Res­i­dents keen to own homes

Re­port finds more in­ter­est in buy­ing

7 Days in Dubai - - FRONT PAGE -

The prospect of own­ing a home in the UAE ap­pears to be on the agenda of more res­i­dents, says one prop­erty web­site. Prop­er­ said it has re­ceived al­most 95,000 en­quiries to buy vil­las and apart­ments since the start of the year - a 28 per cent in­crease on pre­vi­ous years. “This is the high­est level of buyer in­ter­est we’ve seen since mid-2014,” said Luk­man Ha­jje, CCO at prop­er­


In­ter­est in buy­ing prop­erty in the UAE is at its high­est level since 2014, ac­cord­ing to the web­site prop­er­

There were a to­tal of 94,909 en­quiries into buy­ing flats and vil­las, since the start of 2016, rep­re­sent­ing a 28 per cent in­crease on pre­vi­ous years.

Dubai Ma­rina (pic­tured) was the most sought af­ter lo­ca­tion with the prop­erty por­tal re­ceiv­ing 15,329 en­quiries.

Next on the list was Dubai­land with 9,476 en­quiries.

This was fol­lowed closely by Down­town Dubai that had 9,016 ex­pres­sions of in­ter­est.

“This is a sig­nif­i­cant shift from Jan­uary and is the high­est level of buyer in­ter­est we’ve seen since mid-2014,’’ said Luk­man Ha­jje, prop­er­ CCO.

He sug­gested the in­creased in­ter­est in buy­ing prop­erty shows that the mar­ket may have bot­tomed out in Jan­uary, with po­ten­tial buy­ers wait­ing for the price to reach the low­est pos­si­ble level be­fore ex­press­ing an in­ter­est.

“Qual­i­fied buy­ers have been watch­ing care­fully, as cor­rectly tim­ing the bot­tom of the mar­ket can mean the dif­fer­ence of a few hun­dred thou­sand dirhams on a mid range two-bed­room apart­ment, and of course a lot more at the top end,”he said.

The low lev­els of in­ter­est in buy­ing prop­erty in Jan­uary were in keep­ing with world­wide trends, said Ha­jje, who pointed out that a 14year low in oil prices would have dam­aged con­fi­dence in GCC mar­kets.

With Fe­bru­ary and March on the prop­erty por­tal see­ing a no­tice­able in­crease in in­ter­est from po­ten­tial buy­ers, there are early sug­ges­tions that the mar­ket may be on the mend and that Jan­uary may have been the month that saw the mar­ket bot­tom out.

In April, the in­ter­est in buy­ing in­creased fur­ther to 31 per cent and has con­tin­ued to in­crease. For the first half of May, buyer en­quiries rep­re­sented over 32 per cent of to­tal en­quiries. Ha­jje said it is not clear whether the rise in in­ter­est will trans­late to sales, or will mark a wider trend for buy­ing in­stead of rent­ing.

“It’s still too soon to be cer­tain. It’s def­i­nitely a strong buyer’s mar­ket and most sell­ers are ne­go­tiable on their price. But that could change quickly,” he said.

the in­crease in queries this year from prospec­tive buy­ers

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