Off plan is trending in Dubai’s real estate market with transaction levels exceeding more than half of total transactions in January 2017 as shown in below graph. The Dubai Land Department, which regulates real estate affairs in Dubai, revealed that in January 2017, 56% of transactions were off plan while 44% were ready transactions.The off plan surge is evident because off plan transactions are generally lower than ready transactions. The last time January’s off plan transactions surpassed ready transaction was in 2008. January 2017 recorded 2,936 off plan transactions, which resulted in a high transaction increase, totaling AED 4.6 billion. There was a 75% increase from off plan transactions in January 2016, totaling only AED 1.1 billion. January 2017 had 1,098 more transactions than December 2016. The increase in off plan transactions is evident and confirms its growth in 2017, as ready transactions are normally higher than off plan transactions.
Read more: January 2017 Transactions Break Records in Dubai
Ready transactions maintained steady transaction levels since January 2015. From January 2015 until January 2017, June 2015 is the highest transaction month with 2,864 ready transactions. Ready transaction levels appear stable with no major fluctuations within the last two years. January 2017 slightly increased in ready transactions from the transaction records of January 2016. January 2017 revealed 2,326 transactions, totaling AED 13.7 billion. Moreover, January 2017 indicated a 37% monetary increase from January 2016 which had 2,019 ready transactions totaling AED 8.6 billion.
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