Best Time to Buy Property?
Ask a real estate agent when the best time to buy a home is, the answer will most likely be …….…..NOW!! ……
…..but that’s the wrong question to start with. Instead, consider framing your decision with “Do I want to buy a home?”, and if so, why?
This is the first thing I ask my clients when they‘re considering a purchase. I would ask why, what, where and FINALLY, when. An investor, will have a completely different set of motivations to purchase a property vs an end-user, and understanding their goals ultimately impacts the choices to offer.
So if you realize it is something you truly want to do, and for the right reasons, when is a good time to buy? The quick answer is – when you can afford to.
Many people try to time their purchase in looking to predict when prices will bottom- out, however, having a long-term horizon and understanding the type of market you’re in, will help you to make a more informed decision on buying what’s right for you and your goals.
Given the expected pipeline of new units meant to be delivered in Dubai over the next two years, more and more people are taking advantage of the current buyer’s market by looking to own rather than rent, and trading up to bigger properties, effectively being able to buy more, for less (in certain areas).
There is also an opportunity in the off-plan market, where developers are offering attractive incentives by adding value to further encourage investors, both locally and internationally.
So while the headline quote may read “Don’t wait to buy real estate, buy real estate and wait” the footnote is “it depends”.