Individuals looking to purchase property in the UAE could be interested in the latest comments from an official in the region.
Sultan Butt bin Majran, director general of the Dubai Land Department, has denied rumours that the real estate market is to be flooded with tens of thousands of new homes.
According to authorities in the region, only 10,000 new houses would be completed this year. "News that between 40,000 and 50,000 housing units would be ready in 2011 are not correct," the sultan said. "We expect about 10,000 houses to enter the market this year but they will not put any pressure because the market is able to absorb them given the ongoing recovery in the property sector."
Source: Property ShowroomsGoogle+