Dubai property brokers are seeing an increasing number of owner-occupiers buying properties in the emirate.
Samer Abdin, GM of Dubizzle Property, speaking on this week’s AB Live, said the dynamics of Dubai’s property markets are changing, with more end users investing in homes.
“One of the shifts that has happened in the real estate market is when you go back a few years, it was primarily an investor-driven market from a sales point of view. Now we are seeing more and more, the shift to end users. People are buying to live, families settling in, who are planning to make Dubai a long-term home. And I think that is a sign of maturity”, he explained.
As a result, people are opting for larger apartments and villas to experience community living, which are now becoming affordable.
“The way the market is going presents opportunities. The way that Dubai is maturing means that more people are settling. Young families are starting to grow and they are looking for villas in places like Dubai Land, Arabian Ranches. People are looking for that community feel,” Abdin said.
“If you are an end user, yield is not the only thing. You are also looking for community, facilities etc. As more and more end users are buying properties, more and more of these considerations are taken into account and developers are starting to realise that too,” he added.
Some of Dubai’s high end communities such as Arabian Ranches, Palm Jumeirah and The Springs have seen average villa sale prices decline as much as 11%, according to a study by Dubizzle Property.
Average prices per sq ft for a 3 bedroom villa in Arabian Ranches dropped as much as 11% from AED1,098 to AED980, while prices in Palm Jumeirah dropped 10% from AED1,573 in 2017 to AED1,415 in 2018. Prices in The Springs also declined 8% from AED1,077 to AED987.
The communities are among Dubizzle’s top five searched. Others include The Villa, where prices per sq ft for a 3 bedroom declined 27% from AED947 to AED693. Prices for villas in Jumeirah Village Circle (JVC) also dropped 5% from AED666 to AED632 per sq ft.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.