Plot and land prices in Dubai’s real estate market are rising dramatically, mostly due to strong off-plan sales. Investors are seeing new opportunities as a result, but they need to be vigilant to take advantage of them.
Over the past few years, the off-plan market has grown steadily and shows no signs of slowing down. It currently makes up around 55% of all real estate sales in Dubai.
Off-plan sales increased by 42% to Dh179.3 billion in the first nine months of this year compared to the same period in 2023.
The average price per square foot increased by 15% to Dh1,600, while the number of off-plan transactions also skyrocketed, increasing by 44% to 63,700 transactions.The growth of this market has encouraged developers to look for new land options, raising prices and establishing a definite trend. Until these places become popular with developers, land in some areas is still reasonably priced. Following this, prices rise precipitously, reflecting the increased demand in the market. As long as developers can purchase property at prices that enable them to do so, this upward trend in land prices will continue.
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