When Selling Property in Dubai - Currency Exchange rates can help
THINK GLOBAL, SELL LOCAL�the effect of currency fluctuations
International sellers can drop the property price by more than 5% and still net more in their home currency than last year!
It has become apparent that several sellers are reluctant to budge on price, and not being persuaded by what is clearly "market value" offers that are being presented on their properties currently. In a market where every penny counts from both a seller and buyer perspective, we felt it would be useful to highlight the benefits that are currently on offer to international sellers who are repatriating the proceeds of their property sale.
Look at some of the illustrations below to just how much of an impact the currency markets have on international sellers. A stronger USD means a stronger dirham and that is good news for expats looking to cash in and return home or take advantage of low rates for international investments.
"Currency markets are extremely unpredictable and it is
irresponsible to try and guess which way the market will turn "
A rise of ABOVE 10% against most currencies means that now is as good a time as any to drop the price a touch to get more viewings/offers and STILL net a similar or higher return than they would have 7 months ago...
AED vs GBP
3m AED property in Jul 2014 = 476,190 GBP
3m AED property in Jan 2015 = 545,454 GBP 14.54% increase
3m AED property today = 535,714 GBP 12.50% increase
AED vs EUR
3m AED property in May 2014 = 586,395 EUR
3m AED property in Jan 2015 = 734,034 EUR 25.17% increase
3m AED property today = 722,021 EUR 23.19% increase
AED vs AUD
3m AED property in Jul 2014 = 860,585 AUD
3m AED property in Jan 2015 = 1,069,900 AUD 24.32% increase
3m AED property today = 1,053,370 AUD 22.40% increase
AED vs CAD
3m AED property in Jul 2014 = 868,558 CAD
3m AED property in Jan 2015 = 1,044,204 CAD 20.22% increase
3m AED property today = 1,029,159 CAD 18.49% increase
AED vs NZD
3m AED property in Jul 2014 = 925,925 NZD
3m AED property in Jan 2015 = 1,135,933 NZD 22.68% increase
3m AED property today = 1,102,535 NZD 19.07% increase
With the Greek debt problem making headlines at the moment, this has only compounded USD strength. It looks like some kind of resolution will be found in the near future and once that happens markets expect some kind of long term recovery for the Euro.
Currency markets are extremely unpredictable and it is irresponsible to try and guess which way the market will turn. An astute property investor should simply look at the facts, which are that if they are repatriating funds to the likes of Canada, Europe, New Zealand, Australia or UK then they are significantly better off to sell now, in some cases close to 20% in around 6 months.
For more information on this article or to discuss your own requirements feel free to call Anjulie Patel directly on 050 2585305 or alternatively pop in to their office in Index Tower, DIFC for a review of your current exposure.
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