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Purchasing a property in Dubai is becoming more affordable for investors and end-users.
The emirate has recorded 18,858 property transactions worth up to AED 1.5 million ($408,441) each from January until September 30 this year, compared to 17,009 unit in this value range last year, according to statistics from Data Finder.
The real estate insights and data platform under the Property Finder Group said Dubai has recorded 10,989 off-plan deals and the secondary market registered 7,869 deals.
This indicates that Dubai real estate is no longer only a playground for the wealthy but has something to offer the budget-conscious buyer as well, Data Finder said in a statement.
There were 6,888 transactions registered in Dubai for properties valued between AED 1.5 million to AED 3 million for the first nine months of 2019; 2,196 transactions for properties valued between AED 3 million to AED 5 million; 726 transactions for properties valued between AED 5 million to AED 10 million; and 520 transactions for properties worth more than AED 10 million, statistics from Data Finder revealed.
Investors and end-users seem to prefer less pricey off-plan projects backed by post-handover payment plans.
Off-plan accounted for a bigger share of transactions for properties below AED 3 million, whereas secondary market sales contributed a far bigger share in deals for properties worth AED 5 million and above.
“There are many units set to be completed which fall within the affordable category, therefore when they become available in the market, we should expect to see sales activity in the secondary market continue to increase over the next year,” said Lynnette Abad, Director of Data and Research, Property Finder.
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Dubai Hills Estate tops the list for off-plan sales until September 30, with 1,700 registered transactions followed by Downtown Dubai 1,690 off-plan transactions.
New projects are on the radar of off-plan buyers. Dubai Creek Harbour (1,355 off-plan deals), Dubai South (1,303) and Meydan (888) were the other top picks for off-plan sales, Data Finder said.
(Writing by Seban Scaria; editing by Daniel Luiz)
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