As an industry insider, I believe young people are actively shaping and influencing every aspect of leadership as well as business transformation across industries, and property is no exception.
Millennials and Gen Z are out there with more access to information than their parents ever had. Thanks to digital technologies, they have greater control over choices, which makes them powerful contributors to the growth of any business or sector, while actively shaping its future as well.
Top marketplace insiders are vouching for youth as budding investors to look out for.
The 2022 Mortgage Finder report found that most of the youngest borrowers reported were aged 24, a testament to the role of youth in driving economic expansion.
If you are set to invest young, ready to scale up now rather than await the future, steer on. While you’re at it, keep in mind a few trade secrets that have lasted the test of time, although with a digital twist.
Start with an open mind
If you have been living in the UAE for a few years, your parents may have considered owning a property here at some point.
For some, these plans may have fizzled out due to doubt or lack of surety. If you see these fears clouding your dreams of investing young, worry not.
Today, we are seeing a massive uptake in property buying with great returns and easy payment plans that are highly supportive of first-time buyers.
With the recent diversification of laws, the country has opened up to a wide range of investment opportunities and increased foreign confidence.
So start with an open mind that is resilient to past scenarios, yet inclusive of new realities.
Know your options
Once you’ve made up your mind, remember to study your options.
Like any buzzword, “property” has several layers to it. We have off-plan properties, which haven’t been built yet but are available for bookings and offer flexible payment plans.
Additionally, there are freehold and leasehold options, as well as secondary properties, which are existing projects that are ready to move in to.
Choices are plenty, but it’s important to prioritise wisely for a profitable decision.
Consumers’ needs are constantly evolving and it’s important to cater to these requirements and provide the necessary information to encourage them to make an informed decision.
Most importantly, remember: you hold the power to drive change. For example, instead of the tried and tested, choose to explore new kinds of properties, with new experiences to offer and a meaningful concept behind them.
Find the right platform
Close to two decades ago, when I came to the UAE, my biggest struggle was to find a home, and a good one at that.
Back then, the only option we had were traditional listings. Today, everything is available at the click of a button.
This holds true across many types of investment, whether you are looking to own a property to stay in it or generate reliable rental income.
You have the support readily available, without all the disparity that existed years ago.
Search for platforms that offer a personalised experience, whether you are seeking to buy a home or list your own.
Figure out the finances
For any asset that you wish to invest in as a wealth builder, it is important to make sure that finances are sorted.
This risk is especially high when you are starting out young. Always consult a trusted financial adviser or broker.
Reach out to experts who can offer you trustworthy insights on pricing, loans and payment strategies.
Michael Lahyani is founder and chief executive of Property Finder
