International Finance
Real Estate

Realty price swing: Dubai developers speed up projects

Dubai real estate
A total of 20,978 residential units have been completed in the first half of 2019

According to media reports, the developers in Dubai are hastening up the completion and handing over of their projects, ahead of 2020 expo despite the fluctuating Dubai real estate prices.

According to information released by the Property Finder Trends, a total of 20,978 residential units have been completed in Dubai in the first half of 2019.

The residential units included 14,999 apartments, 1,084 serviced apartments and 4,895 villas and town homes.

The report further suggests that 38,426 residential units, which have an 85 percent completion rate, are expected to be completed by the end of 2019. The 38,426 residential units include 29,397 apartments, 3,387 villas and town homes and 5,642 serviced apartments.

By the end of 2020, around 63,700 residential units are expected to be completed.

A few notable Dubai real estate property handovers of 2019 include the DT I Tower in Downtown Dubai which has 130 apartments, Al Sarfah compound with 44 villas, Sidra community with 512 villas, Maple I and Maple II committees of Dubai Hills Estate with 1,312 villas, 48 villas in Sobha’s Hartland Estate in Mohammed Bin Rashid city and 426 apartments in Emaar’s Vida hills.

Lynette Abad, director of data and research at Property Finder, stated that the supply of more residential units by the end of the year will lead to further decrease in the Dubai real estate prices. He added that the increased number of residential options will provide the buyers an opportunity to negotiate the prices. He said that at present the demand and supply ratio is balanced which makes the city affordable to both investors and residents.

Some of the important residential project completions in the second half of 2019 include the Phase I of Arabella villas, Seventh heaven in Al Barari, Acacia apartments in Park Heights, Jenna apartments in Town square and Wind Towers I and II in Jumeirah Lake Towers.

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