Clean sweep for UAE in golf as the hosts win team gold and Rayan claims individual title
Latest data issued by Property Finder Group indicates that the up-and-coming communities in Dubai are likely to see more homes completed this year while the established neighbourhoods will see only a few additions to their inventory.
The leading real estate portal in the Middle East and North Africa (Mena) said 30 per cent of the 41,000 residential units under construction in Dubai this year are 96 per cent to 99 per cent complete with Jumeirah Village Circle is expected to deliver 3,400 homes, the highest in Dubai.
Over 28,000 homes were handed over in Dubai in 2018, which has been more than the number of units handed over in the past few years, according to Property Finder report.
"As the Dubai property market matures, residents are finally seeing rents reduced to a level that is considered affordable and, in turn, their cost of living is going down. Considering more than 70 per cent of expats rent, this new supply is very much welcomed as residents are benefiting by upgrading the community in which they reside, and the property type, for example one bedroom to two-bedroom apartments, while saving on rent at the same time. In addition, this is an excellent time for those who are looking to purchase property," says Lynnette Abad, director of Research and Data at Property Finder.
Higher materialisation rate
Although, over 41,000 homes are scheduled to be completed in Dubai in 2019, there is usually a considerable gap in what is announced and what enters the market. Actual deliveries have been 30 per cent to 50 per cent lower than developer projections. This is because developers usually adjust supply to match actual demand, the report said.
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