Recent Blogs

Back to Propertify

Sales For Real Estate Properties have Heightened Up in Emirates After Lockdown

Sales For Real Estate Properties have Heightened Up in Emirates After Lockdown
0

As the lockdown restrictions are being lifted, we have started witnessing a spike in property sales in the Emirates for the past few months. It’s quite surprising that the pandemic has no impact on homebuyers buying real estate properties.

According to Colliers International, a real estate services and investment management company, it is said in a report that much of the land was purchased by first-time buyers, around 91% approximately, Meanwhile, the rest of the purchases have been made by regular buyers and investors. 

A study was conducted by Colliers last year by speaking with the real estate professionals in the UAE. 82% of respondents responded that mortgage purchases have been increasing and the demand is mostly coming from the first-time buyers and end-users. 

With increasing rent demands, Colliers also concluded that tenants are now looking to invest in a rental property as the line between rent and mortgage payment gets thinner.

“Other contributing factors include current low-interest rates, reduced loan to value, reduced fees, and attractive property prices,” the report said.

Demand

Colliers mentioned that “Since lockdown measures were eased, there had been an increased demand of sales in higher-end communities. One of the findings from our research is that investors took advantage of the lower price points prior to the COVID-19 lockdown.”

Many home investors are willing to spend millions of dirhams to own fine-class property lands. Colliers conducted a poll, among which 44% said that above 5 million dirhams demand for properties has increased.

“This created a domino effect releasing pent-up demand from prospective buyers that had been waiting for the right time to buy.”

In some gated communities of Dubai, renovated housing units are also trending, and for a good reason.

“41 percent of those surveyed agreed that there is a demand for renovated and upgraded property. The benefit can outweigh that of a standard property given the favourable bank rates and factoring in time and costs of renovation, reducing the initial outlay of cash,” said Colliers.

For more information related to news and insights of Emirates keep checking Propertify Blog and also don’t forget to follow us on our Facebook Page to stay updated.