Dubai’s booming property market and simultaneous demand for housing will be significantly affected by a number of major project completions in the new year.
Nakheel’s Palm Jumeirah completion, originally set for completion in 2006 and currently slated for August 2007 is one project that analysts predict will ease demand, according to Gulf News. The full handover of International City by the company, a project made up of 6,500 units in four main districts including the Central District, Residential District, Lake District and Forbidden City, is also expected in the coming year.
Nakheel also expects to hand over the first phase of Jumeirah Golf Estate in the last quarter of 2007, which includes the Greg Norman-designed Fire and Earth courses.
"The amount of new projects coming onto the market next year, especially in the Al Barsha area, is a good thing for the market," said Ryan Mahoney, managing director of Dubai-based real estate agency Better Homes. "It will go towards absorbing some demand for short term rental units, especially from people who are currently sharing accommodation."
Dubai Properties stated that it would hand over the Jumeirah Beach Residence project in the first quarter of next year.
The first phase of Dubai Sports City in Dubailand, which will include an Ernie Els-designed golf course and various sports academies, as well as the opening phase of the Victory Heights residential community, is also set for a late 2007 delivery date.
