As rents rise, is now the time for more Dubai tenants to seriously think of buying their own home?

As rents rise, is now the time for more Dubai tenants to seriously think of buying their own home?

Dubai: Will more of Dubai’s tenants finally decide it’s a time to stop renting and put up funds for a home of their own? More tenants could be in the mood to turn end-users, now that the cycle of mortgage rate hikes seem to be coming to an end. Or should do so soon enough. But the biggest incentive would be the continuing rise in the rents they are paying to their landlords. There are no signs yet that the pace of rental gains will be slowing down any time soon. “Another set of sharp rent demands when leases come up for renewals will convince residents they need to seriously consider buying a home,” said a source at a leading developer. “I think the recent advertisement from FAB – which says that only landlords are having a good time – will hit its mark. It’s a sentiment that many prospective property buyers share.” In the year-to-date, UAE’s mortgage numbers are already showing that more tenants are entering the property market as buyers. Banking industry sources forecast a potential ‘rush’ of end-user buying in the second-half of 2023. “Tenants turning into home owners had slowed down in the final months of