Why Dubai’s Offplan Property Market Remains a Hotspot in 2024
If you thought Dubai’s offplan property scene might slow down in 2024, think again. In the first two months alone, buyers have been treated to a flurry of new launches – with new projects rolling out almost every other day. The momentum we saw throughout 2023 and early 2024 has clearly carried over, offering property seekers a wide array of choices.
While this is great news for investors and homebuyers, especially first-timers (who make up nearly 50% of today’s buyers), it can also feel overwhelming. But here’s the good news – the current trends in the offplan market are shaping up to be extremely favourable, particularly for those entering the market for the first time.
Offplan Prices Show Stability Post-Golden Visa Rush
One of the biggest advantages for buyers right now? Price stability.
In early 2024, the market witnessed a significant uptick in demand due to changes in the Golden Visa policy. With the requirement eased – allowing buyers of properties worth AED 2 million or more to get immediate 10-year residency – there was a surge of interest that drove prices up in H1 2024.
But that surge has since levelled off. As more offplan projects enter the market, competition among developers is keeping prices in check. Buyers are now seeing launch prices stabilize, with minor fluctuations on either side – a much-needed breather after a heated start to the previous year.
New Launches in Emerging Locations Offer Price Advantage
Another trend worth watching: many new developments are springing up in emerging free zone areas of Dubai. These locations offer more competitive pricing and the chance for buyers to discover value in up-and-coming communities.
For new buyers, this is an opportunity to get in early, often at better rates and with the potential for higher future appreciation as infrastructure and demand build up.
Mortgages May Soon Become More Buyer-Friendly
Traditionally, banks in Dubai offered mortgage financing for offplan properties only after a project reached 50% completion. But change is in the air.
Industry experts suggest that we may soon see banks opening up mortgage approvals earlier in the construction cycle. This could be a game-changer for first-time buyers who don’t have large amounts of upfront capital.
As Alois Kugendran, CEO of Amaya Real Estate, puts it, “Innovative financing solutions will open new doors for buyers while creating momentum in the property market. It’s a win-win for both developers and homeowners.”
If you’re eyeing a property priced around AED 1 million but struggling to meet down payments and early instalments, easier access to mortgages could be the boost you need.
Dubai’s New Building Rating System Adds Another Layer for Investors
Another major shift that could influence offplan buyer behavior is the introduction of Dubai’s building rating system and updated Rental Index. With rents still holding strong, investor interest remains high.
But now, with official ratings being assigned to residential buildings, buyers – particularly those looking to lease out their properties – will start factoring in quality ratings when choosing a project. Higher-rated buildings are likely to command better rents and attract quality tenants.
So, if you’re planning to invest, look at projects slated for completion in 2026–2028 that are expected to carry strong ratings. These developments may offer better long-term returns.
Final Thoughts
The Dubai property market continues to evolve, but for now, the stars seem to be aligning in favour of offplan buyers. With price stability, growing mortgage flexibility, and new standards like building ratings, the landscape is becoming more buyer-friendly than ever.
Whether you’re a first-time homeowner or a seasoned investor, 2024 might just be the perfect time to secure your spot in Dubai’s ever-growing skyline.