'Well-priced' Springs villa could sell in 2 weeks
When Amie Grant listed her house in The Springs up for sale, the first question she had in mind was the time needed to dispose-off the property.
“I’m based in the UK and can’t make it to Dubai every now and then. I told my agent to list my villa for 5 per cent less than the market rate and sell it as soon as possible. He got back to me in 20 days saying he had a serious cash buyer and was willing to take the place. I flew down and after all the necessary work, we transferred the villa in just a month,” she told this website.
According to real estate experts in Dubai, the average time taken to sell a villa in The Springs is between four to six weeks but a well-priced villa could be sold for in less than 15 days.
Charles Neil, Chief Executive Officer at Landmark Properties believes the sale time “depends on a number of factors.”
“A property priced to sell without any mortgages etc. to a cash buyer could be done in a couple of weeks depending on how keen the buyer or seller are to move quickly. In our experience, properties still have to be priced at slightly below market to move quickly,” Neil told Emirates 24|7.
“It takes four to six weeks to sell a villa in Dubai,” said Tareq Gouda, Team Leader, City Tower Office, Better Homes.
Location plays a very important role when one is trying to sell a villa in the area. “It all depends on the price, size and location of the property,” said Gouda.
“The pricing does depend on location and whether it is a villa or an apartment,” added the Landmark expert.
As buyers become more careful after the downturn, properties close to the cables and opening onto the roads in The Springs take longer to sell.
“I’ve been looking at several villas in the area. Many agents showed me villas close to the cables and it was a definite 'no' for me. The villas opening on The Springs drive are also losing their appeal,” said a potential villa owner.
It’s a common belief that upgraded villas are easier to sell but that may not necessarily be the case, say experts.
“Unlike apartments, villa owners have more freedom when it comes to upgrade and extensions. But once they put their house for sale, they also expect the money spent on the work they’ve done. This doesn’t happen all the time as the potential buyer may or may not like the changes done to the house. The owners expect a much higher price and it gets difficult for us to sell,” said an independent agent, who did not wish to be named.
Even after the price has been agreed upon, several factors need to be taken into account, some of which will take their own course. “Once the price has been agreed, a number of factors will come in to play on the execution process. The major factors that can bring about delays are whether there is an existing mortgage to clear, or whether the buyer needs a mortgage, and getting an NOC from the developer regarding payment of service charges,” explained the Landmark expert.
Lastly, after getting the NOC from the developer, an appointment needs to be taken with the Land department to get the house registered in the name of the buyer.