Property projects from Tier 1 developers in Dubai are being sold out within hours, if not minutes, as demand for real estate stays strong in the emirate, industry sources said.

To cash in on the strong real estate demand among residents and foreign investors, developers in the emirate are also launching projects quite at regular intervals.

“T1 developers have a huge advantage here because they possess the strongest brand equity, the most trustworthy proven track record, and the most prominent locations. They also retain the largest network of brokers, who are responsible for most of their sales, and their overall offerings often out-perform those of smaller developers,” said Firas Al Msaddi, CEO of Fäm Properties.

Some of the Tier 1 developers include Meraas, Dubai Holding, Emaar Properties, Nakheel, and Damac Properties. Importantly, banks also offer mortgages to property buyers on off-plan properties in Tier 1 developers’ projects.

Not every project sells like hotcakes

In addition to the Metro development plan, the council approved the Foreign Direct Investment Development Programme, which aims to attract Dh650 billion of investments to Dubai by 2033.This includes international companies and aims at supporting the expansion of existing international companies with bases in Dubai.

The initiative will be carried out by designating Dh25 billion over 10 years in direct support of the city’s plans, placing it among the world’s top three economies by 2033.

The FDI programme will highlight Dubai’s competitive advantages, such as its logistics infrastructure, strategic geographical location, talent pool, and its position as a global commercial hub.

Payment plans crucial

Al Msaddi said the abundant supply of residential property is influencing buyers and investors to become more selective when choosing a project, and even an individual unit. This is one of the signs of a maturing market.

“As a result, the competition between real estate developers is intensifying, and several vital competitive metrics decide who stands out,” he added.

“Meanwhile, with property values at an all-time high, the total ticket price per unit is becoming more significant than the price per square foot. Payment plans are particularly crucial in the current environment of high borrowing costs,” he added.Dubai property projects being sold in minutes despite several new launches.