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November 16, 2015 | 17:15 |Dubai
When it comes to choosing between buying and renting property in UAE, 54% percent of residents are still opting for property rental over ownership because they are unsure as to how long they will remain in the region, according to a survey.
This is despite apartment sale prices in Dubai going down by 3.6% from April 2014 – April 2015, and villa prices dropping by 3.7% over the same period, according to a survey conducted by compareit4me.com.
67% of UAE residents admitted they don’t own a property in the region. However, 76% said they would like to buy, but listed various factors, mainly house price, among the reasons stopping them. Also, 36% of those taking part in the survey stated house prices as the reason they choose to rent over buying, with 12.4% giving the requirement of a 25% deposit when purchasing a property as the main factor stopping them from purchasing a property in the UAE. The survey also found 49% of respondents consider rate to be the most important factor when applying for or considering a mortgage. With the banks making rates more appealing and accessible, the Dubai property sector should continue to gather growth momentum.