Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE realty to remain bullish after 10%-15% price surge  Join our daily free Newsletter

MENAFN - Khaleej Times - 07/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Firm support to come from sector reforms booming economy

Abu dhabi experienced relative stability in rental prices during the first quarter. — kt file photoFollowing a buoyant first quarter that saw selling and lease price increases of between 10 per cent and 15 per cent the overall prospects for the uae real estate market remain bullish on the back of property sector reforms and a booming economy a market intelligence report said.


Abu dhabi’s upbeat market combined with dubai’s re-emergence as a leading global realty hub will sustain the momentum that began in the third quarter of 2013 said masood al awar chief executive officer of tasweek real estate development and marketing.


“the key drivers for enduring growth in the realty sector for this year will be transportation and infrastructure safe returns over various asset classes trustworthiness of the market increased transactions strong and continuous government support and innovative and increasingly ‘smart’ technologies” said al awar.


In the first quarter of 2014 real estate units in the uae recorded average selling and lease price increases of between 10 per cent and 15 per cent. this comes after reported highs of 35 per cent to 40 per cent in the fourth quarter of 2013 the tasweek report said.


“this relative lull in the property sector is attributed to the continuous delivery of new units into the market as well as dramatic rise in prices after dubai successfully won the bid to host world expo 2020” the report said.


“the uae real estate sector has witnessed significant growth in the first quarter particularly in dubai and abu dhabi. this is in terms of asset prices transaction volume and capital availability for refinancing rescheduling and repayments. we have to note that international investor sentiments have improved globally with better returns compared to risk elements” said al awar.


Abu dhabi experienced relative stability in rental prices during the first quarter except in the high-end and freehold properties which continue to command a high percentage of price increase it said.


“in general the abu dhabi realty sector looks forward to the launch of new mega projects announced last year in the city area and the al gharbia region. in the residential segment some areas have seen an increase in rents by almost 50 per cent soon after the abu dhabi government decided to remove the minimum rental cap of five per cent” the report said.


Prices continued to increase in the first quarter however at an average of 15 per cent particularly in luxury one- and two-bedroom apartment units. the selling prices have seen a slowdown in the same period averaging 10 per cent after an increase of 20 per cent in the last quarter of 2013.


Abu dhabi’s office property segment saw a decline of between 10 per cent to 15 per cent per square metre because of more supply of new office units than demand.


In dubai real estate prices immediately leapt by an average of 20 per cent post the expo 2020 win. however growth slowed down in the first quarter of 2014 bringing the property prices to a more realistic level of a 10 per cent to 15 per cent increase. this trend will continue for the year as businesses wait for the government to announce projects related to the world expo according to tasweek.


“while dubai’s residential property market has been on a boom the leasing prices for office spaces on the contrary have been slower with a growth noted only in properties located in prime areas such as shaikh zayed road that has seen the highest increase in leasing prices.


“the best deals for residential rental properties can be found in international city dubai silicon oasis discovery gardens and tecom while international city dubai silicon oasis dubai investments park tecom and dubailand offer good buying propositions. in the office category the best deals for buying as well as renting are available at dubai investments park jumeirah lake towers and dubai silicon oasis” the report said.


Abu dhabi experienced relative stability in rental prices during the first quarter. — kt file photoAbu dhabi experienced relative stability in rental prices during the first quarter. — kt file photo



 






  MENA News Headlines
 Aug 22 2014 - Saudi - Agriculture sector advances 1.3Arab News
(MENAFN - Arab News) The Saudi stock market continued its positive movement and managed a fourth straight rise on Wednesday accumulating more than 56 points.The Tadawul All-Share Index (TASI) set out ...

 Aug 22 2014 - Hollande: France armed Syrian rebels 'a few months ago'Arab News
(MENAFN - Arab News) SAINT-PIERRE France: President Francois Hollande said on Thursday that France had delivered weapons to rebels battling the Syrian regime of Bashar Assad 'a few months ago.'The ...

 Aug 22 2014 - Europeans in push for new UN resolution on GazaArab News
(MENAFN - Arab News) UNITED NATIONS: Britain France and Germany have put forward key points of a new UN Security Council resolution on Gaza in a fresh bid to end six weeks of violence diplomats said ...

 Aug 22 2014 - Saudi - Woman kicked fined for trying to enter giraffe penArab News
(MENAFN - Arab News) MILWAUKEE: A California woman who got kicked in the face after trying to climb into the giraffe exhibit at a Madison zoo has paid a fine and apologized.Police say 24-year-old ...

 Aug 22 2014 - Ice Bucket Challenge injures firefighters in USArab News
(MENAFN - Arab News) WASHINGTON: Four US firefighters were injured two seriously Thursday as they were helping run a so-called Ice Bucket Challenge at a Kentucky university.'We express heartfelt ...

 Aug 22 2014 - Asian shares slip as China manufacturing data weighsArab News
(MENAFN - Arab News) HONG KONG: Asian markets mostly fell with downbeat Chinese manufacturing data dragging down Hong Kong and Shanghai as concerns grew about the pace of recovery in the world's ...

 Aug 22 2014 - Saudi - Street car cleaners in the capital feel the heatArab News
(MENAFN - Arab News) Authorities have stepped up the campaign against car cleaners operating illegally on the city's streets.Four Bangladeshis who had been scouring Riyadh's Al-Ahsa Road in search of ...

 Aug 22 2014 - Saudi - No Zamzam hassle for IndiansArab News
(MENAFN - Arab News) Indian pilgrims will no longer be troubled by having to pack cans of Zamzam water into their luggage when returning home after completing their Haj.As part of the arrangement ...

 Aug 22 2014 - Saudia urged to focus on domestic Umrah servicesArab News
(MENAFN - Arab News) Saudi Arabian Airlines (Saudia) held a ceremony at the Jeddah Hilton on Wednesday to celebrate the achievements of its former director-general Khaled Al-Molhem in the presence of ...

 Aug 22 2014 - Saudi - Inspection of cafes in the offingArab News
(MENAFN - Arab News) The Jeddah Municipality plans to launch a campaign of inspection of coffee shops and Internet cafes in the next couple of days spokesman Abdulaziz Al-Ghamdi told Arab News. The ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help