The property market is now dominated by sellers trying to offload their mostly yet-to-be-built apartments, but the few buyers there are only interested in completed units, brokers at a property show said.
Industry executives attending the Property Shopper show in Dubai over the weekend said few buyers were to be seen. The show was intended to bring estate agents and buyers together; instead, brokers were inundated with requests from sellers to help sell off-plan units they had bought in projects that had yet to break ground or were not yet completed.
"Most of the people who came were looking to resell their properties and very few were interested in buying off-plan," Kameel Jabbour, the managing director of Dubai-based New Market Real Estate said. "(Buyers) were concerned about which projects would continue or not, and would only inquire about distinguished properties. Usually during a show we would conclude deals, and in some cases we would also receive payments. But not this time."
Inquiries mainly concerned studios and one-bedroom apartments with a price of between Dh750,000 and Dh1.5m, brokers said. Demand for rental properties, however, remained high.
ngillet@thenational.ae
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia