With soaring high inflation rates across the UAE and GCC in general – buying a decent sized ready apartment is now becoming more difficult that ever – with prices set to go up further, people are now leaning towards more affordable ‘off-plan’ properties that enable them to buy a property in the UAE market while also making it affordable.
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One of the biggest contributor of the sudden increase in the prices are the wave of new launches across Downtown, Jumeirah, Al Wasl, Safa Park and the new projects around the Dubai Water Canal. To lure high end customers and enhance the appeal various area, developers are add more features – such as individual pools attached to apartments rather than a common one for the building, premium fitness facilities, etc. – this is making these properties shoot up in value – even before they are constructed and ready to be handed over.
There was a 60% increase in sales to 43,000 properties in the first-half of 2022, for a combined value of Dh115 billion. That’s an 87% increase over the same period last year.
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