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Dubai property buyers choose ready properties

06.05.2018

Ready-made property sales in Dubai show an increase in demand from buyers. But prices are still going down, both in the off-plan, and in ready segments. Read more for where and for how much the prices have dropped.

In chase for buyers Sports City was one of only two Dubai’s freehold communities, with the other being the Downtown, where transactions were multiplying on the year-on-year basis. Sports City amounted to 425 deals from January to April 2018, against 298 units sold here during the same period last year. The Downtown recorded a 17 per cent year-on-year increase in transactions, with 263 sales deals against 224 last year, Reidin-GCP data has revealed.

Since the third quarter of 2017, ready property sales in Dubai have increased by 24 per cent, while off-plan transactions are down by 32 per cent. But across the whole of 2017, off-plan sector accounted for 60-70 per cent of all sales.

“In the first quarter of 2018, we have witnessed a reversal where ready sales account for nearly half of overall activity,” according to a recent report from Reidin-GCP. “This was widely expected as off-plan incentives reached their theoretical maximum and the price gap between ready and off-plan prices reached unsustainably high levels.”

But such market trends got property buyers used to affordability. And while overall property unit sales valued above AED1 million accounted for 55 per cent of activity between 2015-17, in the first quarter of 2018, more affordably priced properties below AED1 million switched the ratio and recorded for 55 per cent of all property sales.

Since the year start of 2018, ready property unit sales performed relatively well compared to off-plan properties in terms of buyers’ demand.

“There is a relative shift that is going on towards the ready space, with green shoots of recovery appearing in Sports City, the DowntownArabian Ranches and Jumeirah Islands,” Sameer Lakhani, Managing Director of one of Dubai real estate firms.

Overall property sales recorded for 4,107 ready homes in Dubai, which is still 12 per cent down from the same period last year, but off-plan sales market experienced even more substantial 30 per cent drop to 6,086 units sold in the year to April 30 against 8,736 units sold during the same period last year, according to data released by Reidin-GCP.

The ready market buying activity also evidenced a gradual buyers’ interest return to the Dubai’s high-end villa communities. Price drops for Dubai villas and townhouses in some areas may have hit the bottom making them extremely attractive for buyers now.

“What we are seeing is that the villa communities are starting to witness steady demand,” said Lakhani. “Even at the Downtown, the high-end properties are experiencing a rise in demand.”

The biggest real estate sales drops in Dubai in 2018 were recorded in Meydan area, while Springs and Meadows villas managed to keep almost the same price tags, which, in average, gives a 6 percent decline in overall Dubai buying activity since January 2018.

Take advantage of the current decline in prices and buy yourself a home in Dubai, you’ve always dreamed for with IMEX Real Estate! We know where and what the demand, as well as prices decline and uplift are conditioned by. Address the professionals! Our contacts:

Tel.: +7 903 232 80 80 Oleg Lavrik (Whatsapp, Viber, Telegram)

Tel. UAE: +971 (50) 2528188

Toll Free in Dubai: 800-IMEX (800-4639)

IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

Email: pm@IMEXre.com

Skype: resident69

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