Residential Property In Dubai ‘To Remain Affordable’ Amid Continued Growth In 2019

by Liz Seyi Digital marketing manager

As if more evidence was needed of the United Arab Emirates (UAE) city of Dubai’s sustained appeal to potential workers, residents and investors alike, the Khaleej Times has reported that homes in the area are likely to still be within reasonable financial reach during 2019. 

This is according to the consultancy Core, which has conservatively estimated that more than 28,500 residential units will probably be handed over in Dubai by the end of this year.

A series of key developments of interest to lower and mid-market buyers

Such a figure would compare to the about 21,700 residential units that were delivered in 2018, which was the highest number of deliveries since 2011.

Approximately 83% of the deliveries recorded last year were apartments, whereas 17% were villas. Dubailand accounted for the largest number of deliveries, with more than a quarter of the total stock, followed by Jumeirah Village Circle and Triangle (13%).

Among the various high-profile handovers in 2018 were multiple project deliveries in Damac Hills, Hayat Townhouses, Bluewaters Residences and Oia Residences in Motor City.

It is thought that approximately 81% of this year’s deliveries will be apartments, and 19% of them villas. Core has also predicted that the majority of deliveries will be in the affordable to mid-market segment in the outer areas, with a third of the handovers being in the Dubailand and Jumeirah Village Circle and Triangle areas.

Exciting times to live and work in Dubai

Core’s annual Dubai market update explained: “2018 was a year of landmark reforms, with the UAE government announcing a number of resident and investor-friendly initiatives.

“These reforms are expected to have a far-reaching positive impact on business sentiment, tourism volumes, investor profiles and the talent pool that the UAE will attract and retain.”

Meanwhile, Edward Macura, partner at Core, observed that “the market is highly occupier-friendly due to a wide variety of options now available at very competitive prices with higher levels of flexibility offered by both developers in new launches and landlords in the rental market.”

Get in touch with the professional and friendly Renovo team today

Whether you are a recent investor in Dubai residential or commercial property yourself or have owned premises in the city for a while, here at Renovo, we would be delighted to provide you with the benefit of an all-encompassing Annual Maintenance Contract.

Call +971 – (0)4 442 2986 or complete and submit our straightforward online contact form to learn more about the domestic or commercial property maintenance package that we can give to you, perfectly tailored to your current practical and financial needs. 

 

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Created on May 22nd 2019 01:19. Viewed 395 times.

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