- So potentially you can save around AED100 000 - 200 000.
- Hi everyone!
- My name is Denis and I'm a real estate agent in Dubai.
- Whenever I meet somebody and they know that I'm a real estate agent ...
- they always ask me: "How is the market?"
- It's a very common question that I can hear on different events, parties ...
- and when we just meet with the friends.
- Well, as we know the market is down right now ...
- but is it good or is it bad?
- When we hear that the market is down we associate it with some negative emotions ...
- and obviously, there are some reasons behind it.
- Because the sellers they have some issues they struggle when the market is down ...
- but obviously, the buyers are happy during this time.
- So the owners, not all of them, I will explain later on why ...
- but owners are not happy when the market is down and obviously developers.
- Developers are the biggest sellers.
- They have to compete right now like crazy.
- There are a lot of interesting offers that they are providing to the clients ...
- and they compete on payment plans, on the prices.
- So definitely developers don't like it when the market is down.
- Similar feelings we can see from some of the owners ...
- but not from all of them.
- Not so long time ago I had a meeting with a client, he is my subscriber aswell...
- and he had a chance to buy a property in Arabian Ranches when it was just launched.
- So it was an off plan project.
- Arabian Ranches right now is a very popular area, a villa community and there are aswell townhouses.
- So back then when he was buying it, it was really a community far away from everything.
- Everybody was asking him "why are you buying this villa in the desert and who will live there?"
- But right now, obviously he got a lot of money from rent during this period of time ...
- He definitely took the money back what he invested into the villa ...
- and he even already made a big profit and he still owns a villa.
- Even the price of the villa increased significantly.
- So is he sad right now that the market is down?
- Obviously, he is but he is sad that he lost an opportunity to sell it on a higher price ...
- and buy it on a lower.
- But overall he is quite happy.
- Even though that the price decreased but he is still in a big plus.
- So for him, it's quite ok and he knows that if he waits a little bit more ...
- the prices will go up again because he already has this experience.
- Now, let's talk about some owners who can benefit from this situation when the market is down.
- Let's say that you are an owner of an apartment and you consider to upgrade your unit.
- So right now it's an excellent time for you to do this.
- Let's imagine you own a 1 bedroom apartment ...
- and you are planning to move to a 2 bedroom unit.
- And let's say that the price of your 1 bedroom unit during the peak was somewhere around AED 1.5 mln ...
- and right now as the price decreased you can get somewhere around AED 1.3 mln let's say.
- So the difference is AED 200 000.
- And you don't want to sell your unit because you potentially can lose AED 200 000.
- But let's take a look at the 2 bedroom unit that you are considering.
- During the peak time the price for the 2 bedroom unit was somewhere AED 2.5 mln let's say ...
- and right now the price will be somewhere around AED 2.1-2.2 mln
- So the difference is around AED 300 000-400 000.
- So we have a way bigger difference for the 2 bedroom apartment ...
- and less difference for the 1 bedroom apartment.
- So potentially you can save around AED 100 000-200 000.
- So in this case even if you are the owner of the apartment and the market is down ...
- but you are considering to upgrade the unit ...
- it's a very good opportunity for you to act right now.
- And of course, it's a very good opportunity for the tenants ...
- because they finally can stop paying the mortgage of somebody else ...
- and buy their own property because now it's more affordable.
- And what about investors?
- Obviously, it's an amazing time for them right now ...
- because the price is down, developers are competing, ...
- they are providing amazing offers, very low prices ...
- And I just want to tell one thing ...
- that based on my observations it's way easier for the investor to lose money ...
- when the market is up or it's going up.
- Because it's quite easy to make a decision and step in ...
- when the market is going up.
- But once again, it's way easier to lose money when you are buying something ...
- when the market is in the uptrend rather then when it's down.
- So the market is down right now buy low and be patient.
- Thank you for watching this video ...
- Let me know if you have any questions.
- I'll be happy to answer all of them.
- See you in the next one ...
- Goodbye.
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