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Our Q4 2012 Dubai Real Estate Market Overview shows that improving confidence has resulted in a selective recovery in certain prime hotel, residential and retail projects, but this improvement is not yet being experienced across the broader market. While the office sector continues to lag other parts of the market, rents and occupancies have now stabilised in prime projects and some projects are likely to experience an improvement in headline rents in 2013.
Improved sentiment towards the Dubai market has resulted in a number of major new projects being announced over the final quarter of the year. The biggest danger facing the market in 2013 is that confidence will again run ahead of end user demand, resulting in unsustainable growth in asking prices / rents and exacerbating the over supply situation that characterises many parts of the market. In response to the potential overheating of the market, the UAE Central Bank announced new regulations capping loan to value ratios for all new mortgages on the last day of 2012. This is likely to reduce demand and temper price increases in the residential sector during 2013.
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09 January 2013