Slowdown Continues in Dubai residential and Hotel markets while Retail sector reaches cyclical peak and Office sector remains stable
Dubai – JLL, the world’s leading real estate investment and advisory firm, today released its third quarter (Q3 2015) Dubai Real Estate Market Overview report, assessing the latest trends in the office, residential, retail and hotel sectors.
Commenting on the report, Craig Plumb, Head of Research at JLL MENA, said: “The Dubai real estate market continued to experience a slowdown in performance during the third quarter, a trend which is expected to continue over the remainder of 2015. Residential sale prices continued to decline (villa prices have declined by 11% over the year to August). For the first time, rental prices have also declined (albeit marginally) over Q3..
JLL has recently highlighted the region’s shortage of Middle-Income Housing. This quarter, we have seen increased recognition of the issue with the introduction of a number of initiatives from both developers and the government targeting the affordable housing market, (these include Nakheel’s launch of Jebel Ali Estate at Cityscape and further stages being launched within Nshama’s Town Square project). In addition, the lack of major new mega projects and the increased emphasis on housing for the middle-income segment of the population signifies the maturing of Dubai’s residential market.”