Dubai needs greater ‘transparency on real estate supply’
The oversupply in Dubai’s residential real estate is coupled with an oversupply in the education sector as well, say property and education consultants in the emirate. While an estimated 60,000 to 65,000 residential units are likely to be completed or handed over to the market between 2019 and 2020, according to research from international real estate consultancy Savills, it is the downward pressure on property prices that is one of the important parameters to gauge oversupply in a particular market. Reports from Savills say there has been a drop of 8-10 per cent in asset prices across both apartments and villas in Dubai between June 2018 and June 2019, while the percentage drop in 2018 when compared to 2017 has been around 12 per cent.