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ORA Developers Latest Study Reveals New Trends In UAE Home Buyer Preferences
(MENAFN- Mid-East Info) ORA Developers Latest Study Reveals New Trends in UAE Home Buyer Preferences
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For most buyers in the UAE, a home represents stability, security, and comfort, with many willing to make short-term sacrifices for long-term gains.
Emiratis lead the home ownership market, with 75% owning their homes, while nearly 90% of expatriates continue to rent.
First-time buyers account for 75% of the market that currently rent but are preparing to make their first property purchase, while 25% are existing homeowners looking to invest further.
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Emiratis and Westerners have a higher-than-average budget for all property types.
The concept of 'home' is rooted in stability, security and comfort. Short-term sacrifices are justified to yield the long-term benefits that a house can provide in terms of creating a better life, financially, domestically and societally.
Common thread across is personal and financial stability that comes with home ownership however differing priorities emerge among nationalities: Westerners are looking for convenience, lifestyle and a place they are proud to host in. Emiratis are looking for their home to be conducive to their ideal lifestyle. Expat Arabs want their house to be a financial asset for long-term returns. Expat Asians are seeking stability and comfort for family.
Overarching concern across is around finances, including payment plans, cost of ownership, ROI and maintenance & service costs.
When evaluating on the final decision, trust and property developer track record of previous developments are fundamental to consumers. Home buyers are looking for reassurance that their property will be a quality purchase and will be maintained/ serviced to a high standard post purchase.
Trust and Quality are consistently considered across all nationalities. However, there are also some differences in priorities among nationalities.
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Expat Asians consider functional aspects like after sales services, maintenance and ease of purchase.
Expat Arabs are looking for value and a community life.
Emiratis value being able to easily access facilities such as healthcare facilities, shopping centers, and other amenities.
Westerners consider aspects like healthcare facilities and past track record.
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Their decisions are grounded in extensive research and a desire for value.
They are comfortable in delaying action, if it helps in refining judgement.
They are not willing to pay more or opt for premium options and prefer practicality over extravagance.

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