Dubai’s home ownership on the rise

Dubai’s freehold real-estate market is increasingly becomes a dominating force, with owner occupied home ownership now accounting for nearly one in six transactions, up by more than 100 per cent in the last four years, a report said.

The emirate’s expatriate community is increasingly converting from renters to owner-occupiers as indicated by a strong resurgence in mortgages, added the Home Ownership: Dubai’s Road to Prosperity 2013 report released by Unitas Consultancy, a Dubai based real estate consulting firm.

Sameer Lakhani, managing director, Unitas Consultancy, said: “The growth of end-users indicates the maturing of Dubai real estate market as comparable to other international cities. Regardless of price movement, the number of mortgages has exhibited a steadily rising pattern, indicating the shift from an investor dominated market to an end-user owner occupied society.”

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