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Nearly nine out of ten respondents from the UAE, Saudi Arabia and Oman said they intended to buy property in the near future, with nearly half of those saying they planned to invest within the next year, according to a survey by Majid Al Futtaim (MAF) Properties.
The results of the survey, conducted by YouGov, were announced at last week’s Cityscape Global in Dubai. Around 87 per cent of respondents intend buying property in the future. Of these potential homebuyers, 55 per cent preferred investing in the next two years or more, 29 per cent in the next year, and 16 per cent in the next six months or less.
In the age group 18 to 24 years, 92 per cent said they want to buy property in the region, and 36 per cent aimed doing so in the next year or less, while 64 per cent intended investing in real estate over the next two years or more.
Among the high earners —those with a net income of Dh50,000 or more per month — 80 per cent said they were going to invest in property before September 2016, while 61 per cent intended to rent it out.
“As planners, developers and home providers, it is essential for us to understand the needs and the preferences of these future homeowners,” said Simon Azzam, CEO — Communities of Majid Al Futtaim Properties.
“We design and develop our communities on the basis that we are not only meeting current demands, but are offering convenience, choices and lifestyles for the future. Through these survey results, we see that there are more and more factors playing a part in choosing a home. Proximity to education, public transport routes, natural environment and friendly neighbours can be crucial in making a final decision.”
The key drivers for buying real estate in the Middle East, North Africa and Levant were location and price—56 per cent consider location as the major influencer, while price was the next biggest driver. Rental income potential featured above the value of the real estate, suggesting a longer-term attitude to a return on investment.
Of those surveyed, 52 per cent agreed they would prefer to own an apartment or a flat compared to a villa or townhouse — and the trend towards being a member of a gated community was backed up by 47 per cent of the respondents, who were either living or had lived in community developments.
Source: Property Weekly