Posted by Bob Brunskill
Total residential stock in Dubai is set to reach 320,000 by the end of next year, new research has revealed.
A report issued by Al Mazaya Holding's Studies Unit, has suggested that strong performance in Dubai's real estate sector should be driven by general economic growth, the Khaleej Times reported.
In addition, the newspaper pointed to a prediction by the UAE Contractors' Association of a four per cent growth rate in the sector by 2011.
"The supply of more property units in the UAE market, specifically in the Dubai market, is expected to add new high quality units to the property market, which is set to help reduce rental rates during the second half of 2010, according to a Jones Lang Lassalle report, which also expects Dubai's real estate market to deliver a total of 26,000 residential units in 2010 and 25,000 in 2011, bringing the total residential stock to 320,000 units by the end of 2011," commented the paper.
Meanwhile, Al Mazaya Holding noted that Dubai was able to uphold its strong reputation during the global financial crisis with the completion of a number of mega infrastructure, telecommunication and transport projects and the inauguration of Burj Khalifa, among other projects.