"Dubai's Off-Plan Property Market Achieves Record $4.6 Billion in August Sales Surge"

Dubai's off-plan property market reached a record AED 16.89 billion ($4.6 billion) in August, almost double the figures from the same month in the previous year. This surge in sales led to year-to-date sales in the off-plan segment in 2023 being nearly 63% higher than the entire previous year. The entry of international developers, including the UK's LEOs Development and Switzerland's Fortimo, who are introducing high-end residential projects, has contributed significantly to this growth. Locations such as Jumeirah Golf Estates, Mudon, and Dubai South saw high-value deals, while Business Bay, Arjan, and Jumeirah Village Circle were prominent in terms of off-plan apartment sales. Flexible payment plans offered by developers, Dubai's consistent project delivery, and the emergence of branded residences have all boosted developer sales. However, experts note that demand continues to outpace supply in the Dubai property sector.