Dubai sees a rise in expat property owners

Dubai sees a rise in expat property owners

There has been a rise in the number of expat property owners buying real estate for themselves in Dubai.

Summary:

  • More expats are becoming home-occupier purchasers in Dubai
  • There has been more 100-plus% increase in the last four years
  • This is due to the improving job market in the UAE encouraging homebuyers to stay

There is a growing number of expatriates purchasing real estate in Dubai, according to a recent report.

Dubai-based property consultancy firm Unitas Consultancy revealed there has been a rise in the number of expats buying property rather than renting.

Sameer Lakhani, Managing Director of Unitas Consultancy, said: “The growth of end-users indicates the maturing of Dubai real estate market as comparable to other international cities.”

The main reason behind this growth is the surge in foreigners moving to Dubai as a result of job opportunities. Indeed, it reported that Dubai’s population will increase to 3.25 million by 2020 if this rate continues.

This demonstrates that more people now have the intention to live in their homes while working in the city, as opposed to renting them out to other residents. Research showed home-ownership accounted for almost one in six transactions, which is an increase of more than 100% in the last four years.

As the job market continues to improve in the United Arab Emirates, this trend is likely to continue, Mr Lakhani commented.

He stated: “Dubai World Central and the Al Maktoum airport will be the magnet for more jobs and communities, and Dubai’s World Expo bid will act as a fillip to this.”

This growth in home-occupier buyers could be due to Dubai being one of the lowest risk cities in the world to invest in. A recent report by Aon Hewitt revealed that it is ranked 19th city in the world for recruiting, employing and redeploying people; this ease for people to find jobs in the Emirate is subsequently helping to boost the property market in Dubai, according to Mr Lakhani.