New Dubai residential units to push real estate prices down
A record number of residential units expected to come online in the second half of the year will push Dubai property prices lower.
A total of 20,978 residential units were completed in the first half of 2019 comprising 14,999 apartments, 1,084 serviced apartments and 4,895 villas and town houses. An additional 38,426 residential units within 152 projects that have at least an 85 per cent completion status as of July, are scheduled to be delivered by the end of the year.
Notable handovers this year so far, include the DT1 tower in Downtown Dubai with 130 apartments, Al Sarfa compound by Meraas in Al Sufouh with 44 villas, Sidra Community (512 villas) and the Maple I and Maple II sub-communities of Dubai Hills Estate (1,312 villas).
Villas were also added in Sobha Hartland Estate in Mohammed Bin Rashid City (48) and in Emaar’s Vida Hills (426 apartments).
Within the master-planned community of Town Square by Nshama, six additional projects were expected by the end of 2018. So far this year, 579 units in Safi Apartments and 680 additional units in Zahra Breeze were completed, and others can be expected to follow by the end of the year, according to a report.