A surge of responses from existing tenants indicated towards a transition to own, with 51% planning to buy a residence in Dubai in the future. Of those, 62% were leaning towards buying a residence for own use rather than buying to let, thus demonstrating further reinforcement towards ownership, consistent with the high yield levels in a majority of mainstream residential districts in Dubai.
More interestingly, of all tenants looking to move towards ownership, more than half were looking to purchase a property within the next 12 months - a trend in line with our previous forecast of the growing pool of buyers looking to enter the bottoming market. Confirming the general optimism we are witnessing, only 17% were not planning to buy real estate in Dubai anytime in the future, while 32% were unsure.
Source : Core Savills