Dubai and Abu Dhabi real estate prices rise 4% during the third quarter

Dubai and Abu Dhabi real estate prices rise 4% during the third quarter
Dubai and Abu Dhabi real estate prices rise 4% during the third quarter

Abu Dhabi – Mubasher: Jones Lang LaSalle (JLL) showed an increase in sales prices of residential units in Dubai and Abu Dhabi during the third quarter of this year by 4 percent, compared to the same period in 2020.

According to the UAE real estate market report, rental prices in Dubai decreased by 3 percent, while prices remained stable in Abu Dhabi..

The third quarter of this year witnessed the delivery of about 11 thousand housing units in the Emirate of Dubai, bringing the total inventory to 629 thousand housing units, and it is expected that 23 thousand housing units will be delivered by the end of this year.

The report indicated that about 2,900 housing units were delivered during the third quarter of this year, bringing the total inventory to 270,000 housing units, and two thousand housing units are expected to be delivered by the end of this year..

With the return of the off-plan sales market to attract investors again, the sector witnessed the development of projects with attractive payment plans to take advantage of the rise in activity..

JLL expects the demand for supply of high-quality villas during the remainder of this year to enhance the recovery in sales prices..

JLL said that 40,000 square meters of office space were delivered in Dubai during the third quarter of this year, bringing the total inventory to about 9 million square meters, while 15,000 square meters were delivered in Abu Dhabi, bringing the stock to 3.8 million square meters. Square.

She explained that the rental prices of office space in Dubai decreased by 1% during the third quarter of this year compared to the same period last year, while it remained stable in Abu Dhabi..

She indicated that technology and e-commerce companies recorded the highest rates of demand due to their aspiration to expand their headquarters to accommodate their growing workforce, expecting further growth during the remainder of the year in new demand as business activity continues to recover..

JLL noted the return of consumer confidence against the backdrop of easing the restrictions of the Covid-19 pandemic and the expected increase in the number of international visitors, explaining that this will provide the retail sector with an opportunity to enter the recovery phase..

She said that the performance of local shopping centers in the country improved during the third quarter, driven by the demand for consumers who live close to them.

In addition, some retail companies in the food, beverage and household items sectors have been able to cope with the effects of the pandemic better than their counterparts in other sectors..

She added that in Dubai, nearly 40,000 square meters of retail space were added, bringing the stock to 4.4 million square meters, while 6.1 thousand square meters were added in Abu Dhabi, bringing the stock to 2.9 million square meters..

It expected to hand over 75,000 square meters in the Emirate of Dubai and 11,000 square meters in the Emirate of Abu Dhabi during the fourth quarter of this year.

The average rental price in shopping centers decreased during the third quarter of this year in Dubai by 1% year on year, and in Abu Dhabi by 7%.

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