Dubai property owners increasingly opting for flipping as prices hit all-time high

Property owners and investors in Dubai are increasingly opting for flipping by remodelling their properties and selling at higher rates to cash in on prices reaching an all-time high in the emirate.

“Investors and homeowners with properties in prime and in-demand locations are electing to carry out extensive redesigning and remodelling work on properties before placing them back onto the market at a premium sales and rental price,” said Paul Kelly, operations director at Allsopp & Allsopp.

According to the latest figures released by Property Monitor, prices in Dubai rose to a record high of Dh1,271 per square foot, surpassing the previous all-time high of September 2014.

As a result, the gap between average seller sales listing prices and transferred property sales prices in the current market has reached 15 per cent.

“With demand for Dubai real estate at an all-time high, sellers frequently place a premium on sales listing prices,” he said.

Richard Waind, CEO of Betterhomes, said 2024 might see more available properties, as sellers look to take advantage of current prices.

“Developers will also continue to launch new projects at an accelerated rate. This extra supply is mostly likely to keep the price rise we have seen over the last few years in check. For renters, there may be some relief towards the latter part of 2024, with the delivery of more new homes taking some pressure off the current rental market,” said Waind.

• Dubai property prices hit all-time high, crossing Sept 2014 peak