It appears that the real estate market in Dubai is going toward rise; After the showed news headlines in the past week, that an apartment Downtown has been sold twice priced basic, in an auction event in Dubai, it appeared that the country had picked fever history, and haunted realtors hopein their property prices to return to the days before the financial crisis, which hit the United Arab Emirates.
Do not drift behind the hype and excitement:
But do not be fooled by the furore! This is what Mario Volpi from “Cluttons” , the air in the gallery of the property The Property Show Dubai Eye radio this afternoon. Mario continued: I’ve been selling real estate amounting to AED 1.349 million, almost double the price of basic AED 700,000; such a price you paid to buy that apartment, consisting of one bedroom, which is located in the center of the country, it was not a coincidence. Mario pointed out the this is, in fact, was a clever marketing movement carried out by the seller, has attracted crowds of people with this low price (700 thousand dirhams), and leave the rest to the charm and enthusiasm of the auction room, which undertook to raise the price to this extent.
Stumbled Dubai auctions in previous years, as a result of the weak real estate environment, and the failure to raise a fuss about the real estate market. Sellers have learned from their mistakes, and have become devise different methods to promote their properties, and between these methods is to use the media to promote such news, and make a fuss required. But we say, the auctions quick, fierce, and unfortunately, not economic (not an ideal way to capture the transactions).
How to behave in real estate auction:
Mario Give You Some Tips To attend such auctions, and even sales of which:
Put budget in mind, and stick to it: a lot of people are praying to the auction in mind a specific number, and then allow themselves to drift with the Bid inside a room of the auction, on the basis that it is not only a slight increase on the budget buyer, but it may enter into a spiral of bids, and adrenaline the resulting.
Type the number in mind, if it will help you, and take with thee friend you trust, you can say when he graduated from the auction safely. But you, above all, to know exactly what your capabilities are. Watch out! Buyer remorse is a conciliator, may be a great after a heated bidding battle.
Remember why occur Auctions originally: sellers in the auction, they usually banks that are trying to regain the full amount of the mortgage, which was awarded: recover banks home ownership, from the owner struggling to repay the loan, and trying to sell again, without losing any money to protect that struggling. The seller can always choose to withdraw from the auction, if you do not reach the amount paid to the desired number price of the property. Keep your balance, so as to avoid disappointments.
Go to the auction and your eyes open: Bid at auctions means that you have taken a decision to invest, and that you have the full amount that you say in auctions, and that amount is ready to have, and the seller can be paid on the same day. If you buy the property with a mortgage loan, it would complicate it. In order to protect yourself, it may be wise to use an agent in the auction, the traditional way.
Have you ever attended a real estate auction? How was your experience? Share your story with us via a comment below …
