Off-plan property prices in hot spots like Dubai Hills Estate, Business Bay, and Jumeirah Village Circle surged by 15-30% in 2023, according to a Betterhomes report. However, the market has now entered a period of stabilization.

Investors Shift Focus to Ready Properties

With a growing preference for ready-to-move-in properties, ready homes accounted for 54% of all transactions in Q1 2024. Popular areas like Downtown Dubai and Palm Jumeirah saw increased demand as investors sought immediate rental returns or occupancy. Existing property transactions rose by 30% compared to Q1 2023.

The average price per square foot for off-plan sales in August 2024 dipped to AED1,866, a 4.2% drop from the previous year. According to the report, this dip reflects a market recalibration, not a weakening trend.

As developers face more competition, pricing strategies have been adjusted, attracting more cautious investors. The report emphasizes that Betterhomes will continue providing expert guidance in off-plan and ready property markets to help investors seize the best opportunities.

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