Upsurge in handovers in Dubai Property Market

Dubai has seen a significant upsurge in new home handovers during 2017, with 12,525 deliveries as opposed to 5,039 during the same period last year. Dubai Silicon Oasis had the most handovers with 2,740 units, Dubailand had 2,588 units and International City had 1,679 units. The other communities with significant handovers were Downtown Dubai (1,411), Business Bay (869) and fast-emerging Jumeirah Village Circle (694).
Payments towards off-plan property purchases are protected with escrow accounts, wherein the investors’ payments are released to the developers once the construction reaches certain milestones.