Online real estate UAE portal Lookup presented a new report and the summary statistics on the Dubai property market development in the past two years, which revealed that over the past 24 months, 120 new projects were launched in the city.
The maximum number of projects, as expected, was presented by such biggest players of the Dubai real estate market as Emaar Properties, Nakheel, Damac Properties, Meraas Holding, Meydan and Dubai Properties.
Lookup Head of Research, Eric Hodges also could not but notice the latest major market trend — the decline in property prices after a stunning price tags growth by 34-45% in 2012. Over the past 12 months, according to his data, the correction in house prices in the well-developed Dubai residential communities led to a prices decline by 7 - 10 %.
Off-plan housing market in the last 24 months has gained the biggest popularity among property buyers, as developers offer favorable payments terms and affordable prices. Affordability as a major housing market trend also came to the fore in Dubai in recent years —Hodges said.
Another recent report by the Dubai property analytics Reidin and Unitas, titled ‘The Curious Cases of Payment Plans’, tracked this trend in numbers: while two years ago only 29% of developers offered so-called back-weighted or back-loaded payment schemes, which suggest that the biggest part of the property cost will be paid after handover, in 2015 already 55% of developers did that for their new off-plan projects sales.