Arab Today, arab today dubai real estate market delivers positive performance in q2 2014
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Dubai real estate market delivers positive performance in Q2 2014

Arab Today, arab today

Arab Today, arab today Dubai real estate market delivers positive performance in Q2 2014

Dubai real estate market
Dubai - WAM

The Dubai real estate market maintained its positive performance in Q2 2014, according to Dubai Real Estate Overview issued by JLL, the world's leading real estate investment and advisory firm.
The second quarter (Q2 2014) report provides the consultancy's perspective on the latest trends in the office, residential, retail and hotel sectors in the Dubai market.
Commenting on the report, Craig Plumb, Head of Research at JLL MENA, said: "The Dubai real estate market maintained its positive performance in Q2 2014. Although the residential sector saw prices and rents increase across most areas, there are signs that the rate of growth is slowing down as Q2 experienced a marked slowdown in the volume of residential sales, particularly in respect of existing villas. While the retail and hotel sectors continue to experience growth, recovery in the office sector remains patchy with the large level of supply and high vacancy rates placing pressure on overall rental values. The major news about the proposed Mall of the World in the Umm Sequeim area reflects confidence for both the retail and hotel sectors." Residential: Although the residential sector saw prices and rents increase across most areas, the rate of growth has started to slow from that seen earlier in the year. Average sale prices grew by 6% in Q2, down from 10% in the previous quarter. With signs of reduced sales activity (particularly in the secondary villa market), it is likely that asking prices in this sector will decline further in coming months. Sales volumes have declined in all sectors recently, with data from the Dubai Land Department showing villa sales in May 2014 down by almost 50% on the same month in 2013.
Office: While continued economic growth has improved sentiment and generated demand for commercial space, the high level of both current vacancy and future supply continue to constrain the market. The Dubai office market operates as a number of quite different submarkets, based upon location, tenure (strata or single ownership), licence structure (free zone / onshore) and quality. While overall market vacancies remain high (25%), there are pockets of shortage that have resulted in major occupiers seeking to have new space built for their requirements rather than occupy sub optimal space in existing buildings.
Retail: With limited additions to stock and continued interest from retailers, rents in the best performing super regional malls have increased by as much as 12% over Q2. Increases have been more modest in smaller centres and secondary malls but the retail sector has benefitted from higher spending from both tourists and local residents. Confidence in the retail market is reflected in the announcement of the Mall of the World (a planned new mall around twice the size of the Dubai Mall, on Sheik Zayed Road immediately opposite the existing Mall of the Emirates.Hotel: Despite the completion of around 1,500 additional rooms in Q2, the Dubai market continues to grow, recording the highest Rev-PAR levels since 2008. Average occupancies remained relatively stable at around 85% during the year to May 2014, with room rates increasing by 3% to USD276 making Dubai one of the strongest performing hotel markets globally.

 

arabstoday
arabstoday

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 market delivers positive performance in q2 2014 Arab Today, arab today dubai real estate market delivers positive performance in q2 2014

 



Arab Today, arab today

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 market delivers positive performance in q2 2014 Arab Today, arab today dubai real estate market delivers positive performance in q2 2014

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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