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Despite a substantial rise in new stock, the residential and office markets have still remained broadly stable, a positive indicator after a period of significant rental and sale price growth over the past two years, according to the Q1 2015 Dubai Market-View by real estate consultancy CBRE.
“Around 0.42 million sq m of new office space and 16,000 residential units [apartments and villas] entered the market last year, helping to control rental inflation in the second half of the year,” said Mat Green, Head of Research and Consultancy — UAE at CBRE Middle East.
CBRE said the office sector remained steady during the quarter with average central business district rental rates unchanged at Dh1,885 per square metre a year, while year-on-year the increase has been marginal at 3 per cent.
CBRE also reported that year-on-year residential sale transactions registered a significant drop in overall value terms, falling 20 per cent, while volumes also declined by around 4 per cent. However, on quarter-on-quarter basis, there has actually been a rise in both transaction values and volumes.
JLL, in its latest Dubai Real Estate Market Overview, said the first quarter saw the delivery of approximately 730 residential units across Dubai, while an additional 22,000 units are expected to enter the market by the end of the year. However, the delivery of some of the projects may not occur within the specified time frame.
Source: Property Weekly