advantage of falling property prices caused
by the Covid-19 pandemic to buy their first
homes in the emirate.
The National spoke to first-time buyers who benefited from the unexpected opportunity to put down roots in Dubai.
Property prices were 8 per cent lower year-on-year in Dubai and 4 per cent lower in Abu Dhabi during the fourth quarter of 2020,
in part because of the wide-ranging economic effects of coronavirus.
It turned out that having a mortgage and renting a property would end up costing me around the same anyway
Tariq Rao
“I was initially thinking of upgrading by renting a bigger apartment than the one I was living in but then the pandemic happened,” said Australian Tariq Rao, 51.