Launching 86 New Projects At A Cost Of $21 Billion Within 9 Months
18 October 2022 – GLOBE ECHO WORLD NEWS – www.globeecho.com
The real estate sector in Dubai continued to achieve record indicators that reflect the state of the comprehensive economic prosperity achieved by the emirate, and embody its global attractiveness as a preferred destination for work, investment and living. Since the beginning of this year, to keep pace with the growing demand by investors and to take advantage of the promising opportunities that abound in the real estate market in Dubai.
And the “economic statement”, through analyzing data on the website of the Department of Lands and Properties, noted that the first nine months of 2022 recorded the start of construction work in 86 real estate projects at a total cost of 21 billion dirhams. The projects include 28,599 units, including 16,796 apartments and commercial units, in addition to 11,803 villas. Thus, the movement of new construction projects from January to September of this year outperformed what was achieved during a whole year in both 2021 and 2020. It should be noted that the project data registered in the department classifies the construction of complexes and neighborhoods located in the same main development project as independent projects.
While Dubai witnessed, during the first nine months of 2021, the launch of the construction of 47 projects worth 8.1 billion dirhams, comprising 11,285 real estate units, including 8,499 units of apartments and commercial units, in addition to 2786 villas, last year recorded the start of construction work in 72 projects at a cost of 13.5 billion dirhams, including 18,539 units, including 12,233 apartments and commercial units, and 6,216 villas.
During the same period of 2020, construction was registered in 11 projects worth 2.9 billion dirhams, including 11,810 real estate units, including 9,006 apartments and commercial units, and 2,804 villas. A commercial unit and 2804 villas.
The projects, whose construction works officially started from January until the end of September of this year, include 41 residential buildings and mixed-use towers, including 16,796 apartments and commercial units, with a value of 8.6 billion dirhams.
With regard to the schedule for the completion of building projects, the year 2025 accounts for the largest number of units expected to be completed, as 14 projects with 8,674 units are expected to be completed in 2025, followed by 2024, which is expected to witness the completion of 14 projects with 4,885 units.
Al Barsha South Al Rab’a area acquired the largest number of building projects and towers that began to be built during the first nine months of this year, as it witnessed the start of construction work for 6 projects comprising 1143 units, and the Business Bay area came second with 5 projects comprising 1947 units, and Palm Jumeirah came Third, with 4 projects comprising 544 units.
In terms of the largest building projects in terms of the number of units, two projects by Emaar Properties in Dubai Creek Harbor in the First Khiran area came first. The first is the Lotus Complex project, which includes 2331 units, and the Orchid Complex project, which also includes 2331 units, while the Golf Gate project – Damac Hills in the third Habiya area is in third place with 1,416 units.
The list of projects whose construction began in the first nine months of this year also includes 45 villa projects, including 11,803 villas, with a value of 12.3 billion dirhams.
According to the timetable set for the completion of the projects, it is expected that the largest percentage of villa projects will be completed in 2025, as the construction work will witness the completion of 28 projects, including 9,171 villas, while 15 projects will be completed in 2024, comprising 2,224 villas. Next year, two projects will be completed, including 408 villas.
In terms of the most prominent areas that witnessed the launch of building projects for villas, Al Hebiya ranked fifth first, as it witnessed the start of the construction of 10 projects with 4,741 villas, followed by Jebel Ali first with 7 projects comprising 1,473 villas, and Wadi Al Safa 5 came third with 7 projects comprising 1,217 villas. .