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2024 Real Estate Trend: Stability in Dubai's Property Market for Long-Term Residents

Dubai, a city of architectural marvels and economic prosperity, has become a magnet for real estate investors worldwide. With its tax-friendly environment and robust property market, buying a flat in Dubai can be an exciting yet complex venture.

As Ali from THEBROKS explains:

The comprehensive ‘Future Living: Dubai 2024 Edition’ report from Betterhomes, along with THEBROKS' extensive experience in the market, reveals a significant trend: temporary residents are now choosing to make Dubai their long-term home.

Impact on the Real Estate Market

This shift in residency patterns is creating significant ripples across the property market. The Betterhomes report indicates that as income levels rise, preferences increasingly lean toward larger living spaces, with villas and townhouses becoming more desirable among mid to higher-income residents.

Our recent client exemplifies this trend perfectly,— sharing Anna THEBROKS. — After renting in Dubai Marina for three years, they purchased a four-bedroom villa in Arabian Ranches, prioritizing space for their growing family and proximity to international schools."

The Betterhomes Report reveals that 68% of current residents plan to stay in Dubai for five or more years, a significant increase from 42% in 2019. This shift is particularly evident among professionals aged 35-50, who cite the city's safety, quality of life, and economic opportunities as primary reasons for their extended stay.

Long-term residents are increasingly seeking homes that can accommodate growing families and evolving lifestyle needs, rather than just temporary living solutions.

The Betterhomes Report indicates a 34% increase in demand for three-bedroom and larger units compared to the previous year. This surge reflects the growing preference for family-oriented properties among long-term residents. Property ownership among expatriate residents has risen by 28% since 2022, with a particular concentration in family-friendly communities.

Key findings from the report show:

2-3 bedroom homes are preferred by established residents

4-5 bedroom villas are increasingly popular among higher-income long-term residents

Community amenities and family-friendly features are prioritizing factors

From Renting to Owning: The Transition

The report reveals interesting insights about the transition from renting to owning. The Betterhomes Report indicates that 57% of long-term renters are now considering a property purchase, citing:

Favorable payment plans from developers

Competitive mortgage rates

Strong potential for capital appreciation

Rent-to-own schemes gaining popularity

We’re noticing a big change in how people think. More long-term residents now consider buying property a natural next step in their Dubai journey. Current market conditions, with affordable mortgage options and developer offers, make this shift easier than ever.

The Betterhomes report supports this observation, showing that 47% of current property owners finance their homes through mortgages, with favorable terms making homeownership more attainable.

THEBROKS' Expertise in Guiding Long-Term Residents

THEBROKS has developed specialized services for long-term residents transitioning to property ownership.

Our approach is highly personalized, we understand that purchasing a property is both a financial and emotional decision, especially for those committing to Dubai long-term.

Our specialized services for long-term residents include:

1. Comprehensive Market Analysis

In-depth analysis of community development plans

Long-term value appreciation potential

Future infrastructure developments

2. Financial Planning Support

Mortgage consultation services

Developer payment plan analysis

Long-term investment strategy planning

3. Community Integration Services

Detailed community guides

Local amenity and service information

School and healthcare facility mapping

4. Property Lifecycle Management

Long-term maintenance planning

Property value optimization strategies

Future resale potential analysis

Looking ahead, the Betterhomes Report projects continued growth in long-term residency, with an estimated 45% increase in first-time buyers over the next two years. This trend is supported by government initiatives promoting long-term visas and property ownership.

The Betterhomes report confirms that Dubai's real estate market is maturing into one that supports and nurtures long-term residency. As this trend continues, THEBROKS remains committed to providing expert guidance and support to those choosing to make Dubai their permanent home. Anna concludes:

Dubai's transformation into a city of permanent residents rather than temporary expatriates is reshaping the real estate landscape, at THEBROKS, we're committed to supporting this evolution by helping residents find not just properties, but homes where they can build their futures.

Violet Rich