Page 274 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

Nearly 86,000 off-plan units have been launched in the first 8 months of this year and another
35,000-40,000 are set to hit the market in the last four months, taking the tally to 126,000 for the
whole year, according to the latest Property Monitor report released by Cavendish Maxwell.
This influx of new properties is anticipated to come online over the next few years, which could help
ease the rising rental and property prices. However, industry experts continue to highlight the
current undersupply, predicting that it will take several years for supply and demand to balance out.

“Landlords are not concerned because properties are being rented quickly at market rates, and
within a week, they can rent for Dh5,000 more," shared Imran, emphasising the need for stability in
the market.
"To make Dubai more affordable, we need to increase supply, as the market is currently
undersupplied. The rise in rents need to stop."

He also pointed out that the top 9 developers are responsible for 90 per cent of sales. “All the
developers are doing a good job. We are No.7 with a 4.5 per cent market share. It has to be
mainstream developers who will have to step up further. All developers are at full capacity and
putting more pressure becomes financial risks,” he added.

https://www.khaleejtimes.com/business/realty/dubai-property-market-needs-up-to-20-extra-
supply-to-control-rising-rents