As rents rise

“Tenants turning into home owners had slowed down in the final months of 2022, mostly because of the mortgage rates and the rise in property values,” said a banker. “Developers had turned their attention to overseas buyers and investors – now, they are realising they can do just as well offering optimally-prices homes and with the right incentives on payment plans, registration fees, etc.”

So, where should these buyers be looking? Offplan is where much of the action is happening in Dubai property, accounting for an overwhelming 60 per cent of all sales in recent months. A sizeable boost has been provided by Emaar’s launch of ‘The Oasis’, a $20 billion, 100 million square feet development that’s the biggest offplan launch in Dubai in recent years.

Also on the radar will be the first of three communities that Abu Dhabi’s Aldar will launch in Dubai. The build-up of anticipation for these is already intense, with market sources saying that pricing could well be in the mid- to upper-mid range and which could be a ‘sweet spot’ for end-users.