Buoyed by Dubai's being the host city for Expo 2020, developers launched 42 developments, which includes 17 villa and townhouses projects, this year till end-August, data provided by Reidin.com reveals.
These projects house nearly 11,250 units. The 17 villa projects have around 3,041 units, while the remaining 25 projects comprise 8,209 apartments.
Emaar Properties, Dubai's largest property developer, Nakheel, a Dubai government owned developer and Damac Properties, a private developer, have been on the forefront of these project launches.
Kuwait-based Global Investment House has said strong economic fundamentals and improving market sentiment continue to drive the UAE's real estate market, while Dubai World Expo 2020 would remain the key catalyst for the sector.
The UAE real estate market continued its uptrend at a slower rate in the second quarter 2014, home prices rose six per cent in Dubai and five per cent in Abu Dhabi quarter on quarter.
Dubai is the host city for Expo 2020, which will be held from October 2020 to April 2021. In the run-up to the event, nearly 277,000 new jobs will be created.
Khawar Khan, a Research Manager, Knight Frank Dubai, wrote on the company blog, saying that Dubai's strong economic conditions and buoyant labor market continue to attract foreigners in their droves.
"Since this rising population needs decent (and not always luxurious) accommodation, we expect demand to outstrip supply in the short-term. All else equal then, we believe that mainstream residential prices will continue to rise faster than luxury home prices over the next 12-18 months," he added.
The latest Knight Frank Global House Price Index puts annual price growth of 24 per cent in the year to March 2014, down from 27.7 per cent same period last year.
Last month, developers claimed their projects in Dubailand – once touted as the leisure and entertainment district of the emirate – were sold out on the launch date itself – reminisce of 2006 and 2007 period.
Emirates 24|7
18 September
