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The third quarter of 2014 recorded the continued growth of prices in the residential market, with more limited improvement in the hospitality, retail and office sectors. All sectors of the Abu Dhabi market are now positioned in the recovery stage of their cycle, for the first time since 2008. Residential remains the strongest performing sector driven by positive investor sentiment and population growth and potential under-supply. The office market has witnessed growth for the first time after being stable for the past 2 years. Vacancy rates are reducing due to increased market absorption and a reduction in speculative supply in the pipeline. Retail rents for malls on Abu Dhabi Island have remained stable this quarter, with some malls outside the Abu Dhabi Island seeing a marginal increase in rents as they have witnessed higher footfalls. The Abu Dhabi hotel sector continues to recover, with the year to August seeing higher occupancies (71%) compared to 2013 (64%). Abu Dhabi hotels experienced higher occupancies than Dubai in July (55% compared to 50%), for the first time ever.
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07 October 2014