services company with expertise in commercial and residential property valuations. Contact Land Sterling for professional property valuation services in Dubai, UAE.