With at least 20,000 new housing units are likely to be added in 2015 to the current number of homes and condominiums in Dubai, CBRE Company "CBRE", the global real estate consultancy, predicted that the ITSP that shrinking sales and rates of rents in the city.
And said Matt Green, head of research and consultancy department at CBRE branch in the Middle East, "the residential sector saw a period of relative stability during the second quarter of 2014, with a fixed rent rates on a large scale, is expected to enter the market during the next 12 months more 20,000 new housing units could have an impact on sales and rental prices contraction. "
The report issued by CBRE noted that overall rents in Dubai remained "flat on a large scale" in 2014, registering an increase of only 7%, compared with a rise of 24% in 2013, according to the newspaper Emertis 247.
Green adds: "Over the past 12 months exceeds the sales market on the rental market significantly, recording a growth rate of 18% per year on an annualized basis, compared with 30% in 2013".
Despite the slowdown, the market is still witnessing demand by investors on good sites, and good quality of buildings and apartments, according to the latest figures showed buildings and residential complexes in advance.
And increased office rental rates in prime locations and secondary schools this year, despite an increase in the number of new offices as well as the presence of a high percentage of vacant offices, has strong economic growth paved and improved business confidence, the way for the entry of new small and medium-sized companies, in addition to the expansion or merger of existing companies, which contributed to the strengthening of rental rates.
Greene predicted that contributes to the growing number of offices to rein in inflation, rents and add more balance in the market in the coming months