Dubai Land Department says that 10,000 new units will enter market this year

20/06/2011 - Dubai Property News Posted by Bob Brunskill
Dubai Land Department says that 10,000 new units will enter market this year

Around 10,000 new residential and office units will enter the Dubai market this year as building projects near completion, suggesting there will be more Dubai property for sale.That is according to the Dubai Land Department (DLD), which released the figure in an email to Emirates 24-7."The emirate will witness the entry of about 10,000 residential and office units during the current year," the department said without giving any further details.According to the news provider, industry sources believe that 6,000 units have been completed or are near completion in Dubai while Jones Lang LaSalle has previously predicted that there will be total residential stock of around 338,000 units by the end of the year.It added that Dubai has seen 129 projects completed since 2009 while 114 projects are currently registered with the DLD.Last week a report by Nomura predicted that residential property prices will stabilise over the next six months, recovering stronger than Abu Dhabi.