- Over half (58%) of millennial respondents stated they are looking for a property to live in, while 38% are looking for a property to either rent out or sell
- The top three most prevalent criteria influencing purchasing decisions among UAE property seekers across all age groups are location, mortgage and payment plans, and potential price appreciation
Dubai: A poll by dubizzle Property, the UAE’s biggest and most visited property platform, reveals that UAE millennials are increasingly considering investing in real estate.
Out of 1,596 property owners and seekers who took part in the poll in March 2019, 48% currently own a property in the UAE, and 52% are interested in buying one this year, with millennials (25 to 34 years old) making up a large portion of the respondents (41%).
“The poll results indicate that millennials in the UAE are considering setting their roots here for the foreseeable future, which is a promising sentiment. With over a third also looking for property purely for investment purposes, it is heartening to note that they believe in the future potential of the UAE property market,” said Samer Abdin, General Manager, dubizzle Property.
When asked to select the factors which would impact the purchasing decision, the top three most prevalent criteria among millennials are area and location of the property (54%), mortgage and payment plans (51%) and potential price appreciation (39%). Other criteria that affect the decision are the network of public transportation (29%), proximity to facilities like banks, restaurants, cafes and other amenities (29%), and proximity to schools/place of work (23%).
“The most prevalent factors highlight that there is a strong understanding of the long-term investment benefits. It is evident that the current market conditions and recent government initiatives have made the prospect of investing in a property more attractive than paying rent for UAE residents,” added Abdin.
The prevalence of the factors impacting the purchase decision was consistent among all poll participants. In addition to the millennials, other age groups looking to invest in property include Xennials between 35 and 44 years (32% respondents), followed by Gen X and Baby Boomers between 45 and 70 years (18%).
dubizzle Property has over 130K live listings at any given time and receives almost 100K daily visits. The platform regularly reveals market insights and trends to support property seekers with making well-informed decisions.
dubizzle is the leading classifieds platform for users in the United Arab Emirates. Since its launch in 2005, dubizzle has become the number one platform for users to buy, sell, or find anything in their community. A community where underused goods are redistributed to fill a new need, and become wanted again, where non-product assets such as space, skills and money are exchanged and traded in new ways that don’t always require centralized institutions or ‘middlemen’.
dubizzle is an OLX Group company:
The OLX Group is a global product and tech company which operates a network of market-leading trading platforms in over 40 countries.
With more than 330 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars and houses. Through consumer brands including Avito, dubizzle, letgo, OLX, and many dozen others, more than 15 million things are exchanged on its apps and platforms every single month.
The OLX Group is powered by a team of 5,000 people, operating from +30 offices across five continents. The team is united behind a single mission to make it easy for people to buy and sell almost anything, promoting prosperity in local communities.OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar and Saudi Arabia.
© Press Release 2019