50,000 new units will enter Dubai by September, where will they be?

Sale prices and rental values will be under pressure according to Property Finder

  
A passenger train passes in front of high rise buildings on December 2, 2009 in Dubai, United Arab Emirates. Photo used for illustrative purpose only.

A passenger train passes in front of high rise buildings on December 2, 2009 in Dubai, United Arab Emirates. Photo used for illustrative purpose only.

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Almost 50,000 apartments, townhouses and villas will be completed in Dubai by September, just in time for Expo 2020, according to Property Finder.

Sale prices and rental values will be under pressure viewing “the incredible number of properties and apartments that look set to hit the market by September 2020”, the real estate insights platform said in a report.

“With some 48,500 units coming onto the market by September, it will certainly be a buyers and renters’ market,” Lynnette Abad, Director of Data and Research, Property Finder, said.

Emaar, Dubai’s largest listed developer, registered a 260 percent year-on-year increase in off-plan property sales last year. Emaar’s developments under construction will add nearly 4,000 more apartments to the city’s stock this year according to Property Finder.

“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,” Abad added.

Damac Properties is expected to open its three Carson Towers in Damac Hills this month, adding 1058 freehold apartments, while Arabian Gate by Time Properties in Dubai Silicon Oasis is also due for completion in March, offering 704 apartments.

Wasl Asset Management Group’s 2500 apartment complex at Ras Al Khor is now at 89 percent completion, while Al Habtoor Group’s Al Habtoor City Residential is due for completion in April 2020 and offers 1427 apartments.

Millennium Place, a Mirdif Hills-based complex offering 1500 freehold apartments and 128 serviced apartments should see completion in June 2020.

“This phenomenal growth and rapid completion of so many projects make 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.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com )

#dubai #property #Expo2020 #developers

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© ZAWYA 2020


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