Dubai real estate is getting a facelift with units that are almost nearing completion. Good properties at good location have already become the preferred choice though it’s only lack of finance that is proving to be a crunch at this moment. Limited off-plan sales activity is getting hindered due to lack of finance by lending firms, project delays and high prices. But experts see sales picking up on a positive note when compared to ‘dead market'.
Better Homes recorded five per cent of its overall sales in the last month for properties close to completion. Better Homes has sold single off-plan units in various developments in Dubai.
Hesham El Far, CEO, Coldwell Banker, said that around 15 per cent of our overall monthly transactions can be attributed to properties nearing completion. Off-plan sales transactions are mostly a second sale being purchased largely by cash buyers since mortgage is practically nil for these properties. If a property is more than 70 per cent completed and is in a good location, then buyers are going ahead with buying the off-plan property.
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