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Industry Executives Praise Simplified and Hassle-Free Dubai Property Buying Process
Mohammed Iqbal and his wife, who had been contemplating purchasing property in Dubai for a while, finally decided two years ago after careful financial planning and consideration. The impact of the pandemic prompted them to save up and take the leap. They evaluated factors such as return on investment, forex rates, and the depreciation of the Indian rupee. Ultimately concluding that purchasing property in Dubai offered better financial prospects than in India.
Iqbal represents a growing number of young individuals who have become property owners in Dubai. Dubai Real estate industry executives highlight a decline in the average age of property buyers. Pointing to a rising trend of younger buyers entering the market, partly due to the current simplified entry process. Benjamin Stafford, CEO of Inicio, supported this observation based on available data.
According to Benjamin Stafford, CEO of Inicio, there has been a significant decline in the average age of property buyers in Dubai over the years. In 2010, the average age stood at 58 years old, but by 2022, it had decreased to 42 years old. Changes in the age distribution within different groups accompany this shift. In 2022, the percentage of property buyers in the 20-to-30-years-old age group rose from 10 percent to 11.5 percent. While the 31-45-year-old age group saw an increase from 54 percent to 60.6 percent. On the other hand, the 46-to-60-year-old age group experienced a decline, dropping from 35 percent to 28 percent.
Top Five Industry Reasons
1. Additional Income
To generate additional income, Iqbal has chosen to rent out his own house. Instead resides with his family in a more affordable dwelling, which costs nearly half the price of their own property. Their current residence is situated in a newer development within the city, providing convenient access to their children’s high school, extracurricular activities, and tutoring services. This arrangement allows them to use the rental income to repay their loan, aligning with their current lifestyle priorities. They aspire to eventually settle down in their own house once they have achieved greater stability.
2. Golden Visa
According to real estate sector officials, since more and more young people aim to stay in the UAE for the long term, they are investing in property ownership. Since the country’s 10-year Golden Visas were introduced, they have also been buying more real estate.
3. The Wealthy and Famous
In 2021-2022, a significant influx of millionaires decided to make the emirate their home and purchase real estate there. The UAE is expected to attract the biggest number of millionaires worldwide—4,000—in 2022, according to a Henley Global Citizens Report from the previous year.
4. Dubai: A Celebrity Haven
Dubai has emerged as a sought-after destination for celebrities, especially in the post-pandemic era, creating quite a buzz in town. Renowned personalities from both Hollywood and Bollywood, including Lindsay Lohan, David Beckham, and his wife Victoria. Moreover, Shah Rukh Khan, Sanjay Dutt, Shoaib Malik and his wife Sania Mirza, Shilpa Shetty, and Salman Khan, among many others, have either purchased property or are currently in the process of acquiring their second home in Dubai. The emirate has become a favored sanctuary for these stars, solidifying its status as a preferred destination for the elite.
5. Easy procedures
According to Benjamin Stafford, the younger demographic is in part motivated by the current ease of entry into the market. Industry leaders claim that purchasing real estate in Dubai is a very straightforward, frictionless, and hassle-free process.
“I used a broker to purchase a home in Dubai. The procedure went smoothly. The deal was complete and the documents had arrived in my email inbox when I got home after finishing all the requirements and signing the paperwork, according to a property buyer.
“The procedure cannot be more streamlined and swift than this. In addition to the strong ROI and stability, I think this is one of the main reasons foreign investors are drawn to this region,” the buyer stated.
Stafford noted that over the past year, Dubai has seen a rise in the number of young individuals looking to relocate there.
Global Media Insight estimates that the population of the UAE is made up of 6.5 million people (or over 64 percent) between the ages of 25 and 54. While 12.4 percent of the population is between the ages of 15 and 24. Males make up 4.77 million of the population in the 25–54 age group.
