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The boom in the Dubai real estate market has lately been drawing increasing numbers of foreign buyers who are looking for a second home and/or a buy-to-rent property. Wealthy Russians have traditionally been particularly active in this market. They are usually interested in beachfront properties, according to Sean McCauley from Devmark Group (a consulting firm).
However, more and more buyers from France, Italy, Germany, and other European countries are now entering this market, which evidences the growing trust in this segment from international clients.
Buyers have lately been focusing on the lifestyle in certain Dubai communities and selecting properties based on these requirements.
Homeowners can be provisionally classified into three categories:
- End users / residents.
- Investors.
- Businessmen aimed at reselling.
End users are primarily interested in the lifestyle, features of the community, facilities, and the general quality of residence’s finishing and floor plan. Investors calculate the expected returns and are meticulously assessing the offers, while those who intend to resell the property in the nearest future prefer off-plan projects with flexible payment plans.
Owners of great private capital can be classified into a separate subgroup. They select properties all over the world for their collection to symbolize their success and wealth. Such “trophy assets” can associate with a specific architect or designer, symbolize a certain lifestyle, etc. The demand for these premium projects has been growing of late.
