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Dubai Real Estate Market Overview - Q2 2010

The increase in available space, improving lease terms and decling rents as the property market begins to bottom out have given tenants greater choice and opportunities. Our quarterly Dubai Real Estate Market Overveiw highlights that:
  • The office market is becoming more fragmented with continued demand for single ownership space in the Central Business District (CBD), while vacancies increase in other areas. This is primarily due to continued new supply and constrained tenant demand;

  • Increased sales activity in the residential market over the past quarter has resulted in prices remaining relatively unchanged, while rentals have continued to decline, particularly for high end apartments and villas;

  • Secondary retail locations are facing increasing competition as tenants relocate to better performing centres. This is creating opportunities for proactive owners and mall managers to work more closely with tenants;

  • Hotel occupancies have continued to increase although average room rates and RevPAR are still declining. Hotel performance varies considerable depending on location, management and branding.

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