Property Finder claims that this September will gaze at 50,000 newly completed residential units in Dubai at the advent of its Expo 2020. The rental return and sale prices in the real estate world are going to burn the brunt of this gigantic addition as a consequence. Lynnette Abad informs in the capacity of Director of Data and Research at Property Finder that the arrival of almost 48,500 will support the cause of renters and buyers alike.
Property Finder adds that Emaar noted a 260% growth in off-plan property sales in the previous year. The addition of 4,000 housing units to the city’s property stock will be to the credit of Emaar, according to Property Finder. The Director of Data and Research adds that this addition will benefit buyers with a budget. Besides, quite many developers are vying, which means high quality and even reasonably priced offers to buyers, according to Abad.
This month shall behold Damac Properties opening its three Carson Towers for business in Damac Hills. This development shall offload 1,058 apartments in the freehold sector to the city’s stock. What is more, Arabian Gate, a feather in Time Properties’ cap, shall add 704 apartments in March. Wasl Asset Management is going to add 2,500 Ras Al Khor located apartments, these are 89% complete so far. April 2020 will witness the completion of Al Habtoor City Residential and its contribution of 1,427 apartments to the housing market consequently. A month later, Mirdif Hills built 1,500 freehold apartments and 18 services apartments will be available in the property market.
Lynnette Abad is of the opinion that this phenomenal growth and rapid completion will make 2020 very important for Dubai’s property market. Abad opines that housing solution data of 2020 will keep resonating in the demand and supply horizon, pricing trends, the economy in the wider perspective for many years in the future.
The2020 projections by Asteco, a property consultancy, support the aforesaid report of Property Finder that Dubai will get 50,000 residential units. Developments will add 2,500,000 million square feet to office space further. Asteco adds that the 2020 estate development trend is similar to trends in the past. Furthermore, 2020 will see prices decline on account of the lowest possible development costs. The recent Asteco report points out that further price decline will emerge in the secondary market. One report highlight mentions that developers will keep launching new projects. And industry leaders and specialists will keep urging to enforce a short-term curb to stabilize the situation. This urging too will grow.
Reidin consultancy released data that informs that the oil price plunge of 2014 caused price reduction in the property market too. The plentiful property developments slowed the price further. This oversupply reduced the residential property prices further, 6% to be exact. Middle East sees UAE as a commercial and trading hub. No wonder, September saw a new higher committee emerging to streamline supply glut on the directives of the ruler of Dubai. The collaboration between government agencies and private entities is expected to ensure the supply balance.
Asteco hopes that Expo 2020 has the capability to breathe a new life into the property market by dint of many short-term visitors. John Stevens adds that national brand, with support of UAE, can grow into a global notion. John Stevens serves Asteco in the capacity of Managing Director. Asset management falls under the preview of John Stevens.
Last year saw Dubai listing 31,000 residential solutions in its property inventory. 7,400 villas and 23,600 apartments comprised the aforesaid 31,000 figure. Akoya Oxygen, Damac Hills, and Dubai Hills Estate house these residential units. Asteco report informs that office space received and addition of 3,100,000 square feet of area.
The said afresh property addition is to cost present rents in Dubai. 2020 is bound to witness a decline. Rent decline in 2019 was 12, 11, and 10% in offices, villas, and apartments respectively. Prices couldn’t evade the slow down either. Office, villa, and apartment categories shed 13% of the value. The same report informs that more affordability will attract a greater count of investors, end-users and even first-time buyers.
10,500 residential units are going to swell the Abu Dhabi accommodation stock this year, i.e., 2020. Reem Island, Al Raha Beach, Yas Island and Saadiyat Island are going to add 1,850, 3,800, 1,300, and 2,400 units respectively. Last year added 1,400 villas and 5,200 apartments to the UAE housing market.
Landlords offered discounts, flexible payment terms, and incentives in rental Rates in Abu Dhabi are projected to slide. The report tells that last year witnesses decline of 7 and 4% in rents of apartments and villas respectively. Mr. Steven says initiatives and Expo 2020 will join hands to shore up the economy.