Wednesday, November 8, 2017

Dubai off-plan property sales on the rise

The off-plan property sales now account for more than half of total real estate transactions in Dubai, UAE, for the first time since 2008, according to a report by fäm Properties, one of Dubai’s largest real estate brokerages.

While the gap between off-plan transactions and sales of ready property for the first three quarters of 2017 is only minor – 19,915 (50.45 per cent) against 19,564 (49.55 per cent), fam said it represents a significant market trend.

At times over the last 10 years, ready sales have exceed off-plan transactions by ratios as high as 88 to 12 per cent (2010), 85 -15 per cent (2011 & 2012) and 83 - 17 per cent for 2009.

The gap has since been closing year on year, with off-plan transaction volumes edging ahead of ready sales this year for the first time since 2008 when the ratio was 59 - 41 per cent in favour of off-plan.

"We are seeing a shift away from speculation in Dubai real estate as the market matures," remarked Firas Al Msaddi, the chief executive of fäm Properties, which has developed a sophisticated market analysis tool to provide real-time insights into Dubai property trends.

“While initial launch phase sales by speculators have dropped, there has been a big increase in pre-handover sales within six to nine months of completion, and these buyers are largely medium to long-term investors or end users,” he stated.

Al Msaddi was recently honoured by the Dubai Land Department at the ‘Real Estate Tycoons Awards’ ceremony held on the sidelines of Dubai Property Show in Mumbai, in recognition of his role in  turning his company into one of the emirate’s leading real estate brokerages in just eight years.-TradeArabia News Service

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