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A recent survey conducted by Bayut and Dubizzle showed that 45% of tenants looking for real estate in the UAE have already considered buying a house instead of continuing to rent, while 26% indicated that it is possible to think about ownership after providing the advance payment and the initial costs associated with buying the property.
The survey was based on more than 2,000 completed responses from users of the two platforms, and revealed that 18% of tenants currently compare home-purchase options, while affordability and mortgage financing are key factors influencing the willingness of tenants to move from rent to purchase.
34% see convergence of mortgage and rental installments
34% of tenants who are currently comparing home-buying options reported that mortgage and rental premiums seem convergent, making the comparison between the monthly cost of renting and owning one of the factors affecting their housing decisions.
In contrast, 52 per cent of this group indicated that their desire for long-term stability in the UAE was the main motivation behind the idea of buying a home.
The results suggest that tenants’ interest in ownership does not necessarily mean their immediate willingness to buy, as the down payment, associated costs of buying the property and long-term financial obligations continue to be influential factors in decision-making.
Fiba Ahmed, vice president of real estate sales at Bayut and Dubizzle, said that the search for the property varies among tenants, some of whom have already started planning to buy, while others need a more financially clear path before making the decision to own property, pointing out that this trend is linked to the desire for long-term stability in the UAE.
50% of tenants expect rents to stabilize in the UAE
The results of the survey showed that half of the participating tenants expect rents to stabilize over the next 12 months, compared to 25% who are likely to rise, and a similar percentage expects to decline.
In terms of nearby housing decisions, 47% of tenants reported that they need to move to a new house or renew the lease within one month, while the percentage rises to 71% in three months.
As for the reasons for looking for a new house for rent, 32% of the participants looking for a property for rent indicated that they want to move to a larger or better home, compared to 31% looking for a less expensive house, while 26% want to move to a property similar to their current home.
The results show close proportions of tenants seeking to improve housing and those looking to lower rental costs, at a time when a large number of participants are facing decisions to renew their contracts or move to new housing over the next few months.
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