Dubai sees more owner-occupiers
Levels of home ownership spiral in Dubai Marina, Arabian Ranches, JLT
An increasing number of expats in Dubai are choosing to buy rather than rent according to a new report from the Unitas Consultancy.
A report released on 30 March describes a ‘paradigm shift’ in Dubai’s real estate market. The report highlights Dubai Marina, Jumeirah Lakes Towers, The Greens, Arabian Ranches, The Springs and The Meadows where it say one in six transactions is for owner-occupier homes – double the rate of four years ago.
In The Meadows and The Springs 28% of homes are owned by mortgage holders and in Arabian Ranches the figure is 25% while The Greens has reached 23%.
The report also highlights what it calls the “renaissance” of JLT – “the preferred destination for the middle and middle-classes - where prices are catching up with neighbouring Dubai Marina, claims Unitas, the Dubai-based real estate consulting firm.