The Jones Lang LaSalle (JLL) real estate consultancy and investment firm suggested that house prices in Dubai will continue to decline in 2021 and 2022, as the market works to get rid of excess supply.
Jones Lang LaSalle, a company working in the field of real estate services, buys, builds and invests in real estate, as well as issues reports on real estate sectors in a number of countries of the world, according to its website The official.
According to a report published by the Saudi Al-Sharq channel on Monday, Dana Selbak, head of the company's research department in the Middle East and North Africa, said: We are seeing a drop in prices between 5 and 8% during the year, because the supply remains under control and the developers continue to schedule and gradually finish their projects instead of flooding the market.
Also, according to the report, the oversupply of real estate, and the decline in demand in Dubai, led to a decrease in housing prices by more than 30% earlier, and this decrease increased due to the spread of the pandemic Coronavirus.
