“Dubai’s Resilient Off-Plan Real Estate Sector Propels UAE Market to Dh455.7 Billion in Sales in 2023”

Dubai’s off-plan real estate sector is on a roll, with impressive growth over the past four years propelling the overall UAE market to hit Dh455.7 billion in sales in 2023. The demand for off-plan properties is expected to outstrip supply in the coming years, further boosting the market’s growth.

Madhav Dhar, COO of Zazen Properties, highlighted Dubai’s rapid population growth as a key driver of demand for real estate. In 2023, Dubai saw a 72.3% increase in sales value compared to 2022, with over 68,000 off-plan sales transactions logged – the highest yearly performance for this segment to date.

The recent decision to eliminate the Dh1 million down payment requirement for the golden visa program is expected to strengthen Dubai’s real estate landscape. This move will enhance accessibility for investors and inject fresh vitality into the market, paving the way for new opportunities and sustainable development.

Analysts believe that off-plan investments offer a distinct advantage in the current market scenario, given the rise in mortgage rates. Off-plan properties still available at their original prices, coupled with flexible payment plans, make them an attractive option for investors seeking higher returns.

Dubai’s off-plan market has experienced a rebound thanks to strong governmental initiatives and investor interest. Technologies like virtual reality property tours and blockchain are reshaping the off-plan market by enhancing transparency and efficiency. Investor behavior and sentiment also play a significant role in the success of the off-plan market.

Overall, Dubai’s real estate sector is poised for continued growth in 2024 and beyond, with off-plan properties leading the way in meeting the growing demand fueled by the city’s expanding population and flourishing tourism sector.