|13 August, 2019

20,978 residential units completed in Dubai in H1 2019: report

Developers are completing construction and handing over projects with speed ahead of Expo 2020 

  • As of July 2019, there are an additional 38,426 residential units within 152 projects that have at least an 85 percent completion status
  • Overall residential stock is expected to reach 637,000 units by the end of 2020
  • Increased residential supply bodes well for residents as they will have more leeway to negotiate prices

Despite a sustained correction in prices across nearly all communities in Dubai, developers are completing construction and handing over projects with speed, according to the ‘Property Finder Trends’ report for H1 2019. 

According to data in ‘Trends’ report, a total of 20,978 residential units completed in the first half of 2019. The total comprised 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.

As of July 2019, there are an additional 38,426 residential units within 152 projects that have at least an 85 percent completion status and are scheduled to be completed by the end of the year, according to Data Finder, the real estate insights and data platform under the Property Finder Group. This breaks down to 29,397 apartments, 3,387 villas/townhouses, and 5,642 serviced apartments. However, even with a high completion status, not all projects will achieve completion this year, going by previous materialisation rates, says the report findings. 

Some of 2019’s notable handovers so far include the DT1 tower in Downtown Dubai which added 130 apartments, 44 villas within Al Sarfa compound by Wasl Properties in Al Sufouh, 512 villas in the Sidra Community and another 1,312 villas in the Maple I and Maple II sub-communities of Dubai Hills Estate, 48 villas in Sobha’s Hartland Estate in Mohammed Bin Rashid City and 426 apartments in Emaar’s Vida Hills. Within the master-planned community of Town Square by Nshama, there were six additional projects that were expected by the end of 2018. So far this year, 579 units in Safi Apartments and 680 additional units in Zahra Breeze were completed, and others can be expected to follow by the end of the year.

“With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units. Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors,” says Lynnette Abad, Director of Data and Research, Property Finder.

Notable completions that are expected for the remainder of the year are the first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 townhouses in Serena, Jenna apartments in Town Square, Phase 1 and 2 of Azizi Victoria yielding 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments in total and three towers yielding 1,427 apartments in Al Habtoor City, according to Data Finder.

Looking forward to the rest of 2019, the supply story will continue with an unprecedented amount of residential supply coming in. At the end of 2018, Data Finder found 33,982 residential units that were under construction in Dubai with a completion status of at least 65 percent and completion scheduled for 2019. Less than a few thousand of those units ended up completing by the end of 2018, and most were pushed to 2019. With nearly 20,000 already completing in the first half of 2019, and another 38,426 with a status of at least 85 percent complete, the market is set for some record numbers in completions. 

Overall residential stock is expected to reach 637,000 units by the end of 2020, correlating to more than a 10 percent increase in recent years. While there are concerns of supply increasing ahead of demand, a more affordable market overall would be a welcome trend for residents and investors.


About Property Finder – www.propertyfinder.ae  
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.

Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.

A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents. 

US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.

The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.

In April 2019, Property Finder announced the acquisition of JRD Group, following an increased investment in Turkish portal Zingat.

In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.

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