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The vast majority of blame for the fallout after the property crash in 2009 could be put upon off-plan projects. Speculation buying and property flipping led to the massive price increase of the bubble back in 2008 and left the market unstable and vulnerable when it all came tumbling down the following year. Since then, the UAE property market has slowly recovered but off-plan projects were still seen, for a long time, as a potential cause for concern.
However, off-plan purchases are becoming commonplace again with a whole host of projects underway across the emirates. With Al Barari luxury villas finally nearing completion, its developers have already started selling off-plan apartments for the development’s second phase.
Several developments for sale are also available including The Address The BLVD, The Address Residence Fountain Views, and Burj Vista in Downtown Dubai. However, the projects’ developer has taken a strong stance against flipping by including clauses that prevent selling on any investments until the project is completed and 40% has been paid off.
Other key off-plan projects include Mulberry at Park Heights at Dubai Hills Estate, Atria in Business Bay, BLVD Crescent and Boulevard Point at Downtown Dubai, The Palm Tower Residences on Palm Jumeirah and Celestia Serviced Apartments at Dubai World Central. Real estate services company Asteco claims that potential buyers are preferring off-plan properties with attractive payment plans as well as secondary residential areas with a lower asking rate.
The launch of No. 9 at Dubai Marina was further proof that off-plan projects are still exceedingly popular when the $136m project sold 90% within the first month. The list of new and evolving projects just goes on including further additions to already popular developments such as Emirates Hills and Arabian Ranches.
• Available off-plan projects include The BLVD and Burj Vista
• No. 9 at Dubai Marina sold 90 percent within the first month
• Other projects are planned at Emirates Hills, Arabian Ranches
Source: Nicholas Baker, Special to Properties
The writer is a freelancer