According to a poll, over two-thirds of Dubai property owners aim to sell!
Dubai boasts a thriving real estate industry with homes that appeal to a variety of purchasers and investors. Yet according to a recent poll, over two-thirds of Dubai property owners want to sell their homes in the coming months. These are the reasons for the emergence of this trend and what it can entail for the Dubai real estate market.
According to the poll, 64% of Dubai property owners intend to sell their homes soon. Of those, 55% stated that they intended to sell within the next year. According to the study, 34% of respondents intended to rent out their homes rather than sell them, while only 2% intended to maintain them as second residences.
Why then are there so many property owners in Dubai eager to sell? Financial hardship was the most often mentioned factor, with 44% of respondents stating that it was difficult for them to make their mortgage payments. The economic effects of the COVID-19 epidemic, which have severely impacted several businesses and left some people struggling to make ends meet, are probably to blame for this.
The shifting priorities of Dubai inhabitants are another reason. Many people have had to reevaluate their priorities and what they want from their houses as a result of the epidemic. Some people have decided to downsize or relocate to a different part of the city as a result of this.
According to the poll, some property owners are considering selling to profit from growing real estate values. For the past three years, Dubai’s real estate market has been slowly rebounding, and prices have been rising. Some landowners could be trying to take advantage of this trend and sell their lands for high prices.
What does this entail for the real estate market in Dubai? On the one hand, when more properties enter the market, an increase in supply can result in a decline in prices. Yet, this can also result in more buyers’ rivalry, which might support price stability.
The effect of the epidemic on the real estate market should also be taken into account. While some people could be having financial difficulties, others might be trying to take advantage of the lower costs and buy real estate while it is still more reasonable. This could aid in balancing off the rise in supply and maintaining stable prices.
Generally speaking, the tendency of Dubai property owners to contemplate sales will probably have an effect on the real estate market in the upcoming months. It’s hard to foresee how this will turn out, but the epidemic has certainly had a big influence on many Dubai residents’ interests and financial circumstances. It will be interesting to watch how the real estate market develops and adjusts to the new environment as the city continues to navigate the difficulties brought on by the epidemic.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
