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
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.”