dubizzle Property, the UAE’s biggest and most visited Property platform, reveals that over a quarter (26%) of its users are interested in investing in off-plan property in the UAE.
A poll of over 3,200 conducted on the dubizzle platform in December 2018, revealed that over 840 users said they were interested in investing in off-plan property. From these respondents, the top two reasons driving investor interest are a desire to live in the property on handover (52%) and second, as a long-term investment (31%).
The poll also revealed that the top three factors that will impact the purchasing decision were the location (70%), the available finance offers (35%) and the potential price appreciation of the property over time (28%).
“The results of our survey reinforce the ‘buyers-market’ industry trend. With 63% thinking of either moving in or renting out the property on handover, residents are considering staying here for the longer term, and are looking favorably at the future and the growth of the UAE. This investment sentiment is also bolstered by the UAE government’s recent announcement of long-term visas for expatriates who invest in the property market,” commented Samer Abdin, General Manager, dubizzle Property.
According to research conducted by GCP-Reidin, the 2:1 ratio of off-plan to ready property sales in 2017 was beginning to reverse in H1 2018. Of the users surveyed, 74% would not currently consider investing in an off-plan property due to a number of reasons including not being able to see the property ahead of purchasing it, payment plans, risk levels and potential delays in the handover date.
“The softening prices, the array of choices and accessible home loan offers has made the cost of property ownership for residents more attractive versus the cost of rent, and from recent research, we know that there is an increased interest in more prime areas. Ready properties would naturally be the first choice for those looking to buy-to-live, particularly as investment in off-plan property requires some capital and will always have a certain level of risk attached to it,” added Abdin.
dubizzle Property has over 130K live listings at any given time and receives almost 100K daily visits. The platform regularly reveals market insights to support property seekers with making well-informed decisions.
Launched in 2005, dubizzle is today a leading classifieds platform for users in the United Arab Emirates.