Dubai’s OffPlan Property Market: A Hotspot for Investors
Dubai is popularly known for its real estate investment opportunities.
From extravagant apartments in Dubai's state-of-the-art skyscrapers to
glamorous beachfront properties and commercial spaces, Dubai offers a lot of
different opportunities for investors from around the world. Similarly, off
plan properties are quite a thing in Dubai. Since they're relatively cheap,
they attract a lot of investors.
Given the strategic partnerships of Dubai, its off plan property
market has been booming recently. In fact, it smashed all its previous records
in 2023. It’s no surprise that more and more people are now investing in
offplan properties in Dubai. In this article today, we’re going to touch base
with everything there’s to know about off plan properties in Dubai, including
the new developments taking place as well as the collaboration between DXB
Interact and new off plan projects.
The Growth in Dubai's Off Plan Property
Market
As mentioned, the off plan property market in Dubai has seen
remarkable growth this year. DXB Interact, which is software by the Dubai Land
Department to create transparency in Dubai's real estate market, has
collaborated with new projects, attracting millions of investors from around
the world.
That being said, off plan properties are being snapped at a record
pace with their sales value reaching AED 126 billion. What makes it more
astonishing is that there are still three months left in 2023 and the number is
constantly increasing. Almost 50,000 off plan properties have been sold so far,
which is 80% more than in 2022.
What Makes Dubai's Off-Plan Property
Market Trustworthy?
Most investors used to approach offplan properties in Dubai with
caution due to the risks involved in purchasing off plan properties; however,
all the problems related to payments and transactions have been resolved as DXB
Interact now closely monitors all the financial matters. With increased
transparency, a large number of investors are now eager to invest in off plan
properties in Dubai.
DXB Interact makes sure that every piece of information provided by
the builders or the banks is authentic. They also ensure transparency in
financial transactions. On top of that, a lot of new off-plan projects in Dubai
were introduced recently, and that too, in prime locations. Together, all these
new projects and DXB Interact have significantly improved and transformed the
property landscape in Dubai.
Thus, if you're looking to invest in off plan properties in
Dubai,
please know that everything is now more secure and transparent. In other words,
there are no risks involved now. Since everything is monitored by the Dubai
Land Department and DXB Interact, your investment remains safe.
What are the Best Off Plan Property
Locations to Invest in Dubai?
With the new collaborations with DXB Interact, a lot of off plan
projects are being started in Dubai. Some of them are only alive on paper while
others are already under construction. The great thing is that some of them are
being made in prime locations. If you’re new in Dubai or don’t know much about
its locations, the following are some of the best locations to invest in
offplan properties:
Downtown Dubai
If you enjoy Downtown living, you should definitely invest in an off plan project in Downtown Dubai. With Burj Khalifa, the tallest building in the world, and Dubai's beautiful fountains, Downtown Dubai is among the most iconic locations to invest in. There are many off plan projects in the making in Downtown Dubai with apartments starting at AED 1.1 million. Of course, it's a location worth checking out.
Palm Jumeirah
Dubai's famous island, Palm Jumeirah, offers some of the best off plan apartments and villas, all with beachfront views. Though it's an extremely expensive location, off plan properties are typically cheaper compared to others. It brings along some of the most astounding recreational activities as well as great amenities, making it another excellent location to invest in.
Arabian Ranches
3
In case you're looking for a family-friendly space, Arabian Ranches 3 is another great neighborhood. It mostly has villas and townhouses that are both modern and comfortable. Majority of the Arabian Ranches 3 is still under construction and a lot of people are investing there in off plan properties. One of its sub-communities, Ruba, is a hotspot for investors these days with villas starting at AED 1.3 million.
DAMAC Hills 2
DAMAC Hills 2, previously known as Akoya Oxygen, is one amazing location for off plan property investment. It's a luxury villa complex that has about 20 sub-communities. Famous for its luxurious golf course, crystalline blue lakes, and lush green meadows, it's truly the best location for anyone who wants to enjoy a green lifestyle.
The Final Word...
With increased investor confidence and newfound transparency, it won't
be wrong to say that Dubai's off plan property is flourishing. Needless to say,
the collaboration between the new off plan projects in Dubai and DXB Interact
has set new standards in the world of Dubai's off plan properties. As we look
forward, we're sure that the off plan property market in Dubai will continue to
grow and evolve for the better, offering success to both builders and investors
simultaneously.
No comments