Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Fri
Oct 31st
Lost Password? Register
Home arrow News arrow Middle East arrow Residential property and sales in Dubai showed a marked improvement in 2012

Residential property and sales in Dubai showed a marked improvement in 2012

Monday, 10 December 2012
Image
Residential rents have increased in Dubai by an average of 17% in the last 12 months, bringing much needed stability to the market.

In some of the most popular locations such as Dubai Marin and Palm Jumeirah rents have gone up by almost a quarter, according to the latest market report from consultants CBRE.

Dubai was one of the hardest hit real estate markets during the downturn, with CBRE reporting that average one, two and three bedroom apartments seeing rental rates slumping by 54% between the end of 2008 and the end of 2011.

But in 2012 confidence has started to return to the market. Locations seeing a 24 % rise in rents include Downtown Dubai, Dubai Marina, the Greens, Jumeirah Beach Residence and Palm Jumeirah.

Dubai is seeing higher rental growth this year due to a sustained period of population growth, positive economic performance, increased occupier demand, and limited availability of quality units in the most desirable locations,ђ said Matthew Green, head of research and consultancy at CBRE Middle East.

The sales market has also improved. CBRE said that sales have increased by an average of 13% year on year with popular locations such as the Greens and Downtown Dubai seeing price rises of 20% year on year.

CBRE estimates around 36,000 new residential units are set to enter the Dubai market over the next three years, with the majority of these set to come on stream in Dubailand.

In the commercial office market, CBRE estimated 1.895 million square meters will come onto the market over the next two years, on top of the 7.15 million square meters of existing stock.

However, CBRE research found the office market was very location specific. Occupancy rates on Sheikh Zayed Road (CBD) average around 83% compared to a citywide average of 53%. By 2014, this is likely to average around 50%, CBRE said.

Around 60% of developments in the pipeline in Dubai are made up of multiple owners, known as Strata, which is a deterrent for large occupiers and has resulted in a scarcity of adequate units over 50,000 square feet, according to Nick Maclean, managing director of CBRE in the Middle East.

This means that a significant portion of the overall office inventory will always be unattractive to large occupiers, whilst some spaces in inferior location may never be occupied,ђ the report concluded.


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here






West Tower

West Tower

Car park

West Tower

home rental guide

Barratt Homes

West Tower

Middle East: Top Headline

Dubai to introduce new measures to ensure broker transparencyDubai to introduce new measures to ensure broker transparencyNew measures are being introduced in Dubai next year to make sure hundreds of new real estate brokers are monitored.

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

Design of largest research complex in Seoul unveiled

Design, architecture, engineering and planning firm HOK has unveiled plans for the largest research complex in South Korea for clients LG Group which will act as the centre for its next generation of research and development.

Finance Update

Nationwide resumes access to Help to Buy for home movers

Nationwide Building Society has announced that it is resuming access for home movers looking to participate in the government’s Help to Buy equity loan scheme from Wednesday, 24 September 2014.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Middle East property and real estate news feed (RSS)