By Staff www.arabianbusiness.com
Increased supply of apartments and villas in Dubai during 2015 could result in a softening of sales prices and rents, according to a new report by Asteco.
Its Dubai Property Review 2014 Highlights & 2015 Outlook report said a further 12,000 apartments and 2,000 villas are set to come to market this year, underscoring a predicted softening of sales activity in 2015 following declining sales and rental return in the second half of 2014.
A more significant decline in rents could be seen from 2016 onwards as large numbers of real estate projects are completed, Asteco’s report noted.
Asteco said rental rates rose across all three properties types in Dubai last year with apartments showing average year-on-year growth of 7 percent, 4 percent for villas and 12 percent for offices. More info