Dubai real estate buyers' demand for homes under construction from developers increased substantially.
Off-plan real estate market segment is gaining strong popularity among investors and home buyers in Dubai. During the first five months of the year, off-plan sales soared up by 58% compared to the same period last year, according to a joint report by analytical companies GCP and Reidin based on the official data from the Dubai Land Department.
From January to May 2017, the DLD registered 7,152 off-plan real estate sales compared to 4,521 off-plan units sold during the same months of last year.
A real boom in buyers' interest was registered in the
A similar situation is observed in
However, in case of above areas, it could hardly be concluded that off-plan property buyers did not have a similar choice of units before. JVC is being built up for a quite long period of time already and has a developed infrastructure, while Dubai Creek Harbor is in the middle of the active development phase. In these Dubai areas off-plan sales growth is more due to a natural interest increase in the new lucrative offers developers unfold before customers like a Persian carpet spangled with additional benefits and convenient payment plans.
Surprisingly enough, central premium Dubai areas of
Experts claim, that overall growth in demand for the off-plan properties points to further real estate market recovery in Dubai due to recalibrating towards equilibrium in the off-plan and ready-made property sales volumes.