Dubai’s Off-Plan Property Market Valued at $14.1bn In Q2 2024
Dubai sees an unprecedented surge in the sales of off-plan properties, accentuating the interests of developers. It is stated that Dubai’s growing appeal is escalating the transaction ratio.
Based on the report of Betterhomes, with 25,466 transactions worth AED 52 billion, Dubai’s off-plan real estate market has hit an all-time high.
On a year-on-year basis, a 44% increase in the transaction of villas has been recorded. Further, an 86% increase in the transactions of off-plan real estate has been recorded on a year-on-year basis.
Dubai welcomes millions of home-seekers, investors, entrepreneurs, employment seekers and visitors each year. This trend increases the demand for real estate. Developers are now focusing on new projects to meet this growing demand for properties, attracting investment for off-plan real estate.
The report further added, “The market sentiment is heavily skewed towards off-plan projects, driven by a notable shortage of ready-to-move-in inventory.”
200 residential projects have been launched in 2024, adding around 50,000 units to the off-plan market. In Q2 of 2024, Palm Jumeirah led the market with 51 transactions.
Local and foreign national investors are taking a keen interest in Dubai’s property market, especially off-plan real estate. Off-plan real estate investment does not require massive initial payments. That’s why it appeals to a wide range of investors including middle-class families.
