Dubai property prices have increased this year compared to 2013, but often property sellers are not aware of the current market valuation of their properties.
However, Mashreq, a Dubai-based bank, has now launched a property price index, which instantaneously gives you an indicate market valuation for your property, Emirates 24/7 reported.
The index may, in fact, give you a heads up on the expected pricing for your listing.
According to the Mashreq price index, a 102 square metre apartment in Burj Khalifa in Downtown Dubai will currently fetch AED4.1 million. Online listings put the price in the range of between AED4.5 million and AED5 million.
Similarly, a 100 square metre apartment in Jumeirah Lakes Towers is valued at AED1.1 million. Online listings put the prices between AED1.5 million and AED1.8 million.
Mashreq does clarify that the current market valuation is an “indicative market valuation of the property”, which is based on its property price indexing.
“It is a fair estimate and does not take into consideration any actual details of the unit such as age, construction quality, floor rise, views, etc. To arrive at an exact evaluation you can consult a registered valuation agency or any other competent authority,” the bank says.