The rate of Dubai residential building is expected to slow in 2020, according to research by the Property Finder Group.
A total of 32,822 residential units in both freehold and non-freehold communities were completed in Dubai in the first nine months of the year.
And another 13,216 units are expected to be completed by the end of the year, or in the first quarter of 2020, according to new data compiled by Property Finder Group’s Data Finder.
However, the data found that the actual completion rate has generally been 40 to 50 percent of expected completion, with only around 6,500 units likely to be completed in Q4.
Cumulatively, the total number of Dubai residential building unit completions amounts to approximately 39,000 for the year, predicted to be the highest of the last several years. In comparison, 33,881 Dubai residential building units were completed in 2018.
According to data from the government-run Dubai Statistics Centre, the population of Dubai as of the third quarter in 2019 was 3.34 million – representing an annual increase of 177,020 people or a growth of 5.64 per cent compared to Q3 2018.
In the fourth quarter of 2019, there were 59 projects in Dubai with a completion percentage of 97 to 99 per cent. However, it is noted that not all projects will have achieved completion by the end of the year, either due to delays or developers not wanting to flood the market with more supply, as overseas property investors have been holding back.
Of the 13,216 Du residential building units slated for completion in Q4 2019 and Q1 2020, the majority – 11,499 – are for apartments, while another 1,018 are villas and townhouses and 699 are serviced apartments.
Business Bay was due to see the highest number of Dubai residential building completions before the end of the year (1,726), followed by Dubai Silicon Oasis (1,066), Al Furjan (986), Dubai South (810) and Dubai Sports City (792).