A luxury penthouse at Atlantis The Royal Resort & Residences was successfully sold for AED 64M by Metropolitan Premium Properties
Off-plan properties in the UAE are attracting overseas investors and Dubai residents alike, experts say, noting as well that demand for bigger space, townhouses and villas and beachfront properties is on the rise.
Haider Tuaima, Head of Real Estate Research at ValuStrat, told Zawya that a growth of 94 percent in off-plan transactions in Dubai real estate has been observed over the last 12 months. The divergence is attributed mainly to the COVID-19 lockdown last year.
Off-plan sales also improved quarterly by 56 percent, he added. Off-plan sales represented 43 percent of overall residential home sales. Around 50 percent of off-plan sales so far this year were focused in these communities: Jumeirah Village (11 percent), Jumeirah Lake Towers (10 percent), Meydan One (9 percent), Dubai Harbour (9 percent), Business Bay (6 percent), and Sobha Hartland (6 percent).
Citing data from Property Finder, Dean Charter, Sales Director at luxuryproperty.com, said that roughly 35 to 45 percent of transactions each month have been off-plan sales.
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