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| Building under construction |
"Asteco", a real estate management company in Dubai, monitored the reality of the real estate market in the Emirate of Dubai during the past period and studied in return the potential expectations during the coming period of this year until the year 2021.
The company’s recent report stated that the currently crowded Dubai real estate market will become more crowded with the presence of approximately fifty thousand new buildings or housing units that are supposed to be completed during the current year, and this matter will lead to lower prices, whether in buying to own or renting for temporary housing.
Falling prices did not stop the work of companies
The Asteco report also provided a special reading on the continued growth of real estate construction operations in Dubai until next year, and this comes despite the recent price declines, but this decline did not seem to have an impact on the real estate companies that are still continuing in their projects without being calculated The results, which are expected to be negative on them, perhaps it is those expectations that have prompted a number of large company owners and specialists not to enter into new real estate projects until the vision becomes clear and the market stabilizes.
Housing units
To that, the "Asteco" report mentioned the delivery of thirty-one thousand housing units in 2019, which together includes twenty-three thousand and six hundred apartments, and seven thousand and four hundred villas all of which are located in residential complexes or modern neighborhoods. More than three million square meters were registered in the deliveries by new offices, and there are less than half a million square meters expected to be delivered during this year.
Offer a lot and order a little
With the abundance of supply and the lack of demand, the logic says that companies working in the real estate field will tire too hard in the next stage to find customers or what they say about them clients in the terms of real estate companies, and there is no room for this to within the limits represented in providing attractive offers to them, which will ignite competition between companies, each of them will search for suitable ways to win the largest possible number of customers. Asteco added in its report that the rates of real estate rents - residential or commercial - will witness more pressure than before, because things are not clear regarding the economic situation, and this is accompanied by a lack of people who are newly entering the market.
Old real estate prices decline
It is worth mentioning that this decline in the prices of residential real estate from apartments and villas in Dubai amounted to about fifteen percent, according to the report, “The report expected that the decline in respect of new projects will be less during the current year, and that old real estate may decrease Their prices are more, because the new ones have decreased their prices, and this will lead the relevant parties, including developed companies and funded banks, to grant attractive offers to those who want to buy real estate.
