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JLL has released its Abu Dhabi Q2 Real Estate Market Overview, which has shown a polarisation of demand, resulting in an increasingly two tier market in recent years. The same trend is now emerging in the retail sector where an increasingly two tier market is resulting in a growing gap between rentals for prime and secondary malls.
Marketplace conditions have led to a decline in occupier demand and residential rents, while residential sale prices have also declined, affected by the continued reduction in transaction volumes and sentiment.
Despite the decline in office demand following consolidations and downsizing in the oil, financial services and government sectors, office rents have both remained unchanged for both Grade A and Grade B space, as office supply remains stable with no major completions in Q2.
The hospitality market registered a 6% drop in ADRs and a 2% drop in occupancy levels compared to the same period last year. Overall, Q2 in Abu Dhabi saw a decline in residential and hospitality performance, while retail and office markets remained relatively stable.
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