|By TAP Staff| Confirmation of Dubai residential market rents cooling off came on Sunday when real estate consultancy CBRE reported that Dubai’s residential rents recorded the first drop after ten consecutive quarters of consistent increase.
The drop has been attributed to an increase in new stock combined with the traditionally slow festive and holiday period. However, the agency pointed out that the transaction market retained some momentum posting a 3% growth quarter-on-quarter and 23% year-on-year.
Despite the launch of several high-end properties, this segment of the market achieved the highest growth levels during the quarter, with locations such as Dubai Marina and Palm Jumeirah performing well.
The office market is experiencing rising demand with new requirements reflecting the improving state of the sector. But the current lack of good quality office buildings, specifically those with adequate available accommodation over contiguous floors is to an extent hindering growth of the secto
CBRE said consumer confidence in Dubai remains very positive, citing the latest report released by the Dubai Economic Department (DED). Transaction numbers during the first two quarters of the year revealed a shift down in deal volumes, a trend that has been repeated again during Q3, a traditionally quiet period for the Dubai residential sales market.
The Dubai office market is experiencing rising demand with new requirements reflecting the improving state of the sector, overall business confidence and positive sentiment as a result of Dubai Expo 2020, it said.
