While the market is set to welcome so many new units, JLL notes that not all projects may be delivered on time. Dubai is likely to get 25,000 new housing units in 2015 with the residential property market remaining subdued, according to JLL.
“The residential sector is likely to remain subdued over the next 12 months as the market is expected to absorb 25,000 additional units in 2015,” the consultancy said in Q4 Dubai market overview.
Emirates 24/7 reported that JLL's report also noted a word of caution that some of these projects may not be completed within the time-frame.
The residential market stabilised in the second half of 2014 as average rents and sale prices remained relatively flat, with marginal declines over the last quarter. The Reidin rental index, JLL said, showed growth levels falling from 18% in 2013 to 15% in 2014, while the sales index pointed to a decline from 23% in 2013 to 20% in 2014.