If you’re looking to buy property in Dubai, now could be the best time. New data from Dubizzle suggests that there is a big difference between the prices that are advertised on property portals and the actual prices that buyers pay.
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So, what does that mean? In essence, it means that, if you’re a potential home-owner, you could pay a lot less than the asking price advertised online.
The areas in Dubai with the largest gaps are Discovery Gardens, Jumeirah Village Circle and Dubai Sports City. Research noted that some property buyers were purchasing properties for 20% less than their advertised sales price.
Mahmoud Hesham El Burai, CEO of the Dubai Real Estate Institute, said, “I believe this is a healthy gap that allows buyers bargaining power and allows sellers room to reach a more realistic print point to transact at.”
With recent news about the UAE property market heavily relying on buyers, it seems that you don’t necessarily have to accept the first price that is given to you.
Tenants and buyers are in control in the current property market, so now is the time to start the negotiations. But before you start, make sure you understand the market properly. This will give you leverage when it comes to getting what you want.
If you want to negotiate a lower property price, think reasonably. You want to achieve the end goal of paying a lower asking price, so make sure you provide leeway in a situation, and hopefully the buyer will have the same mentality.
And if the buyer doesn’t appear to be budging then you can always search the market for better offers.