More expats are buying properties in Dubai
A growing number of expatriates are purchasing their own properties in Dubai rather than renting, a new report has shown.According to Unitas Consultancy, there has been a sharp upturn in mortgage demand in recent years and this is a trend that is expected to last for a long time.More and more foreigners are moving to Dubai because of the excellent job opportunities and if the city's current rate of expansion persists, the emirate will have 3.25 million residents by 2020.Unsurprisingly, building developers are responding to this mass migration by erecting brand new properties throughout the city - particularly in popular areas like Dubai Marina. Although property investments are still in high demand, Sameer Lakhani, managing director of Unitas Consultancy, believes that a lot of expats are now buying homes with the intention of living in them, rather than renting them out.In fact, statistics show that owner-occupied homes now account for one in six property deals - up by 100 per cent in the last four years."We expect the trend of home ownership in Dubai to continue fuelled by the creation of new jobs. Dubai World Central and the Al Maktoum airport will be the magnet for more jobs and communities, and Dubai's World Expo bid will act as a fillip to this," he remarked.Mr Lakhani also suggested that one, two and three-bedroom apartments in Jumeirah Lake Towers are proving to be very popular among investors and occupiers alike.Although luxurious villas in glamorous parts of town are still widely sought after by investors, it seems that permanent residents have turned their attention to apartments in areas like Arabian Ranches.Whether you are an investor or somebody who is looking to relocate to the UAE, now is an excellent time to buy new properties.As Mr Lakhani alluded to, the city's population is rising all the time and the intense clamour for real estate is forcing prices upwards. If you buy now, chances are you will make a tidy profit when you come to sell in the future.Looking for apartments for sale in Dubai? The First Group can help you out