Buyers again snapping up off-plan properties in Dubai

Off-plan sales are blooming once again in Dubai - March’s tally of 1,845 units handily beats the 1,713 transactions registered with Dubai Land Department in February. More importantly, these two months are way better than any monthly tally since May 2018 (when 2,007 units got transacted). The buying momentum is prompting developers to bring forward their launch or new release schedules. Sobha Realty, in fact, has now released all 390 units in its second high-rise - part of a twin-tower project - in Mohammad Bin Rashid Al Maktoum City. Base price is Dh820,000 as against Dh796,195 at the first tower. This comes just weeks after the first tower’s units were launched and got sold out, according to the developer. The Creek Vistas project is scheduled for a Q3-2021 completion. And foreign investors too remain active in the market - a two-day tour of Dubai organised last month by one of China’s leading real estate portals, uooulu.com netted nearly Dh20 million from the sale of 15 units. There were 40 members in the travel group. But for a two-day tour to net Dh20 million does bode well, with more developers and estate agents here working to get their China sales pitch right.