Dubai market witnesses Over 28,500 residential units are likely to be handed over in Dubai by the end of 2019, consultancy Core says in a conservative estimate.
Around 21,700 residential units were delivered in 2018, the highest number of deliveries since 2011. Approximately 83% of 2018 deliveries were apartments, while 17% were villas. With over 25% of the total stock, Dubailand continues to see the highest number of deliveries, followed by Jumeirah Village Circle and Triangle (13%).
Prominent handovers in 2018 include multiple project deliveries in Damac Hills, Hayat Townhouses, Bluewaters Residences and Oia Residences in Motor City.
Of the 2019 deliveries, around 81% is expected to be apartments, while 19% are villas. The majority of the deliveries are forecast in the affordable to the mid-market segment in the outer areas with Dubailand and Jumeirah Village Circle and Triangle accounting for one-third of all handovers forecasts Core.
According to Core’s annual Dubai market update, 2018 was a year of landmark reforms, with the UAE government announcing a number of resident and investor-friendly initiatives. These reforms are expected to have a far-reaching positive impact on business sentiment, tourism volumes, investor profiles and the talent pool that the UAE will attract and retain. While other demand-side indicators such as GDP, population and secondary sales volumes also display steady growth, supply-side deterrents continue to impact the market – a trend expected to linger over the near term.