Slower Launches Benefit Dubai Realty
Decline in new property project launches as well as slower deliveries will help cushion prices from further fall, according to real estate consultants.
“Several developers have slowed down project launches and have chosen to instead focus on completing existing projects. For second quarter and the remainder of 2020, delivery of new units is expected to be impacted as many construction companies, contractors and suppliers temporarily suspended activities from March as a precautionary measure against the further spread of Covid-19. Fewer new launches and potential delays in handovers of existing projects may constrict supply overall, providing support to prices and rents in the upcoming quarters,” Cavendish Maxwell said in its latest report. So far, only a couple of property developers have launched projects including Danube Properties and Sobha Realty.