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Metropolitan Homes Will Offer Real Estate Services To Sellers And Buyers In The Secondary Market.
Due to a growing number of long-term residents and a surge in interest from foreign HNWIs seeking to invest in second homes. Demand for ready-to-move-in apartments & villas in Dubai has continued to grow steadily throughout 2022. Making the city’s completed residential stock an appealing investment opportunity on the global real estate market.
According to DLD, ready residential property sales totaled 32,760 transactions between January 1 and December 21 of this year. A 12% increase over the same period last year.
According to Alina Adamco, Head of Sales at Metropolitan Homes, which was recently launched by the Metropolitan Group to deliver the full cycle of property services. To secondary market buyers and sellers in Dubai, such is the rush to get on Dubai’s ready real estate ladder. That a ten-minute delay in sending the declared offer to the seller of a dwelling property. So, can result in losing the property to another buyer.
The preference for finished apartments and villas over off-the-plan properties is growing in Dubai’s real estate market. In comparison to the same period in 2021, our Group saw a 300% increase in secondary market transactions. During the first half of this year, according to Adamco.
The fierce competition for space in Dubai’s secondary property market is demonstrated in the bidding war. Some buyers might become embroiled in, forcing them to up their offer at the last minute. In order to secure the estate of their choice, according to Adamco.
Since a deal in between buyer and a seller has been reached. The market is quickly responding to the high demand by simplifying the transaction process. Enabling properties to be sold inside a 24-hour window.
“The property transfer can begin as soon as the developer issues the NOC for resale. Both the buyers and the sellers are prepared for the transaction. The buyer is prepared with the manager’s check, and the seller is prepared with the NOC. The option of an online power of attorney is accessible. Which allows the buyer or seller to transfer the property without physically being present, making it even simpler and quicker.
Dubai’s ready real estate segment is a market leader. Accounting for nearly 55% of all residential property transaction volumes despite being more expensive and lacking any extra benefits compared to off-plan properties.
The demand for ready real estate outpaces supply, particularly in sought-after locations like the coastal areas: Dubai Marina, Beachfront, Bluewaters, Jumeirah Beach Residence, Palm Jumeirah, and Port de la Mer. So owners of Dubai residential properties are in a favorable position if they are considering selling or renting their units. Buyers also like to visit Dubai Creek, Business Bay, the Downtown, and Jumeirah Village Circle. Villanova, Emirates Living, Damac Hills, Arabian Ranches 1-2-3, Dubai Hills, and Dubai Hills are the top search areas for villas.
According to Adamco, residences in Dubai Marina or other coastal areas are famous among visitors and locals for both short- and long-term rentals. Executive clients and some nationalities, including Russians, Britons, and Indians, favour downtown as well. Due to lower service fees and a high and consistent ROI of an average of 6.6 percent. Gated villa communities are also in high demand by families looking to buy. The value of Dubai’s 2022 ready real estate transactions was Dh86 billion, up 39.1% year over year.
If it were not for a notable discrepancy in owners’ willingness to sell between those from the mainstream segment. Who make up the majority of unit supply, and those from ultraluxury and luxury segments. Especially, who neither are in a rush to sell nor are they financially motivated, the value of overall ready property sales in Dubai would have been even higher.
It is predicted that Dubai’s population will increase from its current 3.5 million to 5.8 million people by year 2040. Owners of residential real estate there are in a prime position to maximize their investment.
Furthermore, the recent increase of UAE Golden Visa rules, permanent residence permits for retirees. As well as the digital nomad trend are probably going to encourage more investment in Dubai real estate. Because they give citizens a compelling reason to do so and enable non-citizens to make the UAE their second home.
Motivated sellers should put their faith in reputable real estate brokerage companies that have been around for a while and have a solid track record of offering clients top-notch customer service.
Before signing the contracts allowing them to promote and sell their properties, sellers should consider the company’s marketing and exposure capabilities as well as its network of client industry partners. According to Adamco, RERA is reducing the number of agencies or agents that can represent one property owner to a maximum of three.
