Dubai's oversupplied property sector to add more new homes in 2020 - Reuters:
Dubai is expected to this year see the biggest number of new homes completed in more than a decade, adding to pressure on a once-booming but now struggling property sector already weakened by excess supply.
The Middle East financial hub, where the private sector shrank in January for the first time since 2009, has faced a slowing real estate market for most of the past decade.
A total of 62,500 residential units are scheduled to be completed this year, Knight Frank said on Tuesday, adding that would be the biggest number of new units since 2008 even though not all were ultimately expected to be finished.
“In the short to medium term this influx of supply will continue to put pressure on prices and rents,” Knight Frank said in a report.
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