Dubai: It’s 2024 and in Dubai’s property market, the 1 per cent monthly payment plan is starting to show up everywhere.
Possibly for the first time, even some villa projects are featuring the 1 per cent offer, whereby buyers have a chance to stagger their payments on a monthly basis that could be relatively easier on their budget plans compared to the lump-sum 10-20 per cent (of the property value) every 3 months or so.
“This 1 per cent payment plan is one of the best ways to get end-user buyers for offplan,” said a developer who has just launched a new project in Dubai. “2024 could well see the return of end-user buying in a big way, and developers need to be ready with affordable/easier payment plans.”
It is also a reflection that buying dynamics could be changing in the Dubai real estate market. The last 3 years had seen spectacular growth in demand, which has been fueling the offplan boom. But there is a feeling that such growth will start to stabilize – and this is why end-users are vital for the next phase of the Dubai property market.
“Only select master-developers such as Emaar, Nakheel, Meraas and now, of course, Aldar can retain the traditional selling patterns on Dubai offplan launches,” said an estate agent. “Most other developers need to have some zing to their offers – and the 1 per cent monthly right now is the sweet spot.”
