Dubai's off-plan sector grows in Q1: thousands of apartments and villas have entered the market

Dubai's off-plan sector grows in Q1: thousands of apartments and villas have entered the market

In the first months of 2022, thousands of residential properties were put on the market to meet the growing demand from investors and buyers without stopping. Both luxury housing and objects from the mid-price segment are being brought to the market.

According to the Property Monitor portal, only in March of this year 5,800 apartments and villas were delivered to the primary market. Presumably, their combined value reaches $2.8 billion.

The primary sector of the market has been in a fairly static state for a long time. The whole of 2020, when COVID-19 fully revealed itself to the world, as well as most of 2021, were stingy with the launch of full-scale residential projects.

Only in the last three months of last year, the situation has changed, not least against the background of the World Expo-2020 exhibition. The event attracted abundant attention of investors and ordinary buyers to Dubai and, in order to ride the wave of interest, developers actively began to announce and launch new facilities in development.

While the secondary market is slowing down slightly due to a reduction in supply on the market and an increase in interest rates on lending, the primary market, more focused on investors, is gaining new momentum.

A large place is occupied by premium residential real estate projects, expensive real estate: apartments and villas.

Nevertheless, in general, the market maintains its recovery growth, which began 17 months ago, after a record fall in November 2021. In February 2022, apartment prices averaged $324,000, while townhouses and villas averaged $463,000 and $1,143,000, respectively.

Total prices in March of this year increased by 0.54%, thus the average cost per square meter of residential real estate reached the level of $ 2,950.

Read also