Product build-quality ranked behind in purchasers' priorities
In a survey by UAE real estate firm Core Savills, 80 percent of respondents ranked budget as the most important aspect affecting their buying decision, with one in two potential buyers considering it the key factor.
Findings of the annual Residential Sentiment Survey showed market sentiment remains largely price-driven, with location and developer reputation ranking behind in buyers’ priorities.
Around 69 percent of respondents placed location among the top three influences, while 24 percent declared it their number one parameter.
Core Savills’ chief executive David Godchaux said the numbers confirm Dubai is “progressively shifting from a model of connected hubs to a more organic growth model around one or two main anchor districts forming a consensus in being the established core locations; this scenario is unfolding as the location, rather than community and amenities seems to increasingly drive the buying decisions.”
Furthermore, developer reputation came in third place with 54 percent of potential buyers considering it one of their three most important factors. Just 11 percent named it their most important criteria.
Unexpectedly, product build-quality came fourth, with only 26 percent of votes, and 6.5 percent considering it to be their most important parameter.
According to Core Savills, however, the findings are a ‘paradox in disguise’.
“Indeed, we do not interpret this as a factor diverting buyers’ attention away from quality, but rather as a different assessment tool for them to measure build-quality, through the developer’s reputation and track-record as another sign of the market maturing,” said the report.