Dubai flooded with 18,000 new homes by yr end -report

DUBAI, July 5 (Reuters) – Dubai’s real estate market will see another 18,000 homes by the end of the year, adding to the emirate’s oversupply woes and pushing prices further down, a report from property consultancy Jones Lang LaSalle said.

Some 2,000 homes were completed in Dubai in the second quarter and another 18,000 will be ready for occupancy by the the fourth quarter, it said in a report, adding that total current residential stock will rise to around 322,000 homes.

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