Location, price (or neighbours): No 1 factor for Dubai property buyers?

There are three things that matter in property: location, location, location, and a new survey conducted by a UK-based online estate agent reaffirms it.

The emphasis for property buyers is location and it is more important than the property itself, eMoov.co.uk said in a new survey, stating 74 per cent of the people surveyed preferred a “perfect area” rather than a “perfect home".

Second priority was for neighbours with 9 out of 10 people surveyed saying they did care to know who their neighbours were.

Good transport links were considered important as well. Majority of people were not against commuting as long as there were good transport links, however, 44 per cent of those surveyed stated local job opportunities were important.

Surprisingly, the importance of school catchment was less of an issue, with just over half of those surveyed saying it was an important aspect for their next purchase.

“It's a bit of a cliché, but location still remains the most critical requirement for people's next property move. Whether people want an idyllic village, perfect school catchment, house price rise or transport links, our research shows people are always willing to compromise on the property in favour of the location,” Russell Quirk, the firm’s chief executive officer, eMoov.co.uk was quoted in their blog.

But have the principles of buying property changed in Dubai?

“It is no longer 'location, location, location', but 'price, price, and location',” Masood Al Awar, Chief Executive Officer, Tasweek told Emirates 24|7.

“We do a lot of market analysis and have noticed that price is the number one factor for both investors and end users. The second priority for an investor is to get a quick return on his money, while end-users look for quality.”

In April, Ahmad Khalaf Obaid Bin Touq Al Marri, General Manager, Union Properties, told this website that investors were not taking developers' word for everything and they had become judicious, seeking answers on various issues.

"They are asking us about the material being used for construction, about sustainability, MEP (mechanical, electrical and plumbing), facilities and services offered etc. They are now more educated now and want answers," he said.

Though property prices in Dubai rose by over 20 per cent in 2013, Knight Frank's Wealth Report 2014 said that prime luxury property market in Dubai was much affordable than key global cities.

One could buy 146 square meters of prime property for $1 million (Dh3.67 million) in Dubai compared to only 15 sqm in Monaco, 20.6 sqm in Hong Kong, 32.6 sqm in Singapore and 25.2 sqm in London.
 

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