Demand to buy two-bedroom apartments is higher than one-bedroom units among investors and end-users in Dubai, as the market witnesses the emergence of new consumer preferences such as a growing incline towards ownership and the inflow of more families to make their second home.
According to Property Finder’s data for March 2023, around 59.7 per cent of people who intend to own property in Dubai are looking for an apartment, while 40.3 per cent are interested in villas/townhouses.
According to the report, the proportion of persons seeking for flats increased from 57.2% in March 2022 to 59.7% last month.
While this was happening, the percentage of persons looking for villas and townhouses dropped from 42.8% to 40.3%. Amongst home seekers, the most commonly searched apartment size was two bedrooms, accounting for 34 per cent, followed by one-bedroom apartments at 32 per cent.
Due to restrictions brought on by the pandemic, inhabitants were forced to leave their flats and move into separate, larger homes after the pandemic’s emergence, which significantly increased demand for villas and townhouses.
As the pandemic is now history, there is once more a rise in housing demand.
According to Scott Bond, country manager at Property Finder, March saw an intriguing increase in both demand and value for the booming real estate market in the United Arab Emirates.
We have observed the creation of new consumer preferences, such as an increasing propensity for ownership, along with a correspondingly steady growth within the rental sector. We continue to observe and deliver upon the nation’s fast-evolving property sector, with a positive outlook for the coming months,” he said.
In the rental segment, Property Finder’s data showed that 79.8 per cent of tenants search for apartments, and 20.2 per cent look for villas/townhouses.
Around 63.8 per cent of the tenants looking for apartments for a longer stay prefer furnished properties, while 34.4 per cent were searching for unfurnished apartments. Unlike the tenants who can afford to rent a villa/townhouse, approximately 52.1 per cent were looking for unfurnished units, while 46.8 per cent were looking for furnished villas/townhouses.
Imran Farooq said the biggest advantage of staying in furnished apartments is that it is hassle-free with no obligations of post-dated cheques, Ejari, Dewa and housing charges, etc.
“The furnished apartment comes with rent which includes all utility bills, housekeeping, laundry and access to the Internet, the pool and the gym. It is so convenient for those who come to Dubai for a few days and those who do not want to get into the complexities of documentation and obligations.”
Property Finder added that around 33.3 per cent of the tenants were looking for one-bedroom units in March 2023, followed by two-bedroom units, which presented 30.4 per cent of the tenants’ preferences, while 29.4 per cent were looking for Studios.
For villas/townhouses, 42 per cent of tenants were primarily looking for three-bedroom units, while 35.5 per cent were searching for four-bedroom or larger options.