Off-plan properties are ongoing or under-construction properties that you can buy before completion. They are popular since they allow buyers to take advantage of lower prices before project completion. Our list of off-plan properties for sale in Dubai includes villas, apartments, and townhouses. TRPE Real Estate gives you a choice from among some of the best off-plan projects in Dubai, ranging from several hundred thousand to several million, depending on the size, type, and location of the property. The advantage of an off-plan property is that they are brand new, featuring the latest design, materials, and technology. They are also less likely to be fixer-uppers as the newness reduces any need for costly and time-consuming maintenance.
When purchasing off-plan apartments in Dubai, clients often worry about the development's completion. Of course, this is not an issue when one is buying from a reputed developer like Emaar. Some of the various Emaar off-plan properties now available are inclusive of exciting new projects such as Dubai Creek Harbour, Emaar Beachfront, Rivana at The Valley, and so on.
TRPE Real Estate also gives you the chance to own homes in some of the most desired properties Damac has to offer: Dubai Harbour, Dubai Marina, the Water Canal, and Damac Hills. Stay tuned for updates on the latest off-plan properties in Dubai. Enjoy excellent prices and equally excellent returns.
Off-plan property investment in Dubai has been gaining momentum over the last couple of years. For its relatively lower cost of ownership against pre-completion, buyers can enjoy a fantastic return on their investment. The market's performance will determine the price at which you can sell your property, ensuring a profitable return. Alternatively, you can rely on a robust rental return to balance the expenses of your mortgage or loan. Let TRPE Real Estate assist you in owning your dream off-plan property.
Purchasing an off-plan property, which is essentially a building that is still under construction, can initially be intimidating; however, TRPE Real Estate's experts are more than pleased to guide you through the process.
Our top agents will take care of you accordingly and treat you to a host of services. We'll be able to assist you with developers, banks, and surveyors, making sure you stay ahead in fulfilling all the legal requirements. Additionally, you can leverage our network of banks and relationships to finance your off-plan property through our mortgage buying service. The off-plan property market in Dubai has seen an exceptional surge, with under-construction properties accounting for 60% of total transactions in July 2024—a 49% year-on-year increase. Dubai’s real estate market has been thriving, breaking numerous records since the post-pandemic recovery, and off-plan sales are now taking center stage.
In 2019, the real estate transactions in Dubai reached $61.5 billion, following which, in 2020, the pandemic led to a decrease in those numbers: $47.65 billion. However, in 2021 it rebounded to over $80 billion, beating even the most optimistic estimates. The trend continued upwards, with more than $172 billion in real estate transactions in 2023. However, this year continues to highlight off-plan properties as one of the primary drivers of growth.
So, what's driving the demand for off-plan properties in 2024? A closer look reveals the following factors:
1. Supply-Demand Imbalance
In fact, the ready supply is shrinking as demand rises both from HNWIs and local buyers. Overall, the population of Dubai continues to grow fast, with close to 100,000 new residents added between January and August 2024. It is putting a strain on the ready home market; therefore, buyers are increasingly looking at off-plan projects for their purchase of the desired home.
2. New projects galore.
The shortage of ready properties isn't the only driving factor in off-plan demand. Developers in Dubai have been introducing new projects at unprecedented rates. For instance, in 2023 alone, Damac Properties introduced 20 new developments, while other developers followed suit. In 2024, Dubai will deliver over 38,000 keys in total. All these upcoming projects provide buyers with a multitude of options, indicating the high demand for off-plan properties.
3. Customization and flexibility.
Off-plan properties can offer a level of personalization that ready homes often can't match. Buyers can make modifications from room layouts down to the most minute details, including the latest technological integrations, fixtures, and fittings. This level of control provides future homeowners with the freedom to tailor spaces according to their needs. A ready home is typically complete and offers buyers limited opportunity for modification.
In conclusion, while Dubai’s secondary real estate market remains strong, off-plan properties are experiencing extraordinary growth due to a combination of supply and demand dynamics, new project launches, and the appeal of customization. As more buyers seek out these benefits, Dubai’s off-plan property market looks set to continue its dominance for the foreseeable future.
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TRPE Real Estate is a company registered in Dubai, United Arab Emirates (License No. 999314) located at Office No 1001, Ascott Park Place, Sheikh Zayed Road, Dubai. We are regulated by the Real Estate Regulatory Agency (RERA) under office number 28357.
