“Property Finder” reviews the most important search terms for real estate in 2020

Aqaryan: The demand equation tends to favor villas at the expense of apartments

Tenants want to "upgrade" to better housing locations such as: "The Springs", "Dubai Marina" and "JLT".

Archives

A study by the "Property Finder" group for real estate services showed that the most prominent words associated with searching for a property in the UAE market, during the year 2020, were about "the area of ​​the property", and whether it was "furnished" or includes a "swimming pool" and enjoys a "sea view." Or not, in addition to the "payment plans" associated with the purchase of the property.

The second half of 2020 also witnessed the spread of other search words, such as: "free air conditioning", "upgrade", and "new", which reflects consumers' tendency to upgrade their housing solutions.

At a time when two real estate owners confirmed that the demand equation has become in favor of the villas at the expense of the housing units.

Villas and "townhouses"

According to the study, the search rates for villas and townhouses have increased by 400% since the beginning of 2020, compared to the rates of searching for apartments, which witnessed a decline.

In view of the options that the real estate market in Dubai has made available, tenants have become willing to "upgrade" to better housing sites, such as: "The Springs", "Dubai Marina", "Jumeirah Lake Towers", and "Arabian Ranches".

“Property Finder” explained that the real estate investor’s behavior changed in 2020, due to the impact of the emerging corona virus (Covid 19) pandemic, so the most prominent words for searching for a property were focused on real estate that has large areas such as villas, especially with regard to the rental sector, as investors have become Tenants prefer villas over residential units, which raised the demand for them, and they became an advanced option when searching.

She pointed out that the real estate market in Dubai in particular has witnessed an increase in the "upgrade" of housing, as the demand centered on housing of larger areas and sites on the outskirts of the city, pointing out that although the move is to smaller housing areas, it is heading to better locations, as tenants seek To arrange their lives differently.

Fast recovery

"Property Finder" confirmed that the real estate sector in Dubai has shown clear signs of a rapid recovery, including a large demand during the second half of this year for villa real estate and existing "townhouse" units.

She pointed out that last November was the highest performance in the number of real estate transactions in the Emirate of Dubai, during the last nine months, recording 3928 real estate transactions worth 7.65 billion dirhams, while the number of real estate transactions in Dubai to date reached 33 thousand and 537 transactions with a total value of 69 billion Dirhams.

The period from September to November 2020 witnessed the highest sales rates of new and existing villas and townhouses.

As for residential apartment sales, November 2020 recorded the highest rate of existing and new units in 16 months.

In turn, three-bedroom villas have been very popular in terms of search rates, while most of the search and inquiry in the residential apartment category has focused on the one-bedroom units, followed by the two-bedroom and three-bedroom units.

Demand Equation

The CEO of "Standard Real Estate Company", Abdul Karim Al-Mulla, said that the demand equation has become in favor of villas at the expense of residential units, pointing out that staying in villas has become a good option, in light of a significant decline in rental values.

In turn, the CEO of "Harbor Brokerage and Real Estate Consulting", Muhannad Al-Wadi, said: “There was an imbalance between residential units and villas in the past, at a time when the real estate developer was targeting vertical construction to take advantage of the land, but in conjunction with the crisis of“ Covid-19 ” “The situation has become different.”

He pointed out that working from home, applying physical distancing policies, and avoiding crowded areas have pushed up the share of the villa sector required to own in the real estate market, a deduction from the share of residential units.

Follow our latest local and sports news, and the latest political and economic developments via Google news