{"id":1266,"date":"2016-01-12T20:04:35","date_gmt":"2016-01-12T13:04:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=1266"},"modified":"2016-01-12T17:43:22","modified_gmt":"2016-01-12T10:43:22","slug":"many-new-dubai-homes-wont-be-delivered-on-time-in-2016-jll-says","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/many-new-dubai-homes-wont-be-delivered-on-time-in-2016-jll-says\/","title":{"rendered":"Many new Dubai homes won’t be delivered on time in 2016, JLL says"},"content":{"rendered":"


\n
\nThe number of residential properties completed in Dubai last year was just 7,800 \u2014 considerably below the 25,000 units that had been forecasted by developers at the start of 2015, says JLL.The property consultancy said in its annual UAE real estate market review that materialisation rates \u2014 ie the number of homes scheduled to be delivered that actually completed \u2014 has stood at just 30-50 per cent in recent years. As a result, it expects that much of the 26,000 units forecasted to be handed over this year will also not complete on time.
\nSales of residential property across the UAE remained \u2018subdued\u2019 in 2015, JLL said, affected by the lower oil price, the strong dollar (to which the dirham is pegged) and geopolitical unrest. It added that in the year to November, Dubai Land Department figures showed that the volume of transactions fell by 33 per cent and the value by 28 per cent. Citing ReidIn figures for November, it said that apartment sale prices in Dubai dropped by 13 per cent year-on-year, while villa prices fell by 11 per cent.
\nThe lack of supply in Abu Dhabi (only 1,000 units were delivered in freehold investment areas last year) meant that sale prices held up over the course of the year and remained flat in the 12 months to November. Rents increased by 3 per cent for apartments and 2 per cent for villas, compared to respective declines of 3 per cent for apartments and 4 per cent for villas in Dubai.\u201cFollowing a rapid increase of residential rents and prices between 2012 and 2014, the market has now clearly stabilised, with sales prices falling in Dubai and remaining stable in Abu Dhabi during 2015 \u2014 but with a significant decline in transaction volumes in both markets,\u201d said Craig Plumb, head of research at JLL Mena.
\n\u201cPrices softened by around 11 per cent in 2015 according to Rera in the Dubai residential market and are expected to decline further over the next six months.\u201dEstimates over supply figures became a hot topic last year, with Dubai-based developer Damac suggesting that over-optimistic supply pipeline predictions by consultancies were having \u201ca detrimental effect on the generally positive sentiment in the market\u201d.
\nThe company\u2019s managing director, Ziad El Chaar, said: \u201cTo suggest that Dubai is to be flooded with further housing is professional malpractice.\u201dHowever, JLL said that delays in project handovers were a result of lower sales, reduced government spending and a realisation among developers that they need to phase the completion of units in line with demand in a bid to avoid an oversupply. It said that many of the units that had been due to complete in 2015 have been pushed back to 2016 and 2017.
\nmfahy@thenational.ae
\n
\nSource : thenational.ae
\nRead more…Many new Dubai homes won\u2019t be delivered on time in 2016, JLL says<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of residential properties completed in Dubai last year was just 7,800 \u2014...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1266","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-kq","jetpack-related-posts":[{"id":40059,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-housing-market-close-to-the-bottom-but-abu-dhabi-has-further-to-fall-says-expert\/","url_meta":{"origin":1266,"position":0},"title":"Dubai housing market close to the bottom, but Abu Dhabi has further to fall, says expert","date":"January 9, 2017","format":false,"excerpt":"\r The market for residential property in Dubai is now \"close to its cyclical trough\", but in Abu Dhabi prices and rents may have much further to fall, according to a new report by consultancy JLL.The firm's new \"2016 Year in Review\" report for the UAE property markets argues that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1377,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-starts-work-on-dubai-creek-residences\/","url_meta":{"origin":1266,"position":1},"title":"Emaar starts work on Dubai Creek Residences","date":"January 13, 2016","format":false,"excerpt":"\r \r Emaar Properties says it has commenced work on its Dubai Creek Residences project in Dubai Creek Harbour.The Dubai developer has awarded the construction contract for the project to Al Basti & Muktha, which has previously worked on developments that include the Old Town District of Downtown Dubai.Dubai Creek\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40101,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-retail-space-rise-may-bring-rents-down-to-keep-units-full-says-jll\/","url_meta":{"origin":1266,"position":2},"title":"Dubai retail space rise may bring rents down to keep units full, says JLL","date":"January 10, 2017","format":false,"excerpt":"\r The Dubai retail sector could be facing oversupply, a leading broker has warned.The continued construction of new shop space at a time when many retailers are reporting flat sales could lead to a potential oversupply in the Dubai market, JLL said.The company's UAE 2016 Year in Review publication stated\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1276,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lack-of-cash-a-bigger-deterrent-to-dubai-property-investors-than-oversupply-fears\/","url_meta":{"origin":1266,"position":3},"title":"Lack of cash a bigger deterrent to Dubai property investors than oversupply fears","date":"January 13, 2016","format":false,"excerpt":"\r \r Too much attention is paid to estimated property completions in Dubai and it is of little interest to investors eyeing returns, says one real estate consultancy. 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Executives at Dubai South feted the launch of phase one of The Pulse on October 1, whose cheapest units were advertised at Dh280,000 - considerably lower\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1266"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=1266"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1266\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=1266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=1266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=1266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}