But here's what those headlines missed:
The 2025 Reality Check
According to Morgan’s International Realty’s latest analysis:
- Projected delivery: 37,171 residential units
- Mid-year actual delivery: 16,631 units
- Year-end forecast: Only ~6,265 additional units
- Total 2025 delivery: ~22,896 units (just 62% of projections)
- Delayed to future years: ~14,275 units
Let that sink in. The market delivered 38% fewer units than projected. That’s not oversupply—that’s undersupply.
The 2026 Outlook
The pattern continues into 2026:
- Forecasted delivery: 71,613 residential units
- Realistic delivery (based on current construction progress): 34,740 units
- Expected delivery rate: Only 48%
- Delayed to 2027+: ~36,873 units
Again, we’re looking at a market that’s consistently underdelivering against projections by roughly half.
But wait—what about those 120,000 units everyone’s talking about for 2026? That figure comes from MAK Developers and includes ALL property types: residential, commercial, hotel apartments, serviced residences, and staff accommodation. When you strip out non-residential stock, you get Morgan’s more accurate residentialonly figure of 71,613 projected units—of which only 48% are expected to actually deliver. The market isn’t oversupplied in 2025-2026. It’s undersupplied relative to expectations.
