Property Finder: 20,978 residential units completed in H1'19 in Dubai
14,999 apartments, 1,084 serviced apartments and 4,895 villas and town houses were completed in the first half of the year
In the first half of 2019, developers in Dubai completed a total of 20,978 residential units, with the companies ramping up construction work and handover on the projects, according to UAE-based properties listing site Property Finder.
In its Property Finder Trends’ report for H1 2019, the company revealed that 14,999 apartments, 1,084 serviced apartments and 4,895 villas and town houses were completed in the first six months of 2019 in Dubai.
According to the report, as of July 2019, nearly 38,426 residential units within 152 projects in the emirate have noted 85% completion and scheduled to be completed by the end of 2019.
In 2019, residential units within DT1 tower in Downtown Dubai, Maple I and Maple II of Dubai Hills Estate, Sobha’s Hartland Estate in Mohammed Bin Rashid City, and Emaar’s Vida Hills were handed over.
Director of data and research at Property Finder, Lynnette Abad, said: “With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units. Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market.”
She added: “For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors."