Dubai property listings now show ‘realistic’ asking prices as new RERA rules kick in

Dubai property listings now show ‘realistic’ asking prices as new RERA rules kick in

The gap between asking prices on ready homes in Dubai and what they are actually selling for is narrowing across communities. This helps bring in greater price transparency and market stability. Image Credit: Supplied

Dubai: More ‘realistic’ prices are starting to show up in Dubai’s non-offplan property listings space, as sellers manage their expectations on what values are likely to help them find a buyer.

This is apparent in secondary market sales of ready homes at the Palm Jumeirah or some of the other luxury locations, as well as at more mid-priced communities such as Jumeirah Village Circle, according to a new report from Reidin-GCP.

What this means is that the gap is narrowing significantly between the asking prices and what those properties are actually selling for. It helps remove distortions in property pricing by removing highly inflated asking prices. And possibly help the seller’s chances of getting a deal faster.

The changes could also be related to tougher requirements the Dubai Land Department has brought in related to property listings. Currently, any particular property can only have up to three agents associated with the marketing and sales of it using online channels. And once a deal is done on that