It’s once again that time of the month when you can get access to advice from one of the leading property experts in Dubai through our Expert Advice segment. Today, we are in conversation with Craig Salmons, the Managing Director of HMS Homes Real Estate, a highly respected agency in the city, who has graciously shared his expertise on the luxury property market in Dubai. He also gives valuable insight into how this market holds up against the more economical real estate choices in the emirate. Let’s hear what Craig has to say about luxury vs affordable properties in Dubai, and don’t forget to check out his quick-fire responses to the fun rapid-fire segment.
The luxury property market in Dubai
While there have been a fair few reports in the Dubai real estate industry about falling prices, the luxury segment appears to be more steady in comparison. With the launch of branded residences such as the Bvlgari, Fendi and Just Cavalli properties, there seems to be a renewed interest in mimicking the lives of the rich and famous by owning some of the most decadent homes in Dubai.
Craig believes that the luxury property market is doing ‘as well as ever’ and predicts that it will remain so for the next half of the year. This is evidenced by the fact that areas like Palm Jumeirah, which are known for their more upscale properties have not witnessed any diminished investor interest. The area was even more popular for villa rentals in Dubai than cost-effective options such as JVC and JVT, as per the H1 real estate market report, suggesting that even the rental market is strong for luxury properties in Dubai.
Luxury vs affordable properties in Dubai for investments
When it comes to the popular investment choices, Craig feels that most people are willing to pay a little extra for the amenities that come with a property.
Craig said: “It’s a big investment, so people will try to get the best deal possible since they are expecting to live there for a long period of time.”
He is of the opinion that many people are looking into off-plan properties because that presents the best way to strike a bargain on a great property without breaking the bank. The better payment plans, competitive pricing and a wide range of amenities make these projects extremely appealing to those looking to invest in Dubai real estate.
According to Craig, besides the ever-popular villas in Arabian Ranches, other prime areas to invest in property in Dubai, especially in the secondary market, are Palm Jumeirah, Jumeirah Village Circle (JVC) and Town Square.
In terms of availability of luxury vs affordable properties in Dubai, Craig believes that there are more reasonably priced projects than upscale developments, especially in the off-plan segment, in part because Dubai wants to build a healthy portfolio of such projects. This means that in terms of sheer volume, affordable real estate in Dubai may outweigh the luxury market, but the demand is almost comparable when you consider the higher valuation of such properties. With the demand increasing consistently for affordable villas in Jumeirah Golf Estates, Townsquare and Dubailand, it’s easy to see why there is a large influx of such projects.
The trend also extends into rental properties in Dubai with most people choosing amenities over the actual unit itself.
About Craig Salmons
Craig Salmons is the Managing Director of HMS Homes, which he set up along with his two partners, Devin Hipkin and Tom Moon. Before moving to the UAE, Craig had amassed a wealth of experience in the real estate market in the UK. His dedication to customer experience and astute attention to detail ensured that Craig’s career in the UAE real estate market got off to a celebrated start. The award-winning real estate expert has extensive knowledge of Arabian Ranches, The Springs and The Villa.
About HMS Homes Real Estate
One of the boutique real estate agencies in Dubai, HMS Homes Real Estate deals with a variety of real estate transactions, including the lease and sale of ready properties, investments in off-plan projects in Dubai and even mortgage and financing guidance. They have earned a reputation for their customer-centric approach and are renowned for their honest approach in the UAE real estate market.
If you are looking at luxury properties in Dubai, the time is perfect for investments. Stay tuned to the best property blog in the UAE for all the latest information about the real estate market in the UAE.