Dubai to See Supply of Over 41,000 New Flats, Villas In 2021
Dubai is likely to see the delivery of more than 41,000 new apartments and villas in 2021, higher than the estimated 34,050 residential units that were completed over the course of 2020, property consultancy Asteco said. The market is also likely to see 1.5 million square feet of additional office space this year, a figure that could go up if projects that were put on hold or delayed last year will resume activity. With more property units expected to come into the market, rental rates will continue to be under pressure, Asteco said. Further pressure on sales prices is also expected, but at a lower rate of decline, with some developments likely to bottom out or possibly increase in value. “Tenant retention will become increasingly important and can be achieved through competitive rates/incentives,” Asteco said in its latest report. However, in terms of transaction volumes, the figures are anticipated to rise this year, as more people take a longer-term view of staying in the emirate.
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