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Rising Renovation Costs in Dubai: Buyers and Tenants May Face Higher Expenses
五月 21, 2024
Rising Renovation Costs in Dubai: Buyers and Tenants May Face Higher Expenses 迪拜
By   Internet
  • 都市报
  • Dubai Property
  • House renovations
  • property costs
  • rising house prices
Abstract: Despite the increasing costs of renovating homes, it may be a necessary investment for homeowners looking to attract buyers or tenants by enhancing the value of their properties.

While residential real estate prices in Dubai continue to soar, buyers looking for resale homes or expatriates renting in Dubai may now have to shell out more money as renovation and home staging costs are expected to increase by 10%.


It is reported that the costs for home refurbishments are on the rise, covering the design and decoration of apartments or houses aimed at enhancing their appearance and market value. It is anticipated that maintenance costs for a two-bedroom apartment could go as high as AED 45,000, while the minimum cost for a studio refurbishment could reach AED 30,000, due to significant increases in the costs of materials, furnishings, and labor.


Rising Renovation Costs in Dubai: Buyers and Tenants May Face Higher Expenses

Internet


Anton Kaputur, Managing Director of Colife Project Management, told the Arabian Business, "Costs have increased by approximately 10% over the past year." Executives from other property management companies suggest that costs may even be higher, depending on factors such as workload, complexity, quality of materials, and professional qualifications.


With increasing demands for the appearance, cleanliness, and stylish organization of homes, Dubai homeowners often opt for renovations to make their properties more appealing and comfortable. However, this enhancement may require buyers or tenants to pay higher prices or rents.


Although the increase in resale prices or leasing costs varies depending on the costs of individual homeowners, it is expected to range between 8-10%. This cost increase is influenced not only by labor costs but also includes the costs of construction and renovation materials, furnishings, and essential items such as appliances.


Rising Renovation Costs in Dubai: Buyers and Tenants May Face Higher Expenses

Internet


Executives at Colife suggest that potential buyers, especially expatriates, are more inclined to purchase renovated apartments or houses. Kaputur adds, "Buyers or tenants will ultimately have to compensate for the costs of home staging by increasing the selling price or rent."


Despite the rising costs, renovated homes still boast unique interior and exterior designs, coupled with stunning views, making them on par with or even superior to new constructions in terms of elegance and functionality. Experts suggest that the cost increase resulting from home renovations will surpass the general price hike in Dubai's residential real estate market.


The increase in maintenance costs is not only influenced by the rise in prices of construction materials and furnishings but also by the increasing costs of contractor labor. According to Kaputur, "Prices (of materials and labor) rise as market prices for apartments or rents go up."

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Rising Renovation Costs in Dubai: Buyers and Tenants May Face Higher Expenses
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