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Best reasons to buy a house in the UAE

      The general sentiment among real estate industry figures was that aside from past downturns and a drop in oil prices, the emirate’s property sector is gaining the confidence of potential buyers.

      A series of surveys found that expats intend to stay in the UAE longer and are looking to buy. One poll, from global broker Core Savills, reported a “surge” in interest from existing tenants with a “growing appetite to own”.

      CEO of Core Savills, David Godchaux, said more residents would buy if the minimum mortgage deposit was lower. It is currently 40 per cent, as stipulated by the central bank. His firm’s survey of 800 people released yesterday found 51 per cent plan to buy in Dubai in the future. It also found 71 per cent backed banks easing lending – even if that meant the return of speculative buyers, which could drive purchase and rent prices up. The same survey found 16 per cent believed Dubailand was the area least likely to retain value in the long term, just ahead of Dubai South. The area most likely to see long-term growth is Dubai Marina, 18 per cent of those polled, said.

      A separate question in the same survey found the Dubai Water Canal (pictured top) is the area that will shape the future of the city the most. The survey showed 44 per cent of respondents felt the canal was the most exciting project in the city, with Dubai South, near the Expo site, coming in second place with 20 per cent. Aside from talk of property prices yesterday, some industry figures believe Dubai could see a new ‘downtown in the desert’ in the near future.

       A local classifieds platform has commissioned a research study to unveil the sentiment of the dominant millennials segment towards buying a home locally, the reasons behind this and awareness of new home search methods. The findings of the study commissioned by dubizzle were derived with the backing of the platform’s wealth of data and by face-to-face interviews conducted by a commissioned third party research firm, showcasing the perception towards home buying in Dubai, decision making factors, favourability towards new home buying search methods and the awareness of new concept homes.

      Forty-four per cent of millennial expats surveyed said they wanted to buy a home in the UAE in the next 3 years. Whereas 59 per cent of the sample pool said they wanted to buy outside the UAE in the next 3 years. The 59 per cent who said they wanted to buy outside the UAE, preferably in their home country was quite simply because they didn’t know how long they wished to stay in the UAE. There was however a crossover in regard to certain individuals considering to buy both abroad and the UAE within next 3 years, with the intention that the UAE would serve an ideal base during the prime years of their careers.

 

      There are some reasons why people want to buy in the UAE.

       Western expats see the UAE as a good place to make a healthy living tax-free, and have a more luxurious lifestyle than they would back home if they held the same job. They can contribute a decent share of their wallet to purchasing a home as well as have enough to live a comfortable life with the perks of putting aside a budget for entertainment. In specific to British expats, the Brexit has stirred up many questions as to the impact it has left on this segment’s intent to purchase UAE property as opposed to shipping money home due to the exchange rates. The survey revealed higher scores for Westerners (inclusive of British expats) more than other nationalities when asked how important they felt it was to purchase a home locally here in the UAE. Despite the fact that the UAE dirham has risen approximately 20 per cent against the British pound since the June 23, 2016 referendum, the emerging investors within the millennial category still sees it of value to purchase locally relatively soon. This because of the flattening out of the sale price per sq. ft. in Dubai’s property market, making it a ripe time to consider property purchase if the individual is keen to call the UAE home for a while.

      A knock-on effect caused by the Arab spring over the past decade has left Arab expats (outside the GCC country group) a dominant property buyer segment here in the UAE. According to the H1 report released by the DLD, Arab expats contributed to a total investment value in property of Dh7 billion from 7,577 deals. Jordanians (765 transactions,) Egyptians (710 tractions) followed by Lebanese (432 transactions.) dubizzle’s research study confirms that the UAE remains a prominent choice for Arab millennial expats to purchase property in the UAE with 54 per cent of its sample stating that their country was not a safe place, “risky” to invest in and/or that they did not want to go back to their home countries to live long-term, 41 per cent of whom were Arab expats.

      The survey also revealed that the first-time buyer Asian expat (predominantly Indian expats) millennial segment on the contrary were more in favour of purchasing their first property back home. The more established Indian expat who already has property/properties back home would purchase in the UAE due to the UAE’s convenient geographic proximity to the homeland India and well as it being able to provide an ideal business environment to set up shop for new business entrepreneurs. The DLD’s 2016 H1 report states that Indians after UAE locals were the second biggest segment of property investors contributing Dh7.27 billion worth of transactions.



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