Demand for properties under construction will continue until the end of the year: Propertyfinder.
UAE’s classified and analytical real estate portal Propertyfinder predicts further growth in demand for Dubai off-plan housing projects.
A recent joint report from GCP and Reidin analytical companies evidenced that real estate off-plan sales in Dubai increased by 58% in the first five months of 2017, compared to the same period last year. And there are good reasons for this, confirms Propertyfinder.
First of all, off-plan schemes are attractive primarily for buyers in middle and lower priced market segments, as well as for end-users, for whom benefits provided by developers, such as convenient post-handover payment plans, registration fee paid by developer and rather onerous deposit installments, are of great importance. Besides, there is such a wide range of various off-plan development projects in Dubai to choose from, that it’s rather difficult not be tempted by these advantages.
According to Reidin, almost half of all real estate sale transactions conducted in Dubai in 2015-2016 accounted for the off-plan segment. And during the first quarter of the current year, Dubai’s leading developer Emaar sold 44% off-plan units more than a year earlier. The total cost of apartments and houses under construction sold during this period by Emaar amounted to AED6.05 billion (AED 1.65 billion). This developer has launched seven new real estate projects with 2,923 housing units have already been put up for sale.
And the largest private-controlled Dubai developer DAMAC sold 11% off-plan units more year-on year and 29% off-plan units more than in the last quarter of 2016. The total cost of the off-plan properties sold by DAMAC in Q-1 2017 amounted to AED 2.2 billion. Thus, the demand for Dubai apartments and villas under construction is growing exponentially and definitely won’t decrease in the nearest future, analysts say.