Off-plan demand sustains Dubai freehold market in 2016

A surge in off-plan sales in the second half of the year made sure Dubai’s property market did not see a steep decline in transaction volumes in 2016 compared with the 2015 tally. Based on Reidin-GCP data, overall freehold transactions closed 2016 with 23,579 units against 2015’s 24,326 — a dip of only 2.3 per cent.

In both November and December, more than 2,000 — this includes off-plan and ready — units apiece were sold, with the final month tallying 2,445 units. (June saw the highest sales tally, of 2,495 units, as per the data.) These had their impact in the overall value generated by freehold property sales through last year. The Reidin-GCP data estimates Dh18.04 billion in off-plan units being sold against 2015’s Dh20.18 billion. That amounts to a 11 per cent decline as against the 21 per cent experienced by ready properties — Dh18.22 billion from Dh23.12 billion in 2016.