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Dubai’s total residential stock will rise to nearly 700,000 units by the end of the year, with tens of thousands of new apartments and villas slated for delivery in the coming months, according to a new report.
The first three months of the year saw almost 17,000 new units delivered, raising the emirate’s housing supply to 657,000, while an additional 42,000 units are expected to be completed over the remainder of the year, according to JLL.
Dubai’s growth in housing supply continues to outpace that of Abu Dhabi, which saw the handover of 1,000 homes between January and March this year.
So far, Abu Dhabi’s residential stock has reached 274,000 units, although an additional 9,000 are scheduled to enter the market over the rest of the year. Most of Abu Dhabi’s upcoming supply will be apartments within master-planned communities.
According to Madhav Dhar, Co-Founder and COO of property developer ZāZEN Properties, the UAE will continue to see more investments into the real estate market. Dubai and Abu Dhabi have recently witnessed a series of off-plan launches offering units both in master-planned and high-rise developments.
“The recent updates to the UAE golden visa regulation … will spur investment into real estate even more, especially with the flexibility that these new rules have to offer, providing residents with a strong reason to invest in the country long term,” Dhar said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
