Off-plan boom hurting sellers of completed Dubai homes

Off-plan boom hurting sellers of completed Dubai homes

Dubai’s burgeoning off-plan sales market is having a ‘detrimental effect’ on prices of completed homes in certain parts of the city, says a new report from Core Savills.
The consultancy’s latest Dubai Residential Market Update states that homeowners in areas such as Downtown Dubai and Dubai Marina are competing for the same pool of investors as developers launching new schemes, with the latter offering “highly competitive and attractive payment plans”, often  for properties that are more competitively priced.

“We remain watchful over growing off-plan sales and lucrative payment plans, which continue to undercut both low- and mid-segment sale prices as well as adding systemic risk to the overall market — something which might require further regulatory strengthening,” Core Savills said .

READ MORE..

Related posts

Dubai’s most expensive apartment on sale for $55 million

The Al Habtoor City project is back to making headlines. Dozens of offers have poured in for $55m...

Continue reading

Dubai real estate meltdown: Burj Khalifa rates plummet by 25%

* Number of units launched in Downtown Dubai during 2016 dropped by 47 per cent * Rents are...

Continue reading

Run up to 2020: How Dubai is evolving

The general perception among travelers and tourists about Dubai is that it is always undergoing...

Continue reading