10,000 new properties to enter Dubai property market

04/04/2011 - Dubai Property News Posted by Neil King
10,000 new properties to enter Dubai property market

Around 10,000 new properties will enter the property market in Dubai this year.

Previous estimates of between 40,000 and 50,000 housing units are incorrect, according to Sultan Butti bin Mijrin.

The director-general of Dubai Land Department explained to the Al Ittihad newspaper that the true figure would not put any additional pressure on the local property market.

"All those reports which talk about the entry of tens of thousands of new housing units into the market this year are inaccurate … they give misleading indicators to the investors about the real situation and the future of Dubai's property market," he added.

The director-general explained that the larger estimates had been based on the assumption that nearly 220 housing projects under construction in the emirate would be completed this year.

In fact, these projects will require two or three years to reach completion.

Meanwhile, the Sultan noted that property prices in the area are "attractive and feasible for local and foreign investment".  ADNFCR-2019-ID-800486349-ADNFCR