When buying first-hand from real estate developers, most people refer to it as off-plan, however, the right term in “primary market”. Because buying off-plan properties (properties under construction) can be done straight from real estate developers or on the re-sale market, in other words, people who bought from real estate developers can re-sell their properties before it is completed.
The global conception about buying from the primary market, is that there is a capital gain opportunity once the property is completed. However, it is not always true. Many would be surprised to know that sometimes buying on the re-sale market, whether ready or (under construction) off-plan property, could offer a lower price and a higher value for money.
As part of the on-going effort of Dubai Land Department to boost the transparency and to help investors making well-informed decisions, investors can easily check the prices of both the primary market and the re-sale market in any area or even in any particular project in Dubai.
The below screenshot from DXBinteract shows that the median price per sqft for properties sold on the re-sale market in the following areas is lower than the median price per sqft for properties sold on the primary market directly from developers.
Reference www.DXBinteract.com
Below data is for the period of 1 Jun 2022 till 9th August 2022
In some cases, there could be some motivated sellers on the resale market who are offering attractive prices for a quicker exit or maybe individual sellers who were given the wrong advice to sell at lower than market prices, on the other hand real estate developers could be also charging higher for the new projects since cost of construction has skyrocketed and new projects offer fresh payment plans. But in most cases higher prices are due to the fact that most of the new projects offer a higher grade of luxury as part of the post-waive demand on luxury properties in Dubai.
In anyway, it is strongly recommended that before making your buying decision is to read and understand the market data, a process that was made easier than ever before by Dubai Land Department.
Head out to www.DXBinteract.com
1. Go to SOLD PROPERTIES.
2. Enter the project name.
3. Chose “Sold by Individual” which means sold on the re-sale market. And chose “Sold by Developer”.
4. You will then view all the data related to each market “the re-sale market” as well as “the primary market/Sold by real estate developers”.
Conclusion:
As I mentioned above, sometimes it is better to buy from the secondary “re-sale market” and sometimes it is more attractive to buy in new projects “sold by real estate developers”, the above reports can be run at a community level or even at a project level. This will enable you as a seller or a buyer to understand the current market in your area and hence to make a well-informed decision whether to buy from the re-sale market or from the primary market, because it is indeed heavily dependent on many factors.
-1- Citywalk ready apartments:
The below chart shows year to date sales ready apartments (size above 800 sqft) that were sold on the resale market
Year to date sales report only on under construction apartments that were sold by different real estate developers
Below report is run on the basis of:
The below chart shows year to date sales ready and under construction apartments that were sold on the resale market
Below chart is for the year-to-date sales report only on under construction apartments that were sold by different real estate developers
The below chart shows year to date sales ready and under construction apartments that were sold on the resale market
Below chart is for the year-to-date sales report only on under construction apartments that were sold by different real estate developers
The below chart shows year to date sales ready and under construction apartments that were sold on the resale market
Below chart is for the year-to-date sales report only on under construction apartments that were sold by different real estate developers
The below chart shows year to date sales ready and under construction apartments that were sold on the resale market
Below chart is for the year to date sales report only on under construction apartments that were sold by different real estate developers
