Dubai’s real estate sector will remain under stress in 2011 with occupancy levels dropping further across all asset classes “due to massive new supply,” leading property analysts said on Sunday.
Oversupply will continue to impact residential, office, and retail space markets in Dubai in 2011, they said.
“Although there are recent pockets of stabilisation for Dubai’s higher-end residential product, housing market will continue to experience a situation of oversupply and prices are not expected to recover before 2012,” said analysts at Jones Lang Lasalle, or JLL, property consultancy firm.
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