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A number of local and international research companies have already predicted a decline in rents, but have refrained from giving a percentage fall, citing lack of official data.
Dubai-based Landmark Advisory expects 48,000 new homes due to come on to the market in the next two years, while Colliers International expected 33,000 new units to be added on to the market by 2010-end.
Statistics shared by Real Estate Regulatory Agency (Rera) in February said 31,003 and 43,880 units were likely to enter the market in 2009 and 2010. However, it added that 20 per cent of the units would not enter on time in 2009, while 40 per cent of 2010 residential units will be delayed. In December 2010, Rera said 202 projects had been cancelled in Dubai.
In its report, HC Brokerage said rents appeared to have stabilised in 2010, and fell merely three per cent against 37 per cent in 2009.
From: Emirates 24|7