DUBAI'S SECONDARY PROPERTY MARKET

 

There are two types of Dubai investment real estate: primary and secondary markets. New properties, including new developments and existing ventures by the developer, make up the main business.

The secondary sector, as the name implies, raises the value of secondary assets for resale. Such properties are typically located in developed suburban areas and mature locations. Simply stated, secondary properties are those that are actually leased or owner-occupied and are on the market for leasing or sub-sale.

The secondary property industry accounts for a significant portion of residential property transactions in the UAE each year, owing to the market's greater selection of options in already developed areas.

When purchasing a secondary home, you have the opportunity to visually inspect and observe various aspects of the property, such as the infrastructure, the neighbourhood, and the facilities.

Secondary properties will sometimes have excellent value for capital. A good real estate agent, on the other hand, will help you find such a bargain. Your dealer can be able to help you get a contract for up to 30% less than the property's real market value by using their expertise and negotiating skills.

A real estate agent is a valuable asset to have on one's side, since they can help the buyer assess the property's condition in addition to making a contract. If the property is in poor condition, the price will rise and the buyer would have to pay for repairs as well.

Furthermore, imagine that the buyer is funding the acquisition. In any case, the seller may request a professional assessment of the land, and the buyer will be required to make a larger down payment if the property's value is smaller than the selling price. The buyer must also include costs such as the Sale and Purchase Agreement (SPA), loan documents, and stamp duty, among other things.