How Dubai’s 2040 master plan will resolve oversupply in property market

How Dubai’s 2040 master plan will resolve oversupply in property market

“With the increased international demand, the oversupply situation that we see now will be eased. Population is expected to [nearly] double in Dubai, which means a population of 5.8 million will use up the housing supply,” said Ayman Youssef, vice president of real estate firm Coldwell Banker UAE.“This plan is in line with the recent regulations Dubai has introduced, such as the golden visa, retirement visa and access to foreign investors. The improved regulations, along with the growth in infrastructure, healthcare, innovation and sustainability will lead to greater demand for housing, and places to work from,” Youssef told Zawya.Oversupply has been a long-standing issue in the UAE's property sector. This year, as developers are expected to restart stalled projects and launch new ones, more than 50,000 new apartments and villas are expected to be delivered across the country.Some analysts said this could worsen the supply-demand imbalances in the market, as there aren't enough buyers yet to meet the surge of new residential units.New visionThere's no clear mention of building more villas, residential high rises and skyscrapers in Dubai's new master plan, but it does talk about “development” of five urban centres. The urban centres will include two new ones, the