Even though many people desire to buy property in UAE, they often get discouraged by high listing prices of most advertised properties. Good news though, a 2017 study conducted by dubizzle & JLL exposed an average gap of 6% between the advertised listing prices and actual transactional costs of mid-market homes in the UAE.
So what are they? Check out these 6 communities where properties could be sold at a cheaper price than the actual advertised price.
Buy an apartment in the Discovery Gardens at 20% cheaper than the listing price
A comparison between the price listings on dubizzle and the actual transactional costs from Dubai Land Department public transactions revealed a 20% price per sq.ft. gap in Discovery Gardens.
As a freehold area, Discovery Gardens is perfect for both investors and expatriates looking to buy affordable apartments and villas in Dubai. For Dh.420k you can get a neat studio of 452 sq.ft. If you negotiate this down by up to 20%, you will only need to pay around 336K to become a homeowner. One bedroom apartment in this community can cost anywhere between Dh.620k to Dh.1.3Million depending on the size, features of the house and the particular building.
Family Residential Apartments and Villas in Jumeirah Village Circle
According to the report, buyers looking to buying into Jumeirah Village Circle can negotiate their prices down by up to 8% per sq.ft. and prices for studios start at Dh.300k. This means that if you get a studio that sells for Dh.400k you can negotiate this further down to approximately Dh.368k.
1 bedroom apartment prices in this area typically range between 500k-950k while 2 bedrooms apartment can cost anywhere from Dh.1.5 million to Dh.2.5 million. Similarly, Villas in JVC are listed for Dh.1.5million onwards.
If you are looking to buy property in JVC, you should definitely check out the Zaya Hameni, Crystal Residence, and Botanica as these are considered the most popular buildings in this community.
Buy Spacious Apartments in Dubai Sports City
The JLL dubizzle report indicates that each square foot in the popular Dubai Sports City area sells for 2% less than the advertised listing prices. For as low as Dh.265k you can get a 350 sq.ft. studio in JVC with built-in kitchen appliances and wardrobes as well as a shared pool and gym. If you negotiate the price down by the 2%, you can buy a home for less than Dh.260k.
On the other hand, prices for 1 bedroom apartments typically begin at Dh.450k while 2 bedroom apartments are listed for Dh.700k and above. This is not only good news for young professionals who want to buy affordable, spacious homes in Dubai but also investors who can take advantage and buy property to rent out in the DSC freehold area.
Get an apartment for 15% less in the strategically located Barsha Heights
House hunters and investors can now get a lot of house with amazing features in Barsha Heights for 15% less than the advertised prices. According to dubizzle and JLL, there is a 15% price difference between advertised and actual transaction prices of property per sq.ft. in this highly sought after location.
Convenient location, affordable and spacious apartments as well as easy access to malls, restaurants, hotels, schools and other amenities, are the reasons behind the vibrant vibes of Barsha Heights. You can get a studio advertised at Dh.350k for as low as Dh.250k with proper negotiation techniques. The starting prices for 1 bedroom apartments in Barsha Heights are shy of Dh.500k while 2 bedroom apartments begin at Dh.600k. Popular buildings in this area include First Central Hotel Suites, Madison, Residency and Time Oak Hotel and Suites.
Buy studios and apartments with great views for 8% less in Jumeirah Lakes Towers
Home buyers can actually pay up to 8% less per sq.ft. than the advertised price if they want to purchase property in the well-established Jumeirah Lakes Towers free zone area. Such a bargain will fetch them apartments and studios with great views of the surrounding lakes as well as access to hundreds of restaurants and other social spots. JLT offers a myriad of options in terms of apartments, duplexes, and penthouses. Prices of studios in JLT start at less than Dh.400k while a 3 bedroom, 3 bath apartment can be listed at Dh.2.65m. All these can be negotiated down by up to 8%.
If you want the properties nearest to the JLT metro and popular eateries as well as social amenities in the JLT community you ought to look at apartments in the Green Lakes Towers, Madina Tower, Indigo, Al Seef and Almas Tower.
Affordable waterfront property in Dubai Festival City
JLL and dubizzle reported that buyers can negotiate down the property prices in this area by up to 7% per sq.ft. Even though properties in this area range from Dh.1m and above, investors should take advantage of both this 7% gap and the 4.8% drop in prices of both rent and sales prices in Dubai Festival City experienced between 2016 and 2017.
Touted as the “city within a city” the Dubai Festival City has huge apartments and villas in a waterfront community with many amenities suitable for both single and family living. The best buildings include the Al Badia Residences, 23 Marina Towers and the Princess Tower.
Tips for negotiating for lower prices when buying property in Dubai
So now that you know all the best areas for buying properties at a cheaper price, can you really negotiate and bring down your house prices in Dubai? Well, these 5 tips should help you take advantage and buy property at lower prices than the actual listings:-
- a) Have a budget for the property you want to buy and stick to it
- b) Conduct research on the property market in the UAE
- c) Avoid emotional purchases
- d) Make a reasonable offer for the house you intend to buy
- e) Enlist the services of a RERA-registered agent to help you with the search for affordable properties in Dubai
With all this information and tips, buying property in Dubai should no longer be a far-off dream. Why not head to dubizzle and start your search for suitable properties in the UAE and put your negotiation skills to work.
Download the dubizzle app and list your properties on the go!