33.3% Of Dubai Tenants Chose One Bedroom-Units As Their Preferred Option
Dubai continuously changes trends according to the latest needs and wants. Many leading property developers in the United Arab Emirates keep track of the latest industry trends for the residents. The main focus is on the rise in demand for one-bedroom apartments in UAE. The boost in demand for rented-out units in Dubai and units being sold during the first few months of the year has resulted in an overall increase in property prices in Dubai.
Whether to live in the property unit or as an investment for a long-term profitable option, Dubai residents always look for the best way to invest money in Dubai. According to the data, in April 2023, transactions recorded in the Dubai real estate market crossed around 8,077 sales transactions in comparison to 6,898 transactions in April 2022 which was around a 17 percent year-on-year increase in volume.
Around one-third of the tenant living in Dubai which is approximately 33 percent were searching for one-bedroom property in Dubai as their most preferred option, followed by two-bedroom properties in Dubai with around 30.4 percent and studios for about 29.4 percent. If we look into the villas and townhouses, the most preferred options were three-bedroom units at 42 percent, followed by four-bedroom townhouses and villas in Dubai or even a larger option standing at around 35.5 percent.
The off-plan transactions in Dubai are also keeping up with the trend from the past few months. The off-plan transactions for April 2023 of the Dubai real estate market have increased a lot with the volume increasing by 43.7 percent YoY with transactions crossing 3,894 in comparison to 3,287 transactions in April last year. This tells us the importance of the off-plan market in Dubai and its powerful effect on Dubai’s real estate sector. All this helps in the increasing trend of investors wanting to purchase these units for the best prices and also a payment plan available from the off-plan market.
In the recent market scenario, it is preferable to invest in one or two-bedroom properties in UAE in comparison to larger properties in UAE because of the overall rise in the costs of rental rates, mortgage rates, and even the upscale cost of living. One or two-bedroom apartments in Dubai have advantages for both the investors and the tenants.
For the investors, the cost of investing is lower than those bigger properties in Dubai and at the same time, the rental income is very strong because of the high demand. On the other hand, the tenants also enjoy multiple advantages by staying in a one-bedroom apartment in development which is community-centric. The tenants enjoy many facilities like gaming, a swimming pool, 24×7 security, a premium locality, and maintenance.
The high demand for one and two-bedroom apartments in Dubai are attracting many developers to change their focus to developing small units to meet the high demand and earn high profits. A very famous developer in Dubai has just started their latest project in Al Furan which is almost 25 percent complete. Through this project, they are offering a diverse variety of units specially designed according to the latest trend, attracting a lot of investors and also end users.
For this development, the Gardens metro station is just a 7-minute walk away which makes it a perfect property investment in Dubai for anyone looking to earn high rental incomes from Dubai’s booming market. Some of the very popular areas in Dubai that are also offering premium one-bedroom units in Dubai are Jumeirah Village, Dubai Silicon Oasis, and Al Furan.
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