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Dubai’s residential projects continue to see steady growth
An improved economy, growing confidence and continued demand are also encouraging developers to announce large-scale projects.
October 14, 2013 1:54 by kippreport
Nearly 45,000 units will be delivered by 2015 and more than 9,000 new units were completed in the first three quarters of 2013 alone, according to Jones Lang LaSelle (JLL).
At the end of Q3 this year, the total residential stock stood at approximately 364,000 units and 3,400 will be handed over, according to JLL’s quarterly Dubai Real Estate Market Overview.
Completed projects include Jumeirah Park villas, Damac’s Burjside Boulevard and Downtown Jebel Ali, as well as various other projects in the Dubai Sports City, Tecom and elsewhere. Developers are “taking advantage of the positive markets sentiment” and re-starting developments, the report reads.
JLL claims that residential projects are being delivered in higher frequency and developer figures show that 45,000 units are under construction, though some projects may, of course, be delayed.
The majority of the future completions will be located in the sub-markets of Dubailand (16,000 units), Dubai Marina (3,700 units), Dubai Sports City (3,600 units), Business Bay (3,000 units) and Jumeirah Village (2,800 units).
An improved economy, growing confidence and continued demand are also encouraging developers to announce large-scale projects, such as the Mohammad Bin Rashid City, Nakheel’s Jumeirah Islands and the Burj Vista.
In light of the increased real estate activity, it’s likely that salaries will soar, much like Dubai’s skyline, reveals a report by Macdonald & Company. The same study said that a lot of construction projects will be hinged on the success of Dubai’s Expo 2020 bid – the winner will be announced next month.
The report adds: “The whole industry is eagerly anticipating the decision on who will host World Expo 2020 next month, as industry analysts are saying that the win could drive in more growth and confidence for the local real estate market.”