Dubai real-estate projects market tops $123bn
New data published by business intelligence service, MEED,has revealed that 744 individual real-estate developments are currently planned or underway in Dubai with a combined budget value of US$123bn.
The latest data from MEED’s project tracking database, MEED Projects, shows that the combined value of the top 10 biggest projects planned or underway in Dubai is US$ 50.5bn.
The biggest individual project currently planned in the Emirate is the US$17.7bn the Lagoonsproject being developed jointly by Dubai Holding andEmaar Properties as part of the US$32bn Mohammed Bin Rashid City megaproject.
Many of the individual projects planned or underway form part of much bigger master plans. When including the overall project masterplans, MEED’s analysis reveals there are 566 real-estate projects with a combined value of close to $464bn. This includes real-estate developments such as theDubai Government’s US$7bn Expo 2020 masterplan, as well as hundreds of standalone developments.
The projects which are scheduled to be delivered between now and 2030 are set to transform Dubai, creating exciting opportunitiesbut also raising new challenges for Dubai’s government and business community.
MEED released the data ahead of the forthcoming Dubai Real Estate 2020 Conference, scheduled to take place from June 9-10, 2014 at the Grosvenor House, Dubai Marina, an event that aims to provide clarity on the viability of Dubai as a long-term, sustainable real estate investment opportunity.
Working closelywith the Dubai Land Department, MEED’s Dubai Real Estate 2020 Conferencewill address the development and sustainable evolutionofDubai’s real-estate market touted as the world’s fastest growing real-estate market, with insights from leading local and international property experts.
“As the market revives there is an imperative need for more accurate, real-time and definitive information on Dubai’s real estate sector to manage the risk of overheating of the sector,” said Edmund O’ Sullivan, Chairman, MEED Events, organisers of Dubai Real Estate 2020.
The event will create a platform for Dubai’s regulators and leading real estate institutional investors, government and private developers, lenders, advisors, consultants and property professionals to discuss issues and identify solutions for the emirate to move towards a more mature real-estate market. Highlights of the conference include critical discussions by the Dubai Land Department and RERA on regulations, limiting speculative buying, as well as the Dubai Municipality’s presentation outlining the future real-estate development plans and masterplan, land release programmes and the overall master plan for the city.
Emirates NBD and EFG Hermes will present a detailed analyst’s view on the impact of the Expo 2020 for the UAE’s real estate sector, providing insights on where the opportunities lie as the Emirate gears up to host its biggest event yet. Repurposing the real-estate assets created for the World Expo 2020 for future global events will also be a central focus of the conference. Conference delegates will also be able to receive hands-on tactical investment insight from key institutional investors and consultants.
“The UAE property market is currently experiencing an exciting phase in its development with a number of significant projects scheduled to break ground and many already underway. These projects will drive growth in the property market and the wider UAE economy including the hospitality and retail sectors. Winning World Expo 202 added further stimulus to a buoyant economy underpinned by a rising population, booming tourism industry and significant environmental, cultural and infrastructure projects,” said Ian Albert, regional director of Colliers International Middle East.
Part of MEED’s Destination Dubai 2020 initiative, the Dubai Real Estate 2020 Conference is also supported byMashreq Bank, Colliers International and Drake & Scull.