Big demand surge fuels Dubai’s off-plan market

Big demand surge fuels Dubai’s off-plan market

Off-plan property market has experienced a remarkable 35% surge in demand over the past three months

Workers are seen at a construction site in Dubai. - AFP file

Published: Mon 9 Oct 2023, 6:24 PM

The outlook for Dubai's off-plan market is promising, having witnessed a notable surge in interest from investors and end-users, property market consultants said.

With a 40 per cent to 60 per cent increase in the number of foreign and local property buyers, the off-plan market is booming, indicating a favourable environment for real estate investment in the emirate.

“Currently, the overall landscape suggests a positive trajectory for the off-plan market in the emirate. However, it's important to note that various factors can influence the real estate market, and trends may shift over time,” analysts at Betterhomes wrote.

They said the off-plan property market has experienced a remarkable 35 per cent surge in demand over the past three months compared to the corresponding period last year. In addition, off-plan transactions now account for a significant 61 percent share of Dubai's overall real estate market,” analysts said.

Dubai recorded off-plan transactions worth Dh34 billion during the second quarter of the year, up by 750 per cent from the Dh4 billion deals registered in the