{"id":27443,"date":"2016-09-27T20:21:39","date_gmt":"2016-09-27T13:21:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=27443"},"modified":"2016-09-27T18:43:01","modified_gmt":"2016-09-27T11:43:01","slug":"dubais-residential-price-decline-set-to-slow-says-deloitte","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-residential-price-decline-set-to-slow-says-deloitte\/","title":{"rendered":"Dubai's residential price decline set to slow, says Deloitte"},"content":{"rendered":"


\nDubai property prices will continue to fall for the rest of the year, but the rate of decline will be slow, according to a new report by Deloitte.In an update to its Middle East Real Estate Predictions report published in January, the Big Four accountancy firm said that residential prices continued to drop by 3.8 per cent in the year to June, with the market continuing to be indirectly affected by lower oil prices. It said the proportion of people surveyed in Dubai who had been expecting an increase in disposable income had dropped to 30.2 per cent this year, down from 52.9 per cent in 2015.It also said that its prediction on the number of units being delivered remains on track. In January, it predicted just 10,000 units would come to market in 2016 compared with market stakeholders’ forecasts of 40,000. Its prediction remains on track, the firm said, with 5,000 units delivered in the first six months.The firm said that both residential and hospitality markets rebalanced towards “a new normal” in the first six months of 2016, with the residential sector focusing more on affordable projects and serviced apartments remaining in strong demand in the hospitality sector. Data from the Dubai Department of Tourism and Commerce Marketing found that serviced apartments experienced the highest occupancy level of any hospitality category at 83 per cent.”Average hotel occupancy in Dubai in the first six months of 2016 was 77 per cent, slightly ahead of our forecasts,” said Robin Williamson, a managing director for Deloitte Corporate Finance Middle East.However, he added that operators had been forced to discount to maintain occupancy, with average daily rates declining in the first six months of the year.”We anticipate that this trend is set to continue in the second half of 2016,” he added.Meanwhile, the office market continued to be affected by trends in local sub-markets. Areas such as Business Bay, where new stock coming on to the market, were subject to rental price declines, but core locations such as DIFC continued to perform well, with waiting lists for space in many buildings and the under-construction Gate Village 11 building already 100 per cent pre-let.”We anticipate that these trends are likely to continue in H2 2016, with further completions in secondary locations giving tenants greater negotiating power,” Mr Williamson said. “In free zones, we anticipate that factors such as high-quality infrastructure and more accessible public amenity provision will continue to drive demand from corporate occupiers.”New figures from data provider Reidin for August found that there had been a marginal growth of 0.14 per cent for \u00adDubai properties for sale in Aug\u00adust. On a rolling three-month \u00adbasis, sale prices have remained flat and rents have dropped by just 1 per cent.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai’s residential price decline set to slow, says Deloitte<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai property prices will continue to fall for the rest of the year, but 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-27443","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\/p75ss1-78D","jetpack-related-posts":[{"id":1266,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/many-new-dubai-homes-wont-be-delivered-on-time-in-2016-jll-says\/","url_meta":{"origin":27443,"position":0},"title":"Many new Dubai homes won’t be delivered on time in 2016, JLL says","date":"January 12, 2016","format":false,"excerpt":"\r \r The number of residential properties completed in Dubai last year was just 7,800 \u2014 considerably below the 25,000 units that had been forecasted by developers at the start of 2015, says JLL.The property consultancy said in its annual UAE real estate market review that materialisation rates \u2014 ie\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40475,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-agents-remain-optimistic-as-pipeline-swells\/","url_meta":{"origin":27443,"position":1},"title":"Dubai property agents remain optimistic as pipeline swells","date":"January 12, 2017","format":false,"excerpt":"\r The pipeline of new properties due for completion in Dubai this year continues to swell, while agents are confident that the low volumes experienced for house sales over the past two years is about to pick up, according to Cavendish Maxwell.The property consultancy's fourth-quarter residential survey states that 61,000\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1078,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/has-the-fall-in-dubai-property-prices-come-to-an-end\/","url_meta":{"origin":27443,"position":2},"title":"Has the fall in Dubai property prices come to an end?","date":"January 9, 2016","format":false,"excerpt":"\r \r Dubai\u2019s residential property market is showing signs of plateauing after about 18 months of price declines.New figures from the consultancy ValuStrat show that there was \u201cno significant change\u201d in values of apartments and villas in the 26 areas that it monitors. It said that its ValuStrat Price Index\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14780,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-dubai-property-price-crash-in-sight-says-consultancy\/","url_meta":{"origin":27443,"position":3},"title":"No Dubai property price crash in sight, says consultancy","date":"May 29, 2016","format":false,"excerpt":"\r Fears about another potential collapse in Dubai property prices to rival the fallout from the 2008 financial crisis are unfounded, according to a new report.The Reidin\/Global Capital Partners report, Dubai: This Time it's Different, says the fundamentals of the Dubai economy are much stronger than after the global financial\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":46069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-a-magnet-for-the-worlds-wealthy-says-knight-frank\/","url_meta":{"origin":27443,"position":4},"title":"Dubai a magnet for the world's wealthy, says Knight Frank","date":"March 2, 2017","format":false,"excerpt":"\r Knight Frank's 2017 Wealth Report has ranked Dubai fourth in the world on its list of cities with the biggest inflow of high net-worth individuals (HNWIs). Dubai attracted about 2,000 of these very affluent people in 2015 - growing the local wealthy population by about 5 per cent, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39211,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-are-flatlining-says-reidin\/","url_meta":{"origin":27443,"position":5},"title":"Dubai house prices are flatlining, says ReidIn","date":"December 30, 2016","format":false,"excerpt":"\r Dubai's residential property market has shown signs that declining values may be coming to an end, according to brokers, with new figures from property data coompany Reidin stating that residential values were flat in the 12 months to November 2016.Reidin reported a tiny monthly decline in prices of just\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\/27443"}],"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=27443"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/27443\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=27443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=27443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=27443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}