Dubai developers launching new projects despite prices fall

Lower prices and sales volumes don’t stop Dubai developers from starting new real estate projects in the emirate.

Rising rental income combined with the Dubai’s safe haven status form quite an optimistic outlook for the emirate’s real estate construction industry.

International rating agency Moody's also confirmed that Dubai government is planning to increase public expenditure on the urban infrastructure improvement in Dubai upgrading the city for the Expo 2020 in the next five years. Thus, infrastructure spending along with encouraging foreign investments will provide Dubai housing market a sufficient support in coming years.

Speaking of large-scale development projects launched recently in Dubai, such developers as the Danube Properties is worth mentioning in the first place. This developer plans to invest about USD 130 million in the construction of affordable housing in its new residential projects in Arjan and Al Furjan, and about USD 190 million in the construction of the Glitz in Dubai Studio City, while another USD 130 million will be spent on construction of the Dreamz residential complex in Al Furjan.

Omniyat Properties follows the Danube’s track, but in the segment of luxury real estate. This developer got its name mentioned for its recent International Media Production Zone (IMPZ) and Dubai Maritime City (DMC) projects. Dubai Investments (DI) also keeps apace with those two mentioned above, having recently completely revived Mirdif Hills, its residential and commercial property project worth USD 820 million, which will add 1,500 new residential units to the market.

Thus, despite the difficulties and some cooling in the market, the developers’ activity in Dubai has not reduced, analysts say.

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