Dubai Investments says 1,150 new homes under way
Investors and third-party developers taking advantage of DIP's proximity to Expo 2020 site
Dubai Investments has said that it currently has 1,150 residential units under construction at its Dubai Investments Park project.
The company said that the units - a mix of apartments and townhouses - are being built as demand increases due to the park's proximity to Dubai's Expo 2020 site.
It said the projects are being built in phases but are all expected to complete by 2018. DIP is providing infrastructure for the projects, which are then being built by developers and investors.
DIP currently has 10,000 residential units housing approximately 20,000 residents.
Once the new homes are complete, Dubai Investments expects this to increase to around 45,000.
General manager Omar Al Mesmar said: “The UAE real estate sector is witnessing a buoyant trend and investors have started accelerating the various construction projects across Dubai and other Emirates.
Dubai Investments Park is fast reinforcing its identity as the preferred residential community, and its proximity to the Expo 2020 site makes it a favoured option for both investors and end-users."
Residential projects currently underway at DIP include Phase 3 of Union Properties' Green Community and Aristocratic Star's Royal Estates project.