Dubai real estate lagging behind the global boom says Knight Frank
Fast emerging from the pandemic slump, the construction industry will deliver an estimated 62,000 homes in the emirate this year and nearly 63,500 in 2022
Updated 11 min 54 sec ago
Arab News
June 01, 2021 13:52
RIYADH: A supply glut that’s held down Dubai’s property prices for over half a decade will likely keep it on the sidelines of a global upswing in values of prime residential real estate, Bloomberg reported, citing Knight Frank research.
Fast emerging from the pandemic slump, the construction industry will deliver an estimated 62,000 homes in the emirate this year and nearly 63,500 in 2022, which would be the most since 2009, according to consultancy firm Knight Frank.
THE STANDARD
FINANCIAL STANDARD
Declining chart of crude oil barrels.
Oil advanced in Asian trading with the market focused on the Organisation of the Petroleum Exporting Countries (OPEC+) supply policy meeting early this week and any commentary around the prospect for returning Iranian supply.
Futures in New York rose toward $67 (Sh7,169) a barrel after falling 0.8 per cent on Friday. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday, according to a Bloomberg survey last week.
While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook.
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