Residents keen to own homes
Report finds more interest in buying
The prospect of owning a home in the UAE appears to be on the agenda of more residents, says one property website. Propertyfinder.ae 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 propertyfinder.ae
Interest in buying property in the UAE is at its highest level since 2014, according to the website propertyfinder.ae.
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, propertyfinder.ae 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