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UAE residents turning towards buying rather than renting

UAE residents turning towards buying rather than renting

Arabian Business, 30 October, 2018
Half of those polled in a recent Property Finder sentiment survey purchased a home in the last six months because they felt it was financially smarter than renting, the real estate portal announced on Tuesday.

Additionally, Property Finder’s research found that one third of respondents believe that now is the right time to buy, and that 16 percent have bought in the last six months.

Another 39 percent are ready to buy and willing to do so before the end of 2018, the survey found.

“It was very apparently that the majority of those surveyed want to purchase a property in Dubai and the most common reasons were they felt it was a better financial decision to buy rather than rent and these potential buyers plan on staying in Dubai for more than three years,” said Lynette Abad, the director of research and data at Property Finder Group.

Abad added that “two of the biggest pain points with these potential buyers is not enough affordable stock which fits their income and the difficulty to save for the down payment.”

Property Finder said over the last three to four years, sales prices have fallen faster than rents, “making houses for would-be buyers not only more affordable, but a good investment option as opposed to one continuing to rent.”

“Additionally, prices are better maintained as investors are more prone to offer bigger discounts when they want to sell, rather than families who’ve made a lifetime investment in a nest.”