Upgrade in Demand with Property Upgrade
Buying and owning a property is not just a purely practical decision but rather an essentially emotional decision-making journey for an investor. Unlike developers that eye the property as a material creation made out of bricks and cement and finally given some shape, a property for an investor is home. On their lookout for the best property in town, the investors are actually looking for their dream home, a fruit-bearing of years’ struggle and hard work. Thus, it has become very much the need of the hour to structure and materialize the best possible structure an investor can happily call his house and pay money for to you.
Given the property development culture of UAE with some of the giants monopolizing over the business for years now, the development projects are often a reflection of the developers’ personal manifesto or branding much more than being a reflection of the possible investor’s housing dreams. Thus, this is where the conflict buds and gives rise to the need of renovation or upgrade. There lies a gap between the developers’ understanding of the dream house someone would invest in and their personal viewpoint on as to how they think their property will be the right fit for a buyer or investor.
Over the previous years, developers have vividly encountered this trend and have faced the music consequent to their lack of consideration and understanding of the investors’ needs and have had to face multiple occasions requiring property renovation and upgrade. However, upon renovation, developers instantly associate the hope of bearing higher profits over this value addition in terms of upgrade which further creates a gap of understanding and expectation because investors need to be aware of the fact that value addition is not directly proportional to the cost of the property. And, the right approach to actually positioning their property right and earning profits off of them is to keep the investor’s perspective ahead of theirs.
Thus, developers in this region can learn to be more accommodating to the investor’s expectations out of a property than the endorsement of their own brand values.