UAE’s real estate developer, DAMAC Properties, expects around 11,000 to 12,000 residential properties to hit the Dubai market in 2017, a steady increase compared to the average over the last two years, Invest-Gate reports.

Supply of such properties in 2017 would not be far off demand, reflecting a move towards stability, DAMAC’s chief finance officer said Adil Taqi said.

“The real estate market in its entirety has turned a corner,” Taqi told Reuters on Monday.

The emirate’s property market has remained in the doldrums over the past couple of years as a decline in oil prices and concern over oversupply has dragged on market sentiment.