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.