Financial woes, construction delays: Will Dubai see the promised number of new homes in 2020? | ZAWYA MENA Edition:
Tens of thousands of apartments and villas were originally scheduled for completion in Dubai this year, but the promised number of residential units may not hit the market this year because of financing issues, construction delays, according to an analysis by experts.
The initial data compiled by Property Finder indicated that in 2020, developers are working to complete more than 300 property projects with approximately 60,000 to 90,000 housing units. It is believed that the entry of new homes could further inflate the housing supply in the market and put pressure on rents.
However, industry sources suggested that out of the apartments and villas that are expected to be completed in 2020, about 40 percent – or roughly 40,000 to 50,000 homes under construction - are most likely to spill over to next year.
“We expect a significant minority of the units originally scheduled for completion this year to overrun, with a figure in the region of 50,000 residential unit completions over 2020 likely realistic,” Chris Hobden, head of strategic consultancy at Chestertons Middle East and North Africa (MENA), told Zawya.
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