mikewot

"Dubai’s expats are increasingly moving from renting a property to owning their own home, a new report from a real estate consultant shows.

In a change which it says amounts to a “paradigm shift” in Dubai real estate, Unitas Consultancy says the market is increasingly dominated by end users - those who buy a property with the intention of living in it.

A report released yesterday by the firm flags up that, across a clutch of popular residential areas including Dubai Marina, Jumeirah Lakes Towers (JLT), The Greens, Arabian Ranches, The Springs and The Meadows, owner-occupied home ownership now accounts for 15 per cent - or nearly one-in-six - transactions.
http://www.7daysindubai.com/Dubai-ex...ail/story.html

The firm says that figure has doubled in the last four years and signals Dubai’s change from “an investor dominated market to an end-user owner occupied society”.

The report highlights figures showing that in popular communities The Springs and The Meadows, 28 per cent of homes are occupied by mortgage-holders.

Similarly, about 25 per cent of residents in Arabian Ranches have a mortgage.

Home ownership is lower in JLT and Dubai Marina - at 11 per cent of residences. But the firm says that the fact that home ownership in The Greens - which is mainly apartments - has risen to 23 per cent of units shows it’s not only wealthy villa-buyers driving a surge in ownership."


Hhhhhhmmmm, I believe that occupancy rates in JLT & the Marina are about 50% so I'd assume that the figures they're talking about, 11%, is of the 50% so about 5.5% owner/occupier.

Millhouse

Still that low?

scrubbedexpat141

I thougt that too.

There is a lot of availability and places are taking 4/6/12 cheques in JLT...so there must be a low-ish % occupancy.

Ditzy

The move towards more end-users probably reflects the Dubai market as well, people tend to stay longer than they used to. It used to be that people would only come for a 2 or 3 year contract whereas now it feels like people stay for much longer.

scot47

The report is from a "real estate consultant". I assume he is selling houses and this is just a bit of self-publicising.

Beakersful

Next from this guy or his ilk will come buy-to-let guides for expats.