While sales were slow to start, the off plan property market in Dubai has shifted from a projected slow year to a major growth year, a report from Gulf News shows.
This comes as sales in the city suddenly spiked in February, thanks in part to incentives from developers. A good example of this was the recent incentive by Al Barari, offering a smaller deposit to move into apartments and waiving service charges for two years.
Buyers looking to invest in new properties should like expect similar offers to present themselves in the coming months.
Approximately 1,700 residential units were shifted last month, which while lower than last May’s 2,006 units, is still higher than October 2018’s 1,666 and the depressingly low 1,360 units shifted during January 2018.
The other big news is that the value of the residential units sold in February is much higher than the previous 13 months, at over Dh2.8 billion (over £578 million). The last time that the Dubai property market had a high value of off plan sales was in December 2017, at Dh3.5 billion (over £723 million).
Developments located within an overall masterplan, like Emaar’s multiple offerings including Downtown Dubai, have also fared better, and make up the bulk of the off plan sales.
Ready properties, like the apartments in Al Barari and units on the Palm Jumeirah, are continuing to sell at a much more steady pace.
The slow projections were in part due to lower sales in 2017, and the idea that there was too much supply and not enough buyers in the housing market. These recent numbers seem to buck that trend.
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