2021 the Year of Ready-Built Real Estate in Dubai
In the Dubai real estate market, the focus in buyers’ preferences has now shifted to these vital conditions. The growth of real estate sales in Dubai continues. Besides, real estate transactions at the end of October in terms of quantity and value have already significantly exceeded everything that the housing market has achieved for the whole of 2020. The current year has eight more weeks to achieve even better results. By the end of October, real estate transactions in Dubai were 63.4% higher in total value than everything that was sold in the emirate for the full year 2020. In terms of the number of transactions, they have grown by almost 40%, according to the latest statistics from the Property Finder consulting company. Most buyers these days want their homes to be ready or almost ready to move in, so 62% of total home sales this year come from the secondary market. In October, 60% of all transactions were for secondary/ready-built real estate, even though more and more developers started launching new off-plan projects and sales in current projects. In the off-plan market, 2,133 properties were sold for a total of AED 4,400,000,000 (USD 1,200,000,000), while in the ready-built housing sector, 3,219 transactions brought sellers AED 8,720,000,000 (USD 2,370,000,000). During 2020, developers have decided to focus primarily on completing existing projects rather than launching new ones», said Linnette Sacchetto, Head of research and data at Property Finder. This focus has led to a significant number of properties being completed and ready just in time when the demand for ready-built real estate from investors has grown significantly.
Tags : INTERNATIONAL Dubai Ready-built real estate Linnette Sacchetto Property Finder