Dubai to see handover of 20,000 new houses in 2009
Around 20,000 new residential units in Dubai…
October 6, 2009 3:13 by kippreport
Around 20,000 new residential units in Dubai are expected to be handed over to customers in 2009, according to research released by Jones Lang Lasalle in its Dubai City Profile. Most of the new supply consists of units located on the Palm Jumeirah, Business Bay, Motor City, and Jumeirah Lake Towers.
According to the report, around 75 percent of the expected supply for 2009 has been completed as of September this year, though not all of those units have been released into the market due to delays. At the end of 2009, the total residential stock in Dubai is expected to reach around 276,000.
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1 Comment
The release of new units will accelerate the process of fall in property prices and rentals. Unless of course the government acts quickly by openly inviting foreigners to the country with long term resident visas. Unless people enter the country (where only 10% are locals), it will not be possible to stabilise the property prices. Currently they have fallen from their artificially high levels witnessed in 2007-08, but soon they will fall further below normal prices.