The New Dubai Land Grab
How custom homes are becoming the new trend in the Dubai real estate market
People have long been coming to Dubai, which is a city, because it is known as a place where they can build their dreams. Dubai has become a centre for innovation, growth, and opportunity because of the city’s visionary leadership, world-class infrastructure, and booming economy. This is reflected in the city’s enormous real estate developments, which are among the largest and most ambitious projects of their kind anywhere in the world. Dubai’s real estate developments are a testament to the city’s unwavering commitment to growth and progress, ranging from towering skyscrapers and luxury residential developments to sprawling commercial centres and world-class entertainment venues.
Dubai’s real estate projects include everything. Because of its combination of innovative technology, daring design, and meticulous attention to detail, Dubai is a city in which anything is feasible and where dreams have the potential to become a reality. It is the place to be if you want to experience the best that life has to offer, whether that be simply experiencing the best that life has to offer, starting a business, or investing in the future.
On the other hand, the United Arab Emirates (UAE) does not have as many purpose-built and designed projects as other real estate markets that are already more established. Tahir Majitia, the founder of Prime Capital Real Estate, is on a mission to educate the market about the fact that you do not need to be a master developer to buy land and develop your own personal or investment project. In the United Arab Emirates, an increasing number of people and organisations are buying plots of land and collaborating with local and international architects to create one-of-a-kind living and working environments within which they can live comfortably and make investments.
“There is still a market misconception from before 2002 that people cannot own 100% freehold land and build their dream home.” “Depending on the land classification, you can build villas, residential buildings, commercial buildings, or even mixed-use locations here in Dubai,” states Tahir. “For the same amount of money as 4-5 bedroom villas, you can build a property the way you need it, with almost endless options.”
DXB Interact’s research shows that the Dubai real estate market was very busy during the first three months of 2022. During this time period, there were a total of 20,521 transactions. This is a 77.5% increase from the same time period in 2021. It is clear that there is a robust demand for real estate in the city, as the total transaction value for the first quarter of 2022 was over 55.3 billion AED.
The growth in the number of plot sales is something that is of particular interest. There were 884 plots sold in the first quarter of 2022, which is an increase of 17.4% compared to the first quarter of 2021. The total sales value for plots was over 12 billion AED, which indicates that more people are investing in more affordable real estate options than just major players or large-scale investors in the market.
This pattern has carried over into the fourth quarter of 2022, with a total of 28,780 transactions that were worth 81.1 billion AED and over 1,044 plots that were sold for a combined total of over 12.5 billion AED. This shows that people are becoming more confident in the Dubai real estate market, as more and more individuals and families want to invest in their own plots of land.
These numbers show that Dubai’s real estate market is strong and that the city is continuing to grow as a top place for investment and development. A positive outlook for the future of Dubai’s real estate market can be inferred from the rising number of transactions and plot sales, as can a growing interest in investment opportunities that can be realised at lower costs.
Tahir comes to the conclusion that “you can save up to 30 percent of your total costs during the process of the build if the process is done well,” adding that “unfortunately, premium plots are becoming more scarce, thus time is of the matter.”