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By Tom Bunker, Investment Sales Consultant, Better Homes
Dubai has seen an influx of new investors this year in the wake of the Arab Spring, with many of these buyers being individuals and families seeking to relocate from parts of the region that are experiencing political upheaval and economic instability. Investors from these countries are serious, cash-ready buyers seeking quick transactions and quality properties at reasonable prices.
EU instability, falling dollar boost Dubai market
Another factor helping to revive interest in Dubai's property market is the growing instability in the European Union. As economic troubles mount across Europe, many investors are starting to examine property opportunities in Dubai. Once again, many of these investors are cash buyers looking to close quickly on transactions.
A third factor impacting Dubai's property market is the lack of trust and patience that investors have with their banks. Finding a safe haven for your money without having to pay outrageous service fees and deal with poor customer service agents is no easy task, and as a result many investors are considering alternative international markets, including Dubai.
Another equally important reason for the renewed property interest in Dubai is the falling value of the US dollar. Many people still have their savings in this currency and by transferring these savings into the Dubai property market they can hedge their losses.
As we consider the various reasons why investors are looking at Dubai in a new light, we see a common trend - many of them are cash-rich investors who are eager to close deals fast. As a property seller, what can be done to help entice these investors to move quickly on your property?
Planning is key
Often, the decision to start marketing and selling a property is easy. Most owners will explore the market to get a feel for the value of their property and once they feel secure they will list their unit(s) and wait for a realistic offer.
However, making the decision to sell a property is only half the battle; for a property to be sold, it needs first be made ready for sale.
Many people see their properties in a different light than a buyer. If not well-maintained, a property coming onto the market right after it has been tenanted or perhaps lived in by the owner for many years can look run down, dirty and worn out - though sellers may still expect their properties to fetch the best market rate.
If the properties were maintained and well-presented, they would sell for handsome prices but in many cases this upkeep is not the case.
My advice to sellers is to take the time to clean and paint their properties, including maintaining the gardens and pool so they're presentable when listed; the additional money a seller can get for a well-presented property far exceeds the small investment required to refurbish the unit.
Remove hassles for potential buyers
Furthermore, buyers in today's market want a hassle-free investment. They come into town to finalise the purchase and leave within a week or so; if the property in question includes a month or two of advance upkeep, then they will expect the price to come down - or simply go with another property.
Many properties today are tenanted and often the tenant's status has not been determined prior to pitching an offer. Investors will spend a lot of time isolating properties of interest and once they shortlist a unit, if they then find they cannot view the property because of an uncooperative tenant they will quickly dismiss it and move on to another.
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