Off-plan divisions like the one at Christie’s International Real Estate Dubai are integral to the luxury real estate market, connecting a discerning clientele with the most exclusive, upcoming real estate developments.
A slew of upcoming luxury developments in Dubai Creek Harbour have contributed to an expanding Dubai property market.
Off-plan developments account for some of the most bespoke luxury residential experiences in Dubai. With the city’s luxury real estate market projected to grow rapidly, we profile the burgeoning off-plan sector.
What are off-plan developments?
Off-plan developments are projects that are under construction but open to investment. These span a wide range of luxury properties in Dubai and offer attractive ROIs with convenient payment plans. Many also boast an exclusive scope for personalisation.
What factors should people consider when investing in an off-plan project?
Of paramount import are the project specifications and price points. Some other factors are: The developer’s track record. Established firms like Emaar and Dubai Properties are examples of those that offer the city’s most bespoke developments.
An increasing number of investors are focusing on off-plan developments, particularly in Dubai. Why?
Easily identifiable parameters for project approval, particularly from the government’s side. Additionally, off-plan projects are generally priced below primary market prices for similar projects. Most developers also provide payment plans over the construction period, a convenient offering complementing price appreciation on completion. This long-term thinking has other benefits, too — off-plan homes comprise the latest interior trends and construction quality, and are in abundant supply in Dubai.
The number of units expected to be delivered by Q1 2025 offers a stunning range of off-plan investments. Courtesy REIDIN, 19th September, 2022.
The U.A.E.’s Golden Visa reforms have dominated headlines recently. How have off-plan developments been impacted?
Positively — this is a game-changing step. At Christie’s International Real Estate Dubai, we offer varied properties that satisfy Golden Visa requirements. These have garnered significant interest and fast-paced sales. We can only expect a boost to the off-plan residential market.
Why should investors contact Christie’s International Real Estate Dubai for their off-plan requirements?
We are Christie’s International Real Estate’s only Middle Eastern affiliate, and part of a refined network of over 950 offices in 47 countries. This enables us to offer a bespoke, global inventory; indeed, the group currently holds an estimated 11,000 luxury properties worldwide, the sum value of which stands at US$43B. The brand’s estimated number of real estate sales over the last five years amounts to US$500B. We offer tailored strategies aimed at client convenience, even providing a dedicated, after-sales customer service and handover team.
Are there any general market trends favoring certain types of developments?
Investors are increasingly attracted to branded developments, particularly ones by established developers. Projects such as Emaar’s Dubai Creek Harbour and a plethora in iconic locations such as the Palm Jumeirah are prime examples.
Currently, what are some of Dubai’s most exciting off-plan developments?
A number of luxury off-plan developments present a particularly enticing proposition to investors, many in prime residential districts. These include:
Dubai offers luxurious upcoming developments in iconic locations. Pictured here is the iconic Palm Jumeirah.
What countries are the top investors and buyers coming from and what types of properties are they interested in?
India, with the Golden Visa a huge draw, continues to provide the highest number of investors and buyers to the residential market, reflecting the country’s long-standing ties with the region. Another traditional investor source is the U.K., which is in second place, with wider Europe not too far behind. Encouragingly, Dubai is also welcoming more buyers from Asia in general, along with unprecedented interest from Russia, China and even Canada.
Many of these individuals are demonstrably interested in luxury condominiums in coveted residential areas. The market looks all set to welcome new investor markets while reinforcing established ones.
The top 10 sources of buyers and investors in the Dubai residential real estate market for 2022, as of 19th September, 2022.
What price ranges are most popular with off-plan investors?
The Golden Visa has meant a boost to developments at or in excess of the AED 2M mark. Dubai is benefitting from positive government reforms, a strong post-pandemic performance, a multicultural population and a high ease of business. This has resulted in a stable and upward-looking off-plan sector.
