Dubai – Mubasher: More than 47,000 residential units in 2019 are slated for delivery across the emirate of Dubai over the course of 2019, UAE-based real estate portal Property Finder said in recent statistics.
Almost 21,014 residential units including apartments, villas, and townhouses were handed over in the third quarter of 2018.
In October, around 14,707 units were within completion statuses of 95% to 99%, and only 1,187 were complete by the end of December 2018, data showed.
Statistics showed that there were 33,982 residential units under construction with a completion status of at least 65% and were set to be completed during 2019.
However, about 47,502 residential units are expected to be handed over by the end of the year.
“While many believe we are in a slump and property prices will go back to pre-2016 levels, the reality is that with the considerable amount of supply already released into the market, and the upcoming supply through 2022, the prices we are experiencing today are the new normal,” Lynette Abad, director of research and data at Property Finder, said.
She forecast that real estate prices would fall in 2019, as the market absorbs the immense amount of supply that came in 2018 as well as the incoming lots due during the year.
