The Booming off-Plan Real Estate Market in Dubai
Here’s to Dubai leading the global off-plan real estate market in 2018. While at the start of 2018, residential transactions in the off-plan market were down by 20%, Dubai came back with a bang in October 2018. With esteemed projects such as the Wasl Gate and Expo Golf Villas Phase-2 by Emaar already sold out, it’s clear that Dubai real estate developers are busy trying to shift the focus away from ready-made houses.
Wasl Gate Project
This project has been under construction since 8th October, 2018. The Nook, which includes the first 2 buildings, has already been sold out. They are located in the Wasl Gate in Jebel Ali. Upon completion, this project will provide the public with 6,500 apartments and 257 townhouses stretched across a land of 1.23 million square meters. The project will also offer a shopping mall Al-Futtaim, Dubai’s second IKEA, a sports complex, a central park, and an international school. The project comes right after the success of Wasl 1 and will be continued with the Wasl Gate. The handover date for this project is in the first quarter of 2022.
Gardenia Townhouses
Within the Wasl Gate are the Gardenia Townhouses that offer world class amenities with 3 and 4 bedroom town houses. The residential area is surrounded by lush green lawns and the community offers a club, swimming pools, 2 parking spots per villa, play area for kids, and a gym. There’s even a dog park that will be a welcome delight for dog owners.
Emaar’s Expo Golf Villas Phase-2
The overwhelming response to Emaar’s Expo Golf Villas Phase-2 was unexpected as the limited 3 and 4-bedroom premium villas were sold out during the launch. The complete sale came as a surprise because Phase 1 will be handed over in Q2019 to their respective owners. The launch took place earlier this month and, with a whopping price of AED 999,888, the expected vision of the villas was a sight to behold. The 18-hole championship golf course made it the perfect target for various business hubs such as Logistics District, Aviation District, Business Park, Humanitarian District, and Exhibition District. The villas will also offer amenities such as kids play area, an outdoor swimming pool, a community centre, and a gymnasium. Just the implication of the golf course has boosted the nearby property values by 20%. The handover date for this project is August 2021.
The reason why developers are taking such a huge risk with off-plan real estate is because it’s nearly 30% cheaper as compared to the ready-made houses market value. Developers believe that this gap will only increase with time, which gives them the perfect opportunity to target potential homebuyers.
