Breaking- In Q1 2018, Women investors made a whooping purchase over Dh4.4 billion in the Dubai property market, according to reports from the Dubai Land Department.
Dubai’s real estate market continued to be dominated by women investors, representing a growing share in the total number of buyers. According to the Dubai Land Department, in Q1 2018, 2,431 female investors invested Dh4.4 billion in the Dubai property market. They collectively invested Dh27 billion in the property market in 2017, as per the DLD statistics.
“As per the recent Q1 2018 figures reported by the DLD, women investors reckon for almost 30 percent of the total number. There is a higher percentage observed of these acquisitions to be investment driven, most likely as a second or an additional home within the family," says David Godchaux, Group CEO of Core Savills.
"The Dubai real estate market attracts women from European countries mainly. They are buying for investment in particular, women who have been buying over the longest period could possibly look to buy as an end-user now that the prices are low and there is a lot of ready stock available," advises John Stevens, managing director of Asteco.
As end-users, most of the women are involved in transactions for the family-based on budgets, location, schools and easy access to communities. Their preferred areas for purchases are Dubai Marina, Downtown, Jumeirah and Business Bay, says anecdotal evidence.
Female investors consistently prefer to opt for well-priced apartments in great locations. Studios and 1-bedroom apartments are in high-demand to buy because of their price points. Investors are also price and location-driven at the moment.
"Proclivity change depending on what stage of life they are in. The younger ones and the seniors prefer apartment due to convenience; however, those with young families look at the townhouses and the villas. Townhouses have been a big success for the value of money that is built into these purchases. Townhouses on Mudon and Dubailand have been the most sought-after properties for young families. Rent or buy, they offer very good value for the money invested," reckons Sanjay Chimnani, managing director, Raine & Horne.
While any property below Dh1 million is well-liked by the investor, end-users whose monthly family income is Dh30, 000+ are looking at townhouses in the range of Dh1.2 million to Dh1.6 million.
"However, exact data for transaction values are not available, most likely women account for properties in mid-market and upper mid-market category. Whilst the total value of transactions by women smaller than that of men, it is likely that male buyers opt for a larger range of price points compared to female buyers," says Godchaux.
"The actual opportunity and ability for women to invest in property in Dubai are no different to men. The most important deliberation for women buying property in Dubai is the ongoing protection of that asset. When purchasing real estate in the UAE, always try to do so through a jointly owned foreign company. A lawyer can advise on this together with clarity on the UAE inheritance laws. Protect yourself with a will registered at the DIFC Wills and Probate Registry which is designed to ensure non-Muslims with assets in Dubai can bypass Shariah law when it comes to succession and inheritance," concludes Evans.