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'Dubai property availability at all time low'

by Ashleigh McGinley on Mar 23, 2016

Dubai property is beginning to surpass supply.
Dubai property is beginning to surpass supply.

Dubai property demand is beginning to surpass supply, according to a leading Dubai realtor.

Allsopp & Allsopp said the Emirate's property availability does not match reports the market is oversaturated. 

"Claims there is an oversupply of property and too many developments in the pipeline are patently false, as we are already beginning to see demand outstrip supply as the availability of listed properties for sale continues to decrease," Lewis Allsopp, CEO, Allsopp & Allsopp said. 

"Dubai's year-on-year population growth of 7% requires at least 75,000 new properties coming online each year.

"New developments becoming available is essential to support the growing population."

Many developers have either slowed down construction or delayed the launch of new projects this year.

The Dubai predicts an increase in property prices as a result of demand continuing at peak levels and continued low supply. 

Many people are still buying in the region, according to Allsopp & Allsopp's buyer registration, which highlighted that February 2015 recorded the highest sales volume since the company started in 2008.

Allsopp, said: "Oversupply would be the first thing to show the market is in trouble by the fact is we are facing precisely the opposite scenario - we're actually struggling to find units for the demand.

"Thankfully the developers are aware of the current situation and we still have properties due to come online this year despite some projects being held up."