Dubai real estate witnesses a surge in project handovers

During the first half o f the year, Dubai witnessed a surge in project handovers compared to the same period in 2016. Most of the project handovers happened in Dubai Silicon Oasis and International City, followed by Downtown Dubai, Business Bay and Jumeirah Village Circle. There is generally a disparity between the handover date given by the developer at the time of starting the construction and the actual date of delivery. Due to enforced regulations from Dubai Land Department and the presence of Escrow payments, developers are completing the projects on or before schedule.

There is a surge in demand of residential units from mid income expatriates who prefer to own than rent. An increase in the number of inquiries from end-users has been witnessed by real estate brokers in Dubai.  As the trend is now moving to low priced properties and the prices have softened since 2015, properties have become more affordable and the demand has been seen from first time buyers and end users. Jumeirah Village Circle, Dubai Silicon Oasis and Dubailand offer a wide range of projects where a 2 bedroom costs less than a million Dirham and banks have been busy creating innovative mortgage packages to widen the pool of potential property buyers.

 

Dubai Silicon Oasis is a preferred area for people wanting to live in a location which is close to other important areas of the city and at the same time offers residential and commercial amenities. Dubai Silicon Oasis, being an integrated community also has demand from people working within the development and saving commute time which is a major consideration in busy city like Dubai. In the next three years we can expect a large number of residential project completions in Dubai Silicon Oasis that will be a major addition of apartments to the overall number of residential units. Dubai Silicon Oasis offers attractive rental returns and one of the highest in Dubai which is again a reason for investors to buy in this community. The area is home to many local and International companies and has a good occupancy rate that is in correlation with the affordability of residential and commercial property.

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