Five renovations that could actually lower the value of your home – The National

Five renovations that could actually lower the value of your home – The National

The UAE property sector is currently a seller’s market, with prices continuing to rise higher on investor sentiment, efficient handling of the Covid-19 pandemic and the government’s fiscal and monetary stimulus measures, real estate experts say.

However, if owners are planning to sell their properties, they should remember that certain renovations could reduce the value of the house rather than add to it, according to experts.

Average residential property prices rose by 11.3 per cent in the first quarter of this year, real estate consultancy CBRE said in its market snapshot. Average apartment prices were up by 10 per cent and villa prices by 20.2 per cent.