With activity in Dubai’s secondary real estate market holding strong against the impact of the coronavirus pandemic, a property technology firm is launching a new service to quicken sales amid increased competition.
Dubai-based Nomad Homes, a “proptech” company, has unveiled its Nomad Renovation Concierge service which offers to give properties a facelift before putting them on the market.
Nomad said it pays for the cost of home renovation, including new flooring, fresh paint, kitchen improvements, to make them stand out in what is currently a busy secondary market, sell faster and at a higher price.
The move comes as, despite a challenging 2020, secondary market transaction activity in Dubai saw an increase of 7 percent over 2019 volumes, with significantly lower buying costs and a raft of government-led demand drivers being the biggest factors currently supporting transaction activity.
In fact, after the initial slump in April and May 2020 due to movement restrictions, December witnessed the highest monthly transaction volumes in two years.
“Nomad makes the process seamless by managing the entire renovation process from start to finish. Once the transformation is complete, Nomad works with its sell-side partners to market the exclusive property in an omni-channel marketing campaign. The renovation costs are deducted from the proceeds at the sale of the home,” the company said in a statement.
Helen Chen, CEO of Nomad Homes, said: “We hope this new service will help speed up transactions in prime neighborhoods such as Downtown or JBR.
Helen Chen, CEO of Nomad Homes
“We hear from buyers that they are looking for upgraded units in prime areas and hear from sellers that they want their homes to sell faster. Nomad Renovation Concierge is the solution to these problems. With our new service, sellers can sell faster while buyers find the like-new home they dreamed of. We’re very excited to provide innovative solutions to make real estate transactions easier and more efficient in Dubai.”
Nomad Homes is a digital platform that uses technology to simplify buying and renting homes and was founded in 2019.
According to real estate consultants Core, property sales prices and rents in Dubai are set to remain under downward pressure during 2021 with apartment districts expected to face further headwinds.
Core said established villa districts that saw strong take-up over the second half of 2020 and now have limited supply are expected to see price resilience this year.
According to real estate consultants Core, property sales prices and rents in Dubai are set to remain under downward pressure during 2021
Core added that secondary sales transactions are expected to remain steady as underlying demand is supported by lower capital values and demand drivers such as financial, visa and social reforms.
While oversupply concerns persist in the near term, Core also said new launches were at the lowest level in 2020 compared to the last eight years and are expected to further reduce in 2021 as developers re-strategise and focus on absorption of existing inventory.
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