A recent survey by CBRE found that while the demand for off-plan residential real estate has surged in Abu Dhabi, the rental market in Dubai seems to be slowing down.
The real estate consultancy claims that in the third quarter of the year, off-plan home sales in the capital of the United Arab Emirates rose by 101.6%, outpacing the growth of 46% in secondary market sales.
The strong demand for off-plan properties caused the emirate’s total volume of residential transactions to rise by 84.3% in the third quarter of last year. In Q32023, off-plan trades increased 135.5%, whereas secondary market deals increased by only 22.7% in the same time the previous year.
The capital of the United Arab Emirates has recently seen the debut of various residential developments; several developers have stated that their off-plan complexes are selling out.
The UAE’s residential market witnessed strong demand overall in the third quarter of the year, while Dubai is starting to show signs of slowing down.
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