When I moved to Dubai 9 years ago I would always hear people say, “who is going to live in all these apartments?” Since then the population in Dubai has grown from 1.9 million residents in 2010 to currently over 3.2 million (https://www.dsc.gov.ae/en-us)! Perhaps if all these new developments hadn’t had such a strong resurgence in the meantime then Dubai would be at capacity today, but this is not what happened. Today we have many new communities and developments, we have been introduced to Town Square, Creek Harbor, Dubai Hills, Dubai South and more, which is why today we are hearing a similar narrative with everyone talking about overflow in the market and “who is going to live in all of these properties?”
If you are a buyer or a tenant in Dubai today, you should be smiling! Because let me tell you, you are in a position to either live or invest in the location of your dreams or find accommodation at a price point that allows you to save more of your income for yourself rather than on your housing, and both are potentially viable options for you.
But how do you choose?
Buyers have options between attractive payment plans and incentive schemes from developers for off-plan properties which are generally in the newer established communities or flexible mortgage options on ready properties that in some cases are available at prices that are dancing around the build costs and in prime and established communities. This poses to be a tough choice for most, but let’s be honest…there is nothing to complain about if you find that you are in this situation, however you still need to make a choice. As we all know the global rule of real estate is location, location, location, which is why I believe right now is the time to snap up a property in the latter of the two options…the ready properties in the prime locations, especially if anywhere near the coastline such as JBR, Dubai Marina and Palm Jumeirah. Property on or near the water is always more valuable than inland communities and I don’t see this changing. New communities can pop up on us here in Dubai, but the coastline is limited and always the closer to the coast your property is the more certain you have secured a good location for forever for your investment. Right now is a good time to get into a high-end community at a bargain price.
Tenants however might have a different process in their decision making as they are being enticed by the new developments and communities with the desire to live in a brand new property as well as the opportunity to live, work and play all within they’re community while enjoying the often impressive amenities offered which include the regular pools and gyms in addition too skate parks, biking paths, movie theaters and communal spaces. Being a tenant in Dubai today offers so many great options to choose from however I would still take advantage of the affordable ones in the established prime community’s such as Palm Jumeirah, Dubai Marina and JBR and be near the water and save the experience of the new community’s when the day comes that your landlord at the beach raises your rent to a price out of reach for you. I feel that the space and affordability will always be found in these communities on the outskirts, so today consider to take the opportunity to enjoy the high-end communities at a price within your budget.
All of us are in the property market to an extent, we all have a home. Whether you are a homeowner, a seasoned property investor or a renter, right now is a good time to find a good deal in Dubai!