When new trends emerge in the real estate market, the most adaptable ones need to be agents. Yes, not the buyer, not the renter, not the builder or the home owner. The middle man always is the first to get affected in a market like this.
As supply exceeds demand in Dubai, the trend shifts more towards a buyer’s market. Here are the things a real estate agent needs to look out for, in the coming days.
1. Community-based villas
Community-based residential properties are looked at by families with multiple age groups. A family with aged parents or young kids will prefer these houses due to the ample space it provides in common areas such as lawn, swimming pool, barbeque, party hall and children’s play areas. Easy access to common amenities and company of other people make seniors also feel comfortable in a community environment. As communities become hardly differentiable, people choose from vanilla offerings with only cost as a real deal maker. Due to this, demand for more unique features will emerge.
With a great property, one can make mouthwatering gains in rentals. Large properties can double as vacation homes when you rent them out on short term basis. Smaller apartments or villas will always have demand from youngsters and small families. It is also a well-known fact that Dubai has one of the high rental yields in the world.
3. Affordable homes
Although Dubai has plenty of big apartments and expensive villas, it appears that the city has found the pulse of its average buyer. Right sizing homes to make it more affordable. The next few years will see a trend where apartments will start becoming smaller for managing building maintenance cost which in turn will also favor the affordability aspect.
4. Technology favoring investors
With everything heading towards online, real estate is also shifting to more convenient options. From shortlisting properties to online purchases, investors can now look at remote properties right from their smart phones. With Dubai’s Land Department being one of the easiest to transact in the world, it is an additional incentive for more buyers to invest in the city, not to mention the high rental yields and long term growth prospects.