83% of sales are attributed to expat residents and overseas buyers, with the top three international markets being represented by holders of Indian, Egyptian, and British passports.
According to industry sources, property projects from Tier 1 developers in Dubai are selling out rapidly, often within hours or even minutes, due to sustained demand for real estate in the emirate.
To capitalize on this robust demand from residents and foreign investors, developers in Dubai are consistently launching new projects at regular intervals.
Developers, irrespective of their scale, are vying for the interest of real estate agents and buyers, who constitute the majority of purchasers. Recently, a Meraas project reportedly sold out in just 45 minutes, while an Abu Dhabi developer, Aldar Properties, achieved sales for its Dubai project within 72 hours.
“T1 developers hold a significant edge due to their robust brand equity, well-established track record, and prime locations,” explained Firas Al Msaddi, CEO of Fäm Properties. “They also maintain the largest network of brokers, who play a pivotal role in driving their sales. As a result, their offerings often outshine those of smaller developers.”
Key Tier 1 developers include Meraas, Dubai Holding, Emaar Properties, Nakheel, and Damac Properties. It is noteworthy that banks provide mortgages for off-plan properties within Tier 1 developers’ projects.
Not every project experiences rapid sales.
“The projects that sell within hours are those which offer something different, and stand out from what else is available in the market from other developers. But even for T1 developers, not every single project sells out quickly. For instance, some ultra-luxury projects with a very high ticket price naturally take longer to sell,” said the CEO of Fäm Properties.
“While the off-plan property market remains robust, not all developers fully capitalise. Projects that stand out have unique selling points – like Verve City Walk, which recently sold 427 units in 45 minutes, with the penthouse fetching Dh30 million. The best sales stories come from developers like Meraas devoting time and resources to know the market inside-out, planning carefully, and having experienced brokers on their team,” Al Msaddi said.
Aldar Properties achieved remarkable sales success with Verdes by Haven in Dubai, selling more than 660 units within 72 hours of its launch. This project marks Aldar’s inaugural development in Dubai, done in collaboration with Dubai Holding, a globally diversified investment company with interests in 31 countries.
Aldar’s sales events at the Dubai World Trade Centre, Aldar Square in Abu Dhabi, and an international roadshow spanning six different global markets generated sales exceeding Dh1 billion. The majority, 83%, of sales came from expatriate residents and overseas buyers, with Indian, Egyptian, and British passport holders leading as the top three international markets by sales volume. UAE nationals accounted for the remaining 17% of sales.
In terms of demographics, female buyers constituted 28% of sales, while males purchased 72% of the units. Approximately 56% of buyers were under the age of 45, and first-time buyers represented 88% of the total sales, according to industry reports.
Al Msaddi emphasized the market’s strength lies in its diversity of international investors, rather than dependency on one or two nationalities, contributing to its robustness and resilience.
“Of course, we do have a higher ratio of certain nationalities for some projects. For example, in the case of NAS Gardens, we’ve seen more interest from Indian, Asian, Arab, Iranian and Russian buyers. Meanwhile, in the case of seafront projects, we see interest from many other nationalities, with a high European presence,” he said.
Payment plans crucial
According to Al Msaddi, the ample availability of residential properties is prompting buyers and investors to adopt a more discerning approach in selecting both projects and individual units. This trend is indicative of a market that is maturing.
“As a result, the competition between real estate developers is intensifying, and several vital competitive metrics decide who stands out,” he added.
“Meanwhile, with property values at an all-time high, the total ticket price per unit is becoming more significant than the price per square foot. Payment plans are particularly crucial in the current environment of high borrowing costs,” he added. Dubai property projects being sold in minutes despite several new launches.
