Let’s Talk Home Valuations: Expert Advice with Mario Volpi
The ever-changing property prices in the UAE are influenced by various factors and remain a hot topic discussed throughout professional and public circles. But outside of economic and political reasons, what influences the price of a property – and if you’re a homeowner, how can you prime your property for the market? How can you increase your home valuation?
To understand this better, we sat down with Mario Volpi, Senior Sales Manager at Engel & Volkers Real Estate Brokerage LLC to discuss property valuations and how you can make your property more valuable before selling it. Read on to tap into Mario’s expert knowledge on how to go about selling a home for the best price, or you can watch the video below:
What Influences Property Prices?
Mario explained that property prices are influenced by an imbalance in supply and demand. He said that currently, thanks to the growing population, there is a shortage of properties that people want to buy.
Considering that Dubai has 3 million people, it is predicted that the demand for property is to increase over time*.
Tips For Sellers
One of the primary concerns for homeowners in Dubai is how they can improve their home valuation before putting it on the market. On asking how an owner can increase a property’s value, Mario suggested upgrading the kitchens and bathrooms if budgets aren’t constrained. Upgrading the kitchen, for instance, can offer a great first impression!
According to him, things like improved lighting, overhead showers and replaced tilings can make a vast difference.
He then went into detail about flooring, another aspect of a property that a homeowner can work with. Mario stated that wooden flooring adds value when selling – it’s also quite aesthetically pleasing.
He recommends keeping the unit tidy and organised during viewings, because clutter may form a poor impression on visitors. As an example, he suggested adding plush carpets, saying it would be a nice touch to have rugs on the bedroom floors.
He stressed the importance of ensuring good maintenance and fixing issues like leaks or stains before viewings. This is also a valuable tip for homeowners who plan on renting their property out, as tenants may make it a more significant issue.
But what about renovations that don’t influence a property’s price? Mario said this is subjective, since what may appeal to him may not to another person. But while on the subject, he suggested that spending on home security and sound stereo systems are two renovations that wouldn’t increase a property’s price.
Flipping Properties – Yay Or Nay?
Mario shared that property prices fluctuate based on economic conditions, but prices are usually influenced by amenities, location and accessibility.
Flipping is a topic usually associated with property sales. In Mario’s opinion, buying real estate is not a quick money-making scheme but a long-term investment. He recommends that you do your research thoroughly, whatever your purpose behind purchasing a property, be it staying in it or as an investment. This means taking note of aspects such as the view the property offers, the height of the floors, facilities, etc. To increase the value of a property, he suggested renovating the property (as mentioned in his earlier discussion) in a ‘rising market’, where properties are in demand.
Using Bayut’s Tools
Mario recommends the utilising the Market Intelligence tab on Bayut. This menu offers a wealth of information about the UAE property market, such as Property Prices and Dubai Transactions (last sold property transactions data from the DLD), Market Trends, and new projects. Mario recommended that buyers and sellers use this tab to determine if the property they’re buying or selling is in-demand, and to garner information about the available properties in the market.
He concluded by talking about Floor Plans on Bayut, which buyers can use if they want to see the property’s layout without having to visit. Bayut offers both 2D and 3D Floor Plans for (select) properties, allowing buyers to envision their future homes without having to visit often.
Buying or selling a home can be a big decision in one’s life, but being armed with the right information and talking to an expert can make this a smooth journey. Explore the ins and outs of the UAE property market with Bayut’s Expert Advice series, where we sit with the experts to answer your questions and share exclusive insider tips to help you make smarter real estate decisions.
About Mario Volpi
Mario Volpi is the Senior Sales and Leasing Manager at Engel & Volkers Estate Brokerage LLC. He holds over 34 years of experience in real estate, with expertise in sales, customer service and marketing.
Since his advent into the UAE property market in 2008, he has become a renowned name in the industry. He regularly shares his intricate market knowledge on the radio and in his weekly column in The National Newspaper.
About Engel & Volkers Real Estate Brokerage LLC
The name Engel and Völkers is synonymous with high-quality services, offering services in brokering real estate, aviation and yachts for more than 30 years. Their brand’s values – competence, exclusivity and passion – have driven their success worldwide, and they ensure that all their clients receive services that exceed their expectations.
Over 15k people are working under the Engel & Völkers brand worldwide today, offering their expertise in consultancy, sales and leaseholds, among others.
*Source: Reuters Poll: Foreign demand to keep Dubai property prices on steady upward course
