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 .

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