Dubai’s residential market is still headed for oversupply

12/06/2016 (Gulf News – UAE): Dubai: Despite Dubai’s developers spreading out their new off-plan launches, work on their ongoing projects “remains steady” and will ensure the residential market is oversupplied until 2019 or so, according to a new report from Phidar Advisory. So much so, launched projects and those announced for completion within the next 10 years could add a further 120,000 units to the existing supply. “The benefit of this potential supply injection is more affordable and stable housing costs, a factor that can stabilise/reduce labor costs and support general business and economic growth,” the report adds. “Based on active construction projects, the three- and five-year demand CAGR (compounded annual growth rate) outpaces the supply CAGR, which will bring the market back to equilibrium.” (These projections do not include launched and announced projects for which construction has not commenced.)..



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