It’s no secret that the off-plan market has been booming recently, which is why we weren’t surprised when new data uncovered that there has been a 100% growth in off-plan sales since 2021 - with last year totalling a record-breaking AED 124 billion!
Including sales, volume and value, the total number of all property sales also soared by 76% coming in at a whopping AED 265 billion.
Despite a rapid increase in demand in 2021 for off-plan properties, we saw this drive forward even more throughout 2022 with a post-pandemic push for speedy handovers! This saw off-plan prices increase by 23% for villas and 17% for apartments.
A look back on 2022…
35,500 housing units completed last year, with real estate developers offering an additional 50,000 new units by the end of the year - the highest numbers the market has seen since the 2008 recession!
As of today, there are more than 115,000 off-plan units under construction and 34,000 units that have already exceeded 70% completion and are expected for handover in early 2023. All roads lead to Dubai!
The city is for sure captivating the attention of the world on a bigger scale than ever before. With resorts such as Atlantis The Royal welcoming global superstars, the roll out of golden visas now in full swing and the lowest VAT rates the world has seen.
Dubai has without a doubt positioned itself as an inviting investment hub for foreign investors and with a population increase of 2.1% in 2022 - we can certainly see why!
Thinking about investing?
We can help - contact our Head of Developer Sales, Fintan Flannelly to find out how you can best invest in off-plan property today!
Source: Dubai Land Department