Investment Villas Tops the List of Completed Units by 66.2%
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"Dubai Statistics": Dubai Sees 4333 Units in H1- 17
Figures issued by Dubai Statistics Center (DSC) showed that the number of units completed in Dubai during the first half of 2017 reached 4333. The investment villas topped the list of completed units by 66.2%, followed by private villas by 22.3%.
"Dubai's winning to host Expo 2020 has a direct impact on various sectors, particularly on construction and building business, " said an expert in real estates. He added, "The rewarding returns of Construction and Building Sector in Dubai are still stimulating many investors to launch new projects and to inject more capital into this sector."
DSC's statistics exhibited in details that the number of completed units in Dubai during the first half of 2017 were 4333.
According to DCS's figures, the total number of units completed during January was 702 units, February 668 units, March 1255 units, April 735 units, May 621 units, and by the end of June 352 units.
The statistics brought into open that the new units completed during January till June 2017 were as follows: 2,867 Investment Villas, 966 Private Villas, 173 Multi-Storey Units, 147 Industrial Units, 103 Floor-Level Units and 77 Public Facilities Units.
DSC's statistics also showed that investment villas were placed at top of the list by 66.2%, followed by 22.3% for private villas, 4% for Multi-Storey Units, 3.4% for Industrial Units, 2.4% for Floor-Level Units and Public Facilities Units by 1.8%.
The figures indicated that the percentage of completed investment and private villas out of the total completed units was 88.5%. Meanwhile, the number of Dubai's completed units by the first quarter of 2017 was 2625 units of a total value of 8 billion and 98 million dirhams.
Mr. Mohannad Al Wadia, Real Estate Expert, stated, "Dubai's significant achievement of hosting Expo 2020 had positive implication over various sectors, especially construction and building." He noted, "All efforts over the past years were focused on announcing and launching projects that already introduced and are operating in the market since the second half of 2016."
He added, "EXPO Office announced signage of 47 real estate contracts with a total value of 11 billion dirhams during 2017. He also stated, "Launching several entertainment and service projects in Dubai and implementing the plans dedicated to expand routes of Dubai Metro to include the exhibition site motivated more developers and companies to launch new residential projects or units dedicated for commercial or investment purposes. Actually, projects launched during this period aim at serving sectors featured by high demand in the market."
Mr. Al Wadia pointed out, "According to studies conducted by Harbor Real Estate on the Residential and Real Estate Sector, there is a need for 100,000 housing units designated for the middle income segment." He underscored the fact that, "Certain private villas and investment projects offered by companies become suitable for that segment."
He pointed out that the construction and building activity will continue to grow in Dubai in the coming years due to the government's plans and projects, besides housing projects launched by the private sector which is still under construction.
He stressed that government spending in Dubai focuses on the development of infrastructure and public utilities, while private investments keep pace with demand for various types of real estate needed by the market.
Mr. Al Wadia emphasized, "The lucrative returns of the Construction and Building Sector in Dubai are still stimulating many investors to launch new projects and to inject more capital into this sector to meet the demand levels."