Offer luxury and the luxury of ample space. Those remain the drivers of Dubai's property market as it looks set to complete two years of sustained growth on the back of more off-plan launches, many of which are priced at the residential market's top end. Above, Exhibitors and Visitors look at the model of “Sobha One” during Cityscape 2022” at Dubai World Trade Centre (DWTC), Dubai.
Image Credit: Ahmed Ramzan/Gulf News
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Will this upturn continue into the third year? Developers going by the data churned out through the heavy buying in summer suggest there's still space for more growth.
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Plus, they point to the Golden Visa-linked property investment scheme, which they feel has much more to give Dubai in terms of new sales and buyers. Above, visitors at Dubai Investments stand.
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At Cityscape, developers made the bold call for new launches, whether super-premium towers (Sobha One) or sprawling upscale residential communities (Jouri Hills from Arada). Abpove, visitors at AZIZI stand during Cityscape Dubai.
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Developers are secure in the knowledge that demand is undoubtedly running well ahead of supply, a new supply of high-end homes in particular.
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Investors are ready to wait if developers can assure investors of tightly managed project completion cycles and the promise of quality.
Above, visitors at the Arada stand.
Image Credit: Ahmed Ramzan/Gulf News
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One leading developer, who has already provided the city with a constellation of designer projects, said: "These days, it's about managing project cycles too. There will always be buyers for quality builds in Dubai, whatever the market cycle. But buyers want to get their homes on time."
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Going by what’s been launched in recent weeks, Dubai’s off-plan property space will remain busy with construction activity through 2026, at the very least. And more is coming in early 2023 as more developers sign off on their investment plans.
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Because one factor that’s been a concern through the better part of the last six years is not visible any more – that of oversupply.
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If anything, the lack of supply for immediate delivery is crimping more sales from happening.
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This is why off-plan is making a comeback in Dubai, and as long s developers do their best not to seed the market with too many similar projects, they and their buyers will do just fine. Above, visitors at Turkey Pavilion during Cityscape Dubai.
Image Credit: Ahmed Ramzan/Gulf News
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