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Dubai real estate projects market tops $123b

Dubai real estate projects market tops $123b

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 $123 billion.

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 U$50.5 billion.

The biggest individual project currently planned in the Emirate is the $17.7 billion the Lagoons project being developed jointly by Dubai Holding and Emaar Properties as part of the $32 billion 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 $464 billion. This includes real-estate developments such as the Dubai Government’s US$7 billion 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 opportunities but 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.

“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, organizers of Dubai Real Estate 2020.