Strength of Dubai Property Asking Prices

[dream_dubs]

Hi everybody,

looking to make my first ever offer on a property. Asking price is 2.5... what offer would be taken seriously here? :typical:

In Europe it's really bad... you offer 30% below asking. In Hong Kong it's 5% above and that's just the start... and in dubai?

any info would be appreciated.

 

[Saad Arif]

There are certain things that you need to consider before quoting your price against asking price.

* Do your market research
get onto the internet or in touch with some good agent who has idea about the area/ building in which you are interested to buy the property.
Some online resources that you can use for your research are propertyfinder and dubizzle.

* Ask for variation
In most of the cases if a seller is asking 2.5 for a property, he may agree to sell it at around 2.2-2.3 but there is also a possibility of him receiving an even better offer. Your best chance is to ask him directly how much he can come down on his asking price.

Still if you want to have an idea % wise then i would say quote 5-10% less, not more than that. This is norm in Dubai's real estate market.