Arab Today, arab today dubai real estate deals down as investors stay wary
Last Updated : GMT 07:44:17
Arab Today, arab today
Arab Today, arab today

Dubai real estate deals down as investors stay wary

Arab Today, arab today

Arab Today, arab today Dubai real estate deals down as investors stay wary

Dubai - Arabstoday

Transactions in Dubai’s battered property market fell by 45 percent in the third quarter of the year as wary investors stayed on the sidelines, real estate consultancy CBRE has said. The number of residential deals tumbled to 1,459 in the quarter, down from 2,648 in the year-earlier period, despite rents in the emirate’s prime developments showing signs of steadying. “There’s a lot of uncertainty in the market still. Despite stabilising prices, there is still reluctance to get back into the market, certainly on the investor side. At the moment, people are still slightly risk averse,” said Matthew Green, head of research and consultancy at CRBE. Apartment rents fell one percent from the second quarter, with the year-on-year fall at around 19 percent, hit by the release of new properties across Dubai.  The decline has seen landlords in some developments drop rents below market rates in a bid to fill their properties, CBRE said in its third quarter \'MarketView\' report. “The availability of properties at competitive rates… is forcing landlords to offer properties below market rates in order to reduce void periods and neutralise the loss of income through service charge dues,” analysts wrote. Though villa properties continue to outperform apartments, lease rates tumbled 10 percent year-on-year with smaller houses worst-hit by the declines, the report said. Average lease rates for two-bedroom apartments fell 26 percent year-on-year, reflecting an oversupply of townhouse units in Jumeirah Village and the Mirdiff area, CBRE said. Five-bedroom villas saw a two percent decline year-on-year. Property prices in Dubai soared after the city opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments. From start-2007 to mid-2008, prices rallied almost 80 percent, Morgan Stanley estimates showed, with billions of dollars worth of new projects launched by local developers. But home prices in Dubai, the Gulf property market that had the biggest reversal because of the financial crisis, fell more than 60 percent in the wake of the global credit crunch. Jones Lang LaSalle said in September the emirate had shown small signs of recovery with house prices increasing in prime areas and the number of transactions rising. But analysts remain concerned that the estimated 33,000 new homes expected to hit Dubai’s market by end-2012 could cause fresh declines in rental and sale prices. Arqaam Capital said last week that residential prices could fall a further 20 percent this year and next because of excess supply. Analysts have warned that Dubai risks developing a two-tiered property market with villas and apartments in poorly maintained developments proving difficult to rent out or sell. Prices in Dubai’s Discovery Gardens plunged 10 percent in the third quarter as developer Nakheel released new units to the market at rents that undercut owners, Asteco said this month. 

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 real estate deals down as investors stay wary Arab Today, arab today dubai real estate deals down as investors stay wary

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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