{"id":40059,"date":"2017-01-09T19:04:54","date_gmt":"2017-01-09T12:04:54","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=40059"},"modified":"2017-01-09T16:12:21","modified_gmt":"2017-01-09T09:12:21","slug":"dubai-housing-market-close-to-the-bottom-but-abu-dhabi-has-further-to-fall-says-expert","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-housing-market-close-to-the-bottom-but-abu-dhabi-has-further-to-fall-says-expert\/","title":{"rendered":"Dubai housing market close to the bottom, but Abu Dhabi has further to fall, says expert"},"content":{"rendered":"


\nThe market for residential property in Dubai is now “close to its cyclical trough”, but in Abu Dhabi prices and rents may have much further to fall, according to a new report by consultancy JLL.The firm’s new “2016 Year in Review” report for the UAE property markets argues that the market faced short-term challenges in 2016 as it adjusted to a “new normal” of lower oil revenues, with the rate of growth of GDP dropping from 4.5 per cent in 2015 to just 2.3 per cent last year, and employment growth remaining constant at 1.5 per cent as companies in sectors like banking and oil & gas consolidated staff numbers.However, it said the medium-term outlook for the UAE economy is much more positive.”The real estate market in the two largest emirates of Dubai and Abu Dhabi reflect their relative economic strengths,” said Craig Plumb, the head of research at JLL Mena.He said that Dubai’s more diversified economy, and the fact that prices started to fall in the emirate earlier than Abu Dhabi, meant that it is closer to the bottom of the property cycle than Abu Dhabi, where prices may continue to fall further.Apartment sale prices in Dubai fell by just 1 per cent year-on-year, JLL said, citing figures provided by Reidin. Villa prices actually increased by 2 per cent. In Abu Dhabi, prices of both apartments and villas fell by 11 per cent year-on-year, while apartment rents dropped by 7 per cent and villa rents by 4 per cent.The report found that 14,600 new homes were completed in Dubai last year \u2014 the highest number since 2012, when 16,000 new homes were delivered. These figures included more than 1,500 villas for Emirates staff in Meydan, over 1,000 new homes at Mira in Emaar Properties’ Reem Community and 1,200 apartments at Meraas Holding’s City Walk project.There are 35,000 units currently scheduled for completion this year, which would bring the total amount of residential units on the market to 502,000. As in past years, though, JLL said that it expects the actual number to be handed over to be much lower, with deliveries in recent years typically equating to about 35 per cent of forecasted numbers.In Abu Dhabi, only 3,1000 new units were completed, brining the total stock to 248,000. Some 5,000 units are due for completion this year, but as in Dubai, the actual number delivered is likely to be lower as projects are delayed. In the office market, supply increases in both Dubai and Abu Dhabi were fairly limited, with rents remaining flat in the former and declining by 5 per cent in the latter. The report said the office market in the capital is facing softening demand, due to a fall in demand from oil firms, a reduction in government spending, and mergers between major organisations such as Mubadala and Ipic as well as banks NBAD and FGG.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai housing market close to the bottom, but Abu Dhabi has further to fall, says expert<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The market for residential property in Dubai is now “close to its cyclical trough”, but...<\/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-40059","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-aq7","jetpack-related-posts":[{"id":45624,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/aldar-mid-market-focus-signals-coming-surge-in-abu-dhabi-property\/","url_meta":{"origin":40059,"position":0},"title":"Aldar mid-market focus signals coming surge in Abu Dhabi property","date":"February 26, 2017","format":false,"excerpt":"\r Abu Dhabi's embattled property market is poised to experience a Dubai-like growth surge over the next three years as Aldar Properties starts to capitalise on pent-up demand for mid-income housing, a report claims.According to Reidin\/Global Capital Partners, Aldar's announcement earlier this month that it plans to focus on building\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9998,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-expo-2020-infrastructure-spending-to-boost-uae-construction-sector\/","url_meta":{"origin":40059,"position":1},"title":"Dubai's Expo 2020 infrastructure spending to boost UAE construction sector","date":"April 5, 2016","format":false,"excerpt":"\r \r The UAE's construction market remains on course to grow at a faster pace than its wider economy, fuelled by infrastructure spending in Dubai, according to one analyst.BMI Research is forecasting growth of 6.6 per cent for the UAE's construction market in 2016, considerably ahead of the IMF's forecast\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23853,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/low-oil-prices-continue-to-bite-into-abu-dhabi-housing-rents\/","url_meta":{"origin":40059,"position":2},"title":"Low oil prices continue to bite into Abu Dhabi housing rents","date":"August 24, 2016","format":false,"excerpt":"\r Housing rents in Abu Dhabi fell 2 per cent in the three months to the end of July as the global fall in oil prices continued to bite.According to new figures from the property data company Reidin, average rents fell 0.61 per cent in the month of July.Rents in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48770,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/villa-rental-yields-converge-across-dubai-and-abu-dhabi-report\/","url_meta":{"origin":40059,"position":3},"title":"Villa rental yields converge across Dubai and Abu Dhabi – report","date":"March 19, 2017","format":false,"excerpt":"\r Rental yields between properties in the UAE's two major population centres are showing signs of converging, according to a new study.A Reidin\/Global Capital Partners (GCP) report argues that yields for villa properties have been moving closer together over the past four and-a-half years as prices have followed similar patterns\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22221,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubizzle-says-dubai-property-market-has-bottomed-out-but-abu-dhabi-sales-and-rents-under-pressure\/","url_meta":{"origin":40059,"position":4},"title":"Dubizzle says Dubai property market has bottomed out, but Abu Dhabi sales and rents under pressure","date":"August 8, 2016","format":false,"excerpt":"\r Online classifieds site dubizzle has added its voice to the weight of opinion suggesting Dubai's property market is showing signs of bottoming out.The company's second-quarter property report showed that prices per square foot in Dubai were generally flat quarter-on-quarter, although there were variations within individual areas. Prices in Business\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/villa-rents-converge-across-dubai-and-abu-dhabi-report\/","url_meta":{"origin":40059,"position":5},"title":"Villa rents converge across Dubai and Abu Dhabi – report","date":"March 19, 2017","format":false,"excerpt":"\r Rental yields between properties in the UAE's two major population centres are showing signs of converging, according to a new study.A Reidin\/Global Capital Partners (GCP) study argues that yields for villa properties have been converging over the past four and-a-half years as prices have followed similar patterns in both\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\/40059"}],"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=40059"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/40059\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=40059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=40059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=40059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}