Gulf Construction Online - Dubai developers fast track project delivery

UAE Focus

Al Sarfa project by Wasl Properties ... 44 villas handed over this year.

Dubai developers fast track project delivery

01 September 2019

Despite a sustained correction in prices across nearly all communities in Dubai, developers are completing construction and handing over projects with speed, said Property Finder, a leading property portal in a new report.

According to data in the ‘Property Finder Trends’ report for H1, a total of 20,978 residential units were completed in the first half of 2019. The total comprised 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes.

As of July 2019, there are an additional 38,426 residential units within 152 projects that are at least 85 per cent complete and scheduled to be ready by the end of the year, according to Data Finder, the real estate insights and data platform under the Property Finder Group.

This breaks down to 29,397 apartments, 3,387 villas/townhouses, and 5,642 serviced apartments. However, even with a high completion status, not all projects will be ready this year, going by previous materialisation rates, says the report findings.

Some of 2019’s notable handovers so far include the DT1 tower in Downtown Dubai which added 130 apartments, 44 villas within Al Sarfa compound by Wasl Properties in Al Sufouh, 512 villas in the Sidra Community and another 1,312 villas in the Maple I and Maple II sub-communities of Dubai Hills Estate, 48 villas in Sobha’s Hartland Estate in Mohammed Bin Rashid City and 426 apartments in Emaar’s Vida Hills.

Within the master-planned community of Town Square by Nshama, 579 units in Safi Apartments and 680 additional units in Zahra Breeze were completed, and others can be expected to follow by the end of the year.

Notable completions that are expected for the remainder of the year are the first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 townhouses in Serena, Jenna apartments in Town Square, Phase One and Two of Azizi Victoria yielding 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments in total and three towers yielding 1,427 apartments in Al Habtoor City, according to Data Finder.

Looking forward to the rest of 2019, the supply story will continue with an unprecedented amount of residential supply coming in. At the end of 2018, Data Finder found 33,982 residential units that were under construction in Dubai with a completion status of at least 65 per cent and completion scheduled for 2019. Less than a few thousand of those units ended up being completed by the end of 2018, and most were pushed to 2019. With nearly 20,000 already completing in the first half of 2019, and another 38,426 with a status of at least 85 per cent complete, the market is set for some record numbers in completions.

Overall, residential stock is expected to reach 637,000 units by the end of 2020, correlating to more than a 10 per cent increase in recent years.