120 new Dubai property projects launched in two years
Emaar, Nakheel and
Damac top list of off-plan project launches. www.dubaibusinesskey.ae
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
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.
The
portal has launched an 'off-plan properties search', allowing buyers to find
under-construction properties in around 40 projects.
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.
n 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.
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