Dubai real estate: Off-plan property prices surge 50% as market remains red hot

Projects in Downtown Dubai, Business Bay, and Dubai Water Canal have remained highly popular

The demand for off-plan properties in popular locations across Dubai has continued to rise, with prices increasing nearly 50 percent.

In the first half of 2022, Dubai’s off-plan market reportedly saw a growth trajectory of more than 130 percent with over 130,000 units from almost 85 launched projects. With FIFA World Cup Qatar 2022 just over the horizon, demand is unlikely to dip as as the city continues to bloom.

“Off-plan properties are smart and effective investments. The transaction is mutually beneficial as developers secure capital for the construction of their project and buyers realise added value upon the handover phase. Though Dubai’s market is hot right now, both in terms of new projects in the pipeline and their costs, the potential for long-term ROI should remain,” Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ said.

Downtown Dubai, Business Bay, and Dubai Water Canal have remained popular locations and have seen off-plan developments spring up recently, according to Unique Properties. In addition, there have been other new off-plan projects announced outside of Downtown that are also in highly desirable locations, such as Dubai Hills, Nad Al Sheba, Meydan, and Dubai Creek Harbour.

On Tuesday, the Dubai real estate market saw another high, with property deal transactions recording over AED 1.7 billion 

Tuesday’s property deals recorded include 425 sales transactions worth AED1.32 billion, 71 mortgage deals of AED386.7 million and 12 gift deals amounting to AED56.77 million, according to Dubai Land Departmentd(DLD) data

The sales included 403 villas and apartments worth AED1.17 billion and 22 land plots worth AED149.92 million.