UAE housing supply 'not a problem'

19/04/2011 - Dubai Investment News Posted by Neil King
UAE housing supply 'not a problem'

There is no oversupply of properties in the UAE, potential investors have been told.Sorouh Real Estate Company has announced that it will build 3,500 housing units in the 2011-12 period.Furthermore, the firm has claimed that a similar amount will also be built in the following two years.Yousef Al Nowais, managing director of Al Maabar International Investments, explained that there is still demand for property in the region on a "rational basis"."There is no oversupply as yet," he commented.The news comes as the firm also laid out its development intentions, with 3,250 units on Reem Island expected to be completed within the next few weeks.Indeed, far from an oversupply of property, Wael Tawil, chief executive officer of Abu Dhabi's Baniyas Investment and Development Company, explained that the emirate has a high number of properties occupied by six or more people.However, plans are afoot to regulate against such living conditions, which could provide a boost for the emirate's property market.