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



 


Khaleej Times




  MENA News Headlines
 Oct 26 2014 - Afghan president visits Saudi ArabiaArab News
(MENAFN - Arab News) KABUL: Afghanistan's President Ashraf Ghani Ahmadzai on Saturday made his first overseas trip since taking office fulfilling an election promise to undertake a religious ...

 Oct 26 2014 - Tens of thousands protest Renzi's job measures in RomeArab News
(MENAFN - Arab News) ROME: Tens of thousands of Italians took to the streets of Rome Saturday for a demo organized by Italy's largest trade union to protest Prime Minister Matteo Renzi's plans to ...

 Oct 26 2014 - France announces big coalition air raid against IS in IraqArab News
(MENAFN - Arab News) PARIS: The international coalition currently battling the IS group in Iraq dropped around 70 bombs on an arsenal and militant training center in a large-scale overnight raid the ...

 Oct 26 2014 - UN climate chief hails EU dealArab News
(MENAFN - Arab News) BONN: The UN's climate chief hailed a European agreement on greenhouse gases Friday as providing 'valuable momentum' for a world pact to be inked in Paris next year.The goals set ...

 Oct 26 2014 - Russia still has troops in Ukraine NATO saysArab News
(MENAFN - Arab News) MONS Belgium: Russia still has troops in eastern Ukraine and retains a very capable force on the border despite a partial withdrawal NATO's military commander said on ...

 Oct 26 2014 - Canadians seek to understand Parliament shootingArab News
(MENAFN - Arab News) OTTAWA Ontario: Authorities and ordinary Canadians sifted through confounding shards of a gunman's life seeking to understand what motivated the man to storm the nation's seat of ...

 Oct 26 2014 - Iraq's oil exports to rise in OctoberMENAFN
(MENAFN) Iraq's oil exports from its southern terminals are maintaining their high levels, with an average of 2.55 million barrels per day (bpd), while Kurdish shipments are climbing in terms of ...

 Oct 26 2014 - Abu Dhabi int'l Airport traffic up 23.9 percent in SeptemberMENAFN
(MENAFN) Abu Dhabi Airports reported an increase in passenger traffic by 23.9 percent during September compared to the same month last year, with 1.696.651 passengers using the airport during the ...

 Oct 26 2014 - Morocco, Chad sign agreementsMENAFN
(MENAFN) Morocco announced it has signed a set of agreements and memoranda of understanding with Chad regarding several fields, QNA reported.The agreements which were signed by both countries include ...

 Oct 26 2014 - BASF warns on profitsArab News
(MENAFN - Arab News) BERLIN: Chemical and oil company BASF is warning that its profits will come in below its previous forecast in the wake of slower global economic growth and industrial ...

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