23,000 new houses to be built in Dubai this year

23/01/2012 - Dubai Investment News Posted by Bob Brunskill
23,000 new houses to be built in Dubai this year

Property investors looking for opportunities in the Middle East could be among those encouraged by recent forecast regarding activity in Dubai.According to recent media reports in the emirate, almost 23,000 new housing units will be completed and enter the market this year.Opportunities will also be on the rise in Abu Dhabi, where a further 18,000 homes are set to be put up for sale.While the influx of new homes could push rental prices down in the short-term, property investors could be tempted to make long-term investments in the emirates.Daily newspaper Alittihad revealed that the forecasts come on the back of rises in 2011, which saw 13,000 new homes put on the market in Dubai and around 10,000 added to the stock in Abu Dhabi.Fadi Moussalli, regional manager for transactions at London-based property services firm Jones Lang LaSalle, told the news provider: "I think 2012 will be a year of asset management in the UAE ... we advise property owners to focus on good maintenance and quality management as this will allow them to increase in their profits and cut costs."