15,000 residential units delivered in Dubai in 2018 against 96,000 units scheduled to be completed before the end of 2020
Dubai, United Arab Emirates: Asteco recorded the delivery of nearly 15,000 residential units over the course of 2018, comprising 12,000 apartments and 2,750 villas. While Emiratis were the top investors among GCC nationals in Dubai's real estate market, investing over Dh11.5 billion, Indians followed next with Dh10.8 billion, British with Dh4.3 billion, Pakistanis with Dh2.8 billion and Jordanians with Dh1.5 billion.
These statistics were released in conjunction with the upcoming Dubai Property Festival which is organised by Dubai Land Department (DLD) from 26th to 28th March at Dubai World Trade Centre. According to the organisers of the show, the continued investments in Dubai’s real estate market indicate the robust growth of the sector.
Targeting participants including not just property developers but also brokers, lenders, mortgage providers, investors, and home buyers, Dubai Property Festival is a sales and purchase event that aims at attracting global investment into the UAE.
Reports suggest that looking ahead, a total of 96,000 units are currently scheduled to be completed before the end of 2020. According to Bayut, some of the top areas that offer the highest return on investment include International City (9.3 percent) Jumeirah Lake Tower (7.5 percent), Jumeirah Village Circle (7.3 percent), Dubai Marina (6.4 percent) and Downtown Dubai (5.4 percent).
“Considering the cautious approach taken by property developers, the property market in the UAE is set for a steady growth. In addition, the strategic initiatives introduced by the government including residency visa for up to 10 years will serve as a catalyst for positioning the country as a top destination for real estate investments,” said Dawood Al Shezawi of Dubai Property Festival Organizing Committee.
Dubai Property Festival (DPF), in partnership with the International Property Show (IPS) is the Middle East’s Biggest Property Sales Platform for local and international real estate markets. The show allows retail sale and purchases for both local and international properties. DPF is a mega property sales platform where exclusive deals to end-users and investors are offered for three days. It enables developers to sell their project offerings onsite at much lower prices, attractive to investors looking to explore from a wide range of properties. The 2018 event attracted 131 exhibitors from 30 countries, as well as 20,332 visitors and VIPs from 143 countries.
While demand remains popular in some of Dubai’s historically trendy areas like Dubai Marina, the popularity of more familial communities like Jumeirah Village Circle and the affordability of Arabian Ranches have increased searches in these areas. Property Finder’s data reveals that in 2018 the most searched areas for those looking to buy were Dubai Marina with over 1.3 million searches, Downtown Dubai with over 1 million searches and the Palm Jumeirah with nearly one million searches.
At the upcoming Dubai Property Festival, professionals of the industry will be presented with a never before incentive to boost the growth of the sector.
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