|16 September, 2019

UAE's dubizzle launches off-plan property portal

Dubizzle Property has more than 130,000 live listings of UAE properties open for sale or rental

The dubizzle brand. Image for illustrative purposes.

The dubizzle brand. Image for illustrative purposes.

Dubizzle/Handout via Zawya

Dubai-based platform ‘dubizzle Property’ has launched a new portal for listing off-line projects in the United Arab Emirates (UAE).

The recent online addition titled ‘New Projects’ lists more than 350 off-plan projects, including floor plans, construction updates, 360 virtual-reality tours and payment plans, according to a statement from the company.

“The number of new residential units to enter the market by the end of 2021 is expected to reach 124,000, so when we developed the New Projects section we really listened to our users and researched what investors – both local and international – are looking for,” Matthew Gregory, Director of Sales, dubizzle Property said in the statement.

Dubizzle Property has more than 130,000 live listings of UAE properties open for sale or rental. 

While the UAE property sector faces challenging market conditions as rents and prices continued to fall in the first half of 2019, off-plan transfers dominated in Dubai in the second quarter of this year, accounting for over half of the total transfers, according to property consultancy Cavendish Maxwell. Read more here:

The rate of price decline in Dubai communities has also slowed down in the second quarter of the year in comparison to the same period last year, according to the consultancy, with the average apartment prices dropping by 15.1 percent and villa/townhouse prices down by 14.7 percent. In Abu Dhabi, average sales prices dropped by 12.6 percent for apartments in major investment zones.

In April this year, the UAE capital opened up property and land purchase in investment zones for foreigners, in an effort to stimulate the local market. Read more here:

(Reporting by Nada Al Rifai, Editing by Mily Chakrabarty)

(nada.rifai@refinitiv.com)

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© ZAWYA 2019

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