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Home - Real Estate - Dubai Real Estate Market to Surge as Renters Shift Towards Homeownership
Real Estate

Dubai Real Estate Market to Surge as Renters Shift Towards Homeownership

Millennials Lead the Charge Amid Rising Rents and Property Prices
Victoria DickinsonBy Victoria DickinsonOctober 15, 20242 Mins Read
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New research highlighted by Betterhomes revealed in the recent market analysis of Dubai real estate market, predicts huge growth for the sector within five years due to higher tenancy for house owning. According to the report, 66 percent of renters who participated in the survey said they are set to purchase homes in the next half year due to rising rent levels and expectation of further hikes.

As mentioned in this study millennials in the age of between 28 and 43 years are followed by generation X of between 44 and 59 years. These prospective homeowners are mostly driven by the need for security, more space in their houses, and short distances to be travelled to get to their workplaces. Some of the well known districts that are obtainable for investments are Dubai Hills Estate, Dubai Marina, Downtown Dubai, Business Bay and Arabian Ranches.

The same report also shows that the majority of the buyers, those with income less than or equal to AED 50,000 per month, cannot be considered as high er income earners, they are however keen to invest in property as the market in Dubai progresses. On the other hand, investors opt for it so as to get the needed capital appreciation.

Properties in Sub-Saharan Africa are set to experience a 5-10% increase in the one year period, which has seen tenants scrambling to acquire homes before the costs go up. Also, the significantly larger square footage with more rooms such as guest or study Accommodation that is becoming a new norm is compelling renters to join the homeowner bandwagon. The direction is likely to help ramp up the property market in Dubai since renting has become the priority of many people who seek stability and long-term investments instead of rental housing.

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Victoria Dickinson
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Victoria Dickinson is a seasoned journalist at Dubai.News, specializing in real estate and business news. With over a decade of experience in the industry, Victoria has a keen eye for market trends and an in-depth understanding of the economic factors influencing the real estate sector. Based in Dubai, she provides insightful analysis and comprehensive coverage of the region's dynamic property market, from luxury developments to emerging business hubs. Victoria's background in economics and finance, coupled with her passion for storytelling, allows her to deliver news that is both informative and engaging. Her articles not only inform but also help readers make well-informed decisions in the competitive real estate landscape. Outside of her professional work, Victoria enjoys exploring Dubai’s diverse neighborhoods and attending industry events to stay ahead of the latest developments.

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