A new real estate report, issued by Asteco Real Estate Company, revealed that the construction of 34,950 new residential units has been completed in Dubai in 2023, according to the “Time Out Dubai” website, pointing out that this number represents an unprecedented growth, as it represents a 13% increase in completed projects compared to the year. The former, consisting of 27,450 apartments and 7,500 villas.
One of the largest residential projects to be completed last year is the 58-storey luxury Royal Tower in Downtown Dubai, which will be completed in late 2023.
The construction of the BG Upper House, which is 14 floors high, was completed in Jebel Ali Village last year, and this year is expected to witness the delivery of more than 45,000 homes and about 500,000 square meters of residential land.
According to the Dubai Land Department, the areas most in demand for rents last year were Dubai Marina, Jumeirah Village Circle, and Business Bay.
The report stated that the UAE’s main strategic initiatives related to the tourism strategy and the We Are the Emirates 2031 project were essential in allowing the country to excel as a premier destination for work and residence.
The report also monitored a trend in shifting from long-term leases to short-term leases last year across the country, which provided greater financial flexibility for tenants, and landlords also benefited from these short-term gains.
2024-02-10 22:01:16
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