Saturday, September 22, 2007

Nakheel targets to cater 200,000 residential units in Dubai

Nakheel has announced its plans to create 200,000 residential units in Dubai over the next decade with the belief that the property market in Dubai would continue to grow.

Nakheel's Director-Investment projects, Lee, says "The market would require 200,000 to 400,000 residential units during the next ten years and Nakheel could supply half of these. As the demand has exceeded supply, which in turn has led to surge in house, rent and construction costs, more units are required to balance the acceleration."

Nakheel residential apartments

Rents have risen sharply in Dubai during the recent years, adding to the inflation. Although plenty of new properties have come into the market, according to Lee, the market is far from getting saturated. Denying the concerns raised about saturation, Lee pointed out that consultants had pointed out about saturation hitting Dubai market, a couple of years ago, but it has not yet happened as there is a huge growth in Dubai.

The population in Dubai has grown by 26 percent (excluding the tourists) as per the statistics revealed by the Dubai Statistics Department.

Nakheel Sales and Marketing Director, Manal Shaheen, mentioned that the company aims to develop homes for two million people by the year 2020.

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