Dubai, UAE – Realiste, the leading artificial intelligence company in the UAE, has unveiled the opportunities and risks in Dubai's emerging off-plan property market using their AI-powered innovative platform, "Index." This analysis provides valuable insights for investors considering Dubai's rapidly growing off-plan sector.
According to data from Realiste's Index, Dubai's off-plan property market has experienced significant growth, with record-breaking transactions in prime and super-prime neighborhoods such as the Palm Jumeirah, Port de la Mer, and Safa Park. Prices per square foot in these areas range from 1,200 AED to 7,159 AED, with developers like Raffles, Mag, and Palma Holding leading the charge.
The growth of Dubai's off-plan property market is driven by both local and foreign investors recognizing its enormous potential. Index predicts that the Dubai property market will continue to develop in 2023, with property prices reaching up to 23,000,000 AED.
Off-plan properties offer several opportunities, including lower purchase prices and the potential for capital appreciation, as investors are free to remodel and sell their properties in the future. However, Realiste's Index also highlights several risks associated with off-plan properties.
One of the main risks is the possibility of delays or cancellations, which can be mitigated through the Real Estate Regulatory Agency (RERA) and Dubai Land Department (DLD) guidelines. To minimize risk, it's crucial for investors to ensure that the developer, real estate project, and escrow account are registered with DLD and RERA. Market conditions may also change, affecting the value of off-plan properties. Additionally, financial circumstances may change, making it harder for buyers to meet their payment obligations.
Quote: "Dubai's off-plan property market offers a wealth of opportunities, but it's essential for investors to be aware of the associated risks. Realiste's Index empowers investors with the critical insights they need to make informed decisions in this dynamic market," stated Alex Galtsev, the founder and CEO of Realiste.
About Realiste:
Realiste is a proptech company that develops AI-based products for real estate investments. The company uses cutting-edge technology to provide investors with valuable insights and data-driven solutions for making smarter investment decisions. In 2022, it was recognized as the leading artificial intelligence company in the UAE.
Realiste is committed to driving innovation and growth in the real estate industry, and is dedicated to promoting diversity and inclusion in the tech sector.
The company’s goal is to build the first real estate exchange that can help to identify the most profitable options in the market, allow purchase online within seconds directly from developers, and manage all the purchased assets in one place.
The company’s headquarters are located in Dubai. Overall, Realiste covers over 20 cities, including Riyadh, Jakarta, Abu Dhabi, London, New York, Bangkok, Dubai, and Bali island. By the end of 2023, the team aims to expand Realiste to more than 30 cities globally, partnering with local businesses that share the company’s vision and have an in-depth understanding of their markets.
Realiste has strong advisers on board, including representatives of top developers and business elites in the UAE. Among them is Fatima Al Jaber, Board Member and Head of Projects Committee at Al Jaber Group, who was listed in Forbes' 100 Most Powerful Women in 2014. Another adviser is Ahmed Alenazi, the former CEO of STC Pay, the first fintech unicorn in Saudi Arabia. Realiste's team also includes other influential businessmen from the MENA region who provide the company with non-public information about the real estate market.
