The Latest Dubai Real Estate Projects That Are Near Handover.

With all the negative headlines about Dubai freehold property prices crashing and developers having to delay or halt construction on planned projects, the announcement that a large amount of Dubai real estate has now reached completion and is nearing handover time can be greeted with a mixed reaction at the present time. One the one hand it is good news that a developer has successfully managed to complete and deliver its promised properties to investors. However on the flip side, we are currently at a situation where freehold residential property prices are in freefall with no one really wanting to buy in such an uncertain environment. The delivery of a large deal of property to the market will only increase supply at a time when demand is at an all time low. This of course can only further damage Dubai property prices. Even if all units have already been sold, it really depends on who you are and your situation to determine if large deliveries of property at the present time are a good thing or not. So what is the property that is getting ready for handover?

It is the AED 735 million Al Waha project, which makes up part of the larger Dubailand project. Dubai properties says it expects to hand over properties at the 1.5 million square foot development come the second quarter of this year. The project is actually 6 months behind schedule, with completion originally planned for Q4 2008. With a built up area of 770,100 square feet, the development will boast some 260 townhouses and villas, which will offer two, three and four bedrooms. With prices in the region of AED 2,100 per square foot, the development has already sold of all its units. Dubai properties also announced the expected handover of another of its Dubailand developments, the 558 community development. The AED 600 million development will have 414 villas and 144 apartments, but these are only available on a leasehold basis.

The projects will no doubt help add to the already impressive array of property that is planned for development at Dubailand. Whilst Dubai still has big plans for the Dubailand project, the current financial turmoil being seen in the Emirate and around the globe had left a number of question marks hanging over its future.
 

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