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Off-plan Sales Jumped Over 300% in January in the Dubai property market

Off-plan Sales Jumped Over 300% in January in the Dubai property market

Last month, real estate transactions totaled Dh 16.69 billion.

The Dubai real estate market recorded 5,797 sales transactions worth Dh16.69 billion last month, making it the best January on record, according to Property Finder's monthly report released on Thursday.

In January 2022, secondary/ready properties accounted for 53% of all transactions, while off-the-plan properties accounted for 47%. The ready market saw 3,091 transactions totaling Dh11.37 billion. The off-plan market saw the sale of 2,706 properties totaling Dh5.32 billion.

When comparing January 2022 to December 2021, the off-plan value decreased by more than 6% while volume increased by 5.58%. Secondary volume increased by more than 1.74%, while secondary value increased by 13.68%. When compared to December, total transaction value increased by 6.40% and volume increased by 3.5%.

In January 2022, secondary/ready properties accounted for 53% of all transactions, while off-plan properties accounted for 47%. The off-plan market saw 2,706 properties sold for a total of Dh5.32 billion, while the ready market saw 3,091 transactions for a total of Dh11.37 billion.

"There are many unknowns about what will happen in 2022." Based on a variety of factors, including data and trend patterns, it appears that 2022 will continue on an upward trajectory in terms of sales volumes and price increases in prime, popular areas, said Lynnette Sacchetto, Director of Research and Data at Property Finder.

Because new supply will be limited in prime areas and certain asset classes, such as villas and townhouses, we can expect price increases in these areas as demand remains strong. Due to investor sentiment, attractive pricing, the allure of Dubai, and overall good projects launching in the market, the off-plan segment is unlikely to slow down anytime soon. During the pandemic, many developers took a step back and thoroughly assessed the market to determine what types of projects to build that would satisfy both investors and consumers, she added.

Source: Khaleej Times

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