Is Ready-To-Move-In Taking Over Off-Plan Market In Dubai?
Picture this: the development of the premier lifestyle community of Mohammad Bin Rashid Al Maktoum City is being keenly followed and has created waves even before its launch. From grand villas to exquisite mansions and waterfront apartments, ‘the city built like a city’ offers everything within the reach of the community residents. High-end communities that have been developed in the first phase comprise Dubai Hills, District One and Sobha Hartland.
However, after years of investing in the off-plan market, the buyers seem to have reached a saturation point. According to numbers released by GCP-Reidin earlier in May, off-plan transactions in Dubai are down 30 per cent year to date compared to the corresponding period last year. This shows the change in the buyers’ pattern who were earlier ready to wait for a long time for the property to be delivered to now when they prefer ready-to-move-in properties.
For starters, location and reliability play a key role. Sobha Hartland offers well-priced and contemporary homes and is located close to Dubai Canal while some of the best-looking mansions are located in District One with lush-green exteriors and sprawling interiors. Buyers are showing signs to opt for such ready properties rather than opt for new projects that take a number of years to be built. Similarly, many apartments are ready for possession in Palm Jumeirah. Another apartment project that has been in demand has been Palme Couture with 14 residential units offering a unique design. Penthouses can be found at One Palm and The Alef Residences that have been quite popular with the buyers. Prime projects in Business Bay and Downtown Dubai continue to attract buyers. Apartment projects in Al Barari comprising Ashjar and Seventh Heaven are preferable for community living.
Also, possession of these ready properties can be completed easily within a period of 6-12 months, helping build buyers’ confidence.
Even for locations such as Dubai Marina and Sports City where there has been low development, a considerable rise in ready properties has been reported. But the opposite is true for high development areas such as Downtown Dubai and Jumeirah Village Circle, areas that witness higher off-plan sales transactions. This raises the question whether off-plan or ready properties will be the flavour of the season. According to experts, the price difference between ready and off-plan properties is the deciding factor.
This makes it quintessential to understand that there will always be a divide among buyers preferring one over the other. What is needed for a buyer is awareness about all the rules and regulations, an open mind to clear the paperwork and weighing the pros and cons before deciding the course of action.