In the first six months of 2019, Developers in Dubai have completed 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhouses with a total of 20,978 residential units.
The UAE-based properties listing site Property Finder’s report says that as of July 2019, there are an additional 38,426 residential units within 152 projects that are at least 85% complete and scheduled to be completed by the end of 2019.
The notable handover residential units in 2019 are DT1 tower in Downtown Dubai, Maple I and Maple II of Dubai Hills Estate, Sobha’s Hartland Estate in Mohammed Bin Rashid City, and Emaar’s Vida Hills.
Lynnette Abad, Director of Data and Research at Property Finder said: “With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units. Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors.”
Residential stock shows concerns of supply increasing ahead of demand as it’s expected to reach 637,000 units by the end of 2020, correlating to more than a 10% increase in recent years.