It has just been announced that an estimated 14,600 homes were handed over in Dubai throughout the year. This figure is higher than that of previous years (2014 and 2015) which totaled 10,000.
According to the latest UAE real estate update issued by the global consultancy JLL, this makes 2016 the second highest (after 2012’s-16,000 handovers).
The total of 2016 was boosted by activities during the final few weeks which included 1,500 villas for Emirates airline staff at the Meydan cluster as well as the 690 units in Wasl Oasis II I Muhaisah, the JLL report notes.
“The last quarter witnessed the completion of more than 1,000 Mira townhouses in the Reem Community by Emaar and 1,200 apartment units in City Walk Phase 1 by Meraas,” it adds.
However, in Abu Dhabi the pace of handover remained passive. 5000 homes achieved the milestones through the year.
But in the context of the sharp decline in activity in Abu Dhabi’s property market brought on by the economic situation, the handover numbers make sense.
Developers on the other hand were playing it safe with new launches and are even on existing projects by going slow on construction.
The expectation for 2017 concludes (a JLL forecast) 31,000 units are to be readied this year in Dubai and Abu Dhabi is likely to see about 7,000 new homes.
“Based on the historic materialization rate of 35 per cent, we expect actual deliveries to be lower than those announced,” the JLL report states.