Assessing real estate data intelligence can provide a preview on what trends are emerging. Experts at Property Monitor see what demands the real estate market is facing at the moment. For Dubai, the expectation is real estate investments will skyrocket.
One of factors has to do with demand from a younger population in the city. Young consumers, aged 25 to 37, are buying properties now due to attractive payment schemes and lower housing prices.
Investing in Long-Term Benefits
For a while, the young population had to resort to renting instead of owning a home. But now, you will see a much younger generation jumping on the property bandwagon. Majority of them see that the risks outweigh the long-term benefits of investment, owing to affordability and a change in perspective.
The challenge of affordability and larger down payments still present a problem among the younger generation. Dubai is stepping in, of course, to provide more opportunities for millennials opting to purchase a home in the city.
Most first-time young homebuyers have a budget of around Dh1 million to Dh3 million. Due to financial limitations, most of them are opting for homes with special offers on payment plans and fee waivers.
The younger generation are also known as people who want the best in all aspects of life, which may be why most of them are buying a property for personal use while others are purchasing homes to put up for rent.
Following Other Millennials
The real estate market is seeing a buying trend among the younger generation. One of these is how most buyers from the younger generation are purchasing properties where their fellow young buyers are also investing.
It’s like a chain of command; where one goes, the others will follow.
Overall, the real estate market is optimistic, thanks to the growing demand from a younger generation. It’s likely to continue, especially since Dubai is looking into other options that may encourage the younger population to keep buying properties in the city.