Many projects which were launched in last few years are already completed or reaching closer to completion. In 2017, we saw about 14,000 units were handed over and this year, we are expecting about 20,000 units brand new units would be added to the market. With more availability and choice on the market, it will give opportunity for the tenants to choose most suitable properties for themselves. We already have seen, last year, there was great activity in the market where the tenants were renegotiating their tenancy contracts or moving to new locations. We expect that this trend is likely to continue during this year or at least in the first of half of the year.
On the other hand, we have noticed that the landlords have been more understanding towards the market situation. Smart landlords are realising that it is better to keep a tenant than face vacancy periods. They are showing flexibility in number to cheque payments and reducing the rent. At the same time, they are tempting the new tenants with exciting offers, whether by offering free-rent period or furnished property. Dubai is a very competitive market and still offering great returns to the investors.