Dubai Property Price Correction Brings in First-Time Home Buyers

Dubai Property Price Correction Brings in First-Time Home Buyers

Wednesday 07 August 2019Wed 16 Feb
Dubai Property Price Correction Brings in First-Time Home Buyers
Ryan Hudson came in third place at the PropertyFinder 2018 Awards in the category of Dubai’s Best Agent. Here he shares his views and predictions of the Dubai property market with PropertyFinder.

They are keen to view a lot more options as more Dubai properties have become affordable

The 2019 Dubai property market has brought an influx of first-time home buyers. The decline in pricing across the city as a whole has encouraged buyers who were previously sitting on the fence or saving up money for a deposit. The property prices have led to buyers viewing more options and looking at multiple areas across Dubai.

An influx of first-time home buyers is excellent news for the property market. They inject the market with new life and spark the ever-turning property cycle. first-time home buyers are also excellent clients to work with. They bring so much excitement and enthusiasm to finding their first Dubai home and it really pushes me, as an agent, to do as much as I can to make the process as enjoyable and simple as possible.

price correction brings in first time home buyers

For example, Dubai Marina, the area I specialize in, is always a big hit with expats who are new to the city. A lot of my clients have lived in the area for three to four years and are now deciding to buy an apartment in the ever-popular community, signifying the property cycle is active. Dubai Marina is an area that has a little bit of everything and although some people move on to areas a little further afield as their life in Dubai progresses, I see many people settling in the community.

Having said this, there has been a heightened interest for villa communities such as The Springs, Meadows and Lakes, communities in close vicinity to Dubai Marina.

This also comes down to the decline in pricing, making areas which were out of budget two to three years ago now looking achievable. People are staying in Dubai for the foreseeable future and no longer seeing the city as a sabbatical from lives in their home country. This leads to many buyers looking to upgrade their homes as their families extend and more space is needed.

As a result of buyers looking further afield for properties, I have taken the time to learn more about the areas of interest and what they have to offer in order to educate my buyers before I pass them onto a colleague who specializes in the community. I think it’s so important to know your area inside out, but it is becoming apparent that other areas need to be researched in order to service clients in the best way possible.

With more buyers coming into the market for the first time, I have noticed that in 2019, buyers are looking to view a lot more options. In previous years, buyers would often be set on a select few buildings in the one area whereas now, they are really shopping around as many buildings and areas are becoming more obtainable.

price correction brings in first time home buyers1

As well as looking at villa communities, buyers have recently shown an interest in off-plan properties in Dubai. A number of projects in Dubai Marina and Jumeirah Beach Residence are handing over in 2019 and buyers are excited to have the opportunity to purchase a new apartment. Marina Gate 2/Jumeirah Living, LIV Residences and Sparkle Towers have all been very popular with new buyers.

I get the impression that first-time home buyers are doing a lot of their own due diligence in the market before they reach out to me. They are more aware of what options are available within their budget and most have already started getting their finances in place. People are serious about buying property in Dubai this year and they know what they want.

Coming third in the Property Finder Best Agent Award in 2018 has significantly improved my relationships with new clients. With so many real estate agents in the market, clients find it difficult to find an agent who they can trust and who they know will listen to their needs and deliver accordingly.

Mentioning my award gives clients confidence in me, and my professional standards, before they have had the opportunity to work with me.

I think it’s so important for a real estate agent in Dubai to go above and beyond for clients, whether they are sellers or buyers. Knowing your ever-changing area inside out and keeping up-to-date with all changes is imperative. Sellers will have confidence in a knowledgeable agent who knows the product they’re selling, and buyers trust in this knowledge and will stick by their agent.

The Property Finder Best Agent Award really solidifies your place as an agent in Dubai and puts you a cut above the rest.

Ryan Hudson for PropertyFinder 6th August 2019

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