Dubai’s off-plan property sector has seen a significant increase in transactions, accounting for 60% of total property deals in July 2024, up from 49% in July 2023.
This expansion coincides with the city’s 9 million visitors in the first half of 2024, demonstrating its popularity with both travelers and investors.
First-time buyers entering this market are receiving advice from industry specialists.
Dubai’s off-plan property market surges, experts advise first-time buyers
“Before diving into the world of off-plan properties, performing a thorough background check on the developer is crucial. Investigate their history, track record, and reputation for delivering projects on time. A reliable developer can make a significant difference in ensuring your investment is secure and meets your expectations,” a Betterhomes spokesperson said.
Current data indicates that in July 2024, Emaar, Sobha Group, Danube Properties, Meraas, and Ellington Properties were the top 5 off-plan developers by total sales value.
In July 2024, the average sale prices for off-plan deals were AED 6,547,782 for villas, AED 3,003,618 for townhouses, and AED 1,849,251 for apartments.
Experts advise buyers to examine amenities and prioritize location when making their purchases. “A well-situated property offers convenience and ensures better resale value,” the spokesperson said.
The emirate’s top three apartment complexes were determined to be Business Bay, Jumeirah Village Circle, and Dubai Hills Estate. Dubai South, The Valley, and Nad Al Sheba were the most sought-after locations for villas and townhouses.
Also Read: Dubai Property Deals Hit Record in July
Conclusion
The surge in Dubai’s off-plan property market reflects the emirate’s robust economic growth and increasing attractiveness to global investors. With off-plan transactions now dominating the real estate landscape, it’s clear that confidence in Dubai’s future development remains high. However, this trend also underscores the importance of due diligence for buyers, particularly first-time investors.
As the market evolves, staying informed about developer reputations, project timelines, and emerging neighborhoods will be crucial. While the current boom presents exciting opportunities, buyers should approach the market cautiously, balancing the potential for high returns against the inherent risks of off-plan investments. As Dubai grows, its real estate sector will likely remain a dynamic and closely watched market.
