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Dubai real estate supply to slide by a third in 2011
By Shane McGinley
Sunday, 13 March 2011 1:26 PM
The supply of fresh real estate in Dubai will tumble by nearly a third this year as developers hold back units in a bid to manage the city?s saturated property market, Jones Lang LaSalle said Sunday.
The supply of residential, retail and hotel real estate is expected to be 32.2 percent lower than in 2010, a report from the real estate consultancy showed.
?The supply clearly is being held back. That is partly due to the market factors [and] it is partly due to the fact some developers have had trouble financing projects and making the last payments,? Craig Plumb, head of research at JLL, told Arabian Business. ?There are a number of buildings that have been completed and have not been released to the market.?
Thousands of units are scheduled for release this year, despite an estimated 40 percent vacancy rate in homes and offices across the emirate.