Dubai is not only the Middle East's tourism hotspot, but it's also a great place to live. Thus Dubai’s population is a mix of Emiratis and expatriates from all over the globe. It means there’s always a high demand in the real estate sector for residential properties. Good News is, the government is ready with a robust plan to add over 48,500 new residents in 2020.
Property Finder is the Middle-East’s largest real estate search engine site. They published in their report that nearly 180 residential projects are on the verge of completion in Dubai. These are spread around between South of Dubai to Mirdif. Of course, the world’s biggest trade fair, Dubai EXPO 2020, is another significant reason for the government to build so many new residents. Further research states that these ongoing projects will be over tentatively in October 2020.
As new properties are hitting the market to meet the massive demand, the chances for the prices to go up are equally high this year.
Property Finder's Data Research director, Lynnette Abad, said, “With some 48,500 units coming onto the market by September, it will certainly be a buyers and renters’ market. More cost-conscious buyers will pay keen attention to the market, and with so many of Dubai’s leading developers involved in many of the projects, they can expect high-quality property at some very reasonable prices.”
Emaar Properties, another dominant player in the property market field, reported that there're significant chances for an increase in property sales over last year. They further stated their plans for adding over 4,000 apartments in 2020. Damac Properties will also add over 1,000 apartments to Dubai’s property stock.
In addition to them, Dubai Silicon Oasis will be adding over 700 apartments whereas, the Ras Al Khor project run by the Wasl Asset Management Group will add up over 2,500 apartments.
Al Habtoor City Residential Towers, which is another big project in Dubai, will add 1427 apartments by the end of April, while Millennium Place will add 1,500 apartments. Dubai Investments Real Estate Company or DIRC is backing up these projects.
On this occasion, Lynnette Abad further said, “This phenomenal growth and rapid completion of so many projects make 2020 a pivotal year for Dubai’s real estate market. We believe this year will set demand and supply cycles for many years to come, underpin pricing trends, and have a clear effect on the wider economy.”
