Dubai’s real estate market is seeing a surge in off-plan property sales in February 2023.
The report noted a 42.1 percent increase in off-plan property sales, compared to the same period last year, driven by demand.
This demand is a “positive indication” that the Dubai property market is gaining momentum and confidence in the future prospects of the city’s economy.
Dubai’s property market has transformed to be a “preferred destination” for real estate investors because of the government’s efforts to diversify the national economy.
Some of the nation’s notable efforts include the Golden Visa scheme for foreign investors which has garnered investments in infrastructure, as well.
The report also added that the increase in off-plan property sales is an encouraging indication that the real estate market in the emirate continues to rise comparable to other big centers in the world.
However, this demand has been rising since the past few years, with the current market conditions accelerating the trend.
Seeing more and more developers come into the market, which is a clear indication that the industry is confident in the long-term prospects of Dubai’s economy. Timely as undersupply looms, the market is hungry to see a healthy balance of demand and supply, which will ultimately benefit both buyers and developers.
Moreover, the report adds that the average price per square foot for off-plan properties has remained stable, with only a marginal increase of 1 percent compared to the same period last year.
This further confirms the market’s stability, making it an attractive destination for both investors and end-users. Not just all, with the continuous rise in rental yields and return on investments in Dubai, foreign investors and residents are highly anticipating new properties within the city. As the undersupply for ready homes across the city becomes more evident, demand and price points are soaring high and demand for off-plan properties is also on a rise.
Going forward, the report said that investors can expect a “steady growth” as greater influx of properties enters the market.