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Reidin, Dubai\u2019s major property data provider, said yesterday that developers supplied just 9,397 units...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-420","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6M","jetpack-related-posts":[{"id":40934,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-eyeing-expo-2020-as-golden-opportunity-plan-new-dubai-launches\/","url_meta":{"origin":420,"position":0},"title":"Developers eyeing Expo 2020 as 'golden opportunity' plan new Dubai launches","date":"January 17, 2017","format":false,"excerpt":"\r A wave of project launches is expected from Dubai's major developers looking to complete schemes before 2020, even as a glut of new homes keeps a lid on rents, according to CBRE.The firm's UAE head of research and consultancy, Matthew Green, said that \"Expo will start to have more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41020,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-eyeing-expo-2020-as-golden-opportunity-to-plan-new-dubai-property-launches\/","url_meta":{"origin":420,"position":1},"title":"Developers eyeing Expo 2020 as 'golden opportunity' to plan new Dubai property launches","date":"January 17, 2017","format":false,"excerpt":"\r A wave of project launches is expected from Dubai's major developers looking to complete schemes before 2020, even as a glut of new homes keeps a lid on rents, according to CBRE.The firm's UAE head of research and consultancy, Matthew Green, said that \"Expo will start to have more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":432,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-damac-looks-to-shake-off-trump-storm-with-rental-incentive\/","url_meta":{"origin":420,"position":2},"title":"Dubai’s Damac looks to shake off Trump storm with rental incentive","date":"December 17, 2015","format":false,"excerpt":"\r \r Damac Properties, the developer caught in a storm over its partnership with the controversial US presidential hopeful Donald Trump, is offering lucrative rental returns on some of its properties to lure investors.Damac, which said it would stick with Trump International despite his anti-Muslim tirade, is providing a 24\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31310,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-emaar-tops-list-of-worlds-tall-tower-developers\/","url_meta":{"origin":420,"position":3},"title":"Dubai's Emaar tops list of world's tall tower developers","date":"October 22, 2016","format":false,"excerpt":"\r Three Dubai companies are named among the top five skyscraper developers in the world\r \r Source : arabianbusiness.com\r Read more...Dubai's Emaar tops list of world's tall tower developers","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-biggest-landlord-warns-developers-of-tough-period-ahead\/","url_meta":{"origin":420,"position":4},"title":"Dubai\u2019s biggest landlord warns developers of \u201ctough period ahead\u201d","date":"January 19, 2016","format":false,"excerpt":"\r Wasl Asset Management collects rent from around 35,000 households and holds offices, hotels and golf courses across the emirate\r \r Source : arabianbusiness.com\r Read more...Dubai\u2019s biggest landlord warns developers of \u201ctough period ahead\u201d","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":134787,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-samana-developers-launches-87mn-luxury-residential-projects-inspired-by-greek-islands\/","url_meta":{"origin":420,"position":5},"title":"Dubai\u2019s Samana Developers launches $87mn luxury residential projects inspired by Greek islands","date":"February 21, 2023","format":false,"excerpt":"\r The two projects are the first of the 12 planned for this year\r \r Source : arabianbusiness.com\r Read more...Dubai\u2019s Samana Developers launches mn luxury residential projects inspired by Greek islands","rel":"","context":"In "Property 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\nReidin, Dubai\u2019s major property data provider, said yesterday that developers supplied just 9,397 units in 2015 \u2013 compared with start-of-the-year projections from other sources that 25,000 units would be handed over. This is the latest chapter in an argument between property developers and brokerages over the outlook for Dubai\u2019s property market \u2013 a dispute that came amid the Dubai Government\u2019s introduction of a new law that limits the ability of private companies to conduct surveys in the emirate. \u200b
\nProperty brokerages will see the new data as proof that they were right about the emirate\u2019s housing market \u2013 while property developers will read the evidence as proof that the brokerages were wrong all along. Real estate broker and researcher JLL said at the beginning of the year that 25,000 new properties would be added to Dubai\u2019s real estate market over 2015, even as a high US dollar and government measures led to a slowdown in sales.
\nThis forecast led Ziad El Chaar, managing director of Damac Properties, to accuse brokers of \u201cprofessional malpractice\u201d because of what he described as their inaccurate projections. But JLL said that Damac and other critics just did not understand its forecasts. \u201cDevelopers were saying that they planned to deliver between 20,000 and 25,000 new units in 2015,\u201d said Craig Plumb, head of Mena research at JLL. \u201cThat\u2019s exactly where those figures come from \u2013 the developers themselves.\u201d
\nMr Plumb said that it was always acknowledged that just \u201c40 to 45 per cent of planned units actually get delivered\u201d. JLL calls this the \u201cmaterialisation rate\u201d \u2013 the number of planned units that actually end up on the market. Given this figure, JLL\u2019s projection for actually delivered units would fall between 8,000 and 11,250 \u2013 and Reidin\u2019s figure of 9,397 units is squarely within this range. But JLL\u2019s report for the fourth quarter of 2014, in which the firm offered forecasts for new units in Dubai, does not mention the materialisation rate \u2013 crucial to inferring the actual number of delivered properties JLL expects.
\nInformation on the materialisation rate was contained in previous editions of the report, along with more detail on the methodology and assumptions used by JLL, Mr Plumb said. The dispute is thought to be a factor in a new law, passed in November, that requires private companies to seek permission from the Dubai Statistics Center before conducting surveys in the emirate. Damac did not respond to a request for comment.
\nRegardless of the accuracy of the beginning-of-year forecasts, analysts agree that developers are now choosing to deliver even fewer properties as Dubai\u2019s housing market cools. This has led Reidin to forecast that house prices could actually rise in Dubai next year. \u201cSupply will continue to be pushed back as developers respond to declining prices by delaying existing projects,\u201d Reidin said in its report. \u201cFears of oversupply are exaggerated, especially given the fact that a robust and expansionary fiscal policy will continue to lead to job creation,\u201d it said.
\nWhile Dubai developers plan to deliver more than 25,000 new units in 2016, Reidin believes that only 31 per cent of this will materialise \u2013 or about 7,500 units, even fewer than this year\u2019s new supply. \u201cIf demand continues to outstrip supply we [believe] that prices will begin to accelerate again,\u201d Reidin said in a report. Mr Plumb said this was an \u201coptimistic\u201d prediction. abouyamourn@thenational.ae
\n
\nSource : thenational.ae
\nRead more…New twist in Dubai\u2019s property data row<\/a><\/p>\n