Many agents are reporting a very frustrating time due to owners pulling out of verbally approved sales at the last minute believing they can get more money for their property.
Dubai property agents have always suffered with the confusion that entails with owners choosing to multi list and now most agents who are active in sales are seeing unscrupulous owners withdrawing properties from sale even though a sale as been agreed in principle stating now that the market is improving I can get more for my property.
Many agents have prepared paperwork to find out those owners to turn around and say I want another 10% as the market is improving leaving bad taste with the consultants and very annoyed buyers.
Whilst many property sellers are not contractually obliged by the nature of the market to pay any costs to a real estate company for the costs they have incurred prior to a sale or even not at all buyer pays and by multi listing these practices are getting more and more common leaving many agents seeming to be unprofessional in the eyes of the buyer.
With some real estate advisory bodies muting further drops in Dubai real estate prices these seems to be not the thought process of many sellers. Sellers only 12 months preciously would have been glad to just get an offer.
This process is not helping the recovery of a sustainable and growing market real estate market.
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