Residential units to launch before Expo 2020.
Developers in 136 projects in Dubai are expected to boost construction before Expo 2020 and deliver at least 25% more homes in this year, a report says.
The last Property Finder report reveals that at least 48,015 freehold residential units in Dubai are being built and Expo2020 is anticipated to take place. The Finder Data & Research Property has established that 43,882 units of residential properties within 136 Dubai projects are expected to be completed by end of 2019 between 85-99 per cent.
Taking into account the historical 50 per cent materialisation rate, a decent number of these units can be expected to come to a conclusion by the end of this year, said the report. However, the experts said that this year there are likely to be up to 40,000 residential units delivered compared with 29,000 in 2018.
“Construction is not slowing down and projects are in full swing,” Lynnette Abad, director of Research and Data, Property Finder, said.
“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,” she said.
Estimated that 4,133 residential units will complete between 65- 99% of Dubai’s 18 projects by September 2020, one month before Expo 2020. Developers have announced several projects to serve the 25 million visitors scheduled for Expo 2020 to arrive in Dubai.
Apartments will account for 2.853 units, while villas/townhouses will have a population of approximately 1.280, which are estimated to be supplies by 2020 (until September).
Several developers in Dubai launched projects in 2016 and 2017 in the run-up to the Mena area’s first exhibition in 2020 to meet investment demand. Developers will reach this year’s building deadlines as excitement for the mega-event in 2020 builds.
The most project (23) complete from today until Expo 2020 will be seen from Jumeirah Village Circle in accordance with building schedules. The following are 15 project projects completed, followed by Mohammed Bin Rashid City.
It is worth noting that Dubai Hills Estate and Meydan also form the master municipality of MBR City.