Dubai real estate emerges victor against COVID-19 odds

By Rocky Real Estate

High project completion rate despite virus-induced slowdown

Dubai real estate emerges victor against COVID-19 odds

Project completion rate has been higher in Dubai for 2020 despite virus-induced slowdown. The spillover effect from 2019 has resulted in a higher completion rate of property projects in Dubai this year, with over 20,000 units having been completed in the first four months of 2020 despite a slowdown in new project launches.

In addition, work on construction projects is also continuing at a steady pace as the sector has been exempted from the restriction of coronavirus, resulting in most of the projects going ahead with deliveries.

More than 15,000 apartments were completed and the top areas were Business Bay, Town Square, Downtown Dubai, Dubai Sports City and Dubai Production City. Over 3,800 villas/townhouses were completed and the top five communities were Akoya, Dubai South, Damac Hills, Akoya Oxygen and Hatta. Over 1,000 serviced apartments were also completed during the January-April period, according to Property Finder’s latest data released on Wednesday.

This is compared to 15,060 total units completed in the January-April 2019 period, it added.