Dubai is scheduled to receive 31,000 residential units in 2017, while Abu Dhabi’s Corniche, Al Raha Beach, Al Reem, and Saadiyat Islands are anticipating a sum of 5,000 units, according to a JLL report.
The news release gives an overview of the UAE’s real estate market in 2016 and its outlook for 2017. “The greater diversification of the Dubai economy and the earlier downturn of real estate prices from mid-2014 means the Dubai residential market is now poised closer to its cyclical trough, while prices may fall further in Abu Dhabi,” said Head of Research at JLL MENA Craig Plumb.
Despite lower oil revenues negatively impacting the country’s economy and its real estate sector, last year witnessed the highest level of new units in Dubai’s residential market since 2012 as 14,600 residential units entered the Dubai. In Abu Dhabi, 3,100 units were completed in 2016, according to the report.