Property Finder explains Dubai's shift from luxury to affordable

Property listings platform says Dubai's move to affordability has started to attract previously priced-out first-time buyers

Dubai's real estate dynamics are changing.
Pixabay
Dubai's real estate dynamics are changing.

UAE-listed property listings website Property Finder said it had found a “significant shift” in development transactions from luxury to affordable units in Dubai, where investors were gravitating towards properties priced under $1.3m (AED5m).

According to Property Finder’s transactional data from Data Finder for January-July 2019, 527 residential units were sold for more than $1.3m this year in the secondary market.

Property Finder said that the number of units sold in Dubai’s luxury segment had declined since 2016, and the trend had coincided with "market dynamics changing", making Dubai real estate "more affordable and [...] now within the reach of several first-time home buyers, who had earlier been priced out of the market". 

Commenting on the trend, Property Finder’s director of research and data, Lynnette Abad, said: “Over the last few years, there has been a significant shift in development to affordable units in the residential market, and the demand has been quite strong. 

“Therefore, the majority of units developed over the last few years have all been in the affordable segment.”

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020