Dubai's property market continues its comeback as sales close in on Dh100b: Property Finder

Dubai: With daily deals now frequently going past Dh1 billion-mark, Dubai’s property market delivered a strong showing, with the Dh14.97 billion ensuring this was the best August in 12 years. At the end of the first eight months, overall Dubai property numbers were at Dh88.12 billion, according to the consultancy Property Finder, and requiring just a little push to get past Dh100 billion for the year.

Apart from the demand for ready or soon-to-be-complete homes, Dubai’s developers are also getting into offplan action. A skyscraper project could soon be announced at Business Bay by a leading developer, and pre-launch interest in the property has been sizeable.

During August, offplan sales saw 2,599 properties worth Dh4.95 billion, and which is the highest for offplan in more than 11 years. “The last time the market saw this much money being pumped into off-plan properties was early 2009-10,” said Property Finder in a statement.

“The figures are a true testament to the strength of Dubai, particularly the residential market,” said Lynnette Sacchetto, Director of Research & Data. “Consumer and investor sentiments are up, which shows the confidence of people, including foreign direct investment into Dubai.”