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With prime districts in Dubai having reached a saturation point in terms of development, the city is witnessing hectic activity in terms of building new homes in secondary areas, especially in the South Dubai corridor.
Even as JLL sees a handover list of a massive 31,000 units in Dubai this year, it notes that, going by historical evidence, not all of this scheduled new supply will complete in 2017. As a general rule of thumb, developers hand over only 35 to 40 per cent of announced projects on schedule.
"We see no reason to suggest that the materialisation rate would be any higher in 2017. In reality, completions are expected to be less than 15,000, well below the levels currently announced by developers," says Craig Plumb, head of research, JLL Mena.
Units handed over last year included 1,500 villas for Emirates airline staff in Meydan and 690 homes in Wasl Oasis II in Muhaisnah. The last quarter of 2016 also witnessed the completion of more than 1,000 Mira townhouses in Reem Community by Emaar and 1,200 apartments in City Walk phase 1 by Meraas.
According to estimates by JLL, Damac Properties is likely to hand over most homes this year, with 3,000 units at Akoya by Damac, followed by Dubai Investments Park (2,000), Al Furjan (1,000), Dubai Silicon Oasis (2,000), Dubailand (2,000) and Dubai Sports City (2,000). Affordable housing pioneer Danube Properties expects to deliver 815 units this year.
"Shortly after the Expo 2020 was announced in the year 2013, we witnessed an upsurge in the property market with a number of commercial and residential projects being launched. The development of a lot of projects is underway and I believe many of them should be nearing completion this year," says Rizwan Sajan, founder and chairman of the Danube Group.
"Many projects have been delayed by developers for a variety of reasons. Some developers have held off handing over completed projects. as they recognise that this would flood the market and drive down prices," adds JLL's
"Some developers are expected to spread out the phasing of their projects to align supply with demand," explains GRMC's Al Owainati.
- deepthi@khaleejtimes.com
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