Dubai’s off-plan property sector has seen a significant increase in transactions, accounting for 60 percent of total property deals in July 2024, up from 49 percent in July 2023.
This growth comes as the city welcomed 9 million visitors in the first half of 2024, highlighting its appeal to investors and tourists alike.
Industry experts are offering guidance to first-time buyers entering this market.
Dubai’s off-plan property market surges, experts advise first-time buyers
“Before diving into the world of off-plan properties, it’s crucial to perform a thorough background check on the developer. Investigate their history, track record, and reputation for delivering projects on time. A reliable developer can make a significant difference in ensuring your investment is secure and meets your expectations,” a Betterhomes spokesperson said.
According to recent data, the top five off-plan developers by total sales value in July 2024 were Emaar, Sobha Group, Danube Properties, Meraas, and Ellington Properties.
Average sale prices for off-plan transactions in July 2024 were AED1,849,251 for apartments, AED3,003,618 for townhouses, and AED6,547,782 for villas.
Experts advise buyers to examine amenities and prioritise location when making their purchase. “A well-situated property offers convenience and ensures better resale value,” the spokesperson said.
The top three apartment communities in the emirate were identified as Dubai Hills Estate, Jumeirah Village Circle, and Business Bay. For villas and townhouses, Dubai South, The Valley, and Nad Al Sheba were the most popular.
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-off-plan-property-market-surges-to-60-of-total-transactions-in-july-2024
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