Thursday 19 September 2019

Over 48,000 freehold residential units to ready by Expo 2020

DUBAI, May 21, 2019

More than 48,000 freehold residential units are under construction in Dubai and likely to be ready  ahead of the mega Expo 2020 event, according to a report.

Of these projects, work on a total of 43,882 residential units is in their final stages with many of them already 85 to 99 per cent completed, stated the report by Property Finder, a leading digital real estate platform.

Considering the historical materialisation rate of 50 per cent, one can expect a decent number of these units to reach completion by the year end, way ahead of the mega Expo 2020 event in October, it said.

Similarly, analysis by the Data & Research team at Property Finder estimates 4,133 residential units within 18 projects in Dubai to have a completion status between 65-99 per cent until September 2020, a month before Expo 2020, it added.

Cumulatively, between today and September 2020, the emirate could see the completion of up to 48,015 residential units in Dubai. However, construction completion does not necessarily translate into handover of the homes, said a top official.

"Construction is not slowing down and projects are in full swing. We are also starting to see phases of big projects near completion status, therefore we can expect to see a higher number of completed units this year compared to following years," remarked Lynnette Abad, Director of Research and Data, Property Finder.

"So far to date, there has been a total of 10,670 units completed this year," stated Abad.

Breaking down the supply figures further, apartments account for a major chunk of the upcoming inventory in 2019 at 33,548 units, villas/townhouses will number around 4,612 and serviced apartments at 5,622, she added.

According to her, developers have announced plans to launch several hotel/serviced apartment projects in order to serve the expected 25 million visitors estimated to arrive in Dubai for Expo 2020.

Of the estimated residential supply expected in 2020 (until September), apartments will account for 2,853 units while villas/townhouses will number around 1,280, she revealed.

In the run-up to the Mena region’s first Expo in 2020, several developers had launched projects in Dubai in 2016 and 2017 to cater to investor demand. Developers are going the extra mile to meet construction deadlines this year as excitement builds up for the mega event in 2020.

According to construction schedules, Jumeirah Village Circle will see the highest number of projects (23) completed from today until Expo 2020.

This will be followed by Mohammed Bin Rashid City with 15 project completions. It should be noted that the master community of MBR City also includes Dubai Hills Estate and Meydan, said the report by Property Finder.

Dubailand and Business Bay will also see a lot of activity, with 12 projects apiece likely to be completed, it added.-TradeArabia News Service 


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