Dubai developers stuck in slow mode on handovers.
Developers in Dubai are in no rush … to finish their projects and hand over the new homes. In the first five months, just over 6,000 new units were ready and it looks like the full year will see about 21,500 units being delivered, according to the projections by the consultancy Core Savills.
That is quite a gap from the 41,000 new homes developers had promised at the start of this year. And can only mean that expectations of the more than 80,000 units being ready over the next two to three years could be a mirage.
But developers have reasons to take it relatively slow on handovers — the new supply is only adding to the pressure on property values. “Multiple phase deliveries — such as [at] Mira, Mudon and Arabian Ranches — have cast a significant downward pressure on The Springs and The Meadows’ sales market,” the report notes.
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