Buyers snap up off-plan property in UAE
A growing number of people are choosing to buy off-plan property in the United Arab Emirates (UAE), a media outlet has revealed.
According to AMEInfo, the off-plan market in Abu Dhabi in particular is performing strongly, as there is currently a shortage of available property in the region.
Therefore, prospective investors have opted to buy on the strength of proposals from a property developer.
This has enabled buyers to enter Abu Dhabi's growing housing market at a relatively low price.
AMEInfo commented: "With a lack of available property and rapidly rising prices in Abu Dhabi, the off-plan market has been thriving in the emirate."
The news provider added that developers typically offer discounts of up to 20% in order to entice prospective buyers.
This comes after Shelter Offshore predicted that the region would soon become a hotspot of activity among overseas property investors.
The website said the recent takeover of Manchester City Football Club by an Abu Dhabi-based property firm has generated lots of media coverage on the emirate.
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