Another property bubble threatens Dubai Property Market, Is this true?

After recovering from an enormous property market crash, Dubai property market regained its momentum. With strong performance and increased property transactions, Dubai has once again become the world’s best performing property market in the world. Increased property transactions with rising property prices once again raised concerns of another property bubble. The emirate experienced sharp hikes in renting and buying prices of properties during 2008. The price rise was due to excessive short-term speculation activity in the market especially for off plan developments. Speculation was observed due to small percentage of deposit amount. Buyers didn’t need to pay the full price for such off plan projects. Number of buyers didn’t have any intentions of paying installments in future. What they did was to flip property quickly to resell on profits. Such market practices halted 100s of projects that were launched during 2008. Lack of funds caused many developers to stall their projects event without informing their customers. Later property market showed signs of recovery at the start of 2012 which continued and market showed complete recovery at the end of 2012. The progress continues during 2013 but real estate and business sector experienced a slowdown as everyone was waiting for the final result for World event of Expo 2020. The glitzy win of EXPO 2020 has enabled Dubai to gain world attention again. Local and international investors started making huge investments in real estate, entertainment and hospitality sectors to cater millions of visitors, which are expected to be visiting Dubai.

Recent market Scenario

Although Dubai property market has recovered, problem signs can be clearly observed again with significant rise in off-plan sales. It is observed that mega developers are launching expensive mega projects. Multimillion projects like Mohammed Bin Rashid City, the world largest crystal lagoon and a massive golf course community are few mega projects recently launched in Dubai. Projects developers are funding such mega projects after selling off plan units which is again the sign of danger. Despite observing such alerts still there are people who do not agree with probability of re-occurrence of property bubble again. They consider this price raises a result of increase in demand and strong economy. It is also observed that banks resumed drenching money in real estate projects especially during the past few months after the successful win to host the world event. But the huge rises in property prices, surging supply and unsustainable demand are the risky mix. This is the same combination that Dubai has previously faced six years ago. But according to authorities, they have already taken regulatory steps to controls the market. Although the regulatory steps are not strict as compared to other global cities facing the same difficulties like Hong Kong and Singapore.

Leading financial institutions stated that it’s too early to say anything with complete assurance but this is actually the time to take some solid actions to tackle the market before market really encounters with another property bubble again.

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Host an Open House-for efficient property selling

Being an old tradition for selling residential properties, open houses also help homeowners to find suitable tenants. Normally such events are organized on weekends to receive more visitors as most of the people are free on weekends. People have different perceptions about such real estate activities. Few of them think that it’s just an easy way to find new clients for real estate agents and doesn’t help homeowners to sell or rent their home. However, other thinks that it is the right way to find authentic buyers. The activity can be subdivided in to two types Public Open House (general public) and Broker Open House (real estate agents). Independent to its type basic aim of this pursuit is to expose any property to prospective buyer or tenant. It will also help homeowners to get value able feedback about their home which they can consider using to improve their home. Property owner can make essential improvements in their house to get good returns upon selling and renting.

Despite different viewpoints of people, the activity could not be neglected completely. The real estate activity has its own benefits. It is very fruitful, when people are showing strong interest in buying home over renting. It enables property owners to save their time, after allowing them to show their home to multiple buyers and tenants in short period of time. Once you have decided to get your house registered for the next event in your neighbourhood, it is necessary inspecting your house to identify essential touchup to make your house presentable and appealing before staging this event.

Following are few easy tips to help everyone thinking to host an open house to sell their home efficiently.

• Easy Open House Tips for Residential Property Sellers
  
• Detail cleaning to remove clutter and a fresh coat of paint could be a wonderful way of enliven your living space. Even you can do it on your own or a professional will help you if you are thinking to carryout detail maintenance of gutter lines, electricity wiring and water pipelines. Such minor improvements prove to be magical and perk up your living space.
  
• If you are going to host this event living in your house, it will be better making necessary rearrangements in furniture and decorations to create better impression. Consider removing unnecessary things to represent your house more spacious. Minimizing decorative will let serious buyers and tenants to conceptualize and visualize their ideas about your place. This can greatly enhance chances of successful deal.
  
• Choosing a suitable time is crucial for the success. It is suggested to schedule the event when there are other open houses in your area. This way you may get more viewers visiting to your home. Moreover, you can also list your house in online listings of reputable property management firm.
  
• Its better stay out during viewing. This will allow you avoid answering too many questions that visitors usually ask during the activity. Don’t provide too much information to every visitor during the activity as it could spoil future negotiation with buyers and tenants.
  
• Side line your emotions while selling or renting your home sweet home. Visitors may directly ask about the quality and age of home fixtures and appliances. Act like a professional and answer such questions with a smile to satisfy your clients. Don’t get harsh while answering and give realistic reply to their queries. Avoid answering questions about the local community and things you are not sure.
  
• Don’t hesitate asking about mortgages with genuine buyers. The best way to identify real buyers among all visitors is to observe carefully the visitors to know how many of them making queries about your house. Visitors, who are asking questions, could be the serious buyer or tenant. Don’t spend your time in meeting and private viewing to visitors who failed to show proofs for approval of finances.
  
• Follow up is essential for finding serious buyer or tenant among numerous people visited your house during open house. Sending an email to every visitor on the same day of this event is the best way to know about their intentions. Only those who have some interest in your property will proceed further by replying you email. Moreover, you can also make suitable offers to interested candidates, while asking them for suggestions to make your house more appealing. Making a sign in sheet will be a great help to maintain the complete record of visitors that you will use to follow up with them.

You don’t need much to follow these simple tips. What you need to do is to act accordingly and keep your house organized. Having followed these simple tips you will be able to host open house for efficient property selling. Especially if you are in asset market like Dubai property market, then proper staging of open house is mandatory due to high competition levels.

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Dubai to Become The Favorite Second Home Destination

Being believed as the fastest growing city with highly stable economy and political conditions, Dubai has become famous among those who are seeking to find out 2^nd home to settle down. The Emirate is world renowned for its hottest travel and tourism spots, breathtaking architectural structures and profitable investment opportunities for everyone who is willing investing in the city. The city has been executing the role of business and trade hub in the region of Middle East. With highly cosmopolitan culture the city truly display the real melting pot of cultures which welcomes everyone. Moreover, the negligible crime rate has made this place heaven for everyone, who has desire to invest and live here. Perfectly located at the crossroads of Asia and Africa on Persian Gulf, Dubai has been playing the role of traditional trade route since ancient times. It connects Middle East and countries of Far East Asia to Europe. With ultra modern lifestyle facilities the city has maintained very good atmosphere that supports single migrants and expat families, who have chosen Dubai to work and accommodate. The dynamic city is capable to execute needs of everyone. Whether you are considering visiting this city for short period of time to spend holidays or you have decided to invest your money after retirement and settled down in the city on permanent basis, Dubai is filled with bright opportunities. Job seekers and investors will love exploring bright career opportunities and profitable investment options.

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