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Doom and Gloom in JLS Q1 Residential Round Up
Same old, same old- if you are asking Kipp: residential property prices declining except in higher end developments yet future drops expected with more supply on the way.
April 12, 2011 3:55 by Eva Fernandes
In Q1 of 2011 JLS reports that approximately 7,900 units were completed, totaling the residential stock to around 317,000 units; add to that another 20,700 units are expected to be completed in the next three quarters.
Then again the supply could either decrease or increase. Increase, if more projects secure funding from the RERA Tayseer program, like Al Manal Development in JLT did this quarter making it the first to receive funding from RERA. On the other, the supply could decrease if the projects get cancelled by RERA who have threateningly announced recently that they are reviewing the status of some 90,000 units.
So altogether not very pleasant news; well nothing to write home about anyway: but we weren’t expecting anything better. The sector was the worst hit by the recession, as JLS speculate should lending conditions be eased there may be greater sales activity in 2011. After all, there is significant interest from private investors in the Dubai residential property market- as the recent sale of an entire completed residential building – Bahar 4 in JBR – from Dubai Property Group to a local private investor will confirm.
Some reasons to stay positive then. In fact, before we go we will leave you with one last ray of hope from the JLS report: as more and more banks are injecting liquidity into the mortgage market, more and more investors are looking to buy. So it isn’t all that bad.
(P.S: check out this video from The National on the very same topic)
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