Read the latest Junaid Iqbal Mohammed Memon blog. Junaid is a property developer who is currently based in London and Dubai. The man behind the Cloud 9 Group, he used his unique position of hailing from a business-oriented family to learn some of the secrets of the trade. What he learned, he used to start up his own businesses, which eventually branched out to property development. With numerous successful developments under his name, he also owns and manages a number of businesses both in London and in Dubai.

Millenials are warming up to the idea of buying properties in Dubai. Despite the inherent risks that seem to be attached to long-term investments like these, many of these buyers believe that the benefits significantly outweigh them.

More and more buyers aged between 25 to 37 are trying to step on to the Dubai property ladder, thanks to the reduced housing prices and attractive payment schemes. A few years ago, there used to be high barriers barring the entry of many an aspiring homeowner to the emirate’s property market. Many millennials then had to resort to renting instead of actually buying their own home. Most of the homeowners than were those that have secure and settled jobs, as well as those who may have a partner or a spouse that can help them shoulder the costs.

Today, there seems to be an increase in the number of people that are interested enough to put down some of their hard-earned cash in order to finally get a property that they can call their own. Experts are quick to attribute this new attitude to two main reasons- mentality and affordability.

Affordability has always been a huge issue behind buying a property in Dubai. There are usually some high obstacles to one’s entry into the market. The amount of deposit, along with the fees involved alone, is enough to turn potential buyers off. Buyers often require 32% of the value of the property when making a deposit. If you consider their current living costs, it would be next to impossible to save 32% of a property’s total value.

Most young people also have a different mentality. A number of them would want to see the world, travel, buy nice cars, send money on holidays, and secure other material possessions. When people choose to go to Dubai most of them aren’t really sure how long exactly they are going to stay. People who do not really feel secure with their job are likely not going to consider the prospect of buying a house.

As first-time home buyers, millenials are expected to have significantly lower budgets. Younger people previously paused when purchasing properties in Dubai due to larger downpayment and the overall challenge concerning affordability. Today, the emirate is providing more opportunities for those belonging to this age group so they would see that buying a home would actually be a great investment for them.

Many millenial buyers also go for affordable properties due to their more constrained budgets. This has led many developers to get their products customised through flexible deposits or attractive payment plans in order to convince them to buy. Learn more about the present state of the property and real estate market in Dubai by reading about Junaid Iqbal Mohammed Memon online here. You can also follow the Junaid Iqbal Mohammed Memon Twitter page here and Visit Junaid Iqbal Mohammed Memon Flickr page here. 

Owners of second homes are usually accused to cause the home prices to go up for the local people. This is especially true in many of the top holiday destinations in the UK. However, it is also a fact that they can bring in the tourists.

A new research, however, has revealed that most of the people that have successfully purchased a property in many of these holiday spots do not really live in the same locality. In fact, about 62% of these owners actually reside more than 150 miles away from their second property, as the research from Schofields, a company specialising in holiday insurance, reveals.

On average, homeowners of holiday homes in the UL live about 120 miles from their respective holiday properties. In many of the popular hotspots for tourists around the country, the number of those that do live within the same locality only reach up to 14%.

Furthermore, data from the research reveals that only 11% of those people that own second homes in Cornwall actually live well within 25 miles from where their properties are located. Meanwhile, in Devon, the numbers come only to 14% and a mere 4% for the Lake District.

There are some regions in the UK that are trying to find different ways of tackling their ownership concerning second and holiday homes. For instance, in Yorkshire Dales, there is a threat for owners to have to pay for a council tax hike which if fivefold than the usual on purchases for second homes. In St Ives, tough new rules were put into place where second home and holiday home ownership would mean that new-build properties that were given planning permissions after June of 2016 should be bought and at the same time, should also be owned and used in full as a residential unit.

There are two issues on the matter. First is that most young people are having a hard time getting their own homes even in their local areas. This is especially true if they happen to live somewhere that is quite popular with tourists. However, it is also a fact that holiday homes do help bring more tourists to an area. When tourists do not really have anywhere to stay, then they cannot be expected to come.

Places, such St Ives, that choose to impose regulations to limit not only second home buyers but also those that do not really plan to live within the locality are likely to suffer some downsides as a result. While the good intention is there, this may also result in unintentionally limiting the number of those visitors who will be able to stay locally. After all, without more available accommodations, the number of tourists can’t really be expected to grow.

Yorkshire Dale’s threat to hike up the council tax five times can also have the same knock-on effect on its tourism. This would mean that homeowners who wish to rent their homes to tourists and holiday makers are going to have to bear the brunt of if the increased costs. As a result, there will be a decrease in bookings or worse, tourists would end up staying in areas outside of the region that can offer them cheaper bookings.

Find out more about property investments in the UK by reading about Junaid Iqbal Mohammed Memon online. You can also visit Junaid Iqbal Mohammed Memon on WordPress blog here.