Dubai’s prime coastal neighbourhoods such as Dubai Marina see demand consistently outperforming supply Image Credit: Shutterstock
Demand for ready-to-move-in apartments and villas in Dubai has continued to grow relentlessly throughout 2022 due to a combination of a growing population of long-term residents and spiking interest by international HNWIs looking to invest in second homes, making the city’s completed residential stock an internationally attractive property market proposition.
The rise in demand is evidenced through official Dubai Land Department statistics according to which a total of 32,760 sales transactions of ready residential properties took place from January 1 to December 21 this year, a 12 per cent increase compared to last year’s equivalent.
Such is the rush to enter Dubai’s ready real estate ladder, that a ten-minute delay in sending the confirmed offer to the seller of a residential unit can result in losing the property to another buyer, according to Alina Adamco, Head of Sales, at Metropolitan Homes which was recently launched by the Metropolitan Group, to provide the full cycle of real estate services to secondary market sellers and buyers in Dubai.
“Dubai’s property market is witnessing a stronger preference for completed aparments and villas, rather than off-plan properties. Our Group recorded a 300 per cent increase in secondary market transactions during the first half of this year compared to the same period in 2021,” says Adamco.
“Competition for a place in Dubai’s secondary property market is fierce and this is reflected in the bidding war some buyers may get entangled in, as they are forced to increase their offer in the last minute in order to secure the property of their choice,” says Adamco.
The market is fast adapting to the strong demand through the simplification