1. Understand the new affordable
#Dubaimillennials are at the forefront of the demand for affordable property – but what characterises “affordable” in today’s market? Firstly, it’s about building more compact units for less money, and we’re impressed by the ingenious approach developers take in creating smaller spaces with big ambitions. When checking out a new two bed apartment for under AED 1 million, you’ll often see a flexible maid’s room/3rd bedroom set up, extra utility space and a large open plan living room. Overlooking Dubai Canal, the designs for new apartments at Hartland Aflux are a prime example of the new affordable.
2. Off plans, payment plans, your plans
Off plan properties make an ideal match for millennial property buyers. Signifying a new age of property, off plans let you make your home in the finest and freshest Dubai communities. As Dubai’s largest single age group of consumers, millennials’ habits inform the lifestyle amenities these communities offer. And running tracks, coffee shops and infinity pools – like the rooftop pool at Vincitore Boulevard in Dubailand – are proof that affordability and luxury aren’t mutually exclusive. Meanwhile, the payment plans on off plan properties make property ownership a truly affordable reality, with leading property developers such as Emaar offering down payments at as little as 5%. Clever millennials use the information at their fingertips to help them save an initial deposit, then plan their long term mortgage repayments. We advise signing up to The Entertainer to help with the first, and letting haus & haus’ mortgage services team take care of the second.
3. Use your parent power
Recently published data shows an injection of family cash towards a first property purchase happens as much in Dubai as anywhere else . But while the bank of mum and dad can be helpful, remember to use your own influence as a millennial parent of young children. A number of new communities in Dubai fulfill millennial family wish lists of pools, playgrounds, great schools and mid-range properties. In the last year we’ve seen families move from central Dubai apartments to villas in areas like Villa Lantana, a little further out but with excellent access to the city. The number of young family buyers on our books indicates a market for more of the same and our advice is to extend your search outwards to find what you’re looking for. The Al Andalus development in Jumeirah Golf Estates, for example, is another hotly tipped off plan option for budget conscious families.
4. From tenant to landlord
Older millennials are likely to have completed the entire Dubai real estate life cycle, from renting to buying their first apartment, to selling – and in some cases renting their first property out when they move to a bigger home. For many reasons, the goal of becoming a landlord is increasingly achievable in Dubai; let haus & haus show you how.
As tenants, buyers, sellers and landlords ourselves, we combine first hand experience with expert local knowledge to help our millennial property clients achieve their goals.