Read more on how many real estate units will be delivered in Dubai this year, and what are the prospects for the Dubai off-plan property market. Meet a new forecast from Asteco.
In the next few years, Dubai residential real estate stock will probably be fuelled significantly with current housing projects under development, as payment plans tied to the construction periods will motivate developers to complete projects on time, Asteco predicts in its new report.
"The number of new project launches is likely to ease off in 2018 as the market finds a new equilibrium," said John Stevens, managing director, Asteco.
It estimates 23,000 apartments and 8,500 villas are expected to be delivered in Dubai this year. But actual delivery counts could be much less, as previous years’ results give grounds to presume.
Sales and rental prices will, supposedly, keep feeling the continuous pressure, with a more pronounced decrease expected for the rental market due to significant supply scheduled for completion this year.
Long-sighted property landlords are now looking for opportunities to secure new leases and/or keep existing tenants with more incentives offered, including, but not limited to, rent-free periods of up to 2 months, the multiple payments accepted (up to 12 cheques, actually giving a chance for per months payments) and all/part of the utilities paid by the owner, the report adds.
Real estate experts also believe the centre of Dubai is now shifting away from its traditional core (around the Dubai International Airport and along Sheikh Zayed Road) towards the new Al Maktoum International Airport and the area surrounding the Sheikh Mohammed Bin Zayed Road, encouraged by ongoing infrastructure and development projects in the run-up (and in close proximity to) to Expo 2020.
And just another new trend recorded this year is about investors shifting their attention focus from per square foot property pricing to a per unit price point. This means that units previously positioned as the most demanded and advertised, for instance, below the AED1,000 per sqft, will now be marketed at, say, below AED500,000 for studios or AED1 million for one-bedroom apartments to lure buyers.
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