Dubai to complete 34,000 residential units this year
According to Property Finder Group report, despite overall declining property prices, there are many communities in Dubai that have been outperforming most global yields. International City has an average 9.9 percent gross yield and IMPZ at 8.7 percent, based on asking prices from the last three months for both apartments and villas.
The newly completed housing supply in December was seen in 482 villas added to the communities in the Dubai Nad Al Sheba region. In addition Dubailand and IMPZ added 203 and 128 apartments.
Property Finder research calculated that 14,707 residential units had a completion of least 95 percent in October 2018. They were expected by the end of this year. However, of that figure, only 2,792 have been completed, pushing the remainder of that expected supply for 2019 completion.
Looking forward to 2019, projects with a 65 per cent completion status and 2019 completion date amount to 33,982 residential units.
Lynnette Abad, the director for research and data, at Property Finder Group, said, “2019 is going to be an interesting year when it comes to completion of projects and new supply.”
As per the data from Property Finder, the Dubai Marina and Downtown Dubai emerged as the top searches communities in Dubai.
Source: Trade Arabia
Fulya Altunyay/ [email protected]