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Wednesday, July 24, 2024

High demand fuels Dubai off-plan real estate market

Property market consultants are optimistic about the outlook for Dubai’s off-plan real estate market, citing a significant increase in interest from both investors and end-users. The market has seen a surge of 40% to 60% in foreign and local property buyers, indicating a favorable environment for real estate investment in the emirate.

Analysts at Betterhomes note that the off-plan property market has experienced a remarkable 35% surge in demand over the past three months compared to the same period last year. Off-plan transactions now constitute a significant 61% share of Dubai’s overall real estate market.

Dubai recorded off-plan transactions worth Dh34 billion in the second quarter of the year, marking a substantial increase of 750% compared to the same period in 2020. Property Monitor reports that as of August, off-plan sales represented 64.7% of the market, with the highest volume of sales transactions for the month of August ever recorded.

Experts suggest that the current market presents an excellent opportunity to invest in off-plan properties for several reasons. Rising mortgage rates have made ready properties less favorable for investment, given increased costs associated with servicing a mortgage. Off-plan investments offer advantages such as original pricing, flexible payment plans, and the potential for value appreciation as Dubai continues to develop and experience population growth.

Buying off-plan properties allows investors to acquire properties at lower prices compared to completed units, making it an attractive option for those looking to invest in Dubai’s real estate market.

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