Photo used for illustrative purpose.
Inayat-ur-Rahman, Business Editor
Mohammed Bin Rashid City, (MBR City) will lead the delivery of residential units in Dubai this year as the developers have accelerated the pace of projects to ensure timely completion and handover of projects, which is a positive sign for the market.
The mixed-used development led the chart by delivering most number of residential units in Dubai during the first quarter and is expected to retain its position in rest of the year, according to the Zoom Property insights.
Almost 6,700 units were delivered in the Dubai property market in the first quarter, while the delivery of further 31,000 units is in the pipeline during the rest of the year.
According to the Zoom Property Insights, the Dubai property market continues to show promising results, with May 2022 recording around 5,440 transactions, which shows a growth of 33 per cent on a year-on-year basis. The average prices have increased by around 11 per cent, with the apartment and villa sectors showing growth of 9.5 per cent and 19.8 per cent, respectively.
Ata Shobeiry, CEO of Zoom Property, believes that the property market will continue its upward trajectory despite the threat of the upcoming global recession.
“The property market is in a strong position to show resilience against the upcoming global recession and continue the upward trend that started last year. While the global recession poses a serious challenge, there will be a limited impact on the market as it’s backed by new developments, the influx of overseas investment, and strategic planning of the government,” he said.
“Demand for villas and apartments in Dubai will remain strong as investors find it the best option to invest in a booming market. More than 4,000 millionaires or high net worth individuals are going to migrate to the UAE this year and it will benefit the real estate market,” Shobeiry said.
The first quarter of 2022 saw MBR City getting a massive chunk of units delivered out of the total 6,700. According to The Zoom Property Insights, around 22 per cent of the total units were delivered in this mixed-use development.
Dubailand and International City with 16 and 15 per cent ranked at number 2 and 3 on the list of areas with the highest supply delivered in Q1. Jumeirah Village Circle, with over 10 per cent, was another popular community vis-à-vis the number of units delivered.