Dubai to see thousands of homes built this year

06/07/2011 - Dubai Investment News Posted by Neil King
Dubai to see thousands of homes built this year

Thousands of new homes are to be built in Dubai this year, international property investors could be interested to hear.According to research from Jones Lang LaSalle, around 18,000 new homes will enter the emirate's property market over the next six months.Data from the study also showed that 2,000 unites were built in the last quarter, which means a total of 322,000 homes are now on the market.The report, Dubai Real Estate Market Overview Q2 2011, stated: "Of the previously stalled projects that have recently recommenced construction, few are likely to be completed in 2011, but this could increase supply in 2012 and 2013."However, despite the vast amount of property up for sale, the organisation explained that delays in construction could result in a reduction of completed projects.Another Jones Lang LaSalle report recently showed that the hospitality and retail sectors of the property industry are on the path to recovery after posting positive results in recent months.