Inflation keeping property out of reach of majority
Although more property is available for purchase in the UAE, inflation is keeping most of the property out of reach of the reach of the average investor, a new study has found.
About 73 per cent of respondents said the property industry has more credible offerings, while 62 per cent said it was better regulated. Professionalism and transparency were also on the rise with the advent of organisations, such as Rera, designed to protect consumer interests, a survey conducted by DSL Exhibitions found.
“We believe that the UAE is at an important turning point in its journey of development,” said Tessa Morris, marketing director at DSL Exhibitions. “We designed this survey to understand consumer opinion at the grass roots level. How investors feel about the UAE’s success on the infrastructure development front – something that impacts residents’ daily lives,” she said.
The survey was conducted among 368 UAE residents, who have lived in the country for at least three years, with or without a break in their stay. The survey took into account the demographic make-up of the UAE.
With that in mind, the respondents were as follows: Emirati nationals 19 per cent, other expats (Arab and Iranian) 23 per cent, South Asian (Pakistani, Indian, Bangladeshi, Sri Lankan) 50 per cent, other expatriates (including Westerners and East Asians) eight per cent.
The residents were also split into their separate emirates with Dubai 34.5 per cent, Abu Dhabi 30 per cent, Sharjah 18.5 per cent, Ajman seven per cent, Ras Al Khaimah seven per cent and Fujairah three per cent.
More than 52 per cent of those polled believed the UAE property market has improved or remained the same in terms of availability of property. On the other hand, only three per cent believed that prices have improved over the last two years – a clear indication that while more property is available for purchase, inflation is keeping most of the property out of reach of the majority.
Similarly, both quality of offering and choice received a vote of confidence, with most respondents agreeing that these elements have improved or remained the same over the recent past.
Respondents were split over where the next property boom would take place in the UAE will take place – 42 per cent voted for Abu Dhabi, while 31 per cent said it was going to be in Ajman.
Of the respondents said the next property boom will take place in Abu Dhabi, while 31 per cent said it is Ajman
Said the property industry has more credible offering, while 62 per cent said it was better regulated
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