Dubai – Mubasher: The number of transactions for off-plan properties in Dubai soared 45% in the first quarter of 2017, according to a report by Chestertons.

The number of transactions for ready properties in the same period went up 4%, as overall transaction activity rose by 25%, according to a statement on Sunday.

“The increased number of transactions was followed by increased transactional value, which stood at AED12.28 billion for both ready and off-plan units, which is a 31% increase compared to the previous quarter and an indication that price points are now more in line with buyer expectation,” head of advisory and research at Chestertons MENA Ivana Gazivoda Vucinic stated.

Gazivoda Vucinic discarded fears of oversupply in the market, since the market is more regulated and efficient now.

Apartment sales prices grew by 3% during Q1-17, while villa sales prices dropped 1%, as apartments and villa rents each dropped 1% compared to the previous quarter.

“Office sales, meanwhile, declined by 17% on average in terms of volume, and 15% in value in Q1-17, which is a sign the office market is still going through the correction stage as a result of recent economic movements in the market,” the statement read. Office sales prices increased by an average of 2%.