The head of a Dubai construction firm has said claims the country's property market is oversupplied are "ridiculous". “These figures drive the media’s thirst for statistics and numbers, and through them, potential investors’ response to the current status of the market.” Head of Damac Properties, Ziad El Chaar, said the figures put out by research firms are not accurate, as there wil be a total of 10,000 new units supplied to the market in 2015, rather than the 25,000 suggested by recent market research reports. He added that 160,000 new residents are expected to arrive in Dubai this year, with another 170,000 next yeaar, indicating the growing demand for new housing.
The head of a Dubai construction firm has said claims the country's property market is oversupplied are "ridiculous". Head of Damac Properties, Ziad El Chaar, said the figures put out by research firms are not accurate, as there wil be a total of 10,000 new units supplied to the market in 2015, rather than the 25,000 suggested by recent market research reports. He added that 160,000 new residents are expected to arrive in Dubai this year, with another 170,000 next yeaar, indicating the growing demand for new housing.