It’s definitely the case that off-plan and ready properties stand as some of the most fiercely contested markets globally, there’s little doubt that off-plan vs. ready will continue to form one of the hottest points in debate for investors and those in need of a new home going into 2024. And indeed, both serve their different purposes. Off-plan properties appeal to investors with plans that are flexible and that have the possibility of offering better returns compared to ready properties, which guarantee immediate occupation and reduced risk. This article explores the transaction data, focuses on the best performing areas and gives an overview of all the trends shaping Dubai property market in 2024 and provides insight into which areas smart investors are paying most attention.

Understanding Off-Plan And Ready Properties

Off-Plan Properties

These properties are sold by developers while still under construction or in the planning stage. Normally sold at a price that is lower than completed ones, off-plan properties mostly offer flexible payment plans; thus, they attract the interest of investors and first-time buyers.

Ready Properties

Ready properties are those properties completed and ready for instant handover or occupation. Buyers of such properties include end-users that seek to occupy immediately and investors targeting rental income.

Overview Of Real Estate Market In 2024

Transaction Volumes and Values Increase

The Dubai real estate market witnessed huge transactions in terms of both off-plan as well as ready properties during 2024. There was strong demand from local investors as well as international investors on the market. Below is a representation of the transaction volumes as well as values by kind of property:

Off-plan Properties

• Flats Over 85,090. More than AED 163.5 billion.
• Villas Nearly 14,180. AED 56.23 billion
• Commercial Nearly 772, AED 1.952 billion

Ready Properties

• Apartment: Nearly 40,510 transactions, accounting for AED 68.20 billion in total value.
• Villas: More than 6,090 transactions that have a total value of AED 30.47 billion.
• Commercial: Practically 3,173 transactions, valued at AED 6.608 billion.

Top-Performing Areas Of Off-Plan Transactions In 2024

Following were some top areas for off-plan property transaction volumes and values:

Top-Performing Areas Of Ready Transactions In 2024

These have the highest transaction volume and values for ready properties.

Off-Plan Vs Ready Properties Comparatives

Transaction Count

Off-plan properties continued to lead the market with a total of 99,127 transactions across all property types as compared to 108,378 ready property transactions. Although ready properties had slightly more transactions, the enormous volume of off-plan transactions indicates their affordability, flexible payment plans, and high attractiveness to investors.

Transaction Values

The total value of off-plan properties was around AED 207.87 billion, while ready properties reached an impressive AED 467.34 billion. This indicates that though off-plan properties dominate the numbers of transactions, ready properties hold a premium in overall value, showing the demand for ready-to-move-in houses and their luxury and comfort.

Preferences By Property Type

Off-Plan

Preferred by investors seeking capital appreciation and long-term gain.

Off-plan properties attract young buyers and expats since it involves lower front money.

Ready

For the end-user seeking immediate possession or rent returns.

Popular with family groups and high-net-worth individuals for a luxurious lifestyle.

Why Investors And Buyers Invest In Off-Plan Properties?

Low front money involved as it attracts lesser down payment

Attractive Payment Plans: The developers will present attractive terms, so cost payments will be spread out over years.

Higher Roi Potential: In buying off-plan, one is able to enjoy the appreciation in value when the property is completed.

Modern Designs And Customization: A property buyer can choose a property with new architectural designs and, depending on the developer, maybe even customize the interiors.

Why Ready Properties Still Have Value?

Immediate Returns: Ready properties provide immediate rental income and hence suitable for investors seeking to gain short-term returns.

Certainty: The buyer knows what exactly they are buying; risks such as construction delays or project cancellation are avoided.

Ready Properties: These ready properties are found in developed neighborhoods that already have infrastructure and amenities built.

Best Overall Performer

Off-Plan Winner: Jumeirah Village Circle, Dubai

Ready Property Winner: Jumeirah Village Circle, Dubai

As 2024 comes to a close, the market’s resilience and growth prove that Dubai is the hub for real estate on the global map. Be it off-plan or ready property, strategic decision-making and knowledge of top-performing areas will be your key to success.

Conclusion: Who Won In 2024?

Although off-plan property transactions outperformed the total number, ready property has nearly matched their value. Thus, both continue to satisfy specific needs of their respective buyers, making their choice based on individual goals. Off-plan properties attract investors seeking long-term gains and potentially higher returns, usually at a lower cost initially. Ready properties appeal to those seeking immediate occupancy or rental income, with the benefit of having tangible assets that can generate income immediately. It all boils down to whether the buyer is prioritizing immediate use or future investment potential.