Real estate boom time is ticking away

by Ben Flanagan Monday, 22 January 2007

Demand will fall significantly short of supply in Dubai’s residential property market leading to a ‘softening’ of property prices, according to a recent report.

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A minimum of 125,000 residential units will be released on to Dubai's property market in the next three years, according to a study by Shuaa Capital and Colliers International and cited by Gulf News.
The report predicts that 71,800 units will be released this year, a further 43,000 in 2008, and 10,600 in 2009. This surge in supply is expected to exceed demand.

This will hit the high-end apartment sector the hardest, where – according to the report – supply will be more than twice the demand. However, the mid-end apartment sector is expected to fare better.

In Abu Dhabi – where it is currently very difficult to rent an apartment – the report forecasts a continued shortage of supply in the next few years.



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