Dubai: Ready-made real estate market remains sluggish

UAE

The Dubai real estate market is moving slowly, although smaller developers have exhausted post-delivery plans as well as strong unit prices under construction. At the same time, larger developers are offering attractive incentives for ready-made properties, so far this year.

According to GCP-Reidin data, Sports City is the only residential group to record net real estate sales in the first eight months of 2018 compared to the previous year. 610 units were sold and 525 in the same period last year. Discovery Gardens and Motor City saw a significant drop in the number of ready property sold from January to August this year.

In the off-plan market, demand is still slow, with just over 11,540 units sold in Dubai compared to 16,506 units in the first eight months of 2017.

The Jumeirah Village Department has the largest number of sales on the map, adding 1,074 units to date, equivalent to 32% of the period from January to August 2017.

In value terms, the first eight months achieved AED 14.9 billion in off-plan sales, away from AED 23.8 billion acquired in 2017.