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Read more for which Dubai area remains in highest demand as for ready property sales, and why secondary properties are gaining back buyers’ favour, despite numerous new off-plan offers flooding the market.
A research conducted recently by GCP-Reidin consultancy reveals that transaction numbers for Dubai’s ready freehold space have grown up consistently over the first seven months of the year.
was the absolute leader in this upturn. Actually, it turned out to be the only one Dubai apartment cluster to record a net gain in sales compared with a year ago, which was made possible due to 581 ready units sold, more than the 467 recorded same period last year.
The neighboring area was another community with marked signs of renewed interest for completed projects. About 344 secondary homes were sold there from the year start and up to date, while last year the score was 365 units sold for the whole year period, according to data released by GCP-Reidin.
Overall, from January to July, about 7,205 ready apartments were sold in Dubai, which is not too far from the 7,649 units sold last year.
In value terms, the total up to the end of July this year would be around AED12.38 billion against the AED13.5 billion last year.
“Ready numbers continue to show a slow uptrend in terms of volume as well as value,” said Sameer Lakhani, managing director at Global Capital Partners. “The highlight in the ready space, of course, remains Sports City, which is up significantly both on a volume-, as well as a value-basis in the mid-end of the space.”
Moreover, in ready homes sales segment, an upsurge of demand is not limited by apartments. Such villa communities as Arabian Ranches, Springs and showed first signs of recovery in transaction numbers. And this is despite newer communities approaching these locations, with some of them offering quite competitive pricing compared to properties at Arabian Ranches and the Springs.
And also, Dubai property experts now see a marked, though slow rise in buyers’ interest for more expensive units, particularly villas. is another beneficiary from this.
And all this happens at the background of slumping demand at the off-plan property market, they say. Just over 10,500 off-plan units were sold in Dubai this year against the 14,330 sold in the first seven months of 2017.
accounted for the highest number of off-plan sales, totaling up 999 transactions, based on the GCP-Reidin data. But this is still a 24 per cent drop from the January-July 2017 period last year.
A downturn in the off-plan property market activity is also attributed to the usual summer decrease and the lag in the recording of registrations.
“It takes 2-4 months for new launches to show up in the data. Once these numbers are accounted for, a clearer picture will emerge as to the success of some of the recent launches,” said Lakhani.
In value terms, the first seven months generated an estimated AED14.05 billion in off-plan sales, but well off the AED20 billion-plus sales recorded in 2017.
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