As Dubai's luxury property market continues to flourish, experts suggest that sellers and buyers carefully time their decisions to maximize gains, considering factors such as location, property condition, and investment objectives.
The city's economic growth, particularly in tourism, trade, and finance, has bolstered prosperity. Tax incentives and foreign ownership laws have also attracted significant overseas investment. Additionally, government infrastructure spending has played a crucial role in enhancing Dubai's global standing.
Selling a property in Dubai in 2024 is a decision that should be carefully considered based on various factors, according to experts.
Ujjwal Goel, Director of Teraciel Group, noted that investors who purchased properties during the COVID-19 downturn and sold them during the pandemic recovery likely experienced substantial returns. However, those who sold their properties during COVID-19 might regret not holding onto them longer for potentially greater profits. He emphasized that there is no universal answer regarding whether it's a good time to sell, as it depends on individual circumstances.
Similarly, Paul Kelly, Operations Director at Allsopp & Allsopp Group, emphasized the importance of considering one's next move before selling. He pointed out that Dubai's market is currently at its peak, meaning most sellers are likely to have accrued profits in their properties. Kelly suggested that selling could make sense for those looking to realize capital gains and reallocate funds or capitalize on another opportunity.
Kelly acknowledged that while the market may continue to rise, timing it perfectly is challenging. He also highlighted the availability of quality development phase investments that offer opportunities to reinvest proceeds into early-phase projects expected to appreciate significantly until completion.
