The recent flooding in the UAE was a significant event, and one of the recent questions has been how it might have impacted the local real estate market.
Our Founder & CEO, Maria Morris, recently had the opportunity to share her insights on the Dubai Eye 103.8 breakfast show, where she discussed with hosts Tom Urquhart and Richard Dean, the key considerations shaping property decisions in Dubai right now after the dust has settled.
This included understanding what buyers are looking for in a post-flood market and the importance of evaluating building infrastructure and quality of property builds and finishes, to ensure long-term resilience.
Here we summarize Maria’s insights and answer some important questions you might have about buying, selling, or renting in Dubai right now.
Q:Â How have the recent floods impacted buyer preferences and choices in Dubai's real estate market?
A:Â The floods were definitely a wake-up call for many, with people now reflecting on what's important in a home. They're thinking about how they use their space, whether it's an apartment or a villa, and which areas of Dubai they prefer. It's not just about the quality of the building itself, but also the surrounding area and how well the infrastructure handled the storm. This is a chance to consider - do I want a well-designed, high-quality space?
Q:Â Are buyers now more inclined to favour developers or properties that fared well during the floods?
A: It's tempting to think "newer is better," but the truth is more complex. Some older, renovated villas fared well, while some new builds had issues. It's more about the individual property and its build quality. People will likely be more diligent about checking construction quality before buying. They might consult with engineers or surveyors for expertise.
Q:Â How do you anticipate this shift influencing buyer priorities moving forward?
A:Â Buyers are increasingly valuing quality over cost, seeking assurance in craftsmanship and design aligned with global standards. This shift marks a departure from the previous emphasis on cost-saving measures and expedited construction timelines. Moving forward, developers and contractors who prioritize quality and adhere to international design standards are likely to be favoured by discerning buyers who prioritize long-term value and durability. This will likely continue, with developers understanding that buyers are willing to pay a premium for well-built, well-designed homes, with a sound infrastructure.
Q: Will this emphasis on quality affect property pricing trends?
A:Â Developers may adjust pricing to protect margins, but discerning buyers are willing to pay premiums for well-designed, globally competitive properties. While there may be some initial adjustments in pricing to account for increased quality standards, the market is witnessing a shift towards properties that offer superior craftsmanship and quality finishes. This may result in a slight uptick in pricing for such properties, reflecting their enhanced value proposition in the eyes of buyers.
Q: Will international buyers be discouraged by the floods?
A:Â Despite concerns, Dubai's swift recovery and community resilience continue to attract global investors seeking safety and stability. While recent events may raise questions among international buyers, the city's proactive response and rapid recovery have bolstered confidence in its real estate market. Dubai remains a highly attractive destination for international investors, offering a diverse range of opportunities backed by robust infrastructure and a supportive business environment.
The recent floods in Dubai have undoubtedly caused some reflection, particularly within the real estate market. While the event was unprecedented, it has opened up a valuable conversation about what truly matters in a home and how properties are built.
At Maria Morris Real Estate, we understand that navigating a dynamic market like Dubai's can be challenging. Our team of experts is here to guide you through every step of the process, ensuring you have the most up-to-date information and insights to make informed decisions. We specialize in Dubai's most prestigious neighbourhoods, including the stunning Al Barari community, Dubai’s true hidden gem and the green heartland of the Emirate. Whether you're seeking a luxurious villa or a modern apartment, our in-depth knowledge of the area and its properties, will empower you to find the perfect fit for your lifestyle.
So, if you're considering buying property in Dubai, don't hesitate to contact Maria Morris Real Estate. We'll equip you with the right knowledge and personalized service to ensure a smooth and successful real estate journey. Let us help you find your dream home in the heart of Dubai.
Contact Maria Morris Real Estate today and take control of your Dubai property search.
Reach out to our team at info@mariamorrisrealestate.com or visit our website at www.mariamorrisrealestate.com to learn more.