Dubai: As daily deals regularly pass the Dh1 billion mark, Dubai’s real estate market had a strong month in August, with Dh14.97 billion ensuring this was the best month of the past 12 years. According to the consultancy Property Finder, after eight months, Dubai property sales were at Dh 88.12 billion, and just need a little push to surpass Dh100 billion this year.
Along with the demand for ready or soon-to-be-completed homes, Dubai’s developers are also getting into the off-plan business. One of the most prominent developers is set to announce a skyscraper project in Business Bay soon, and the property’s pre-launch interest has been remarkable.
It was the highest for off-plan sales in more than 11 years in August, with 2,599 properties worth Dh4.95 billion. “The last time the market saw this much money being pumped into off-plan properties was early 2009-10,” said Property Finder in a statement.
“The figures are a true testament to the strength of Dubai, particularly the residential market,” said Lynnette Sacchetto, Director of Research & Data. “Consumer and investor sentiments are up, which shows the confidence of people, including foreign direct investment into Dubai.”