Dubai real estate: JVC, Dubai Marina popularity booms as British buyers hunt for affordable apartments
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This comes as Dubai records a major influx of British real estate investors during Q1 2024.
British real estate investor behavior is shifting from luxury villas towards affordable apartments and off-plan properties, experts told Arabian Business amid a flurry of investment activity in Dubai.
“The data… shows that traditionally Brits are, on the whole, looking to settle and create a life in Dubai. They overwhelmingly elect to purchase mid-range, ready properties. There is quite an even split between apartments and villas in terms of the property type they go for,” said Experts
The buying trend points to “typical behavior” of those who are buying to live in the properties themselves.
“An emerging trend we are seeing, as rental and investment ownership laws in the UK evolve, is an increasing appetite for people in the UK to purchase off-plan in Dubai where they believe they will be able to make a greater ROI and capital appreciation on real estate,” he added.
This comes after industry insiders told Arabian Business last week that British investors are overtaking previously dominant groups like Russian and Indian investors by an overwhelming amount due to post-Brexit economic uncertainty, the cost-of-living crisis, and the many ease of living, working, and setting up a business in Dubai.
Experts said that she has noticed a significant shift in their buying behavior. “While a preference for resort-style living, particularly luxury villas in Palm Jumeirah was previously observed among British expats who valued privacy, space, and exclusivity, market statistics for 2024 reveal… over 68 percent of sales transactions now involve apartments especially in areas like Palm Jumeirah and Downtown Dubai,”
Real estate agencies has also noted a major shift in preferences. During the first quarter of 2024, British investors directed just 54 percent of their total sales transactions (by value) towards villas and townhouses. This accounted for a notable decrease from 2023 when this segment comprised over 80 percent of their transactions.
Where are British property investors buying Dubai property?
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Over the last few quarters, most sales transactions by British buyers were recorded in Dubai Marina, Jumeirah Village Circle, and Dubailand — predominantly mid-range and affordable areas. These property purchases were mostly dominated by secondary sales over off-plan, said Lalchandani.
According to the Experts, however, the communities which saw the largest number of transactions by Brits included:
Dubai’s real estate market shattered previous records in Q1 with over 34,000 overall transactions, marking a 20 percent increase compared to the same period last year. It has gone down in history as the most active quarter on record for the emirate’s property sector.
According to the Real estate agency Q1 2024 Residential Market Report, the UAE’s removal from the FATF Grey List has played a pivotal role in fueling the current bull market.
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