How Off-Plan Properties Foster Growth In Dubai Real Estate Sector
The Dubai real estate market is picking up momentum mainly driven by off-plan properties. In the period between January and May 2018, approximately 8,000 residential units have been introduced in the market, across various segments from 1BHK apartments to sprawling luxury villas running into several thousand square foot.
The number of new launches during the Jan-May’18 period is although relatively lower than the corresponding period of the previous year, it is quite positive to note that the market is sustaining the pace of new launches. During Jan-May 2017, the Dubai off-plan real estate market had registered the launch of around 12,000 properties across the city. That way, this year the number of new launches in the off-plan properties segment is low by around 30 percent.
On the brighter side, we cannot ignore the fact that the continuous launch of new real estate projects in the market is a sign of optimism. The real estate developers in Dubai are looking to be much more confident about the prospects of their projects and are launching multiple projects in the city.
Some of the major real estate projects that are offering off-plan properties in the Dubai market are as follows:
- Grande at The Opera District by Emaar
- The Grand at Dubai Creek Harbour by Emaar
- Tilal Al Ghaf I by Majid Al Futtaim
- Belgravia Heights I by Ellington Properties
- Sobha Creek Vista at MBR City
- Azizi Mirage at Dubai Studio City
- Azizi Grand at Dubai Sport City
- Jewelz By Danube Properties
- Lawnz at Dubai International City by Danube
- Se7en City at JLT
During May 2018, around 1,800 off-plan units were sold in Dubai, as per data from GCP-Reidin. These are the best sales numbers this year, surpassing the earlier sales numbers clocked at 1,700 units in January this year.
JLT, Jumeirah Village Circle, Meydan, the Downtown and Dubai Marina have continued to be the most popular destinations for real estate investors in Dubai off-plan properties market. According to real estate developers, property buyers have been showing a renewed level of interest in buying of late. Much of this trend could be attributed to the aggressive pricing stance taken by the developers. Today, the per square foot prices in most of the prominent projects is averaging Dh750, which is significantly lower than the prices that used to be above Dh 1,000 earlier.
Meanwhile, the emerging scenario is indicating that the Dubai real estate market is slated to gain more of buyers’ confidence in the coming months, presenting an unprecedented opportunity for those who want to own their home in Dubai or make it large from real estate investing in a global city like Dubai.