For these investors, Al Furjan and Jumeirah Village Circle are already in competition with Expo City, Dubai’s newest off-plan choice, which had its initial release in March. For instance, a one-bedroom home at Expo City’s Mangrove Residences costs Dh1.39-Dh1.59 million, while a two-bedroom unit costs Dh2.05-Dh2.55 million.
The “Expo City” is gradually becoming the top choice for those looking for inexpensive properties in Dubai.
The buyers’ seven-year payment plans include five post-handover years.
The master developer has also introduced the ‘Expo Valley’ with its 3-/4-bedroom townhomes and 4-/5-bedroom villas, indicating that they are in fact using a phased approach to the off-plan debuts.
Heavy interest in sub-Dh2m homes
The first quarter of the Dubai real estate market was one of the finest ever. There has been a lot of activity in the sub-Dh1 million and sub-Dh2 million price ranges, despite a Dh410 million penthouse purchase and, more recently, the most expensive land deal for Dh125 million capturing much of the limelight. 35 percent of all home sales in Q1-2023, according to DXBInteract.com, were for apartments priced under Dh1 million, and another 27 percent were for those priced between Dh1 million and Dh2 million.
Jumeirah Village Circle
JVC had the best sales performance in Q1-23, with an average sales price of Dh687,500, thus demonstrating the area’s reputation for affordability. The average psf is Dh1,100, a 16% increase from the previous year.
Another company that is doing well is The MBR City, which has sales averages of Dh1.4 million and Dh1,800 per square foot, both of which are up 15.7%.
Dubai South benefits too
The attention garnered by Expo City is showing up favorably on property sales in the wider Dubai South area. “We are seeing prices rising – primarily because of off-plan launches – of as much as 40 percent,” said Sameer Lakhani, Managing Director at Global Capital Partners.
“Dubai South is becoming the new hub for residential developments not only in affordable segments but in the upper-middle and premium brackets. The masterplan allows for a striation of offerings, and investors, as well as end-users, have responded.”
With per square foot (psf) values ranging from Dh650 to Dh1,200, the pricing alternatives are also influencing demand.