Investment bank Rasmala reckons a 20 per cent downside potential to property prices in Dubai, estimating that an additional 35,000 homes will be delivered in the emirate between 2011 and 2013 – boosting the existing housing stock of an estimated 330,000 units by about 10 per cent.
“We believe the Dubai residential market may see delivery of 30,000-35,000 units of apartments and villas combined between 2011 and 2013, upon an existing supply base of roughly 330,000 units. This translates into roughly 10 per cent incremental supply over three years, which we believe will further depress real state asset values,” the bank said today in a report on the UAE’s real estate market.
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