According to real estate executives, Dubai will see a shortage of villas and townhouses in the next three years as most new launches are concentrated in residential towers.
Safura Abasniya, chief executive of Aston Pearl Real Estate Brokers, said there have been a few new property launches, but only one in 10 is for villas and row houses.
"We are launching new properties almost every three days and 90 percent are apartments. Within three years from now, Dubai will face a huge shortage of villas and townhouses and the demand for them will be very strong", Abasniya added.
"[With] the number of foreigners coming to Dubai and relocating their businesses here, I'm pretty sure there could be an oversupply, but not an oversupply," she said during a panel discussion at Cityscape Dubai 2022, which will conclude on Wednesday.
The emirate's villa and townhouse market suffered from 2015 to 2019, but demand has been exceptionally strong over the past two years due to changes in residents' lifestyles following the pandemic outbreak, along with a boost from high-net-worth individuals moving into the country.
In fact, demand and prices for villas and townhouses have been growing faster than the apartment segment over the past two years.