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

Property prices in Dubai rise 33% expected to rise further  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) In its market overview the real estate consultancy firm said that the dubai economy is expected to sustain its growth momentum

Residential property prices in dubai are expected to continue their upward trend over the remainder of 2014 but at a slower rate a new report by jones lang lasalle (jll) said on monday.


The real estate investment and advisory firm said in its ‘dubai real estate market overview q1 2014’ report that the emirate’s residential market maintained its momentum with average prices increasing 33 per cent year-on-year with average rents improving 23 per cent.


“while the market remains shy of its 2008 peaks in most locations prices in some areas have now reached peak levels” the report said observing that activity in dubai’s real estate investment market remained strong.


A market intelligence report by tasweek real estate development and marketing noted that dubai’s real estate prices abruptly 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.”


Craig plumb head of research at jll mena said that dubai’s momentum from 2013 has carried through into the first quarter of 2014. “the residential sector is leading the way with continued strong growth in both rentals and prices while dubai remains one of the world’s strongest performing hotel markets. office rents have increased in prime locations in the first quarter but the market remains extremely selective. increased rents and reduced choice in the prime locations may lead to a more general recovery of the office market going forward.”


The jll report noted that dubai’s real estate market commenced 2014 with optimism driven by last year’s strong performance and continued economic growth. “this optimism remains focussed on the residential sector which witnessed increased prices and rents across all areas with rates growing faster in secondary locations. the retail hotel and industrial segments continue to experience growth while the office sector remains more selective.”


In its market overview the real estate consultancy firm said that the dubai economy is expected to sustain its growth momentum. according to the department of economic development the gdp of dubai will grow 4.7 per cent in 2014. tourism trade transportation and real estate are all witnessing strong performance and will continue to be the main drivers of the economy.


“the business outlook for dubai continues to improve with higher expectations of future business conditions sales volumes and profits. the department of economic development’s composite business confidence index (bci) stood at 144.3 points in fourth quarter 2013 up eight per cent from the same 2012 period with more businesses willing to invest in expansion recruitment and technology upgrades” jll said in its report.


The dubai land department has revealed that the total value of real estate transactions in dubai rose from dh154 billion in 2012 to dh236 billion in 2013. “a major component of this increase was the return of significant land transactions. despite this increased activity there remain few reported transactions of completed income producing asset” jll observed.


Dubai’s office market sustained its recovery as overall occupancy rates and prices have increased in first quarter 2014. “with occupier demand continuing to be focused on good quality space average rents in prime locations are expected to increase with 2014 seeing a broader based recovery with increased interest in secondary office locations given the declining choice in prime locations.”


According to jll the retail market continues to improve registering rental growth in both primary and secondary malls. street shops also continue to witness popularity with a number of new project launches. the hotel sector maintained its strong performance supported by a growing number of tourist arrivals. year-to-february saw occupancy rates reach 88 per cent and average daily rates rise to 298.


The hotel sector is expected to maintain its positive performance and growth as the government introduces new initiatives to attract further tourists and diversify the hospitality sector. the industrial market continued to perform well in the quarter. the area to the south of dubai continues to attract most attention given improvements to the surrounding infrastructure good connectivity and proximity to the expo 2020 site the report said.


— issacjohn?khaleejtimes.com

 






  MENA News Headlines
 Aug 27 2014 - Oman Rail to begin the 1st phase of Sohar-Buraimi stretchMENAFN
(MENAFN) Under instructions from the Sultanate's government, Oman Rail Company has drawn up plans to implement the Oman National Railway project, Times of Oman reported.The plan envisions the ...

 Aug 27 2014 - Kuwait's crude oil exports to China hit 4-month highArab Times
(MENAFN - Arab Times)  BEIJING Aug 26 (KUNA): Kuwait's crude oil exports to China jumped 16.9 percent in July from a year earlier to a four-month high of 1.11 million tons equivalent to around ...

 Aug 27 2014 - Kuwait Energy wants to invest more in IraqMENAFN
(MENAFN) Despite unstable conditions in Iraq, Kuwait Energy announced it is very eager to invest more in the country due to its potential, Arabian Business reported.The company said that most of ...

 Aug 27 2014 - Qatar- Summary of Local News Released TuesdayQatar News Agency
A summary of local news released Tuesday by Qatar News Agency. - HE Foreign Minister's Assistant for International Cooperation Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani conferred ...

 Aug 27 2014 - Qatar- Summary of Local News Released Tuesday - 1-Qatar News Agency
- The Ministry of Development Planning and Statistics have released preliminary figures of the value of exports domestic goods, re-exports and imports for July 2014. A short analysis of the data is ...

 Aug 27 2014 - Retail sector in Dubai to hit USD41b in 2014MENAFN
(MENAFN) According to a recent report by Colliers International, spending in Dubai"s retail sector is expected to hit USD41 billion by the end of 2014, Arabian Business reported.The report states ...

 Aug 27 2014 - UAE to boost economic ties with IndiaMENAFN
(MENAFN) Mattar Al Tayer, chairman of the board and executive director of the Roads and Transport Authority (RTA), focused on the value of the economic ties between UAE and India, Khaleej Times ...

 Aug 27 2014 - Israel Hamas agree to open-ended Gaza cease-fireArab News
(MENAFN - Arab News) GAZA CITY Gaza Strip: Israel and Hamas agreed Tuesday to an open-ended cease-fire halting a seven-week war that killed more than 2200 people the vast majority Palestinians left ...

 Aug 27 2014 - Saudi- Expats 'monopolize' vegetable marketArab News
(MENAFN - Arab News) Several citizens who are regular customers at the Jeddah's vegetable (halaga) market on Kilo 14 have complained that expats are monopolizing business activity at the market ...

 Aug 27 2014 - Saudi- Experts warn on effects of blasting mountainsArab News
(MENAFN - Arab News) The National Center for Earthquakes and Volcanoes has warned of the adverse environmental effects of detonating the region's mountains to make way for infrastructures ...

more...


 






Google

Taqs

 
 

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