Abu Dhabi and Dubai have seen a huge increase in off-plan property transactions which have heavily contributed to the UAE’s real estate market boom, signalling investor confidence.
“The continued growth in off-plan transactions, rising demand for quality office spaces, evolving retail offerings, and transformative renovations in the hotel sector, collectively indicate the dynamism of Dubai and Abu Dhabi as vibrant investment destinations,” Faraz Ahmed, Associate, Research at JLL MENA, said in a statement on Tuesday.
“With strong investor confidence, robust absorption of new projects, and innovative developments, there is no doubt that these cities are paving the way for sustained growth and transformation across the entire real estate landscape in the UAE.”
During the second quarter, Dubai’s off-plan residential sales increased by 38 per cent in value and 30 per cent in volume compared to the same period in 2022, according to data from Dubai Pulse.
Around 57 per cent of the transactions in the category were recorded between AED500,000 and AED2 million, with investors primarily focusing on studio apartments and 1-bedroom units in Dubai districts Jumeirah Village Circle, Dubailand, and MBR City.