Prices and Payment Plans Drive Buyers from Prime Dubai to Outskirts

In Dubai, many people are finding it hard to buy homes in the city’s popular areas because prices have become very high. At the same time, developers are offering payment plans for new properties that make the costs feel easier to manage, but these plans are still expensive. Because of this, many buyers are moving to the outer areas of Dubai to find homes they can afford. As more people move to these areas, prices there are also starting to rise quickly.

Infamous parts of Dubai like Downtown, Business Bay, Palm Jumeirah, Marina, Sheikh Zayed Road, and Dubai Hills Estate, the prices of homes have been going up for a long time. These areas are very popular with rich people and millionaires who are moving to Dubai. Since the COVID-19 pandemic, the prices in these neighborhoods have gone up every few months, sometimes by a small amount and sometimes by a lot. This has made it hard for regular buyers to buy homes in these central areas.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel 

Many developers are now selling homes using something called “off-plan payment plans.” This means buyers can pay for their homes over time, making the initial cost lower. These homes are also cheaper compared to homes in other big cities like London, New York, Paris, or Singapore. Even with these plans, the homes are still too expensive for middle-income families, especially in central Dubai. As a result, more people are now searching for homes in areas outside the city center, where prices are not as high.

An expert named Prathyusha Gurrapu, from Cushman & Wakefield Core, said that property prices in Dubai went up by 20% in the third quarter of 2024 compared to last year. This is the 17th time in a row that prices have gone up. She also said that the prices of apartments rose by 19%, while the prices of villas went up by 23%. These increases show that there is a lot of demand for homes in Dubai.

Many outer areas of Dubai, which were once more affordable, are now seeing big price increases because so many people are moving there. For example, in Discovery Gardens, prices went up by 43%. In Jumeirah Lakes Towers, prices rose by 34%, and in Dubailand (Remraam), they increased by 28%. Even places like City Walk and Dubai Hills Estate, which are still popular, saw smaller price increases of around 12%. Gurrapu said, “Since prices in central Dubai are so high, people are looking for homes in suburban areas where prices are still lower. This is making these areas more popular.”

Developers are also offering payment plans that make it easier for buyers to pay over time. These plans are sometimes structured as 80/20 or 75/25, meaning buyers pay 80% or 75% of the total price after the home is finished. These payment plans help developers finish their projects on time, even though building costs are rising, and it is getting harder to find enough skilled workers. However these plans are still not affordable for many families, especially those looking for large apartments or villas.

A real estate company called Asteco said that the demand for off-plan homes is so high that some new projects are sold out within hours or days. People are drawn to these projects because they come from well-known developers, are in great locations, and have good payment plans.

Dubai’s property market is changing. As prices in the city center rise, more people are looking for affordable homes in suburban areas. This is making the outer areas of Dubai more attractive to buyers and investors. At the same time, developers are working hard to meet the demand for new homes while dealing with higher costs for construction and materials.

#trending #latest #DubaiRealEstate #AffordableHousing #PropertyMarket #SuburbanLiving #DubaiHomes #RealEstateTrends #HousingDemand #OffPlanProperties #PropertyInvestment #DubaiLifestyle #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi attended the 34th Sharjah Theatre Days closing...Read More.

The Role of Jewelry in Empowering Women...Read More.