Since the second half of last year, there has been a marked increase in off-plan project announcements. Instead of waiting for market conditions to improve, developers in Dubai are moving ahead with off-plan launches, according to Gulf News.
Reef Real Estate, on Tuesday, launched the 38-storey Reef Residence, which it says is the first tower project at Jumeirah Village Circle. In the first phase, units will sell for AED770 a square foot, and thereafter the “average blended price” would be AED885 a square foot.
Meanwhile, other developers will be taking their cue for their own launch plans from the level of buying activity through the first quarter. Since the second half of last year, there has been a marked increase in off-plan project announcements. Many of these projects have either started with the construction or will shortly be doing so.