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Despite prices falling year-on-year, Dubai’s residential property market continued to show improved off-plan transaction sales in April 2019. This comes on the back of more international buyers and investors entering the market and more flexible, long-term payment plans being offered by developers.
The numbers have prompted developers to target first-time buyers and investors, particularly those looking to buy into off-plan properties. Government-owned wasl Properties also recorded a rise in demand from millennial Emiratis after recent sales of its The Nook project in Jebel Ali, representing a growing buyer segment.
According to Property Monitor, the total sales value of off-plan transactions in 2019 reached a little over AED 9 billion, up from AED 8 billion in 2018. However, the volume of sales declined by 3.3% in the same period.
In May, more properties are expected to be handed over in freehold areas, adding another 6,000 units to the supply. New projects have also been announced, as developers continue to test the markets with more diversified projects. Emaar Properties recently announced it will be redeveloping the Mina Rashid area in Bur Dubai in partnership with DP World-owned P&O Marinas, offering freehold waterfront residences.
Emaar, along with Nakheel, Meraas and Dubai Holdings continued to dominate the off-plan market. Meanwhile, other developers have found ways to reduce construction costs and offer prospective buyers more attractive prices for units, or add wellness concepts to their developments, offering community facilities to entice new buyers.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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Content and Communications Manager
Siddhi Sainani is a business and finance writer and a public relations professional with experience across markets in the UAE, Oman, India and the United States.
At Cavendish Maxwell, Siddhi is responsible for crafting research and marketing communications material for the firm’s various stakeholders including clients and government entities. She also leads the public relations activities for the firm, focusing on media outreach, reputation management and spokesperson profiling.
In her previous roles, Siddhi has reported on the financial markets for news outlets, developed institutional research for several institutions, and undertaken corporate communications initiatives for leading firms across sectors such as real estate, finance, banking, audit and advisory, and technology, among others.
Siddhi has a Bachelor of Mass Media degree with a specialisation in journalism and also holds a Post-Graduate Diploma in Integrated Communications covering advertising, marketing and public relations from Xavier Institute of Communications, Mumbai, India.
Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing