The total number of Dubai off-plan transactions in the third quarter of 2017 increased by 86% from the previous quarter, according to Chestertons MENA.

The real estate consultancy also said that the value of off-plan transactions was up by 118% to AED4.04 billion ($1bn).

Its report showed that the most transacted area in Dubai was Dubai South with a total of 1,151 transactions, closely followed by Downtown Dubai with 821 transactions and Business Bay with 686. Downtown commanded 50% of the total value of off-plan sales in Q3.

“With reference to off-plan transactions, Dubai’s real estate market has witnessed seasonal peaks and troughs in the last year due to high levels of uncertainty. After a promising start to 2017, sales plummeted during a disappointing Q2 however they have picked up positive momentum in Q3,” said Ivana Gazivoda Vucinic, head of Advisory and Research, Chestertons MENA.

Chestertons said the increased interest in off-plan units had a continued negative impact on completed units where an 11% decrease in transaction volumes and a 19% fall in values was witnessed.

“In Q4 we expect to see further corrections of sales prices and rents. A slight pickup of completed unit transactions is expected, this will however have a negative impact on off-plan sales transactions which we expect to decline and then stabilise,” said Vucinic.