- Metahomes' AI-driven database delivers data-driven insights into market trends, pricing dynamics, demand-supply dynamics, and investment opportunities, empowering stakeholders to make informed decisions.
Dubai records surge in off-plan properties, Metahomes AI driven database dives deeper to provide real estate insights
Innovation is also playing a crucial role in shaping the off-plan landscape
Staff Writer, Khaleej Times
April 29, 2024
Dubai’s real estate market continues to defy expectations, with the off plan sector experiencing a remarkable boom. Fueled by a burgeoning population and a flourishing tourism industry, demand for homes in Dubai is outpacing supply. Despite exceeding 60,000 unit completions in 2023, demand continues to outstrip supply, further cementing its status as one of the world’s fastest-growing cities. This trend has propelled the off-plan market, a sector where properties are still under construction, to new heights.
Dubai has been a notable bright spot, benefiting from a flourishing tourism sector, with over 17 million visitors in 2023. This increased home demand and witnessed a sales value of Dh160.46 billion, a 72.3 per cent growth compared to the Dh93 billion sales values seen in 2022. Off-plan transactions mirrored this growth, with a record-breaking 68,783 sales logged, representing a 59.4 per cent year-on-year jump [DLD]. This surge in off-plan activity is expected to continue in 2024 and beyond, solidifying its role as a major driver of the overall market’s growth.
Experts attribute this boom to several factors. The UAE’s recent decision to eliminate the Dh1 million down payment requirement for the golden visa program is seen as a game-changer. This move makes Dubai more accessible to international investors, who can now leverage the city’s world-class infrastructure and global connectivity as a secondary home or primary residence.
Innovation is also playing a crucial role in shaping the off-plan landscape. Technologies like virtual reality property tours and blockchain are revolutionising the sector by enhancing transparency and efficiency. These advancements allow investors to visualise properties before construction is complete and ensure secure transactions.
Another factor contributing to the off-plan market’s strength is the rising cost of mortgages. While rental yields have increased, the financial burden of servicing a mortgage on a ready property has grown significantly, reducing net returns for investors. Off-plan properties, on the other hand, offer a unique advantage. Investors can secure properties at their initial launch prices, benefiting from potential value appreciation as construction progresses. Flexible payment plans further enhance the appeal of off-plan investments, allowing investors to manage their finances effectively in an environment of high lending rates.
Amidst this buoyant market environment, technology has emerged as a critical enabler, revolutionising the way properties are bought, sold, and marketed. Investors require access to reliable information and efficient tools to make informed decisions. Metahomes AI-driven database stands out as a pioneering solution, providing much-needed support to investors, developers, and real estate professionals navigating the complex landscape of off-plan properties.
Powered by advanced artificial intelligence algorithms, Metahomes offers unparalleled insights and analytics, empowering users to make informed decisions and optimise their investment strategies. The platform’s comprehensive database aggregates real-time data on off plan projects, market trends, and pricing dynamics, enabling stakeholders to identify lucrative opportunities and mitigate risks effectively.
One of the key challenges in the current real estate landscape is the overwhelming abundance of options available. With numerous developments and communities vying for attention, navigating through the myriad of choices can be daunting. Metahomes’ AI algorithms alleviate this challenge by curating a tailored selection of properties that align with the user’s criteria, saving valuable time and effort in the search process.
From detailed property descriptions to a community of buyers, sellers, experts and analysts, users gain a comprehensive understanding of the market, empowering them to make the right choice for their lifestyle and budget.
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