Tuesday, November 14, 2017

163,840 new properties set for handover in Dubai by 2021

A total of 163,840 new properties are likely to be delivered across Dubai, through 387 real estate projects over the next five years, according to UAE-based fäm Properties.

A real time analysis of the market by fäm Properties shows that a total of 24 residential and commercial developments will likely to deliver 7,336 units for handover before the end of this year, followed by 63 (27,360) 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 per cent completion or pending final inspection, with the developers having a 12-month grace period to deliver, said one of Dubai’s largest real estate brokerages in its report.
So far this year, Dubai has seen the launch of 90 new projects 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, it added.
Overall, out 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, meaning the average unit delivery rate is 27 per cent and the average project delivery rate is 41 per cent, said fäm Properties in its report.
Meanwhile, 59 projects offering 16,993 units have completed over 80 per cent construction to date, it added.
The company says the new Oracle-powered tool it has developed, providing extensive insights into Dubai property market activity and conditions in real time, will help real estate investors and home buyers make more rational decisions.
Firas Al Msaddi, the chief executive of fäm Properties, said: "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."
“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,” he noted.
The fäm online tool also provides comparisons on the change of rent over time in Dubai for properties from studio apartments up to 5 bed units. Investors or end users keen to assess rental yield potential can take advantage of a rental range index which pinpoints rates over ten years, explained Al Msaddi.
Although rental rates for the same category of apartments in the same area have varied greatly based on size and location over ten years – a major factor in the buying decision – the gap has closed significantly in the last two to three years, he noted.
While two bed apartment rentals in Downtown Dubai ranged from Dh260,000-150,000 annually in 2009, reaching a low of Dh120,000-95,000 in 2012, December 2016 rates were at Dh180,000-160,000.
Over the same period, two beds in Dubai Marina started off at Dh180,000-150,000 and returned to Dh180,000-140,000 at the end of last year after falling to a low of Dh100,000-65,000 in December 2011, which is largely due to an increase in population in that area (23,649 in 2011 to 45,395 in 2016).-TradeArabia News Service

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