Dubizzle study finds millennials looking to buy homes in UAE
Press releases for the study showed that the median age of Dubai residents is between 30 and 34 years old and that there are over 500,000 of these individuals in a population of about 2.5 million people.
The study looked at the attitudes of UAE citizens and expats from other areas of the globe.
One thing the study found was that almost half of millennials surveyed want to purchase a home in the UAE - specifically, within three years.
Over half of the people looking to buy on dubizzle’s platform are in the millennial age group.
The study also looked at how individuals would prefer to look for a new home, and 36 percent suggested they would like to use new digital features such as virtual reality tours.
Ann Boothello, senior product marketing manager for property at dubizzle, talked about the reasons for big millennial interest in UAE home buying in an interview with the Gulf News Journal.
First, Boothello said, there are Arab ex-pats who like the stability and safety of the Emirates, sometimes because their countries are not safe or were not relatively favorable to investment.
“Over the last decade, the UAE experienced a knock-on effect caused by the Arab Spring,” Boothello said. “Which has resulted in Arab expats becoming prevalent property buyers in the UAE, Egyptians being one of the (most interested) nationalities.”
British ex-pats also make up part of the market, Boothello said.
“With regards to British expats specifically, the Brexit has stirred up many questions as to the impact it has left on this segment’s intent to purchase UAE property as opposed to shipping money home due to the exchange rates.” Boothello said.
Then there are Indian ex-pats, who, according to study data, often have at least one property in their home country. The UAE's proximity to India, she said, is a draw, as is its environment for entrepreneurialism.
In attracting these and other millennial buyers, Boothello said, certain companies have designed modern villas and other types of housing the appeal to a younger audience.
Boothello said her company is making a move to incorporate new tools and resources for buyers that she thinks will appeal to millennials.
“In response to the feedback we have received over time, dubizzle tested launching 10 property ads with 360 virtual tours to see the impact it would have on homebuyers and tenants on the site.” Boothello said. “Dubizzle experienced a 155 percent increase in click through rate and a 54 percent higher inquiry rate for property ads with 360 virtual tours. Dubizzle will shortly release our new 360 virtual tour feature. This service will allow users to maneuver through a property via the platform, benefiting both buyers and sellers. Since users will be able to experience the location remotely, buyers are more likely to be contacted by sellers who are better informed about the space and its aesthetics.”