Selling a property in Dubai has become somewhat of an issue since the Dubai Property Registration Tax of 4% became payable at the end of June last (2015).
It was at this time that quite a few people who had written off their investments discovered that, contrary to their prior beliefs, that deposit they put on a property in the United Arab Emirates may still actually be worth something.
The Emirate didn’t escape the global downturn that began in 2007. The Dubai property market did defy gravity until late 2008, but then it succumbed, and when the fall came it was very heavy. The market started to pick up again in late 2009, gaining considerable ground around 2012 but in the first half of 2015 Dubai property recorded the largest falls in value in the world at 15.5% (having gained around 36% in 2014 it should be noted). For a more in-depth appraisal of current trends in Dubai Property Prices you might wish to visit my article on the subject.
For people with deposits on property in Dubai from the early to mid noughties (2002 to 2007) this may be a saleable asset. For those who have completed there are still some buyers in Dubai actively looking to take on properties. We have contacts in the Emirate who, if interested in a property, can move quickly.
If you would like to see if your property may be of interest then drop an email to info@diarmaidcondon.com and we’ll try to get you connected with a buyer.
