dubizzle Property reveals gap between the advertised and actual transaction price:

● Dubai Land Department's public transactional data compared with dubizzle Property listings prices highlights transactional price per sq.ft. gap

● Discovery Gardens experienced the largest gap per sq.ft. with properties selling at 20% lower than advertised

● Jumeirah Village Circle ranked second with an 8% transactional price per sq.ft. gap, followed by Dubai Sports City with a gap of 2%

Dubai – dubizzle Property, the UAE’s biggest and most visited Property platform, advise UAE residents on the power of bargaining, following insights from the latest co-authored report with JLL. The report revealed an increase in demand for properties in the mid-market segment also highlighted a gap between the advertised sale price and actual transaction price of properties in this sector.

dubizzle Property has over 150k listings at any given time and registers over 3.7m visits per month. By analyzing the advertised sale prices in key mid-market communities on the platform and comparing them with the transaction prices as recorded by the Dubai Land Department's public transactional data, dubizzle Property observed that properties for sale were priced on average 6% higher than the price they were transacted at.

In this regard, Paul Kelly, Operations Director at Allsopp & Allsopp real estate agency, winner of Top Content Quality Agent award at the Exclusive Agency Club 2017 by dubizzle, commented: “Working with a landlord to bring their property to the market at the right price level is perhaps the agent's most important job. It has to be at the right level to attract interest whilst at the same time leaving themselves some room to negotiate a deal and most importantly, ensuring that they can sell their property in a good time frame and for the maximum sales price that is achievable in the market.”

From the mid-market areas analyzed, Discovery Gardens experienced the largest transactional price per sq.ft. gap with properties selling at 20% lower than the advertised sale price. Jumeirah Village Circle ranked second with an 8% transactional price per sq.ft. gap, followed by Dubai Sports City with a gap of 2%.

“We always encourage our users to be aware of the average price for each area and provide them with as many tools and information as possible to make well-informed decisions. The knowledge of the price discrepancy in advertised versus actual price will empower our users and equip them with the negotiating power that is essential in the final stages of purchasing a property,” commented Ann Boothello, Head of Marketing at dubizzle.

Other more developed areas analyzed included Barsha Heights (Tecom), Dubai Festival City and Jumeirah Lakes Towers. These three areas also witnessed a lower transactional value compared to the advertised price by 15%, 7%, and 8% respectively, with an average transaction price of AED 1,010 per sq.ft., AED 1,100 per sq.ft., and AED 1,123 per sq.ft. respectively.

"I believe this is healthy gap that allows buyers bargaining power and allows sellers room to reach a more realistic print point to transact at," explained Mahmoud Hesham El Burai, CEO of the Dubai Real Estate Institute.

The data shared in the latest joint industry report by dubizzle Property and JLL was primarily revealed to drive forward transparency in the UAE property market, as a continuity for the Know Your Rights campaign launched by dubizzle in 2014, that focuses on creating a more transparent environment where buyers, tenants, landlords or sellers are aware of their rights and can safeguard themselves from being subject to unfair situations.

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© Press Release 2017