Saturday, February 17, 2007

Dubai Property Market witnessing more young buyers

The youth in the GCC have begun to take interest in the development of property market, and as a result the real estate industry has begun to change shape. The developers and sellers in the Middle East are now said to be focusing on the 20-35 age group category, rather than the 30-50 age group category of buyers. The situation is the same worldwide, as the normal age for first time buyers is dropping.

A major reason for such a situation is due to the fact that UAE and such other countries have a large population of highly paid young professionals who are actually responsible for the growth of the knowledge-based economy of the region. Hence there is an increase in the number of young buyers who are snapping up freehold property in the UAE, which indicates that the market in the country has now grown on par with the international scene.

The positive climate coupled with affordable property, is luring young investors to consider probable investments in hot properties like Discovery Gardens and Dubai International City. Due to such changes in the scenario, the property sector needs to get acquainted with this major segment – the youth. The sellers who think that the 20-35 age groups belong to the category of inexperienced lots, they are mistaken. The youth today are very much aware of the rules and regulations of real estate investments and the latest trends. They can also easily recognize property issues, and hence take into consideration all aspects before making the final investment.

Now there are plenty of options such as low interests, long term financing options etc from the banks of UAE, and many middle-class and young youths are now considering property purchase as a good investment option.

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