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As of May, JLT was the most popular area for off-plan housing purchase in Dubai. Read more for Dubai areas, communities and developers in greatest demand among off-plan buyers.
won the race for attracting buyers’ interest in Dubai off-plan real estate projects in May (more than off-plan 600 units sold), but huge district of MBR City has also shown good results by the communities.
In May, such developers as Sobha and Azizi also carried out targeted campaigns to sell and promote their off-plan projects in MBR City. And a significant progress in the implementation of the large-scale infrastructure project Meydan One Mall heated investors’ interest in the investment opportunities even more, including interest for Dubai Hills villas.
MBR City as a whole was rated the most demanded district after in affordable off-plan category (314 sales deals registered in May), but among smaller areas and communities, took the second place by the number of real estate sales registered May is (156 units), followed by (119 off-plan units) and (118 units).
In ready housing sales segment, , as usual, leads the way with 170 transactions closed in May, 2018.
According to GCP-Reidin, May was the second most active month for the off-plan real estate sales in Dubai: the total number of units under construction sold in Dubai in May was 1,830, which is slightly higher than numbers for the previous best performing year’s month — in January, 1,752 off-plan sales transactions were completed in Dubai.
In value terms, off-plan transactions brought Dubai developers AED2.28 billion, as of May only.
And it should also be noted that, contrary to sales decline expectations during Ramadan and up to the end of summer, things are probably going to be different in 2018, experts believe.
Much credit for this is put on , the developer, which sold more than 661 apartments of the overall 2,635 units planned for construction in its Seven City project in . They were sold out within seven days.
Abdullah Bin Sulayem, CEO of Seven Tides, said: "If you offer investors a compelling proposition, based on RoI (return on investment), location and quality, they will invest irrespective of overall market sentiment."
In the Seven City project studios were priced at AED354, 000, while one-beds were offered at a price of AED683, 000, which in terms of psf price equates to AED 950 per sq. ft., while the average price for similar housing in the same area is about AED1000 per sq. ft.
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