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.