CBRE also said that there is less pressure on prices and rents in Abu Dhabi despite new supply coming in, but demand will remain weak until economic activity picks up.
In the residential sector, the shortage of residential products is helping to maintain unrealistic rental rates in the capital, despite falling levels across all other asset classes.
(Mac Capital Advisors)
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Property and rental price falls to continue, but less severe
- United Arab Emirates: Sunday, August 02 - 2009 at 12:28
Property consulting firm CB Richard Ellis has said that weak sales, a drop in demand and new supply coming on line is likely to push property prices and rentals in Dubai down further in the second half of the year. But the price falls are not expected to be as severe as during the first half of 2009. CBRE said the pressure on lease and occupancy rates will be most prominent in the new residential developments, such as Dubai Silicon Oasis, International Media Production Zone and Motor City. In the commercial office market sector, supply will increase substantially in the next six months, and the majority will be from the newer business areas of Jumeriah Lake Towers, Al Barsha, Tecom, Business Bay and Dubai Silicon Oasis.
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StaffSunday, August 02 - 2009 at 12:28 UAE local time (GMT+4)
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