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Off plan properties in Dubai regain pace amid falling prices

Off plan properties in Dubai regain pace amid falling prices

Off plan properties in Dubai regain pace amid falling prices

With the end of the second quarter close to a finish, off plan properties in Dubai have shown tremendous figures. According to reports from GCP Reidin, off-plan deals accrued a combined Dh2.28 billion while their value was Dh2.05 billion last month. Despite popular beliefs of sales seeing a dip during and after Ramadan, a trove of new units helps push the trend to new heights.

The “Seven City” high-rise project in JLT is one such success story which is readying itself for another round of sales. Ready properties too picked up pace selling as many as 1,028 units in May as opposed to 986 in April and 1,121 in March.

While the fall in prices has revived investor and tenant trust in properties, a shortage of mid-income quality units has brought about the little effect to the Jumeirah Village Circle and Sports City.

The numbers are a great jump from the April performance where transactions were down 30 per cent compared to the same period last year. The first 4 months of 2018 saw 4,107 ready homes in Dubai being sold which was 12 per cent down from the same period last year.

A total of 6,086 off-plan transactions were registered between January to April 2018, still low when compared to the 8,736 transactions in the same period last year. Off-plan sales were valued at Dh7.9 billion in April this year which were Dh13.2 billion in the corresponding period in 2017.

The trend of falling prices has had a positive impact on the number of sold figures in May indicating that the onset of a possible surge may be imminent in the coming months. As such, buying should be the topmost priority for anyone entering the market for the first time as prices have never been better.

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