Dubai targets 163,840 real estate units by 2021

November 14, 2017

undefinedDubai property development is scheduled to deliver a further 387 real estate projects offering 163,840 new units over the next five years.

A real time analysis of the market by fäm Properties shows that a total of 24 residential and commercial developments are scheduled to deliver 7,336 units for handover before the end of this year.

This is to be followed by 63 projects with 27,360 units in 2018, 36 (19,850) in 2019, 12 (17,754) in 2020 and one (114) in 2021.

Another 251 projects (91,430 units) are either currently short of 100% completion or pending final inspection, with the developers having a 12-month grace period to deliver.

fäm Properties says the new Oracle-powered tool it has developed will help real estate investors and home buyers make more rational decisions.

“We took this initiative because we want our investors and buyers to have a more accurate picture of the Dubai property market by being able to analyse facts and figures in a new way,” said Firas Al Msaddi, CEO of fäm Properties.

undefined“This is something they’re eager for because it will help to make buying decisions based on facts and figures and is ultimately more profitable.”

The fäm online tool also provides comparisons on the change of rent over time in Dubai for properties from studio apartments to 5-bed units.

So far in 2017, 90 new projects were launched in Dubai consisting of 36,556 units, while out of a total of 8,529 units delivered to-date this year, 5,939 of these were handed over on schedule.

Overall, of the 105 developments (29,158 units) originally scheduled to have been completed by now this year, 43 (7,878 units) have so far been delivered, taking the average unit delivery rate to 27% and the average project delivery rate to 41%.

Meanwhile, 59 projects offering 16,993 units have completed over 80% construction to date.

 

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