PropertyFinder: Over 48,000 freehold residential units likely to be ready before Expo 2020
10,670 units completed from the start of 2019 to date
According to a report from PropertyFinder, over 48,000 freehold residential units are under construction in Dubai and are likely to be ready before Expo 2020. Of those, work on 43,882 residential units is said to be in the final stages with many standing between 85-to-99% complete.
The report also stated, that given the historical materialisation rate of 50%, a chunk of these units will reach completion by the end of 2019, well ahead of Expo 2020.
“Construction is not slowing down and projects are in full swing. We are also starting to see phases of big projects near completion status, therefore we can expect to see a higher number of completed units this year compared to following years. So far to date, there has been a total of 10,670 units completed this year,” said Lynnette Abad, director of Research and Data at Property Finder.
Analysis by the Data & Research team at Property Finder estimates that 4,133 residential units spread across 18 projects have a completion status between 65-99% until September 2020, the report stated.
Between today and September 2020, Dubai could witness the completion of up to 48,015 residential units. However, construction completion does not necessarily translate into handover of the homes, an official said.
The report also highlighted that as per construction schedules, Jumeirah Village Circle will see the highest number of projects (23) completed from today until Expo 2020, followed by Mohammed Bin Rashid City with 15 project completions. Dubailand and Business Bay will also see a lot of activity, with 12 projects apiece likely to be completed.
