UAE: 64% of expats would consider buying property
Around two thirds of expats would consider purchasing property in the UAE, according to research from compareit4me.com
Just under two thirds of expats would consider purchasing property in the UAE, according to research from compareit4me.com.
A 2016 survey conducted by the finance comparison site found that 64% of expats would consider buying real estate in the Emirates, compared to just 46% of those questioned last year.
The findings suggest that expats are planning to remain in the UAE for longer, according to Jon Richards, chief executive officer of compareit4me.com.
“In March , all the major newspapers were reporting that more than half of expats in the UAE were considering leaving due to the high cost of living,” he explained.
“Just one year later, we are happy to announce that the number of people who are interested in buying property is on the rise. It seems attitudes are changing, and fears and insecurities about the future are lifting,” Richards added.
Over half (54%) of respondents to last year’s survey said that property prices represented their main financial outgoing.
The 10% to 13% fall in property prices that took place in 2015 – in combination with a further anticipated drop of 10% this year – are the major contributing factors to the apparent change in heart among expats, according to Richards and his colleagues.
“There is no doubt that the stabilisation in the property market, which is thought to be a knock-on effect of low crude oil prices and the subsequent strength of the US dollar, must be having an impact on people’s long-term plans,” he noted.
“Additionally, with the recent exciting developments – both commercially in terms of business opportunities, and physically with projects like the impressive Dubai Canal – staying and committing to life in the UAE is becoming even more of an enticing option.
“For expats, it’s all about timing; choosing the right time to arrive and the right time to leave. The recent drop in housing prices has obviously removed a big weight from people’s minds and made settling here a more viable option,” Richards concluded.