30,000 housing area will be added to Dubai market this year
A report from property services company Asteco announced will be an additional residential area of 30,000 square meters will built in the Dubai market this year.
In addition, according to the report, all rental properties in Dubai decreased. In the report, Asteco said it recorded the delivery of 15,000 residential units over the course of the year, of which 12,000 were apartments and 2,750 were villas.
According to the report, due to the increase in demand, new projects were made throughout the year. Asteco said additional supply “was still significant” and resulted in rental declines averaging 10 percent for apartments, 10 percent for villas, and 5 percent for offices, although some areas “significantly” under or outperformed.
“Emphasis continued to be unit price points, as opposed to the rate per square feet,” the report notes. “The steady decline in sales prices for completed projects has improved affordability and hence opened the market to a wider investor pool and facilitated a rise in end-users and first-time buyers.”
Asteco, announced that it will accelerate new projects in Dubai in 2019. According to The report will be built in 2019 and residential area of 30,000 square meters and an area of 3.6 square meters.
Sevdenur Demir / realestatecoulisse.com
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