Arab Today, arab today dubai’s home market to outdo offices
Last Updated : GMT 07:26:51
Arab Today, arab today
Arab Today, arab today

Dubai’s home market to outdo offices

Arab Today, arab today

Arab Today, arab today Dubai’s home market to outdo offices

Dubai - Arabstoday

Dubai’s residential sector will continue to outperform offices as stronger demand fundamentals are sustained by solid population growth, a new research by CBRE shows. The commercial office market in Dubai will remain under pressure in 2012 with several new projects that are scheduled for completion over the next 12 months further aggravating the supply-demand mismatch, the report said. Around 750,000sqm of new stock could enter the market during the period, provided that construction delays are kept to a minimum, the CBRE report said. “New supply will emanate predominantly from secondary and tertiary locations including Business Bay, Jumeirah Lakes Towers and Dubai Investment Park, which are already experiencing very low lease and occupancy rates,” it said. However, lease rates in the central business district are expected to remain quite stable during 2012. The market will see landlord incentives increase as new supply is completed and competition to secure tenancies intensifies. “Secondary and tertiary markets will see further elevation of vacancy rates and some modest declines in rents.” In the residential segment, developments with completed infrastructure and community facilities will again attract the majority of interest, particularly within the emirate’s more popular “lifestyle” projects. The report said Dubai’s real estate market showed mixed signals in 2011. “Although pockets of stability and even growth were to be found these are still the exception rather than the rule. Oversupply issues remain prevalent with demand fundamentals being outpaced by the completion of new stock,” it said. CBRE said the UAE remained on solid tracks in its economic recovery as the economy grew by around four per cent during 2011. This followed growth of 1.4 per cent in 2010 and the 1.6 per cent contraction in 2009. During 2012 the UAE is again expected to reach four per cent growth, with Dubai likely to post similar performance. “More life was evident within the emirate’s residential sector as increased activity over the quarter was highlighted in Dubai Land Department data. The total number of residential sales during the fourth quarter, 2011 reached 2,605 as compared to just 1,589 transactions in the third quarter. This represented a 64 per cent increase quarter on quarter. During the same period, around 300,000 square metres of residential accommodation was sold at an average rate of Dh9,500 per square metre. This represents a five per cent growth year-on-year.” In value terms, the overall increase in residential sector was less striking at just six per cent growth, with total transactions increased from Dh2.7 billion in the third quarter to Dh2.85 billion in fourth quarter. Compared to the fourth quarter 2010, the increased value of transactions was significant, rising 67 per cent from Dh1.7 billion to Dh2.85 billion. In 2011, Dubai’s residential market continued to show signs of increased stability, although apartments, which fell two per cent during the quarter, dragged down average lease rates. “However, villa rates remained unchanged reflecting the relative strength of that segment,” it said. “The two per cent fall in apartment rents was primarily attributed to continued deflationary pressures within secondary locations such as International City, Dubai Silicon Oasis and Dubailand Residences. The majority of other areas experienced little movement, although some prime locations posted modest growth.” Average apartment lease rates fell by eight per cent during 2011, compared to 17 per cent in 2010. Much of the decline during the year was actually for studio units, which fell by 11 per cent year on year. “The smallest fall was the five per cent recorded for three bedroom units. Lease rates in older residential districts remained unchanged during the quarter as the opening of the [Dubai Metro’s] Green Line helped to stabilise rents.”

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai’s home market to outdo offices Arab Today, arab today dubai’s home market to outdo offices

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday