Friday, July 14, 2006

20,000 units in International City by this year-end

Developer Nakheel yesterday announced that roughly 20,000, or three-quarters of International City’s 27,000 units, will be handed over by the end of the year, a move that could have an impact on rents in the emirate. “Nakheel is on schedule with the construction and development of its International City project,” said International City general manager, Rashid Al Helli.

“We have already finished work on the project’s infrastructure, such as roads, internal routes, lighting installation, electricity and water.The districts are being constructed phase by phase. We expect to finalise most of the residential buildings by the end of 2006 and are starting a phased handover of completed areas.The remaining buildings will be completed by 2007. Phase One of Al Warsan Lake development has also been completed.” The news comes as Dubai residents reel from a doubledigit growth in rents, despite a 15 per cent cap that is expected to expire by the end of the year. Analysts believe that the pressure will ease once other projects such as Jumeirah Beach Residence, Nakheel’s Palm Jumeirah and Jumeirah Lake Towers and some parts of Emaar’s Burj Dubai developments come on line over the next few months.

“We are hoping a number of large key projects will go some way to satisfying the overwhelming demand for low budget properties in Dubai – at the moment there’s a dire shortage,” said Better Homes spokesman Mark Humphries.

International City combines commercial, residential, retail and tourism interests. The project has attracted strong interest from local, regional and international investors, including retail giants, multinational compa nies, real estate developers, regional and international commercial businesses, property investors and homeowners, according to the firm.

Humphries expects Dubai’s rental and development market to become more competitive, as a result of these developments.

1 comment:

A MISKEEN said...

We are in mid-December 2007 and still awaiting the delivery!
according to the terms of the contract i am supposed to take possession of my property at the int'l city in Dec 2006.....in the mean time i continue to pay a huge amount, almost double, what i used to pay 3 years back to stay in my
current accommodation; that is 50% of my salery. SHALL I SAY MORE!? Where is the LAW that protects the buyer/investor???