Statistics from Property Finder show that there were over 13,500 units in the final stages of completion by October 2018
More than 47,000 residential units are likely to be handed over in 2019, according to new statistics from UAE-based real estate portal Property Finder.
According to the statistics, 21,014 residential units – including apartments, villas and townhouses were handed over in the third quarter of 2018.
In October 2018, there were an additional 14,707 residential units with completion statuses of between 95 and 99 percent.
Of these, only 1,187 were complete by the end of the year. Property Finder believes that the remaining 13,520 units will be complete in the first half of 2019.
Additionally, the research shows that there are 33,982 residential units under construction with a completion status of at least 65 percent and completion scheduled for 2019.
The total number of units expected to be handed over by the end of the year now stands at 47,502. Although Property Finder believes it is unlikely that all the units will be completed on schedule, the figure shows an increased rate of turnover over the past year.
“While many believe we are in a slump and property prices will go back to pre-2016 levels, the reality is that with the considerable amount of supply already released into the market, and the upcoming supply through 2022, the prices we are experiencing today are the new normal,” said Lynette Abad, director of research and data, Property Finder.
Abad added that “we can expect prices to decline further in 2019 as the market absorbs the immense amount of supply that came in 2018, and what will complete in 2019,” she added.
Among 2018’s handovers were 3,761 apartments and services apartments in Business Bay, as well as 2,015 apartments in the Burj Khalifa area, 394 villas in Dubai Properties’ Arabella project in Mudon and 2,228 apartments and townhouses completed in Jumeirah Village Circle.
Overall, the southeast and southwest parts of Dubai are currently witnessing the most activity with ongoing developments such as Reem’s Mira Oasis, which will have 1,393 units in three phases once it is complete.