More calls expected in 2020 to slow rate of Dubai property projects - Arabianbusiness:
Close to 50,000 new homes are forecast to be built in Dubai as sale prices and rents continue to fall, albeit at a slower pace, according to new research.
Asteco's report covering the fourth quarter of 2019 said that although some of the new supply is likely to spill over to 2021, calls from industry leaders for a short-term curb on new projects in order to restore the supply-demand balance are expected to increase.
Damac chairman Hussain Sajwani in October warned that the real estate slowdown could spillover to the city’s banks and called for curbs on construction.
Asteco said a total of 31,000 residential units were handed over in 2019, comprising approximately 23,600 apartments and 7,400 villas, with communities such as Damac Hills, Dubai Hills Estates and Akoya Oxygen accounting for the bulk of completions.
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