Quotes: 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



 


Khaleej Times




  MENA News Headlines
 Jul 1 2015 - Kuwait MPs pass $23.2 bn deficit budget on oil slideAFP
(MENAFN - AFP) Kuwait parliament Wednesday passed the 2015/2016 state budget which projects a 7.0-billion dinar ($23.2 billion) deficit due to the sharp drop in oil prices. Forty-seven MPs voted for ...

 Jul 1 2015 - Ban Ki-Moon Appeals for Implementing Geneva Communique on SyriaQatar News Agency
(MENAFN - QNA) Secretary-General of the United Nations Ban Ki-moon has called on to put an end to the suffering of the Syrian people and to find an exit from this madness. In a statement read by a ...

 Jul 1 2015 - UN: 137,000 Flee Across Mediterranean in First Half YearQatar News Agency
(MENAFN - QNA) Some 137,000 fled across the Mediterranean to Europe in the first half of the year, nearly double the amount seen in the same period last year, the UN Refugee Agency (UNHCR) said ...

 Jul 1 2015 - Lebanese Army Kills Five Nusra Gunmen in Arsal OutskirtsQatar News Agency
(MENAFN - QNA) The Lebanese Army killed five militants in northeastern border town of Arsal, while they were attempting to sneak between Arsal and its outskirts, the Army said in a statement ...

 Jul 1 2015 - Jordan- Cooking gas cylinders' price reduced, gasoline's price unchangedJordan News Agency
(MENAFN - Jordan News Agency) Cooking gas cylinders' price will be reduced, while fuel prices will remain unchanged through the month of July, Minister of Industry, Trade and Supply, Maha Ali, ...

 Jul 1 2015 - US to Remove Ban on Security Aid to BahrainJordan News Agency
(MENAFN - Jordan News Agency) The United States lifted its ban on sending security aid to the government of Bahrain due to progress on human rights issues, US State Department spokesperson John Kirby ...

 Jul 1 2015 - Obama offers help to TunisiaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama offered condolences to Tunisian leader Beji Caid Essebsi Monday, after the militant attack that killed 38 people and left the future of the ...

 Jul 1 2015 - Jordan - Moderate weather forecast until FridayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate on Wednesday in the hilly areas, relatively hot in the Badia, and hot in the Jordan Valley and Aqaba, with northwesterly moderate ...

 Jul 1 2015 - Jordan- The Amman Stock Exchange starts trading on higher noteJordan News Agency
(MENAFN - Jordan News Agency) The Amman Stock Exchange (ASE) opened trading on Wednesday with a rise to 2117 points compared to 2115 points of last session closure, according to market sources.The ...

 Jul 1 2015 - Israeli forces move into Deir al-BalahJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Wednesday morning made an incursion into east of Deir al-Balah in the central of the Gaza Strip.Palestinian sources said that Israeli ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


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