Azizi Developments, a private developer in the UAE, has published results on current property trends, following a comprehensive study that it conducted across its markets and projects.
The study concluded that the biggest market for Azizi Developments is the UAE, with more than half (52%) of its customers being Emiratis — followed by Saudi nationals at 25%, Indian nationals at 10%, Pakistani nationals at 4%, and the rest being from the GCC, Europe and China. In 2019, there has been a noticeable increase in demand from Saudi and Chinese nationals, with their proportion of purchases relative to other nationalities increasing by 8% and 5% respectively.
The study explores factors that govern property buying, including location and unit price, and reveals that the majority (68.5%) of property intenders purchase units as an investment, to rent them out.
Findings also suggest that studio apartments are the property type that is most in demand, comprising 65% of all sales, while one-, two-, and three-bedroom apartments make up 25%, 7%, and 3% respectively.
Farhad Azizi, CEO of Azizi Developments, said: “Big data, with its ability to generate precise insights with profound applications, is a technological facilitator that is set to play an important role in our sector in the coming years. It adds a much-needed, customer-centric dimension to real estate and helps us in setting our strategy in a way that adds monumental value to the UAE property sector and economy”.
Studies of this nature are integral for the progress of the sector, ensuring that developers’ projects are in alignment with demand. There has been a clear increase in the number of young professionals and families purchasing properties to settle in Dubai, with attractive price points, lucrative offers from developers, and encouraging reforms announced by the government, helping introduce more end-users to the homeowner segment.