Why did Cityscape Global offload so many off-plan units?
Boosted by a year on year increase of 25% for visitors during its first two days, Cityscape Global has been the catalyst for a 186% increase in registered Dubai Land Department transactions of off-plan units.
In addition to transactions onsite, up to 40 new project launches were announced during the show from developers such as Aldar Properties, Deyaar, Dubai Properties, Jumeirah Golf Estates, Nakheel and Meydan.
Big jump in numbers
When comparing the number of transactions for off-plan properties during the first day of Cityscape Global in 2016 and 2017, the figure has grown to almost three times the size, jumping from 37 to 106, according to Property Monitor, a top UAE real estate intelligence platform.
Lynnette Abad, Partner and Head of Property Monitor said: “Permission to sell during the show has seemed to catalyse investor and buyers in the region, and has resulted in a noticeable increase of activity.
“One of the reasons why off-plan has been so successful this year is because developers have found that winning combination of a very good final price point coupled with attractive payment plans. This has lured investors back into the market and opened an opportunity for end-users who couldn’t afford to get on the property ladder before.”
Tom Rhodes, Exhibition Director for Cityscape Global said: “We’re seeing a new wave of investors, end-users and home-owners attending this year.”
A shining example
For instance, offering deals on one and two bedroom units in their AED250 million Dubai Silicon Oasis project, local company Binghatti Holding showcased the Binghatti Stars development during the three-day property show.
Muhammed Binghatti, CEO and Head of Architecture of Binghatti Holding said: “As a result of the offers we had during the show, we were getting clients who were walking in and closing deals in a matter of minutes, for a total well over AED10 million in sales.”