July 2017 Breaks Records in Off-plan Sales

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As Dubai Chronicle predicted by the end of 2016, real estate investors behavior proved so far that 2017 is the “Year of Investment.” 

Buying properties off-plan is not cheaper, but it is easier than buying ready homes while the concept offers an earning potential.

It comes as no surprise today that Lynnette Abad, Partner and Head of Property Monitor said:

“July has had the highest amount of off-plan apartment transactions ever recorded since Dubai Land Department started sharing Oqood data with the public in 2012. There are still four days left in July, but as of today, we are showing 1,719 off-plan apartment transactions. The top five areas posting the most off-plan transactions in order are Business Bay, Downtown Burj Khalifa, Dubai South, Jumeirah Village Circle and Mohammad Bin Rashid City.”

Gergana Mineva, Editor in Chief of Dubai Chronicle, added: “There is a number of reasons why off-plan sales are skyrocketing. The entry level for investors is quite low. Most developers offer flexible payment plans with 5 per cent or 10 per cent down payment. Some also cover the 4 per cent DLD property registration fee. There is no overhead payments as agency fee, trustee office and NOC charges.”

“After 3 years of downtrend, the real estate cycle is now shifting as Expo 2020 Dubai nears. The event is expected to attract over 25 million visitors to the city and to create over 300,000 jobs. Preparations for Expo 2020 are underway and commercial properties are back in demand as companies are getting ready to reap the benefits of this one-of-a-kind business opportunity. Such configuration of occurrences offers confidence to real estate investors. Many international players are not new to Dubai’s real estate market and know well that high rental yields will enable them to double capital in less than ten years.”

“Another very important and always valid reason when we discuss real estate investments is the geopolitical position of Dubai and its appeal to the entire Arab world as business and leisure hub. After a period of shock caused by the slump in oil prices, once again Dubai emerges as the place everyone wants to be. From the fresh graduate to the multinational business, the opportunities a prospering city conglomerate can offer are endless. You can build a carrier or highly profitable business, and you can do it just in the span of a few years.”

“Dubai is safe, technologically advanced, growing faster than ever and very competitive. Everyone wants to be in Dubai!” concluded Gergana. 

The summer of 2017 is the right time to start building equity by investing in real estate. Dubai’s developers are rolling out many new projects, suitable for different type of buyers with various budgets. Their payment plans are flexible, while strict regulations are in place to protect investors. One can start with as little as AED 30,000 by choosing a studio in Jumeirah Village Circle or Meydan. Others can choose independent houses in the neighborhood of Dubai Hills, for which they have to prepare less than AED 200,000 as down payment. There are multiple options to buy a home in Dubai off-plan.

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