Dubai in line to absorb nearly 15,000 apartments this year

Dubai’s residential market could close the year with just under 15,000 apartments being handed over, compared to 8,750 last year. Much of the handovers are taking place in the emerging locations of the city, and continue to put further pressure on property values. But the full impact of the new deliveries could be felt only by early to mid-2018

“The [2017 third quarter] results clearly showed a rise in transactions across the market, as owners and tenants continued to secure the best deal possible,” said John Stevens, Managing Director of Asteco.

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“The rise in new finance options for off-plan residential projects, including increased incentives and post-completion payment plans, has opened the market for buyers with more limited equity. These developments now demand a larger share of the sales volumes compared to completed units, with rates continuing to decline as a result.”

Source Credit: Khaleej Times
Read full story: http://gulfnews.com/business/property/dubai-in-line-to-absorb-nearly-15-000-apartments-this-year-1.2107460

 

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