According to industry experts, expatriate residents constituted 40% of total property acquisitions in Dubai in the previous year, and this percentage is anticipated to climb to 50% by 2025.
According to a recent market survey and insiders in the industry, local expatriates are set to spearhead the forthcoming property market upswing in Dubai and the UAE. This surge is propelled by escalating rental costs, the growing appeal of the country's economic growth potential and stability. Dubai is rapidly transforming from a mere attractive real estate investment destination into a preferred long-term settlement choice for families worldwide, aided by various government initiatives aimed at deregulating the economy and attracting skilled expats.
Last year, local expats accounted for 40 percent of all property purchases in Dubai, a figure projected to rise to 50 percent by 2025, as indicated by industry experts. Furthermore, the expectation of continued price growth in Dubai's property market enhances the appeal for expat investments, as it promises high returns. With a significant 20 percent increase in average rental prices for two-bedroom apartments in 2023, many local expats perceive property ownership as a viable alternative.
Buy vs Rent debate
Discover the latest findings from a consumer survey conducted by the renowned global digital consultancy, RedSeer. The results revealed an exciting trend: a whopping two-thirds of local expats and residents are choosing to embrace property ownership rather than renting, driven by the relentless rise in rental rates.
According to the survey conducted by RedSeer Strategy Consultants, the decision to rent or buy property has gained paramount importance for local expats, given the surge in residential rents and the increasing confidence in the UAE's real estate market.
This remarkable shift in consumer behavior not only highlights the evolving landscape but also signifies the growing desire for long-term stability and financial security that property ownership offers.
Get ready to seize the opportunity as Dubai's real estate market continues to soar, with property sales witnessing an impressive 46.71% surge in the first quarter alone. Brace yourself for the promising growth projected for 2023. Now is the time to make your move and secure your future in Dubai's thriving real estate market.