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Dubai Real Estate Market Overview - Q4 2010

Q4 2010 Highlights:
  • The office market continues to experience falling rentals, encouraging major deals;

  • Retail malls continue to experience vacancies of 15% to 30% as retailers take advantage of increased competition among centres;

  • The residential sector saw additional completions in Q4 and some currently stalled residential projects are scheduled to restart in 2011. Average rentals continued to decline across the residential sector in Q4, with the most pronounced decreases for lower end product in areas lacking completed infrastructure. The prospects for 2011 will be dependent upon an improved mortgage market;

  • The hotel market is the closest to the bottom of the cycle, as visitor levels to Dubai increased throughout 2010. Occupancy rates in Dubai have stabilised at around 70% (year to Nov 2010), which compares favourably with other major cities across Europe and the Middle East.

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