- A majority of these construction projects are already 80% completed
Dubai: Property Finder’s latest market analysis has revealed an enormous amount of construction projects nearing completion, with 179 projects underway in Dubai, from Dubai South to Mirdif.
The incredible number of properties and apartments that look set to hit the market by September 2020 – just in time for Expo 2020 – mean sale prices and rental values will be under pressure.
Lynnette Abad, Director of Data and Research, Property Finder, says: “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 Emaar – Dubai’s largest listed developer – registering a 260 percent increase in off-plan property sales last year compared to 2018. Emaar and Emaar Properties developments under construction will add nearly 4,000 more apartments to the city’s stock this year.
Such is the ongoing confidence in Dubai’s real estate that this year will see completion of a number of vast projects – towers, housing developments and villa complexes.
Damac Properties is expected to open its three Carson Towers in Damac Hills this month – March 2020 - adding 1058 freehold apartments to Dubai’s property bank at the prestigious 42 million square feet community.
Also due for completion this month is Arabian Gate at Dubai Silicon Oasis, offering 704 apartments at this Arabian Gulf Properties development. Meanwhile Wasl Asset Management Group’s enormous 2500 apartment complex at Ras Al Khor was set for completion in February, but is now at 89% completion. Wasl is also the developer behind a 1900-strong apartment development in Al Qusais, especially aimed at lower income buyers, offering affordable studio, one, two and three -bedroom properties. The development is slated for completion this month.
Al Habtoor Group’s Al Habtoor City Residential Towers, comprising three towers of freehold apartments in Business Bay is due for completion in April 2020, offering a massive 1427 apartments.
June 2020 should see completion of Millennium Place, a Mirdif Hills-based complex offering 1500 freehold 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,” concludes Lynnette Abad, Director of Data and Research, Property Finder.
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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