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Real Estate

Prices are increasing for Off-Plan Properties

The real estate prices of the United Arab Emirates continued to increase in 2022. Experts say the property price is driven by a good measures for vaccination program and supportive economic improvement, which helps hasten recovery from a coronavirus-induced slowdown last year. After the expo 2022 and even the global village event in Dubai, tourists still show interest in staying and renting our properties. The rental prices have gone up, and the influx of investors coming to Dubai increases the probability of property selling prices. It is no doubt the best time to invest in Dubai. 

The value of off-plan properties Dubai has achieved an eight-year-old altitude after months of stagnant growth, strengthening strong demand as precursor projects like Six Senses Dubai and Downtown view II, as prior planning of buyers.

Effect of COVID-19 on Off-plan Properties Sale:

Developers held back their new project launches in COVID-19 restrictions and damped demand.

“During the pandemic year, the off-plan market fell significantly. Then, the average was about 30% of the real estate sold in the off-plan segment. Nowadays, we have returned to the ratio of 2019 in which secondary and off-plan components are nearly 50/50, “said Lynnette Sacchetto, director of research and data for Property Finder.

Rise of Sales:

According to an agency, total sales came to 4.95 billion AED ($ 1.3 billion) in August, the highest value that has been seen since December 2013 in a month for off-plan residential units. Two thousand five hundred ninety-nine sales transactions were also registered in August, the highest monthly transaction since November 2019.

It’s not just the value and number of transactions that have boosted. Investors are also signing on the dotted line to obtain higher-value real estate in August. The investors spent approximately 1.9 million AED per transaction, up by using 53% from 1.2 million AED in the same period of the previous year.

The average rate for off-plan rental sales transactions stood at 1.1 million AED in August in the apartment category. It was about 48% better than 745,500 AED the previous year. For townhouses and villas, the average price rose from 1.6 million AED to 1.8 million AED in the same period.

“With the Expo much less than two weeks away, I trust the off-plan marketplace will preserve to thrive. When looking at completed supply in September 2021, we had a total of 34,000 completed units. Over 26,000 units are complete in the rental area, and for townhouses and villas, over 6,000 units. Now the question is, will there be sufficient units to sell in the off-plan sector? Will it meet investor demand? Will the foreign investors coming in the next six months for Expo2020”, gets a good ROI?

The most popular off-plan townhouses and villas transactions were Villanova, Arabian Ranches-3, Tilal Al Ghaff, Dubai South, and Mohammed Bin Rashid City. For off-plan rental sales transactions, Mohammed Bin Rashid City, Dubai Harbor, Business Bay, Jumeirah Village Circle, and Jumeirah Lakes Towers.

Popular Off-plan Properties to Invest in:

According to data, the top areas for off-plan Villas and townhouses in August 2021 are Dubai Hills Estate, Arabian Ranches, Six Senses Dubai, Damac Hills 2, and Mohammed Bin Rashid City. Dubai Marina, Downtown Dubai, Six Senses Dubai, Business Bay, and Jumeirah Village Circle for apartments.

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