Since our Dubai property market update went to press in July 2011 we have been through what is traditionally the quiet time of the year for the UAE, further enhanced this year by the coming together of the traditional leave month of August and Ramadan.
The Abu Dhabi Government is continuing to rationalise its projects and implement major restructuring plans in some of its most important entities, making it more responsive to market conditions.
Following the previous strong declines in the apartment sector, tenants have taken the opportunity to move to better quality accommodation.
Apartment rents have fallen on average by 6% compared with last quarter as shown in the Real Estate Monitor. This represents a small reduction in the rate of decline witnessed over the preceding three quarters.
Highlights and analysis from Dubai's residential and commercial property markets during the third quarter of 2011.
Conditions in the real estate sector remained testing as the market tussled with the impact of the traditional summer dip, and the modest pace of economic recovery both locally and globally.
Market activity remained largely subdued for the second consecutive quarter as Dubai’s traditional summer slowdown unfolded with limited movement within the real estate sector.
Quarter 3 is traditionally the quiet time of the year for the UAE, further enhanced this year by the coming together of the traditional leave month of August and the Holy month of Ramadan.
Sharjah apartment rental rates have declined by 5% over the last three months, mainly due to the summer holidays/Ramadan and tenants moving to newer buildings with better facilities or relocating to Dubai as a result of declining leasing rates.
Despite the turmoil witnessed in global markets over the past 3-4 years, the emerging markets of Africa and the Middle East continue to offer opportunities of development and economic improvement.
The poloitcal and social unrest that has swept accross the MENA region during the 2011 Arab Spring, has confirmed Dubai's role as something of a 'safe haven' within a volatile region.
19 February
Top ranked emerging markets for global retail expansion, revealed by A.T. Kearney
During 2010 London’s West End overtook Tokyo as the most expensive location in the world in which to rent office space.
A commentary by Masood Ahmed, director, Middle East and Central Asia Department, International Monetary Fund.
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