Confidence in Dubai property steady despite economic climate

24/01/2010 - Dubai Property News
Confidence in Dubai property steady despite economic climate

Posted by Bob Brunskill

The majority of people who have moved home in Dubai during the economic downturn have not let conditions affect their purchase decision, a report has said.

A survey by GRMC Advisory Services revealed that of the people who moved home after experiencing a reduction in their income, only 42 per cent had been motivated by affordability.

The remainder said that they had moved to larger, higher-quality or better-located units despite the income reduction.

In addition, the survey found that Dubai households that have suffered a reduction in their income are a minority, with 58 per cent of the sample saying that their income remains the same while seven per cent cited that it had increased.

This report also revealed a growing interest in renting as opposed to purchasing among Dubai's residents. Of those who said they were considering a property move in 2010, 83 per cent said they were interested in renting.

This week Emirates Business 24/7 reported a prediction by the market forecaster Shuaa Capita which said that Dubai will deliver an impressive 26,650 apartments and villas this year - the highest number since the property boom took-off.