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Mohammed Iqbal and his wife have been trying to buy a property in Dubai but have been going back and forth.
They started saving when the pandemic hit and finally decided to take a risk after doing a lot of financial planning two years ago on investment returns, foreign exchange rates and the depreciation of the Indian rupee.
“We find it more economical to buy here than in India.”
Iqbal is one of many young people buying property in Dubai. The average age of buyers in Dubai has dropped, according to real estate industry executives.
Inicio chief executive Benjamin Stafford said the data showed an increasing number of younger buyers entering the property market, partly due to the current ease of entry into the market.
“The average age of homebuyers has steadily declined from 58 in 2010 to 42 in 2022. By 2022, the 20 to 30 age group will increase from 10% to 11.5%, and the 31 to 45 age group will increase from 54% to 60.6%, while the 46 to 60 age group dropped from 35% to 28%,” he said.
extra income
Iqbal has rented it out and lives with his family in a place that costs almost half the price of his own house.
“We live downtown, but our house is in one of the newer developments. Our kids go to high school. So living in the city helps us a lot in terms of their schools, after school activities, tuition, etc. …so for now, it makes sense to rent out that place and use that money to pay off the loan. Even from a lifestyle standpoint, it makes more sense for us. We hope to move there once we’re more settled .”
golden visa
More young people are investing in property as they plan to stay in the UAE long-term, according to real estate industry executives. They are also increasingly buying property after the country introduced a 10-year golden visa.
rich and famous
In 2021 and 2022, the emirate has witnessed an influx of high net worth individuals or millionaires who have located their properties in the emirate.
The Henley Global Citizenship Report predicted last year that 4,000 millionaires would move to the UAE in 2022 alone, the most in the world.
home of the stars
Plus, the influx of Bollywood celebrities, especially in the post-COVID world, has become a talking point.
Famous celebrities and Hollywood and Bollywood superstars like Lindsay Lohan, David Beckham and his wife Victoria, Shah Rukh Khan, Sanjay Dart, Shoib Malik and his wife Sanizmir Zha, Shilpa Shetty, Salman Khan and many others have either bought a property or they are buying it in Dubai and making Dubai their second home.
Simple procedures
Benjamin Stafford said the younger demographic was partly due to the current ease of access to the market.
Industry executives say the process of buying a property is simple, quick, seamless and hassle-free.
“I bought a property in Dubai through a broker. The process was seamless. When I got home after completing all the formalities and signing the paperwork, the deal was done and the paperwork had arrived in my email inbox,” one said a buyer.
“There is no faster and smoother process than this. Besides the good return on investment and stability, I believe this is one of the main reasons why foreigners are attracted to invest here,” said the buyer.
Stafford added that over the past 12 months, Dubai has experienced an influx of young people looking to settle in the city.
According to Global Media Insight, people aged 25 to 54 make up more than 64 percent of the UAE’s total population, or 6.5 million people aged 15 to 24 make up 12.4 percent of the country’s population. The male population in the 25-54 age group is 4.77 million.
Copyright © 2022 Khaleej Times. all rights reserved. Supplied by SyndiGate Media Inc. (Syndicate Information).
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