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Nearly two thirds of Dubai property owners, 64%, plan to sell their units to take advantage of market conditions, with more than half saying they will do so in the next 12 months.
Real estate consultancy Savills said prices of high-end homes in Dubai will jump by 6% to 7.9% in 2023, the highest increase in the world, although it said the growth would be “rather muted” compared to 2022.
The majority of those who took part in the YouGov survey commissioned by Metropolitan Homes said they would purchase another property in the emirate if they succeeded in selling at a good premium.
Of those aged 45 and over, 22% said they plan to retire and live in the UAE permanently.
Alina Adamco, head of sales, Metropolitan Homes, said: “Buyers looking to invest in Dubai’s secondary market this year will benefit from the projected increase in the number of current property owners who plan to sell their units.
“This in turn could help sustain a long-term growth spurt for Dubai’s realty sector backed by favourable market conditions, strong UAE economy fundamentals, the city’s reputation and appeal as a safe and secure investment destination and recent legislation reforms.”
Of those surveyed, 81% own one or two properties, 89% bought the property in the last five years, 65% are living in the property that they own and 61% said they are looking to sell their property in order to upgrade to another.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
