Dubai real estate: Off-plan market continues to soar in demand for COP28

COP28 is expected to bring an influx of over 70,000 people into the UAE

The Dubai real estate market continues to see unprecedented growth witnessing a strong momentum in the off-plan market. During the first half of 2023, the off-plan market made up of over 53 percent of the units sold this year, according to new data by DHG Properties.

The continued demand is being driven by several factors including COP28 which is expected to bring an influx of over 70,000 people into the UAE.

Additionally, incentives and benefits offered to investors in the city is spearheading the market’s growth.

According to new research by Savills, real estate transactions in the first half of 2023 surged by 44 percent leading to a 209 percent increase compared to the five-year average for the same period. Research reveals that even previously slower summer months are experiencing increased market activity.

This year is predicted to be the busiest for the Dubai residential market, in the first half of 2023 over 50,000 units were transacted across the city. More than half of the recorded transactions in the first half of the year were recorded in the off-plan sector.

Areas including Jumeriah Village Circle (JVC), Al Furjan, Sports City and Town Square have witnesses increasing demand and are in line for future appreciation.

Blagoje Antić, Founder and Director of DHG Properties said, “We are thrilled to witness the unprecedented surge in Dubai’s real estate market, reaffirming our belief in the immense potential this dynamic city holds. The remarkable growth in property transactions, especially within the off-plan market, aligns perfectly with DHG Properties’ vision of offering affordable yet premium investment opportunities to investors. Experienced investors and first-time buyers benefit from the lower prices and greater financial flexibility offered by off-plan properties. With the numerous projects that are announced every month in Dubai, developers compete primarily on prices, which is of particular interest to buyers.”

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