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More UAE Residents Hope To Buy Property This Year

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Over half of UAE residents are looking to buy a property in the next 12 months, according to a new survey.

Over half of UAE residents are looking to buy a property in the next 12 months, according to a new survey.

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The YouGov survey conducted by IP Global polled 1,000 UAE residents on their attitudes towards investments and real estate. It found that 58% are hoping to purchase property over the next year.

The survey found that 39% of expats are looking to buy in their home countries, while 26% are looking to buy in the UAE. The United States, United Kingdom and Australia were the most popular countries among UAE looking to buy property outside of the country.

“This year we have felt investor confidence has returned after the impact of Brexit and the US Election,” said Richard Bradstock, director and head of the Middle East at IP Global.

“In fact, from our global study, UAE residents have the strongest appetite to invest in overseas property (14%) in comparison to citizens from Hong Kong, South Africa and the UK.”

SEE ALSO: Many in the UAE are paying more rent for the same property

The most common reasons for wanting to purchase property were having a future place to live (cited by 48% of respondents) and providing funds for retirement, which was cited by 46% of respondents.

While there can be no doubting that a large number of UAE residents aspire to own property, the findings of this contradict those of the yallacompare Consumer Confidence Tracker.

In the second quarter of the year, the tracker found that just 21% of UAE residents are planning on making a big purchase – such as a car or a house – in the next 12 months. The yallacompare Conusmer Confidence Tracker polled 1,347 UAE residents during the second quarter of the year.

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