Dubai's rental market is expected to witness a correction in 2006 after having reached its peak. According to Khaleej Times, this projection was made on the hope that an additional 84,786 apartments will be completed by the middle or end of 2006. The demolition of old houses built in the 1970s, however, remains the dampening factor.
Elaine Jones, chief executive of the UAE's Asteco said "We forecast 84,786 new properties next year. This is part of the 285,786 new units coming online between now and 2008, based on the information we have."
