The upcoming Cityscape Global 2017 organizers tested the waters of investor expectations and preferences having confirmed the growing investor confidence in Dubai as the best city for real estate investments.
Dubai regularly ranks among the five most attractive global cities for international real estate investors, while among GCC residents the "future city" in particular, and the UAE as a whole, is still the number one choice.
This data was revealed by organizers of the Cityscape Global 2017 event due to open in Dubai on September 11. Having surveyed potential visitors to the exhibition, investors and Dubai real estate buyers the researchers found that 69% of respondents from the GCC countries prefer Dubai for their nearest housing investment plans, while two-thirds of respondents (66%) expect the interest in the emirate to increase dramatically in the run-up to Expo 2020.
The number of those who choose the UAE for real estate investments in the GCC region increased to 45% since last year, while 59% of interviewees planning to buy an apartment next year also chose Dubai.
At the same time, the average home buyers budget in the UAE exceeded the average global budget for a one-time investment in real estate: investors are willing to spend about USD717, 000 on a house or apartment in Dubai, whereas the average global budget for real estate investments is just about USD561, 000.
The size of real estate units most preferred by investors has also increased since last year. 59 per cent of survey respondents said they were going to buy a two or three bedroom apartment, whereas last year most property buyers opted for studios and one-beds.Among the main requirements and factors influencing the purchase decision in real estate industry, analysts named price to quality ratio — 88% of buyers consider it to be the main decision-making factor with the property’s high quality at the second place (87% of respondents), and transport accessibility, i.e. proximity to main roads and public transport, regarded as the third important fact (75% of respondents). Real estate units combining all these qualities will enjoy the greatest demand from investors, experts say.