A 49.9% increase! That is what off-plan sales grew by in 2022, according to CBRE – and 2023 looks to be even bigger. And it wasn’t the whole market that went up. Secondary transactions were up 25% in 2022, but prices increased only 4%. Off-plan was a rocket ship.
So, what is happening, and who is doing it? Before 2022 only Aldar was launching off-plan projects with any regularity, selling out its phases of Saadiyat Reserves in 2019 and Noya on Yas Island in 2020. Some developers who had launched earlier we still selling steadily, such as Reportage with Maryah Vista and Raha Lofts, Jubail Island by LEAD, Pixel and Al Jurf by Imkan, and Yas Beach Residence by Siadah.
2021 picked up steam with Aldar launching new phases of Yas Acres (Magnolias and Dahlias), Luma and Viva on Yas Island, and the Saadiyat Dunes. Reportage also launched Maryah Vista 2 and Perla 1 and 2. But then it exploded.
Developers who had been dormant suddenly came back to the market, such as Bloom Holdings with its Bloom Living Project and Q Holdings (created from a combination of Tamouh, Reem Investments, and al Qudra) shot to prominence with Reem Hills Phases 1a and 1b.
New players began to emerge such as Barakah with their Yas Bay development and Saas Properties with three high-end properties on Reem Island. Old hands like Aldar released multiple projects on Yas Island (Yas Park Gate, Yas Park Views, and Yas Golf Collection), and on Saadiyat, they launched the massive Groves (Louvre Views as well as other towers) and Saadiyat Lagoons Phase 1.
So now we’re in February 2023, and things have cranked up to another level with the launch following the launch at dizzying speeds. Aldar alone is planning twelve new launches this year, according to The National, and even said,
This year they have followed through on their promises with Sustainable City, Manarat Living, another phase of Saadiyat Lagoons, and Fay Al Reeman II.
“we have others that we can release as well if it continues to grow.”
Other developers are getting in on the act. 9Yards is a new player on the scene with its launch of Sea la Vie, three towers on Yas Bay. Eagle Hills has launched its first project in Abu Dhabi on Ramhan Island, and even Manazel is back in action with its new launch in Reef 2 of Merzab. Reportage has also released Maryah Vista 3 on Reem Island.