The Dubai off-plan property market is expected to witness a 15 percent hike in prices amid the city’s real estate sector boom, according to Metropolitan Premium Properties (MPP).
Property prices have seen an increase of 20 percent on average so far in 2024 and the trend is expected to continue through the rest of the year.
The city witnessed an upward momentum in the demand for off-plan as transactions increased by 72.5 percent in 2023. This year, the steadfast momentum has continued with over AED60 billion in sales recorded in the first quarter of 2024.
According to MPP, Dubai will see the launch of several new projects amounting to approximately AED300 billion within the next two years.
Elie Bou Chrouch, Head of Sales – Off-plan at Metropolitan Premium Properties, said: “While off-plan is still growing in 2024, we anticipate a slight moderation compared to the exceptional growth of 45-48 percent observed last year. Currently, we are seeing adjustments from developers with attractive incentives like discounts, flexible payment plans and post-handover payment options.”
The current activity in the city’s off-plan market is the highest since 2009. The start of this year saw several new launches with over 34,000 units across 120 projects.
Bou Chrouch observed, “The off-plan market is attracting a diverse range of buyers, with Indians, British, Russians, Europeans and Chinese nationals leading the pack. Emiratis, Arabs from GCC countries, Americans and Iranians are also showing strong interest. Significantly, while investors remain a dominant force, the number of end-user buyers is growing rapidly.”
Factors contributing to the growth of the sector includes a stable economy, infrastructure, safety, attractive rental yields, tax-free ownership, freehold property regulations, visa opportunities and more.
Top off-plan areas
- Business Bay
- Palm Jebal Ali
- Meydan
- Dubai Islands
- Dubai Hills
- Dubai Land
- Dubai South
- Jumeirah Village Circle
- Dubai Creek Harbour
According to MPP data, townhouses have emerged as high-demand properties, accounting for 50 percent of off-plan investments.
Follow us on
