According to a YouGov survey, nearly two-thirds of real estate owners in Dubai (64%) intend to sell their real estate units to take advantage of the current market conditions, and 52% of them stated that they would take this step during the next 12 months if they get a good return.
Metropolitan Homes, a new division of the Metropolitan Group, commissioned a survey and showed that 90% of Dubai property owners are planning to buy a new property in the coming 12 months or so.
According to the survey, which included 300 real estate owners in the Emirates during the first half of January, 90% of real estate owners in Dubai will buy another property in the emirate if they sell their current property for a reasonable price. In addition, 83% of the respondents stated that they had significantly improved their real estate units since they purchased them, as 15% of the participants spent more than 500 thousand dirhams to renew their real estate units.
Commenting on the results of the study, Alina Adamko, Head of Sales at Metropolitan Homes, said: "The results of the YouGov survey are an additional indication that homeowners in the UAE trust Dubai as a solid real estate market, and that the expected level of activity in the secondary market will continue to boost the number of Transactions in the real estate sector in the emirate. In addition, the poll also showed that 22% of the participants in the age group over 45 plan to retire and live in the UAE permanently. As a result, buyers looking to invest in the secondary market in Dubai this year will benefit from the expected increase in the number of real estate owners planning to sell their real estate units.
There is no doubt that this, in turn, will help maintain long-term growth in the real estate sector in Dubai, thanks to the favourable conditions in the market, the solid foundations of the UAE economy, Dubai's reputation and attractiveness as a safe investment destination, and the recent legislative reforms witnessed by the emirate."
Among the new reforms that have been made are the approval of golden residency regulations in the UAE, residency permits for retirees and the ongoing digital transformation. All these reforms play an integral role in attracting more investment to the real estate market in Dubai. They provide a solid reason to invest in the country and give the residents a sense of reassurance to make the UAE a second home for them.
Among the new reforms that have been made are the approval of golden residency regulations in the UAE, residency permits for retirees and the ongoing digital transformation. All these reforms play an integral role in attracting more investment to the real estate market in Dubai. They provide a solid reason to invest in the country and give the residents a sense of reassurance to make the UAE a second home for them.
Moreover, future residential property owners in Dubai can make the most of their investments. According to specialised reports, the city's population will increase from 3.5 million to 5.8 million by 2040.
For his part, Nikita Kuznetsov, a partner in the Metropolitan Group and CEO of Metropolitan Premium Properties, said: "We see that the current and expected market conditions are in the interest of the owners of residential real estate in Dubai if they are thinking of selling or renting their real estate units, because the demand for Ready-made properties is oversupplied in the market, especially in central locations in the emirate. Last year, we recorded an increase in our secondary market transactions by 300%, so we expect this trend to continue in the foreseeable future."
The main results of the study
81% own one or two real estate units.
89% bought their real estate in the past five years.
65% currently live in the property they purchased.
61% are looking to buy another better property after selling their current property.
Proper valuation is necessary to property buyers and sellers, mortgage lenders, investors and insurers. At Credence & Co., we perform all types of real estate valuation in Dubai, all of which are handled by qualified Royal Institute Of Chartered Surveyors experts. As an approved valuer by the Dubai real estate regulation authority (RERA), we can conduct property valuations across the UAE.
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