Royal Institute for Traditional Arts launches training on Al-Qatt Al-Asiri art    Nearly 2 million worshippers prayed in Rawdah at Prophet's Mosque during Hajj 1446    Saudi Arabia expands tech talent schools to five regions for 2025    Aubameyang exits Al Qadsiah as club turns to youth with Retegui signing    France withdraws troops from Senegal, ending military presence in West Africa    Germany's Merz and UK's Starmer sign 'first of its kind' defense and migration treaty    Norway leads Europe's best airports list    Syrian forces leave Sweida after ceasefire with Druze militias goes into effect    Main stage at Belgium's Tomorrowland music festival completely destroyed by fire    Sports vehicles can have now short number plates    Saudi Arabia draw Iraq and Indonesia in 2026 World Cup Asian play-off group    Saudi conjoined twins Yara and Lara successfully separated in 12.5-hour surgery    Babies made using three people's DNA are born free of hereditary disease    'Art of the Kingdom' exhibition to open in Beijing's National Museum on July 30    Saudi minister holds strategic AI and tech talks with French institutions in Paris    ASICS and Saudi Sports for All launch startup pitch to boost sports innovation in Saudi Arabia    Youth-led Saudi businesses exceed 474K    Scientists recover proteins from a 24 million-year-old rhino fossil    Jorge Jesus returns to Saudi Arabia as Al Nassr head coach on one-year deal    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Dubai to build 18,000 new homes
Published in The Saudi Gazette on 07 - 07 - 2011

Dubai's real estate market will see another 18,000 homes by the end of the year, adding to the emirate's oversupply woes and pushing prices further down, a report from property consultancy Jones Lang LaSalle said.
Some 2,000 homes were completed in Dubai in the second quarter and another 18,000 will be ready for occupancy by the fourth quarter, it said in a report, adding that total current residential stock will rise to around 322,000 homes.
Office supply in Dubai is expected to grow by more than 30 percent over the next 3 years, it said. With liquidity slowly flowing back into the construction industry a few developers, including Nakheel, have recommenced work on projects, thereby raising fears of adding further supply to the market.
"The residential sector is approaching the cycle trough and select pockets of stability are emerging, but, on average, sale prices and rents will continue to decline," Jesse Downs, head of management consulting at Jones Lang LaSalle said.
Rents for apartments fell 3 percent in the second quarter year-on-year and average sale prices decreased by 1 percent, the report said.
In Q2, sale prices and rents increased marginally in select upper end established villa communities such as Palm Jumeirah and Arabian Ranches. The majority of the residential market (apartments and mid market villas) continued to see sale price and rent declines. Landlords are becoming increasingly flexible, with the more widespread use of rent free periods (13 or 14 months for the price of 12) and other inducements including payment of tenant's air conditioning charges and flexibility on the number of rent checks required.
Average apartment rents continued to decline (by 3 percent Y-o-Y and 1 percent Q-o-Q), with the greatest decline in the lower end segment. Average villa rents registered a Q-o-Q increase of 4 percent, a trend led by stronger supply-demand dynamics in higher


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