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Expats in Dubai moving towards home ownership
| Published: | 22 May at 6 PM |
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Expats in Dubai are moving away from renting a property towards becoming home owners.
Over the past few years, a shift in sentiment from renting to actually owning a home has been gaining ground in the expat community, aided by governmental reforms and lucrative offers by developers. Real estate agents serving the expat community are seeing the move towards home ownership as the seal of approval by professionals progressing in their careers and adjusting to living the Dubai lifestyle. Although there’s been a fall in off-plan purchases, the secondary housing market is steady.
Family homes are high on the popularity list and are expected to continue due to Dubai’s easing of visa regulations as well as its reputation for safety and security as regards raising a family. According to a leading realtor, expats are now far happier to invest in Dubai’s economy by taking out a mortgage, although there are a good number who’d love to but can’t yet find the hefty deposits required. Others are finally realising the rental charges they’ve been paying for some years would have provided a deposit for a home of their own.
There are several points to remember when deciding to become a home-owner rather than a tenant, with the first being that homes over 10 to15 years old are larger, offer more spacious accommodation and are better built. Nowadays, these villas and houses can be had for less than DH one million, a bargain price compared to the square foot charges for new-build properties, meaning the new owners are paying more for less. Whatever the choice, it’s essential to investigate local infrastructure, transport options, local amenities and facilities as well as the location of international schooling. Choosing wisely means that, should you need to sell your property for any reason, capital appreciation will be your reward.
Over the past few years, a shift in sentiment from renting to actually owning a home has been gaining ground in the expat community, aided by governmental reforms and lucrative offers by developers. Real estate agents serving the expat community are seeing the move towards home ownership as the seal of approval by professionals progressing in their careers and adjusting to living the Dubai lifestyle. Although there’s been a fall in off-plan purchases, the secondary housing market is steady.
Family homes are high on the popularity list and are expected to continue due to Dubai’s easing of visa regulations as well as its reputation for safety and security as regards raising a family. According to a leading realtor, expats are now far happier to invest in Dubai’s economy by taking out a mortgage, although there are a good number who’d love to but can’t yet find the hefty deposits required. Others are finally realising the rental charges they’ve been paying for some years would have provided a deposit for a home of their own.
There are several points to remember when deciding to become a home-owner rather than a tenant, with the first being that homes over 10 to15 years old are larger, offer more spacious accommodation and are better built. Nowadays, these villas and houses can be had for less than DH one million, a bargain price compared to the square foot charges for new-build properties, meaning the new owners are paying more for less. Whatever the choice, it’s essential to investigate local infrastructure, transport options, local amenities and facilities as well as the location of international schooling. Choosing wisely means that, should you need to sell your property for any reason, capital appreciation will be your reward.
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