Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Demand for commercial properties to rise in Dubai  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/02/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN -Khaleej Times) Dubai?s high quality infrastructure and geographical location, positions it as one of the best cities in the world to live and do business

International property agency Chesterton stated on Saturday that the demand for offices and commercial properties in Dubai will further grow in 2014, due to the rising confidence in both Dubai’s economy, and the real estate sector.

Simon Gray, managing director, Chesterton Mena said: “We foresee significant growth in the commercial market during 2014 driven by bright economic prospects. Demand for office space will increase as companies move out of older offices to the ones with better quality and amenities. Furthermore, ownership of office space will also increase as rents climb higher.”

“Warehouses and logistics will come back into focus with the expansion of the airport and other logistics projects gaining momentum. Dubai will once again be billed as the ‘crane capital’ of the world with several mega projects in the pipeline. We expect 2014 to be another positive year for real estate sector in the UAE, Dubai in particular,” he predicted.

“We entered 2014 with a lot of optimism and positivity, spurred by last year’s industry performance and Expo 2020 win. Medium term growth forecasts for the economy have improved business confidence as more companies plan expansion activities to take advantage of economic opportunities arising from infrastructure spending over the next five years,” Gray said.

“We expect residential markets to stabilise after a rapid growth over the last year, rentals however, could still see significant growth. Developments located in secondary areas such as Dubailand are expected to see higher growth. An extension of the red line of Dubai Metro could see increases in property values across the railway route,” Gray added.

Gray also explained that Dubai’s high quality infrastructure and geographical location, positions it as one of the best cities in the world to live and do business.

“We believe that the residential property market will also grow at a faster pace over the next five years as more people choose to make Dubai their home.

“The Expo 2020 win has provided just the right boost. Industry stakeholders are now convinced that the downside risks to the sector are over and the upside potential is unlimited. The market has started buzzing after a pause which prevailed before the pre-Expo 2020 win era,” he noted.

“With increased economic activity we expect the office sector to stabilise after a prolonged period of limited activity. We expect an increase in demand for medium to small office units as new  businesses providing ancillary services set up or expand in the Emirate,” said Gray.

Chesterton with its Middle Eastern headquarters in Dubai offers a full range of property services, including residential and commercial sales and leasing. In addition, the company provides professional property valuation services together with the valuation of plant and machinery. Chesterton Mena also has a very active international sales division, based in Dubai, specialising in the sale of prime, central London residential apartments and houses to investors from across the entire Mena region.


Khaleej Times

  MENA News Headlines
 Oct 9 2015 - Qatar- QSE falls 34 points, bullish phase continuesGulf Times
(MENAFN - Gulf Times) Qatar Stock Exchange failed to surpass the 11,800 mark as its key index lost 34 points, after being in a bullish phase for the last three consecutive sessions.Consumer goods, ...

 Oct 9 2015 - Saudi said to order spend curbs amid oil price slumpGulf Times
(MENAFN - Gulf Times) Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom's budget, according to two people with knowledge of the matter.The ...

 Oct 9 2015 - KSA- SABB Q3 profit rises 7.7% to $304mnGulf Times
(MENAFN - Gulf Times) Saudi British Bank (SABB), the kingdom's fifth-largest bank by assets, posted a 7.7% rise in third-quarter net profit yesterday, in line with analyst forecasts. The bank, an ...

 Oct 9 2015 - Qatar wealth fund said interested in Glencore agriculture unit saleGulf Times
(MENAFN - Gulf Times) The sovereign wealth fund of Qatar has joined investors expressing an interest in buying a minority stake in Glencore's agriculture business, according to three people familiar ...

 Oct 9 2015 - Almost 300 Europe-bound migrants arrested in LibyaGulf Times
(MENAFN - Gulf Times) Libyan authorities said almost 300 migrants, a third of them from Senegal, were arrested Thursday as they prepared to board boats for the Mediterranean crossing to Europe."After ...

 Oct 9 2015 - Netanyahu moves to lower tensions over holy siteGulf Times
(MENAFN - Gulf Times) Prime Minister Benjamin Netanyahu has banned Israeli cabinet ministers and legislators from visiting a sensitive Jerusalem holy site where rising tensions have spilled over into ...

 Oct 9 2015 - France carries out fresh strikes against IS in SyriaGulf Times
(MENAFN - Gulf Times) France said on Friday it had carried out a second wave of strikes overnight on Islamic State targets in Syria and accused Russia of failing to target the group."Two Rafale jets ...

 Oct 9 2015 - UN envoy proposes Libya unity governmentGulf Times
(MENAFN - Gulf Times) UN envoy Bernardino Leon proposed a Libyan unity government on Friday aimed at ending years of conflict, but the plan was quickly dismissed by members of the country's two rival ...

 Oct 9 2015 - Tunisian dialogue mediators win Nobel Peace PrizeGulf Times
(MENAFN - Gulf Times) Tunisia's National Dialogue Quartet won the Nobel Peace Prize on Friday for building democracy in the country after the 2011 revolution which unleashed the Arab Spring.The award ...

 Oct 9 2015 - Four Arabs stabbed in southern Israel, Jewish suspect heldGulf Times
(MENAFN - Gulf Times) Four Arabs were stabbed in a town in southern Israel on Friday and a Jewish suspect was arrested, police said. The attacks follow a surge in knife violence by Palestinians ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help