Residents in Dubai have now started buying property rather than renting according to the latest statistics released by the Propertyfinder Group.
Over the last twelve months in 2017 many Dubai residents have switched from renting to buying property in the emirate.
In a strong sign of the recovery in the Dubai real estate market, residents have started buying property to take advantage of improved affordability in a real estate market that has consolidated over the last two years, as well as more generous payment plans from developers.
Dubai residents have been buying property in various developments such as Jumeirah Village Circle, Dubai Land and Al Barsha.
In fact, Jumeirah Village Circle was so popular during 2017 that it was one of the few areas in Dubai that experienced a rise in prices over the year, ending up four per cent higher year-on-year than 2016, though despite this, it still remains one of Dubai’s most affordable villa communities, with prices remaining around AED758 per square foot.
The research also found that the number of viewings and enquiries in the area doubled over the year.
Dubai Land also experienced a surge in villa completions in 2017, helped by the fact that it also remains the second-best value prices for villas, with prices remaining about the AED845 per square foot mark.
Chief commercial officer of Propertyfinder Group, Lukman Hajje, commented: ‘Long-term residents are taking advantage, snapping up good deals, planting roots, and swapping their rent cheques for a mortgage.’
He continued: ‘Few global cities offer the opportunity to buy a well-built four-bedroom free-standing villa in prime location on a decent sized block for under $1.2 million. Try doing that in London, Sydney, New York, Paris, or Geneva. Good luck.’
Overseas property investors might want to follow the lead of the Dubai residents now buying property in the emirate.