Huge boost to supply expected

23.02.2015
A further 12,000 apartments will be added to the city’s existing inventory in 2015 as well as over 2,000 villas.

Rents are set to soften this year and part of the reason is the addition to supply in the market, Emirates 24/7 reported.

“A further 12,000 apartments will be added to the city’s existing inventory in 2015 as well as over 2,000 villas. This is good news for tenants across the emirate, and a more tempered rental environment is especially welcome when you consider that since 2011 apartment rents have increased by 65% and villas by 55%,” says John Stevens, managing director, Asteco.

Rentals still remain 25% lower than 2008 though lease rates did rise 6%, on average, in 2014 compared to 2013.

The report, however, warns that any further increase in rents will make many areas “unaffordable to their target market leading to decreased demand and tenant outflow”.

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