Dubai Property Owners want to sell their units

Real estate prices for resale property in Dubai are on the rise, so many owners want to sell their property. Metropolitan Homes and YouGov conducted research in Dubai, and found that 64% of real estate owners want to make use of the state of today's market and sell their own property. 52% of homeowners want to sell within a year in exchange for a good fee.

At the beginning of this year, according to studies among property owners in the UAE, 90% would buy another property in the emirate if they sold their existing one at a good markup.

83% of owners said they have made their home better after they initially bought it, and 15% said they have spent more than AED 500,000 (USD 136,000) on renovation works.

According to the Leader of Sales at Metropolitan Homes; Alina Adamco, YouGov research suggests that Emirates homeowners see Dubai as a stable market with a high rank of secondary market sales that is driving the growth of the entire UAE housing market.

The study also found that 22% of those aged 45+ plan to retire and live permanently in the UAE.

Investors in the secondary housing market in Dubai in 2023 will have benefits from a large amount of people willing to sell homes.

This will help maintain the growth of the Dubai real estate sector in the long term due to the good market situation, the strong performance of the Emirates economy and the image of Dubai as a safe and attractive investment area, as well as new changes in legislation.

The new changes contain the rules for obtaining a golden visa in the UAE and a residence permit for retirees. Together, these reforms can attract even more investment to the country. There are plenty of reasons for local residents to invest in the country, and non-residents are given the opportunity to make the Emirates their second home.

According to the data, by 2040, the population of Dubai will increase from 3.5 million to 5.8 million people, which will bring a lot of profit for future homeowners.

According to the Metropolitan Premium Properties CEO and Metropolitan Group Partner Nikita Kuznetsov, today's and future market forecasts are more favourable than ever for owners who want to list their homes for sale or rent. Moreover, the demand for ready-made real estate exceeds supply, especially in popular areas. The number of deals during 2022 in the secondary real estate market rose by 300%. The same course is expected during this year and next.Information obtained from the study by YouGov and Metropolitan Homes:

  • 89% of participators became real estate owners within 5 years
  • 81% of participators have one or two estate unit
  • 65% still live in the homes they purchased
  • 61% expressed desire to buy new real estate after selling the old unit
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