Dubai: It's not just Dubai Marina or the Palm where investors can find good deals through auctions. Buyers might also snag fancy homes at a much lower cost compared to their prices in the regular market.

Recently, a two-bedroom home at The Springs was sold for a bit over Dh1.9 million, which is way less than the Dh2.3 million to Dh2.5 million range for similar homes in other parts of Dubai. These homes at The Springs and others like them were quickly bought up at the auction.

There was also a home on Palm Jumeirah that sold for Dh18 million at an auction, while it would have cost Dh20 million or more in the regular market.

According to an estate agent, homes sold at auctions are going for 20-25% less than their usual market prices. This is happening more often, especially with homes that banks took back because owners couldn't pay their mortgages. Banks are selling these homes quickly because property values in Dubai have gone up a lot in the last three years.

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With high interest rates, more homeowners might face problems paying for their homes, leading to more homes being listed in auctions. October and November saw many such listings, and they quickly caught the attention of buyers.

So, if you're an investor or someone looking to buy a home, it's a good idea to keep an eye out for these opportunities to get a property at a lower price. In the current property market, these deals are considered bargains.

But are auctions the only way? No! The current real estate market in Dubai is changing. Developers are realizing they need to offer options, not just for buyers with ready cash or those looking for luxury homes without worrying too much about prices.

According to Sam Parsons, a real estate consultant in Dubai, major developers are now providing attractive payment options for recent property launches in new areas. This includes flexible payment plans for apartments and townhouses, giving investors more options. While luxury homes still don't have these post-handover payment plans, developers are working on that.

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This flexibility is happening in various ways. For example, there are now 8-year payment plans for recent launches, like at Expo City, where apartment prices start from Dh1.4 million. For townhouses, you can choose a 5-year payment plan for homes priced from Dh3.8 million.

An estate agent mentioned that Expo City is gaining a lot of attention from buyers, including those looking to live in these homes. They believe that prices in this new area are yet to go up, making it an emerging destination.

In the future, 8 and 10-year payment plans could become the norm for mid-market offplan properties. However, only a few master-developers can still afford not having any post-handover plans.

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