The requirement for apartments significantly increased. As residents looked for more independent and roomy living arrangements outside of their apartments.
2-bedroom apartments are more in demand in Dubai’s real estate market, from both buyers and investors. This change is a result of shifting customer preferences. such as an increase in families looking for second homes and a growing propensity for home ownership.
Data from Property Finder for March 2023 show that 59.7% of Dubai property seekers are interested in buying apartments. While 40.3% favor townhomes or villas. The report also showed a trend towards an increase in the number of people looking for residences. Rising to 57.2 percent in March of 2022 to 59.7% in the previous month.
Two-Bedroom Flats Are the Most Sought-After Size
In contrast, the proportion of people looking for townhomes and villas dropped from 42.8% to 40.3%, a 2.5% decline. Two bedrooms were the most sought-after flat size among people looking for homes. One-bedroom flats came in second with 32%, accounting for 34%.
Due to constraints brought on by the epidemic, there was a noticeable rise sought after for villas & townhouses throughout that time. People were looking for bigger rooms outside of their homes. Although a worldwide epidemic is now over, there is a newfound interest in apartments on the real estate market.
March Sees Rise in Real Estate Market Requests and Value
The month of March saw an important rise in requests as well as worth for the growing real estate market in the United Arab Emirates, claims Scott Bond, a country leader at Property Finder.
According to Scott Bond, the country manager for Property Finder, there has been a movement in customer attitudes towards home ownership. concurrently with the rental market’s ongoing expansion. He continued by saying that they are actively observing and reacting to how the nation’s property market is quickly changing. bright outlook for the months to come.
While housing continues to be popular for a variety of reasons, Imran Farooq, CEO for Samana Developers, acknowledged this. Buyers that prioritize luxury, privacy, and adequate space find villas to be particularly alluring.
The Rental Market
According to Property Finder’s data, 79.8% of renters look for apartments in the rental market. While 20.2% search for townhomes or villas. Long-term flat renters prefer furnished apartments by a margin of 63.8%. 34.4% of people are looking for unfurnished apartments.
However, renters who are interested in renting villas or townhouses possess an alternate selection. With roughly 46.8% looking for equipped villas or townhouses, and 52.1% opting for unfurnished apartments.
Imran Farooq argues that the ease of living in a furnished flat is one of its greatest benefits. Since tenants are not required to pay Ejari, Dewa, and various homes-related expenses with post-dated checks.
Additionally, he mentioned that rent for furnished apartments is frequently all-inclusive and includes access to amenities like gyms and swimming pools as well as housekeeping and laundry services. They are the perfect option for visitors who are only in Dubai temporarily due to their convenience. or those who would like to stay away from complicated paperwork and duties.
According to data from Property Finder for March 2023, 33.3% of renters were looking for one-bedroom apartments. Whereas, 30.4% of people were looking for 2-bedroom apartments, and 29.4% preferred studios. According to Property Finder’s data, 42% of tenants were mostly looking for three-bedroom apartments in villas and townhouses. 35.5% of people were looking for four-bedroom or bigger choices.