Property Buyers May Look On To Off Plan Projects : Strong Demand & Consistent Growth in the Property Market
Investors are finding a good time to go all offplan, since the sellers not willing to compromise on asking prices.
Offplan apartments are already ahead of ready sales as developers chase mid-income buyers.
Property Sales in First Quarter, 2022
The first quarter 2022 numbers show that:
- Offplan apartment sales have already shot past ready units sales – at 6,991 vs 6,400.
- Villa side of sales, ready homes outsell new launches by 2,358 vs. 1,667.
Market Focus
- Keeping tight control on launch prices despite the all-round increase in building material costs.
- Shifting from pricey homes to the mid-market and below.
Most Popular Spots & Facts
1. Business Bay
- Business Bay was the most popular spot for offplan and ready sales.
- Combined 2,100 units sold in the first six months.
- 300 units are at the under-construction 70-storey Regalia project from Deyaar.
2. Dubai Marina
- Launching with LIV Developers confirming its second project at Dubai Marina.
- G+44 storey LIV Marina located next to the Grosvenor House Hotel.
- Prices for the one-bedroom units are at Dh1.7 million.
Impression
1. Dubai property market’s ongoing golden run started in October 2020, is fuelled only by high-value properties.
2. Magnified each time a new record deal for a super-luxury penthouse or villa is revealed.
3. End-users have been using a mix of savings and mortgages to finance their Dh1 million to Dh3 million homes.
Buyers & Developers
- Developers are giving a chance for interested buyers to come in for properties valued under Dh2 million.
- SAFA One tower at Safa Park lists the starting price from Dh1.6 million.
Buyers Profile
A new buyer profile is emerging in Dubai’s property market. They are:
- Skewing younger.
- Typically looking for smaller residential dwellings for their own requirements.
- Demand communities to be slightly upscale, and to offer all the amenities they want within walking or a quick jogging distance.
- Co-working/living spaces could be the next demand driver for the property market if more of these young professionals/gig workers head here.
- Developers have even come up with the gaming and PlayStation centres as part of the add-ons.
The VFM (value-for-money)
This concept is taking root, as more cost-conscious buyers enter and needing to juggle their savings and mortgages to buy a home.
Schemes & Demands
- Sub-Dh1 million homes are in demand, with communities such as the Riviera, the part of MBR City offering highly flexible payment schemes.
- Lagoon stretching through the community is another attraction, plus the prices.
- Jumeirah Village Circle is drawing interest from the budget buyer, with developers ready with low upfront payment and a stretched scheme post the handover.
- Homes in Dubai whether it’s a villa or an apartment, mostly in offplan, comes with a Dh1.5 million.
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