Property Renovation in Dubai and Investment Appeal
In Dubai real estate, one crucial aspect always captures investors’ attention – the property’s condition. In Dubai, properties with unfinished interiors are virtually non-existent, and apartments are typically delivered with high-quality finishes. However, the question of property renovation in the UAE remains relevant.
The Cost of Renovation
Renovating a newly built property can entail additional expenses, which can vary depending on the level of luxury and the client’s requirements. A basic renovation, including fundamental changes and updates, can cost approximately $20,000. However, if you’re considering a luxurious renovation with top-tier materials and designer finishes, the cost can reach $100,000 to $150,000. This is a crucial factor when planning investments in Dubai real estate.
Impact of Renovation on Investment Appeal
Whether or not to renovate depends on the specific project and the investor’s goals. However, it’s worth noting that renovation can significantly enhance the investment appeal of real estate, particularly in particular market segments.
For instance, penthouses and apartments with three or more rooms located on waterfronts can yield impressive returns after renovation. These returns can range from 30% and even up to 150%. This is because luxuriously renovated properties attract buyers who pay a premium for uniqueness and comfort.
Market Offerings
It’s important to highlight that in Dubai, most projects offer properties with excellent finishes right from the construction phase. This makes it easier for investors to choose properties that already meet high-quality standards.
The decision to renovate property in Dubai should be carefully considered, considering the renovation costs, the potential profitability of the property after renovation, and market demand. With the right approach, renovation can be an investment that significantly increases the value of your real estate and attracts the attention of potential buyers.
