Off-plan real estate prices in the emirate of Dubai surge by 50% as the market remains red hot. The demand for off-plan properties in popular areas across Dubai has continued to increase, and the most popular districts comprise the central district of the emirate, Downtown Dubai, Business Bay and the Dubai Water Canal.

In the first half of 2022, the off-plan market in Dubai saw a growth trajectory of more than 130%, with over 130,000 units from almost 85 newly launched residential projects, according to reports. Demand is unlikely to dip with FIFA World Cup Qatar 2022 just around the corner.

Off-plan properties are effective and smart investments as the transaction is beneficial for both parties; developers secure capital for the construction of their residential project, whilst buyers normally see added value upon the handover phase. The potential for long-term ROI should remain, though the real estate market in Dubai is hot right now, both in terms of new projects in the pipeline and their costs.

Popular locations such as Downtown Dubai, Business Bay, and Dubai Water Canal have seen off-plan developments skyrocket recently. Other new off-plan residential projects have been announced outside of Downtown, also in highly desirable locations, such as Nad Al Sheba, Dubai Hills, Meydan and Dubai Creek Harbour.

On Tuesday, the real estate market in Dubai saw another monumental day, with property deal transactions amounting over AED 1.7B (USD 463M). According to the Dubai Land Department (DLD) data, property deals recorded on Tuesday include 425 sales transactions worth AED 1.32B (USD 359M), 71 mortgage deals amounting to AED 386.7M (USD 105M) and 12 gift deals of AED 56.77M (USD 15M).

The sales comprised 403 apartments and villas worth AED 1.17B (USD 318.5M) and 22 land plots worth AED 149.92M (USD 40.8M).