Compared to November 2021, Off-plan projects roughly had a 100% surge in Dubai.
According to ZāZEN Properties, Dubai’s Real Estate market demonstrated post-pandemic resiliency by recording sales transactions totalling AED30.5 billion ($8.30 billion) in November.
The developer has started off-plan sales for a new project in Al Furjan which is anticipated to be fuelled by growing interest in off-plan projects because of the industry’s best monthly performance since 2011.
Factors responsible for Off-plan projects surge in Dubai
According to Arabian Business, the largest number of HNWIs (high net worth individuals) ever in Dubai is above 4000.
This increases the number of millionaires currently in the city – approximately 70,000, searching for prime real estate assets.
The World Cup has been a factor in increasing tourism to the GCC; tourists see off-plan purchases as investment opportunities.
The below regions have had the highest searches for homes for sale in November, according to Property Finder’s proprietary data:
DAMAC Hills, Business Bay, Jumeirah Village Circle, Mohammed Bin Rashid City, Jumeirah Beach Residence, Jumeirah Lakes Towers, and Downtown Dubai.
The International Monetary Fund predicted last month that the UAE economy will increase by more than 6% this year.
This year has seen a lot of transaction records broken, along with records for the highest sales and renting prices.
Thanks to new visa programmes and an influx of high-net-worth individuals, prices and rent have increased around the city.
Strong foundations supported by effective leadership, business-friendly measures, and solid legal and economic policies have helped Dubai establish itself as a safe haven on the global Real Estate stage.
You can be a part of this ever-growing Real Estate market in Dubai by purchasing your next property with us.
Click here to contact Silver Oak Properties for more information now!