Over 43,000 residential units to be completed in Dubai by end-2019

Over 43,000 residential units to be completed in Dubai by end-2019

Real estate, Dubai

Over 43,000 residential units within 136 Dubai projects are between 85 and 99 percent complete, with expected completion by the end of 2019, according to new data from Property Finder, Arabian Business reported. 

The data also estimates that 4,133 residential units in 18 projects in Dubai have a completion status of between 65 and 99 percent until September 2020, a month before the beginning of Dubai Expo 2020.

Cumulatively, Property Finder believes that Dubai could see the completion of as many as 48,015 residential units in the emirate, although construction completion does not necessarily translate into the handover of homes.

“Construction is now slowing down and projects are in full swing,” said Lynnette Abad, Property Finder’s director of research and data. “We are also starting to see phases of big projects near completion status.”

“Therefore, we can expect to see a higher number of completed units this year compared to following years,” Abad added. “So far, to date, there has been a total of 10,670 units completed this year.”

Of the total upcoming inventory in 2019, apartments were found to account for 33,548 of the total, compared to 4,612 for villas and townhouses and 5,622 serviced apartments.

Of the estimated residential supply expected in 2020 (until September of that year) apartments will account for 2,853 units, compared to 1,280 villas and townhouses, according to Property Finder.

According to construction schedules, Jumeirah Village Circle will see the highest number of projects – 23 – between today and Expo, followed by Mohammed bin Rashid City with 15 project completions.

Dubailand and Business Bay are expected to each have 12 completed projects within the same timeframe.

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