Selling a property in Dubai can become difficult when a listing receives views but no serious offers. But 60 days on the market does not automatically mean the property is overpriced. Every property is different. Its location, condition, view, layout, building, competition and buyer profile can all affect the result.
Get the pricing right from the start
The best time to assess these factors is before the property is listed. An experienced property consultant can review the property, compare relevant transactions and identify the factors that may affect its market value.
This can help set a realistic asking price from the beginning.
If the property is already listed.
If the property has been on the market for some time, it is still possible to review the strategy.
Start by looking at recent transactions for similar properties. Asking prices do not always show what buyers are actually paying. After checking this information, you can start checking the property itself.
Checking the buyer response
Many viewings with no offers may suggest that the price or property presentation needs to be reviewed. Very few enquiries could point to pricing, marketing or the target buyer. However, there is no single rule that applies to eerie property.
One apartment may need a price adjustment. Another may need better marketing. A third may already be correctly priced but have limited demand from its target buyer. A third may be correctly priced but have limited demand from its target buyer.
Why having expert assistance matters
This is why selling a property in Dubai should not be based only on an online valuation or the price of a neighbouring listing. An experienced property consultant can assess the factors that are relevant to your specific property, both before listing and also if the property does not receive the expected response from the market.
The objective is not simply to reduce the price. It is to understand what the property is worth, who is likely to buy it and how it should be presented to the market.