A total of 120 new projects were launched in Dubai in the past 24 months, with investors being drawn to the off-plan market due to attractive prices and payment plans, according to a local real estate portal.
“The Dubai market witnessed 120 new project launches in the last 24 months," said Eric Hodges, Head of research, Lookup.ae.
Emaar Properties, Nakheel, Damac Properties, Meraas Holding, Meydan and Dubai Properties have announced the maximum number of launches.
He stated that the market for ready properties had cooled down after appreciating an average of between 35-45 per cent since 2012. He added that independent analyst reports pointed to a correction of between seven per cent and 10 per cent for mature communities over the past 12 months.
The off-plan property market, he said, has become particularly attractive with a large number of developers offering well-priced properties and flexible payment plans.
Downtown Views by Emaar
The portal has launched an 'off-plan properties search', allowing buyers to find under-construction properties in around 40 projects.
In June 2015, Emirates 24|7 reported, based on Reidin.com data, that Dubai had seen launches of 14 new projects in the first five months of 2015 compared to 37 project launches announced during same period last year.
In its latest report, titled ‘The Curious Case of Payment Plans’, Reidin.com and Unitas said 55 per cent of all off-plan property launches were now offering back-weighted payment terms compared with 29 per cent two years back.
Nova hotel villa at Akoya Oxygen
In March 2015 'Wealth Gauge' report, Mashreq, a leading bank in the UAE, had asserted that real estate developments with innovative payment plans was the need of the hour and back-loaded schemes for off-plan properties whereby developers demand chunk of the payments only after the hand over were in demand.