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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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