Dubai Expo 2020 impact: 42 projects with 11,250 units this year
Buoyed by Dubai’s being the host city for Expo 2020, developers launched 42 developments, which includes 17 villa and townhouses projects, this year till end-August, data provided by Reidin.com to Emirates 24|7 reveals.
These projects house nearly 11,250 units. The 17 villa projects have around 3,041 units, while the remaining 25 projects comprise 8,209 apartments.
Emaar Properties, Dubai’s largest property developer, Nakheel, a Dubai government owned developer and Damac Properties, a private developer, have been on the forefront of these project launches.
Kuwait-based Global Investment House has said strong economic fundamentals and improving market sentiment continue to drive the UAE’s real estate market, while Dubai World Expo 2020 would remain the key catalyst for the sector.
The UAE real estate market continued its uptrend at a slower rate in the second quarter 2014, home prices rose six per cent in Dubai and five per cent in Abu Dhabi quarter on quarter.
Dubai is the host city for Expo 2020, which will be held from October 2020 to April 2021. In the run-up to the event, nearly 277,000 new jobs will be created.
(Read: Job vacancies to rise in Dubai: New companies enter, existing ones expand)
Khawar Khan, a Research Manager, Knight Frank Dubai, wrote on the company blog, saying that Dubai’s strong economic conditions and buoyant labour market continue to attract foreigners in their droves.
“Since this rising population needs decent (and not always luxurious) accommodation, we expect demand to outstrip supply in the short-term. All else equal then, we believe that mainstream residential prices will continue to rise faster than luxury home prices over the next 12-18 months,” he added.
The latest Knight Frank Global House Price Index puts annual price growth of 24 per cent in the year to March 2014, down from 27.7 per cent same period last year.
Last month, developers claimed their projects in Dubailand – once touted as the leisure and entertainment district of the emirate – were sold out on the launch date itself – reminisce of 2006 and 2007 period.
(Read: Newly-launched Dubai villa projects claim sell-outs)
Below is the list of few projects launched this year
(The number of villas in Akoya Oxygen may change)
DLD registers 6,636 units in H1
Separately, Dubai Land Department (DLD) said on Wednesday it has registered a total of 6,636 properties across the emirate in the first six months of the year.
The Technical Affairs Department report revealed it produced 18,925 maps covering the emirate’s real estate sector over the same period.
”This form of reporting helps us to understand how the market is evolving and prepares us for growth in the volume of transactions,” said Mohammed Khodr Al Dah, Senior Director, Technical Affairs Department, DLD.
“The production of property maps allows us to meet the expectations of customers and provide the best service possible by ensuring continuous developments that match the changes.”
The Technical Affairs Department’s report, which was compiled by its Drawings and Survey division, said partition schemes accounted for 14,149 land maps issued in the first six months with 316 villa maps and 4,460 maps for residential/office units were produced over the same timeframe.
"The sheer quantity of maps that our Technical Affairs Department is producing is an indication of the healthy growth in Dubai’s real estate sector.
“We are anticipating an increase in the number of cartography procedures we will be undertaking during the second half of this year, especially in light of the predicted greater number of developments being launched in the emirate from real estate companies. There are also extensive studies required for the feasibility of future projects, all of which require maps and plans,” Al Dah added.
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