With the maturing Dubai property market, Allsopp & Allsopp have had many enquiries from clients looking to buy a home with the hopes of upgrading the property.
Similarly, sellers are also looking to upgrade their properties to appeal to end-user buyers and get the best possible price when they sell.
The influx of refurbishment enquiries has encouraged the award-winning real estate company to partner with a reputable and trustworthy British owned renovation company - New Evolution.
Upgrades, as a rule of thumb, can add value to the property of up to 50% of the amount spent on the makeover. For example, in Limetree Valley, Jumeirah Golf Estates, a villa can be priced at around AED 900 per sqft but with high-quality upgrades, prices can go up to as much as AED 1250 per sqft.
The same boost in value can be seen in The Springs - a 2-bedroom villa can normally sell for AED 1.2million with upgrades pushing the price up to AED 1.45 million.
A 3-bedroom villa in the same area can start from AED 1.75 Million and can increase to 2.1 Million with refurbishments. A 1M type villa in The Springs was purchased for AED 2.35 Million in October 2018 with Allsopp & Allsopp and has now been valued at AED 2.7 million after a New Evolution upgrade.
Owners who are looking to sell their older villa or apartment are looking to add value to their property by giving it a makeover to attract buyers who are ideally aiming to move straight into a home as an end user buyer. Landlords are also making changes to properties to increase the rental price and attract new tenants.
Likewise, the attractive prices in Dubai are encouraging more end-user buyers into the market. People are now opting for older villas and apartments under the premise that they will get them renovated with the money they have perhaps saved after purchasing the property.
The upgrading of homes has become more and more popular in Dubai as the communities that were built over 10 years ago can sometimes need refashioning. This trend has previously been very unapparent because of the age of the city but, Allsopp & Allsopp have seen this trend grow over the last few years.
Carl Allsopp, COO of Allsopp & Allsopp explains “Clients are not overlooking older villas and apartments anymore. As a matter of fact, we’ve seen an increase in interest in areas such as Emirates Living from end-user buyers who are looking to renovate the property to their liking.
They are taking advantage of the convenient locations and quality buildings and making their own stamp on their new home.
With lower property prices, buyers have the leeway to turn their new property into the home of their dreams with New Evolution.”
New Evolution Interior Decoration is a British managed company who specialise in fit out and joinery supply in the UAE with 10 years’ experience in Dubai and over 25 years’ experience in the construction and fit out business. They offer a complete turnkey solution to Residential Villas with full project management.
Adam Riccio, Managing Director of New Evolution says “Buying and selling homes brings the perfect opportunity to give a property a makeover and there was only one real estate company in mind to partner up with. We are proud to form a partnership with Allsopp & Allsopp, the leading real estate agency in Dubai.
Our renovations can completely transform a property into a home whether this is indoor living space or outdoor living space including swimming pools. We cater all of our renovations completely to the taste of the client and will manage the entire project from start to finish.”