• The UAE was ranked the seventh-best country to invest in globally in 2022
  • Nearly 60% of prospective buyers and 80% of renters prefer apartments over villas

Dubai, UAE: Unique Properties, one of Dubai’s leading real estate agencies, has observed a significant change in property preferences for both owners and tenants. The full-service company cites that despite the market’s evolution, the UAE’s real estate sector has continued to flourish with apartments now being an overwhelmingly preferred choice for investors and residents alike.

In March 2023, data showed that 59.7% of people wanting to purchase property were searching for an apartment, while only 40.3% displayed interest in villas and townhouses. The most commonly sought-after apartment size was two-bedroom units; this accounted for 34% of investors’ searches while one-bedroom units followed closely in second at 32%.

Similar findings were observed in Dubai’s rental segment during the same period but on an even larger scale. An eye-popping 79.8% of tenants searched for apartments and 20.2% were looking for villas and townhouses. Approximately 33.3% of tenants looking to rent showed a preference for one-bedroom units, while 30.4% scouted out two-bedroom units, and 29.4% looked for Studios.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, commented: “Rising inflation rates and a looming world recession are contributing to renters’ interest in downsizing when looking for apartments. However, this has simultaneously opened a door for prospective homeowners and investors with a long-term view to snatch up larger apartments.’

After being oversupplied pre-pandemic, initiatives like the UAE Golden Visa and D33, as well as the country’s constant efforts to reform policies which boost the appeal of the UAE, have helped reinvigorate the economy at a faster pace than other countries.  This has reinforced the nation’s haven status, contributing to an influx of investment and a rapidly growing population, while restoring real estate investors’ confidence.

Diligent efforts over recent years have enhanced the UAE’s reputation as one of the safest countries to invest in post-COVID-19. After global flows of foreign direct investment reached $1.6 trillion in 2021 to demonstrate strong pandemic recovery, the UAE was cited as the seventh best country to invest in in 2022. Data from March 2023 solidifies global investment interest in the UAE as 12,135 sales transactions were recorded to mark a notable increase of 53% from the same month last year.

Arash added: “Dubai’s property market made over $9.3 billion last month alone, and this is because intelligent investors who understand market dynamics are confident in the long-term potential of the UAE. A variety of real estate segments have contributed to this growth but those who are looking to maximize their return on investment have turned their attention to, and will continue keying in on ultra-luxury properties”. 

Prices for high-end homes in Dubai are expected to continue surging in 2023, rising from 6% to 7.9%. Despite this jump being projected as the highest in the world, prime property prices in Dubai remain 80% cheaper than it is in other major cities worldwide. Unique Properties’ extensive market knowledge is steering several transactions across Dubai’s residential off-plan segment; the full-service award-winning agency facilitates resale property, sales and commercial, and rental transactions with international expert teams.

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About Unique Properties:

Established in 2008, Unique Properties, one of Dubai’s leading real estate agencies is headquartered in Dubai, UAE. As a multi-award-winning real estate company, it is one of the most reputable in the region. Founded by Arash Jalili, Unique Properties offers a range of services, including a consortium of premium hand-picked, off-plan projects and ready properties for sale and leasing. In 2021, Unique Properties contributed 4.5% to Dubai's total “off-plan” sales volume and around 1% to its overall real estate economy, which recorded transactions worth $ 82 billion (AED 300 billion). Through its multilingual and experienced consultants, Unique Properties provides reliable and exceptionally tailored real estate investment solutions to clients. Learn more about Unique Properties at https://www.uniqueproperties.ae/en/

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Atteline
E-mail: uniqueproperties@atteline.com