{"id":10930,"date":"2016-04-19T16:19:39","date_gmt":"2016-04-19T09:19:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=10930"},"modified":"2016-04-19T14:43:35","modified_gmt":"2016-04-19T07:43:35","slug":"dubai-rents-and-house-prices-continue-to-soften","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-and-house-prices-continue-to-soften\/","title":{"rendered":"Dubai rents and house prices continue to soften"},"content":{"rendered":"


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\nThe price of houses in Dubai fell by 10 per cent year-on-year in the first quarter of 2016, but are now reaching the bottom of the market, according to consultancy JLL.The consultancy said in its Real Estate Market Overview that the market has continued to soften due to the continuing strength of the US dollar and lower oil prices, which has weakened the purchasing power of buyers across the region.
\nApartment rentals fell 3 per cent quarter-on-quarter, while sales were down 2 per cent during the three month period. For villas, sale prices were flat, while rents were down 1 per cent for the first quarter.Rents also fell by 5 per cent year-on-year as more new stock came onto the market. Some 2,200 homes were handed over in the first quarter and a further 27,000 units are due for completion over the next nine months.
\nDespite this, JLL said the long term prospects for the market remained healthy, citing Emaar Properties’ recent announcement of a tower higher than Burj Khalifa and over 11 million square metres of new retail property within the Dubai Creek Harbour project as examples of positive market sentiment. Craig Plumb, the head of research for JLL Mena, said: “While the short-to-medium term outlook for the Dubai real estate market is less encouraging, we remain positive on the long term outlook due to future growth and demand drivers like the Expo 2020 and other mega infrastructure developments.”
\nThe report also said that Dubai’s office market remained split, with rents holding up for Grade A office space due to a lack of quality space, but secondary rents softening as supply continues to grow. It is expected that 269,000 square metres of new office space will come to the market this year \u2014 up from 137,800 sq m in 2015.”The office market continues to be the worst performing sector and has been has been stuck at the bottom of the cycle for a number of years,” said Mr Plumb. “Nevertheless, we are witnessing some select activity and momentum for Grade A office buildings which continue to generate strong demand.”
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai rents and house prices continue to soften<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of houses in Dubai fell by 10 per cent year-on-year in the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-10930","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2Qi","jetpack-related-posts":[{"id":19280,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-dubai-home-prices-and-rents-continue-falling\/","url_meta":{"origin":10930,"position":0},"title":"Abu Dhabi, Dubai home prices and rents continue falling","date":"July 11, 2016","format":false,"excerpt":"\r Villa and apartment prices in Dubai and Abu Dhabi fell between 4 per cent and 6 per cent during the second quarter compared to the same period last year as the economy slows amid softening oil prices, according to the property consultants Cavendish Maxwell. Home prices, however, are expected\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/falling-dubai-housing-rents-to-come-under-further-pressure-this-year\/","url_meta":{"origin":10930,"position":1},"title":"Falling Dubai housing rents to come under further pressure this year","date":"February 13, 2017","format":false,"excerpt":"\r Housing rents in Dubai fell during the final quarter of 2016 and look set to come under further pressure this year.According to property broker Asteco, average apartment rents in Dubai fell by 5 per cent in the final three months and ended the year an average of 6 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11436,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-fall-fastest-in-prime-areas-as-jobs-market-weakens\/","url_meta":{"origin":10930,"position":2},"title":"Dubai rents fall fastest in prime areas as jobs market weakens","date":"April 27, 2016","format":false,"excerpt":"\r Dubai rents could fall by as much as 5 per cent this year, with the biggest drops in prime areas including Dubai Marina and Palm Jumeirah, according to Cluttons. The consultancy said that rents in prime areas are likely to fall by up to 7 per cent, driven by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51504,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jump-in-dubai-home-sales-a-false-start-says-expert\/","url_meta":{"origin":10930,"position":3},"title":"Jump in Dubai home sales a 'false start', says expert","date":"April 11, 2017","format":false,"excerpt":"\r The Dubai property market may be experiencing a \"false start\" according to one real estate \u00adconsultancy. An increase in sales volumes in the first quarter and slowing price declines should not be misconstrued as evidence of a market recovery, said Phidar \u00adAdvisory. \"The market is undergoing a false start\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rents-fall-in-abu-dhabi-as-confidence-remains-shaky\/","url_meta":{"origin":10930,"position":4},"title":"Rents fall in Abu Dhabi as confidence remains shaky","date":"May 23, 2016","format":false,"excerpt":"\r Renters in Abu Dhabi are continuing to downsize to more affordable apartments as lower oil prices cast a shadow over the emirate's economy, according to the property consultancy Asteco. Julia Knibbs, the company's UAE associate director of research and consultancy, said that renters are not only seeking moves to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-and-abu-dhabi-rents-still-rising-despite-fall-in-demand-report-says\/","url_meta":{"origin":10930,"position":5},"title":"Dubai and Abu Dhabi rents still rising despite fall in demand, report says","date":"June 22, 2016","format":false,"excerpt":"\r Asking rents in Abu Dhabi and Dubai are rising despite a fall in demand caused by falls in the global oil price a new report claims.According to the online property listings portal bayut.com, which analyses property listings, asking rents in Dubai rose 1.57 per cent in May compared with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10930"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=10930"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10930\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=10930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=10930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=10930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}