This week has seen not just one, nor two, but three different Dubai property developers looking set to hand over freehold properties in the Emirate. The delivery of the properties will be a relief to investors in the projects, and with all the recent project cancelations from Dubai developers in response to tightening credit and the property market crash, it could be a while before we see such a large delivery of property at the one time such as this. So what developments can owners expected to very shortly be receiving the keys for? Well to start is Damac’s second completed tower at Jumeriah Lake Towers, Lake View Terrance. The 40 storey tower, housing some 536 apartments has already received its certificate of completion. Overall the project looks to have been a big success, and now only 10 apartments remain for sale in the tower, and with the difficult market conditions, Damac are offering special incentives for those who purchase the units. The handing over of the tower marks the end of Damac’s 2008 property phase where it brought over 2000 units to the market with more expected in 2009/10.

But Damac are not the only Dubai real estate developer who will be celebrating this week, as Dubai’s largest developer Nakheel has also announced it will be starting to hand over some 300 villas at Jumeriah Village this week, in what is just the start of a larger handover that should see over 2200 villas at the development ready for occupation by the end of 2009. With 96% of available villas already having being purchased the development has proven very popular and once fully completed should be home to 300,000 people and cover 811 hectares! And also keen to get in on the handover act this week is Cayan Investment and Development. Whereas the above two developments are introducing freehold residential real estate to the market, Cayan will be delivering 12 stories of freehold commercial property to what is currently an undersupplied market.

The AED 120 million Cayan Business Centre project at TECOM has offices available for rent still, and offers super modern office facilities and the building features a huge glass atrium at its centre. So this week will see a lot of happy owners take possessions of their properties, but how long it will be before we see such large handovers again for Dubai properties is anyone’s guess.