Dubai: More residents looking to buy 2-bedroom apartments; here's why
Dubai: More residents looking to buy 2-bedroom apartments; here’s why
Demand to buy two-bedroom apartments is higher than one-bedroom units among investors and end-users in Dubai, as the market witnesses the emergence of new consumer preferences such as a growing incline towards ownership and the inflow of more families to make their second home.
According to Property Finder’s data for March 2023, around 59.7 per cent of people who intend to own property in Dubai are looking for an apartment, while 40.3 per cent are interested in villas/townhouses.
The study revealed that there was an increase in the percentage of people looking for apartments, rising from 57.2 per cent in March 2022 to 59.7 last month.
Meanwhile, the number of people searching for villas and townhouses decreased by 2.5 per cent, dropping from 42.8 per cent to 40.3 per cent. Amongst home seekers, the most commonly searched apartment size was two bedrooms, accounting for 34 per cent, followed by one-bedroom apartments at 32 per cent.
After the outbreak of the pandemic, demand for villas and townhouses grew vastly as residents moved out of their apartments to live in separate and bigger houses due to pandemic-induced restrictions.
With the pandemic becoming history, the market is witnessing increased demand for apartments again.
Scott Bond, country manager at Property Finder, said March has recorded an interesting spike in both demand and value for the UAE’s thriving property sector.
“We have seen the emergence of new consumer preferences such as a growing incline towards ownership, with equally sustained growth within the rental market. We continue to observe and deliver upon the nation’s fast-evolving property sector, with a positive outlook for the coming months,” he said.
Imran Farooq, CEO, Samana Developers, said although apartments remain in demand for various reasons, villas have their own niche of buyers looking for luxury, privacy and space as prime reasons.
Rental segment
In the rental segment, Property Finder’s data showed that 79.8 per cent of tenants search for apartments, and 20.2 per cent look for villas/townhouses.
Around 63.8 per cent of the tenants looking for apartments for a longer stay prefer furnished properties, while 34.4 per cent were searching for unfurnished apartments. Unlike the tenants who can afford to rent a villa/townhouse, approximately 52.1 per cent were looking for unfurnished units, while 46.8 per cent were looking for furnished villas/townhouses.
Imran Farooq said the biggest advantage of staying in furnished apartments is that it is hassle-free with no obligations of post-dated cheques, Ejari, Dewa and housing charges, etc.
“The furnished apartment comes with rent which includes all utility bills, housekeeping, laundry and access to the Internet, the pool and the gym. It is so convenient for those who come to Dubai for a few days and those who do not want to get into the complexities of documentation and obligations.”
Property Finder added that around 33.3 per cent of the tenants were looking for one-bedroom units in March 2023, followed by two-bedroom units, which presented 30.4 per cent of the tenants’ preferences, while 29.4 per cent were looking for Studios.
For villas/townhouses, 42 per cent of tenants were primarily looking for three-bedroom units, while 35.5 per cent were searching for four-bedroom or larger options.
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source: khaleejtimes
