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Dubai to get only 10,000 new units in 2011
Developments delayed by two years are now in process of being completed, handed over
By Parag Deulgaonkar
Published Sunday, June 19, 2011
Dubai is expected to see completion of close to 28,000 new units by end-2011. Picture for illustrative purpose (FILE)
The Dubai Land Department (DLD) expects about 10,000 new units to enter market this year, putting at rest speculation of the commercial and residential market is oversupplied.
In an e-mailed statement to Emirates 24|7, the department said: ?The emirate will witness the entry of about 10,000 residential and office units during the current year.?
No further details were given. Industry sources say almost 6,000 units have been completed or nearing completion.
Jones Lang LaSalle, a global real estate consultancy, said in April that Dubai is expected to see completion of close to 28,000 new units by 2011-end, bringing total residential stock to 338,000.
UBS, the biggest Swiss bank, said last year that it estimated housing supply by end of 2011 to be roughly 360,000 with oversupply potentially at 150,000 residential units.
Sheikh Maktoum bin Hasher Al Maktoum, President, Al Fajer Properties, told this website earlier: ?I am expecting very limited supply to come into the market? there isn?t that much supply. We are in construction field as well and we haven?t been getting any orders for the last three to four years,?