Over 47,000 new homes to come up in Dubai this year
A total of 21,014 residential units, including apartments, villas and townhouses, had been completed during the third quarter of 2018 and this year the number of new homes is likely to hit 47,500, said a report by Property Finder, the UAE’s pre-eminent real estate portal.
The increased amount of completed projects is unprecedented and in the short-term the new inventory will help tenants to negotiate for more competitive rents.
As of October 2018, there were 14,707 residential units with a 95 to 99 per cent completion status with expected completion by the year’s end. However, only 1,187 of those units were completed by the end of 2018.
The remaining 13,520 units would likely be completed in the first half of 2019, stated the “Property Finder Trends” report. In addition there are the projects slated for 2019 completion to add to this spillover stock.