Dubai's Property Market Needs 20% More Supply to Tackle Rising Rent Prices

Send us a textWant to know more? Below my contact [email protected]’s property market needs an increase of 10-20% in supply to help control the rise in rents and improve affordability, according to a leading industry figure.Rental prices have been climbing consistently in recent years, fueled by high demand from both property buyers and tenants. As reported by Khaleej Times, major developers are selling their inventories within hours, while smaller developers are also quickly selling out, highlighting the imbalance between supply and demand.During the first eight months of this year, around 86,000 off-plan properties were launched, with an additional 35,000 to 40,000 expected to enter the market in the final four months, bringing the total to 126,000 by year’s end, as per Cavendish Maxwell’s Property Monitor report.While this influx of new units is expected to enter the market in the coming years and may help alleviate rising rental and property prices, experts caution that the current undersupply means it could still take several years for the supply-demand equilibrium to be restored.Source: https://www.khaleejtimes.com/business/realty/dubai-property-market-needs-up-to-20-extra-supply-to-control-rising-rents

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