By Sam Bridge
Property Finder says a total of 179 projects are nearing completion in Dubai, from Dubai South to Mirdif
Dozens of real estate projects, currently under construction, are set to complete prior to the start of Expo 2020 Dubai in October, according to new research
Property Finder’s latest market analysis has revealed a total of 179 projects nearing completion in Dubai, from Dubai South to Mirdif.
It said the number of properties that look set to hit the market by September mean sale prices and rental values will come under increasing pressure.
Lynnette Abad, director of Data and Research, Property Finder, said: “With some 48,500 units coming onto the market by September, it will certainly be a buyers and renters’ market. More cost-conscious buyers are expected to pay keen attention to the market, and with so many of Dubai’s leading developers involved in many of the projects, they can expect high quality property at some very reasonable prices.”
Developments from dominant market players like Emaar Properties are expected to attract a great deal of interest, with the developer registering a 260 percent increase in off-plan property sales last year compared to 2018.
Emaar Properties developments under construction will add nearly 4,000 more apartments to the city’s stock this year.
Damac Properties is expected to open its three Carson Towers in Damac Hills this month, adding 1,058 freehold apartments to Dubai’s property bank.
Also due for completion this month is Arabian Gate at Dubai Silicon Oasis, offering 704 apartments while Wasl Asset Management Group’s enormous 2,500 apartment complex at Ras Al Khor is now at 89 percent completion.
Al Habtoor Group’s Al Habtoor City Residential Towers, comprising three towers of freehold apartments in Business Bay is due for completion in April, offering 1,427 apartments while June should see completion of Millennium Place, a Mirdif Hills-based complex offering 1,500 apartments and 128 serviced apartments, backed by Dubai Investments Real Estate Company (DIRC).
“This phenomenal growth and rapid completion of so many projects makes 2020 a pivotal year for Dubai’s real estate market. We believe this year will set demand and supply cycles for many years to come, underpin pricing trends and have a clear effect on the wider economy,” added Abad.