Off Plan Holds a Greater Share of Transaction Volumes
Looking at the apartment market since January 2020, off plan apartments
comprise a greater portion of sales than their ready counterparts. Within the off
plan data, luxury makes up over 60% of transactions, with the top performers
including familiar names such as Palm Jumeirah and Downtown Dubai, but
also some newer ones, such as Dubai Harbour.
The Narrowing Gap Between Off Plan and Ready Prices
Off plan prices have consistently been higher than ready prices, and both have
been steadily increasing since January 2020. However, the rate of increase for
ready apartments seems to slightly outpace the rate for off plan apartments,
implying a narrowing in prices.
Newer Communities Averaging Smaller Apartment Sizes
Newer communities such as Sobha Hartland, Dubai Harbour and Meydan One
(as well as others) have lower median apartment sizes almost across the
board. On average, newer off plan apartments are 41.79% smaller, similar to
what we see in international markets.