While nearly 70 per cent of married couples are eyeing to invest in a property this year, a growing number of Asian expats are increasingly turning to the UAE for real estate opportunities.
Married couples and Asian expats are most likely to invest in UAE real estate this year, according to a recent report by YouGov.
The data research firm found that 7 out of 10 married couples are considering buying a property in the UAE within the next 12 months.
The data also revealed a growing trend among Asian expats, with 58 per cent of Asian respondents expressing interest in investing in property in the UAE.
The demand for UAE real estate is being driven by a number of key factors, including strong confidence in the market and a desire for profitable investments.
According to the YouGov report, the majority of surveyed respondents, 79 per cent, are actively seeking out ways to invest their money to increase financial security and grow their wealth.
The UAE real estate market has been on a steady rise in recent years, with property values increasing significantly in both Dubai and Abu Dhabi. According to the ValuStrat Price Index, which tracks changes in property values year-on-year, property values in Dubai increased by 19.9 per cent in the last year alone, while values in Abu Dhabi rose by 6.4 per cent.
The YouGov report did not provide specific details on the areas where aspiring homeowners are seeking property investment opportunities. However, the survey revealed locations that were particularly popular among respondents.
In Dubai, respondents favour Palm Jumeirah and Dubai Festival City, while Yas Island is a top choice in Abu Dhabi. These locations are known for their prime real estate offerings, including luxury apartments and villas, as well as their convenient locations and amenities.
According to Knight Frank, properties in these select areas could see even higher growth in 2024. Property values in the district of Palm Jumeirah in Dubai could exceed 20 per cent. Meanwhile, properties on Yas Island in Abu Dhabi are expected to see values go up by 10 per cent by year-end.
Dubai continues to emerge as a property safe haven for Asia’s high net-worth individuals
Dubai is expected to continue to be the preferred wealth hub for many entrepreneurs and rich families in Asia. With favourable policies and a growing number of wealth managers setting up offices in Dubai, the city has increasingly become an attractive destination, especially for Chinese investors.
Late last year, one of China’s top wealth managers, Noah Holdings, which oversees around $23 billion in client assets, announced that it is expected to acquire a business license in Dubai by the end of this year.
For a detailed perspective on the property market, visit: Dubai - Real Estate Review Q1 2024
