Complex Made Simple

Dubai residential, commercial property portfolios almost at full capacity

Occupancy rates unabated by slight decline in selling prices and rentals, compared with same period last year

Residential and commercial real estate portfolios in the Emirate of Dubai reported record occupancy rates ranging from 95 to 99 per cent in the first 11 months of the current year.

Occupancy rates maintained record highs, unabated by a slight decline in selling prices and rentals, compared with the same period last year, according to industry sources.

According to a report published by Al-Ittihad, the sources said the sustained strong demand for residential and commercial units underlines the strong property market in the country.

In a related context, Wasl Properties revealed that occupancy at its rent portfolio, which includes 30,000 units reached a major 98 per cent, according to the report.

Meanwhile, JLL, a global real estate services firm specialising in commercial property management, leasing and investment management, said the number of houses in Dubai reached a total of 452,000 after adding 1,700 homes in the third quarter of the current year.

The company said it expects apartments’ prices to go up in the coming period driven by stronger local currency; however, prices edged down by 11 per cent over the past 12 months.