Dubai to have 23,000 new homes this year

Nearly 23,000 new housing units will enter Dubai’s market this year while around 18,000 are expected in Abu Dhabi to put further downward pressure on rents in the two emirates, a newspaper reported on Monday.

At least 13,000 housing units were supplied in Dubai in 2011 while nearly 10,000 entered Abu Dhabi, the semi official daily Alittihad said.

“We expect nearly 23,000 new units to enter Dubai’s market this year and 18,000 in Abu Dhabi,” the paper said, quoting Fadi Moussalli, regional manager for transactions at Jones Lang Lasalle (JLL), a London-based global commercial property services firm with offices worldwide.

“I think 2012 will be a year of asset management in the UAE…we advise property owners to focus on good maintenance and quality management as this will allow them to increase in their profits and cut costs.”

Source: Emirates247.com