Dubai’s off-plan realty market has bounced back to 2019 level, and continues to gain momentum, underscoring the soaring investor confidence in the new boom cycle, data revealed by a leading property portal show.
In 2021, the off-plan market has been thriving since the beginning of the year. Developers are now starting to launch new villa/townhouse communities mostly in the suburban parts of Dubai such as Dubailand and Dubai South and they are selling out quickly. Compared to July 2021, the total value for off-plan is up 44 per cent and volume is up by 46 per cent, says a report released by Property Finder.
In August 2021 specifically, Dubai’s off-plan market saw 2,599 sales transactions worth Dh4.95 billion, the highest value recorded in a month for off-plan properties since December 2013. The number of deals is also the highest off-plan transactions in a calendar month since November 2019, said the report.
“During the pandemic last year, the off-plan market significantly declined. The average was about 30 per cent of properties sold in the off-plan segment. Today, we have bounced back to 2019 ratios where secondary and off-plan segments are almost 50/50. This is a clear indication that investors are coming back into the market due to their confidence in the future of Dubai,” said Lynnette Sacchetto, director of Research and Data for Property Finder.
Most sought-after areas for off-plan villa/townhouses transactions were Arabian Ranches-3 (187 units) followed by Villanova (157), Tilal al Ghaf (79), Dubai South (58) and Mohammed bin Rashid City (16). For off-plan apartment sales transactions, Dubai Harbour (260 units) had the most sales followed by Mohammed bin Rashid City (239), Business Bay (219), Jumeirah Village Circle(171) and Jumeirah Lakes Towers(137).
