Dubai continuing to grow its reputation as a hub for international business, more and more new home buyers and investors are switching on to the extensive benefits on offer in the emirate’s real estate market
Off-plan investment opportunities in Dubai are now attracting “generational interest” with rental returns recording the steepest increase since 2014, property pundits say.
Investors can also benefit from highly competitive off-plan real estate prices compared to the rest of the world. For example, the price per square metre in Dubai averages €5,000 versus upwards of €10,000 per square metre in Paris or Sydney.
Moreover, the local off-plan market is going through an encouraging period of growth: Dubai’s off-plan apartment sales totalled Dh11.65 billion across 5,303 transactions in fourth quarter of 2021, up from Dh9.79 billion across 4,905 transactions during the third quarter of last year.
“The unique benefits provided by the local market mean off-plan investment opportunities in Dubai are now attracting generational interest. This can range from first-time buyers who realise it is the ideal way to get on the property ladder instead of being priced out of markets like London, to buyers who are planning their retirements and looking to rent or short-term lease their properties as holiday homes, while still retaining part-time annual use for winter breaks,” said Dennis Chan, Chestertons’ global head of sales.