Just because we call it a city of gold doesn’t mean Dubai automatically becomes the shiniest metallic piece of land. Like all real estate, Dubai properties have their own characteristics that make them as pricey as they are.
Whether you’re looking to invest in the emirate’s thriving industry or looking to move in, you need to understand how real estate works.
More specifically, you need to know how properties are evaluated. What goes into determining their rates and how they appreciate can help you make a well-informed decision without future regrets.
So, let’s dive into the factors that come together to determine the overall value of real estate:
Firstly, a property’s location is considered because this has the most impact on the ROI. An area that is easy to reach via local transportation, i.e. it’s well-connected to main roads, can be considered accessible.
All buyers and renters consider this as a major factor since it predominantly decides how their lives are going to be. Being 10-minutes away from your workplace or an hour’s drive away can make a huge difference. Whether situated in a high-rise complex or in a community among other standalone residences, it should have local transportation options nearby.
Similarly, if you want to go to the gym, a park, a mall, cinemas, restaurants, sports clubs, etc. but nothing’s available nearby, say hello to added expense. That’s why apartments for rent in Dubai Marina are highly-priced. You just have to walk out your door to access everything, from amenities like beaches and cafes to landmark attractions such as malls and amusement parks.
Therefore, we can surmise that the area’s accessibility, its proximity to nearby amenities and facilities, and the features and attractions it offers make up the value of the property that resides within.
Size and Configuration
Once the location factor has been carefully evaluated, we move on to the specific property. When assessing properties, we consider their size and configuration initially. After that, we move on to whether the property is fit to be moved into and how long it can endure before demanding repairs or reinvestment.
A property’s size and configuration are two different parameters. There are no fixed assumptions about how large a room or how many rooms a residence can have. That’s why size and configuration vary in their definitions and how they affect a property’s evaluation.
Property configuration is the general infrastructure of the property that tells us how many bedrooms and bathrooms it will have. The following configurations are most common to be found almost everywhere:
- A studio (a single room with an attached kitchenette and a bathroom)
- 1-bedroom apartment (1 bedroom, 1 living room hall, 1 bathroom)
- 2-bhk apartments (2 bedrooms, 1 hall, 1 kitchen)
- 3-bhk apartments (3 bedrooms, 1 hall, 1 kitchen) and so on.
Everyone prefers to buy a newly constructed residence, preferably from an esteemed real estate company in Dubai. However, regardless of who you buy it from, you can never be too careful about assessing the property’s condition.
Sure, it’s the least important factor compared to the ones above. Regardless, you can not underestimate the importance of ensuring the security of your investment. After all, an investment home is no good if it keeps demanding reinvestments every few months.
So, the ideal way to go about evaluating a property’s condition is to be very observant and strict. We strongly recommend getting in touch with real estate agents at this point as they can be of immense help throughout the process. Not only can they help you in evaluating the entire property but their experience also allows them to notice problems in properties normal people can’t.
Whether you’re looking for flats to buy or apartments to rent in Dubai, you can rely on RERA to hold all real estate agents accountable. That’s why you can be sure that you’re getting the help that’s worth the commission you pay. In fact, since agents are also great at locating properties, negotiations and are able to seamlessly go through the legal process of a real estate transaction, we can safely say we’re getting a good bargain.
Apart from the above-mentioned factors, future developments in the area, such as the development of a commercial market can affect a property’s value. Similarly, the more opulent a property’s surroundings, the higher price it will have.
To find the best apartments, you’ll have to do your research and organize yourself while prioritizing your needs.