Off-plan property sales now account for more than half of total real estate transactions in Dubai for the first time since 2008, it has been revealed.
The gap between off-plan transactions and sales of ready property for the third quarter of 2017 was only small – 19,915 (50.45 percent) against 19,564 (49.55 percent).
However, fäm Properties, one of Dubai’s largest real estate brokerages, said in a statement that it represents a significant market trend.
At times over the last 10 years, ready sales have exceed off-plan transactions by ratios as high as 88 percent-12 percent in 2010, the broker added.
fäm Properties said the gap has since been closing year on year, with off-plan transaction volumes edging ahead of ready sales this year for the first time since 2008.
“We’re seeing a shift away from speculation in Dubai real estate as the market matures,” said Firas Al Msaddi, CEO of fäm Properties.
“While initial launch phase sales by speculators have dropped, there has been a big increase in pre-handover sales within six to nine months of completion, and these buyers are largely medium to long-term investors or end users.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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