'50% property projects fail to meet 2015 deadline'
Around 50% of Dubai residential projects scheduled for completion during has been rescheduled for a 2016 or 2017 handover
Almost half of Dubai residential projects scheduled for completion during 2015 have been delayed and reschedule for a 2016 or 2017 handover, a new report has revealed.
Real estate consultants ValuStrat said it estimates the total completed residential supply during 2015 at 14,000 apartments and 3,400 villas, as reported by Arabian Business.
Seven off-plan residential projcts were also launched during the final quarter of 2015 to add more than 1,500 units to the residential pipeline by 2018.
Haider Tuaima, ValuStrat research manager, said: "Around half of the residential projects originally scheduled for completion in 2015 are delayed and have been rescheduled for handover during 2016 and 2017, reflecting a continued construction sector slowdown."
The fourth quarter 2015 real estate report showed that the residential market registered no effective quarterly decline for the first time since the current period of correction following the March 2014 peak.
Its statistical analysis suggests that 2016 may witness a plateau in prices, indicating a buyer's market in anticipation of higher rental yields for mid-range properties, and increased interest in prime properties in a search for capital appreciation.