Dubai, UAE, 30 January 2024: Imobiliare Dubai, a leading real estate agency in the UAE, has revealed a notable trend in Dubai’s property market through a survey conducted nationwide. The survey shows a rising preference for homeownership over renting, indicative of the city’s growing status as a premier investment destination and reflects the changing dynamics in consumer preferences in the real estate sector.
The comprehensive survey, targeting the real estate sentiments in Dubai, reached out to a broad demographic in the UAE. The respondents, hailing from all the seven emirates, provided insights into their preferences and perceptions of the Dubai real estate market. Majority of those surveyed, belonged between the ages of 18 and 34, with an average of 70% of the response coming from men and the remaining from women. The survey was pivotal in understanding the shifting trends towards homeownership and investment in the region.
One of the key takeaways of the survey was that a majority of prospective buyers are looking at homes for personal use. Nearly 60% of respondents expressed their intention to buy a property to live in, while the remaining are considering real estate as an investment opportunity. This trend highlights Dubai’s evolving market, where the appeal of owning a home is fueled not just by the desire for personal space but also by the lucrative prospects of property investment.
Moreover, the survey revealed that public knowledge about the home-buying process in Dubai is evenly split. Approximately half of the participants admitted to understanding the procedure, suggesting a need for more comprehensive education and guidance in this area. This aspect is crucial as it reflects the market’s potential to grow further as more individuals become informed about the nuances of real estate transactions in Dubai.
Preferences in terms of living arrangements and lifestyle choices were also explored in the survey. A significant majority showed a preference for villa living, with nearly 75% of respondents leaning towards this option. This preference underscores the desire for spacious and private living quarters, a trend that is shaping the future developments away from the city centre, with community projects like DAMAC Lagoons, Address Residences, Al Marjan Islands, DAMAC Hills 2 becoming more prominent among investors.
The scenic preferences of the respondents had also similar statistics with a significant 75% favouring ocean views to other choices, highlighting the allure of Dubai’s coastal properties. Additionally, the survey pointed out a balanced inclination towards city life and community living, indicating Dubai’s ability to cater to a diverse range of lifestyle preferences.
Oliver Mitri, Co-Founder of Imobiliare Dubai, commented on the findings, stating, “The insights from our survey shed light on the evolving real estate landscape in Dubai. The increasing preference for homeownership is a clear indicator of the city’s robust property market and its appeal as a safe investment haven. Dubai’s unique blend of luxury living, world-class amenities, and investor-friendly policies like the UAE Golden Visa are key factors driving this trend. This shift not only reflects the confidence in the market but also points towards a more secure and investment-driven future for homeowners in Dubai.”
These survey results and the ensuing analysis underscore a significant shift in the real estate market dynamics of Dubai. As the city continues to grow and attract global investors, the trend towards homeownership is expected to play a pivotal role in shaping the future of its real estate landscape.