Concerns arise amid investors in Dubai’s real estate market over the increase in the number of offered units ahead of demand, in addition to the decline in prices.
However, developers are exerting efforts to ensure the fast delivery of new projects, according to a report Property Finder Trends report for the first six months of 2019.
In the first half of 2019, a total of 20,978 residential units were completed, including 14,999 apartments, 1,084 serviced apartments, and 4,895 villas and townhomes.
Moreover, 38,426 residential units have undergone great progress since July, which were planned to be completed by year-end.
“With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units,” director of data and research at Property Finder, Lynnette Abad, said.
As per Property Finder’s data, overall residential stock in Dubai is expected to hit 637,000 units by the end of next year.