All in Off-Plan Sales
The world has been turned upside-down by the COVID-19 pandemic. Property investors are likely to be reassessing where best to make their investments in the latter part of 2020.
Increasingly affordable property prices in Dubai are fueling significant growth in sales activity as residential values drop towards those last seen after the global economic crisis a decade ago.
“While we expect residential prices and rents to decline further over the second half of 2020 – a result of challenging economic conditions and a declining expatriate population – there are positives to draw from Q2 that will support Dubai’s residential sector moving forward,” says Chris Hobden, head of strategic consultancy at Chestertons MENA.
Dubai-based Union Properties has revealed plans to launch its new Motor City Hills project which will include 195 villas, 490 townhouses and six areas of commercial land. The 2.9 million square foot development has been announced following the conclusion of the developer’s three-year ‘Strategic Blueprint Plan’.
Sales of villas and apartments in Dubai have increased following the easing of COVID-19 related lockdowns, and if you are a cash buyer, now might be the time to invest in real estate.
Dubai should be the 'first city of choice' for the investors and all the stakeholders in the economy are working towards that, this was positive message sent by the top real estate players at the unveiling of Invest in Dubai on Tuesday.
Off-plan property owners are starting to get deferments on their upcoming instalments, as more developers in Dubai realise they need to offer some give-and-take after the COVID-19 imposed difficulties on buyers.