Dubai South and JVC off-plan property sales surge up by 614%


Dubai real estate buyers' demand for homes under construction from developers increased substantially.

Off-plan real estate market segment is gaining strong popularity among investors and home buyers in Dubai. During the first five months of the year, off-plan sales soared up by 58% compared to the same period last year, according to a joint report by analytical companies GCP and Reidin based on the official data from the Dubai Land Department.

From January to May 2017, the DLD registered 7,152 off-plan real estate sales compared to 4,521 off-plan units sold during the same months of last year.

A real boom in buyers' interest was registered in the Dubai South neighborhood, adjacent to Al Maktoum International Airport and World Expo 2020 site. Here real estate off-plan sales grew by 614% in a mentioned period. However, this enormous surge can be easily explained: in the run-up to the Expo 2020, a lot of new projects were launched in this area recently to provide property buyers a vide offers choice that just was not there before. During first five months of the current year, 528 off-plan units were sold here compared to only 74 sales registered during the same period last year.

A similar situation is observed in Jumeirah Village Circle and Dubai Creek Harbor. In JVC off-plan sales grew by 170% year-to-date (923 off-plan units sold this year compared to 342 units sold last year), while in Dubai Creek Harbor a number of registered off-plan transactions grew up by 124% year-to-date (632 off-plan sales compared to 282 off-plan sales transactions conducted last year).

However, in case of above areas, it could hardly be concluded that off-plan property buyers did not have a similar choice of units before. JVC is being built up for a quite long period of time already and has a developed infrastructure, while Dubai Creek Harbor is in the middle of the active development phase. In these Dubai areas off-plan sales growth is more due to a natural interest increase in the new lucrative offers developers unfold before customers like a Persian carpet spangled with additional benefits and convenient payment plans.

Surprisingly enough, central premium Dubai areas of Dubai Marina and Downtown Dubai, homing expensive luxury properties, aren’t lagging behind in this race of demand for the off-plan housing. In Dubai Marina off-plan sales increased by 120% in the first five months (608 sales compared to 276 units sold in the first half of last year), while Downtown Dubai saw a 61% increase in off-plan sales (820 versus 510 transactions).

Experts claim, that overall growth in demand for the off-plan properties points to further real estate market recovery in Dubai due to recalibrating towards equilibrium in the off-plan and ready-made property sales volumes.

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