Sales of Off plan properties in Dubai increased by 42.1% in February compared to the same month last year, according to the data.
According to the research, this interest is "a promising indicator" that the Dubai real estate market is gaining speed and confidence in the future prospects of the city's economy.
According to Arabian Business, the government of Dubai has made great strides in diversifying the country's economy, which has led to a surge in foreign investment in the city's real estate sector, which has become a "preferred destination" for real estate investors.
The Golden Visa program for foreign investors is one example of these initiatives, and it has led to a boost in infrastructure investment.
In addition, the rise in the sale of pre-construction dwellings bodes well for the future of Dubai's real estate market when compared to other major cities across the world.
In spite of this, demand has been on the rise in recent years, and the present market circumstances have accelerated this tendency.
"More and more developers are entering the market, which is reassuring since it shows that the sector has faith in Dubai's economy's long-term prospects. The report's assertion that "the market is eager to see a healthy balance between demand and supply" (which would benefit both buyers and developers) is timely in light of the impending threat of undersupply.
In addition, the statistics show that the average price per square foot for off-plan residences has remained constant, increasing by just 1% from the same period last year.
This further substantiates the market's steadiness, which makes it a desirable location for both investors and consumers. Not only that, but as rental yields and ROI in Dubai continue to improve, both international investors and locals are eagerly awaiting the arrival of new properties in the city. The survey said that "demand and price points are rising high and desire for off plan properties in Dubai is also on the increase" due to the citywide shortage of completed homes.
