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Wed 26 Sep 2018 02:00 PM

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Revealed: cash still a key player in Dubai property deals

Sellanyhome.com data reveals that nearly a quarter of its buyers favour cash to finance real estate transactions in Dubai

Revealed: cash still a key player in Dubai property deals
Omar Chihane, CEO and co-founder of Sellanyhome.com.

Cash continues to play a prominent role in real estate transactions in Dubai, with almost a quarter (22 percent) of buyers wanting to pay cash in full, according to research by Sellanyhome.com.

The home buying portal said 57 percent of its buyers want to take recourse to financing, while 13 percent are happy to choose either option.

Since the website announced it would open its platform to end users at the start of the year, it said its buyer pool has increased 600 percent and is a "clear signal of how exciting the Dubai real estate market remains".

Omar Chihane, CEO and co-founder of Sellanyhome.com, said 49 percent of buyers have a budget of AED1 million and above, while Dubai Land, Dubai Marina, Jumeirah Village Circle, Meydan and Sports City have emerged as the most popular destination for their buyers.

“Our data insights, mined from sellers and buyers using SellAnyHome.com, indicate a robust real estate market. Potential buyers are entering the market with healthy budgets. The data also shows that properties large and small, ranging between 1 and 3 bedrooms for instance, are all attracting strong interest," he added.

Chihane said that while the majority of registered buyers seem flexible as to the number of bedrooms, 20 percent are looking specifically at 1 beds while 26 percent are preferring 2 and 3 bed properties.

At 71 percent, the vast majority of Sellanyhome.com buyers are interested in apartments; with 12 percent preferring villas.

Chihane said the website aims to become a one stop shop for home buyers and sellers in the UAE. It allows buyers to book viewings for listed properties and also offers useful tools such as a mortgage calculator and the BorrowMeter that helps buyers determine their borrowing power.

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