Dubai’s real estate market has been witnessing a major churn of sorts. The property market in the Emirate has been previously facing a slump and thereafter, the pro-active measures taken by the Government including new visa regulations, have spurred the property market into action. The real estate market is now witnessing enhanced demand for property owing to the falling realty prices and of course, the opening up of the market to a wider section of buyers and investors. This has led to sizable growth in real estate sales volumes across the Emirate with realty deals touching record levels in 2019 as per reports.
Currently, the 2020 World Expo is the major talking point on Dubai’s calendar and this mega event is expected to firmly position the Emirate as one of the foremost business, commercial, trading and hospitality hubs in the world along with being the predominant economic superpower in the UAE. Naturally, there are several major infrastructural developments that are being readied in time for the Expo and many real estate developers are also looking at completing and handing over projects in time for the commencement of the event.
Close to 50,000 homes to hit Dubai property market
Numerous real estate projects that are currently being built, are expected to be completed before the start of the World Expo 2020 in Dubai according to reports. There are approximately 179 projects which are nearing completion in the Emirate across several areas, ranging from Mirdif to even Dubai South. The sales prices and rental values of properties in Dubai will naturally be under pressure with the large number of units slated to hit the real estate market in Dubai by September, 2020.
Experts have stated that a whopping 48,500 units will be added to the housing market in Dubai by September, making the market more favorable for buyers and renters alike. Cost-sensitive home buyers are expected to keenly explore the market for housing opportunities at lower price points. With multiple leading real estate developers in the Emirate being involved in a large chunk of these upcoming projects, these buyers can expect high-quality construction and amenities at extremely reasonable price points.
Market trends that should be subsequently witnessed
Projects from leading realty players like Emaar Properties are expected to garner sizable attention from buyers, with the company posting growth of 260% in sales of off-plan properties in 2019 as compared to sales volumes in the year 2018. Emaar Properties’ projects that are being constructed, should infuse 4,000 new housing units to Dubai’s residential inventory in 2020. Damac Properties is expected to deliver its three Carson Towers ventures at Damac Hills sometime soon itself, infusing 1,058 new freehold apartment units into Dubai’s residential inventory tally.
Arabian Gate is also slated to be completed soon at the Dubai Silicon Oasis and will have 704 apartment units in total. Additionally, the Ras Al Khor complex comprising of 2,500 units by the Wasl Asset Management Group, has reportedly witnessed close to 90% of the work being finished already. Al Habtoor Group will be finishing its Al Habtoor City Residential Towers that will have three towers comprising 1,427 apartments at Business Bay. This project should be finished by April this year while Millennium Place, the complex based in Mirdif Hills, is expected to be completed by June, 2020. This project will add 1,500 apartment units and 128 serviced apartments to Dubai’s real estate inventory and the project is being supported by DIRC (Dubai Investment Real Estate Company).
Swift completion of numerous leading residential projects and skyrocketing industry growth will make 2020 a watershed year for real estate in Dubai according to experts. 2020 should set a clear benchmark for the supply and demand cycles for the next few years to come along with establishing clear trends in terms of pricing, demand and other market factors.