End-users snap up Dubai homes below Dh1,000 per square foot

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Developers in Dubai are increasingly catering to the sweet spot of investor demand. While the Dubai property market was earlier synonymous with luxury property running into several millions of dollars, it has now been observed that properties below Dh1,000 per square foot (PSF) are more in demand, both among investors and end-users. This trend also rings true for off-plan units and properties on the secondary market in Dubai.

In 2017, the ready market was skewed towards a preference for prices below Dh1,000psf [roughly 60 per cent of the transactions conducted were in areas below Dh1,000psf]. This has been a recent phenomenon that has been observed as end-user, as well as investor preferences for affordable properties, have come to the fore. Developers have gauged the latent demand that has been apparent in this price segment and has accordingly started to cater to this market but this has become more prolific in 2016-17,” says Hussain Alladin, head of research, GCP Group.

As of August 2017 (YTD), the total value of off-plan transactions in Dubai is nearly Dh17.72 billion (13,402 transactions), while total ready transactions (sales and mortgages) value is Dh20.09 billion (11,543), as per Core Savills statistics.

Source Credit: Khaleej Times
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