Tenant Alert 2012 Dubai Apartments Rent Rise To Carry On This Yr
Average apartment rents in Dubai rose 17 per cent in 2012 compared to last yr, outshining the villa marketplace, which saw a rise of 14 per cent, according to CB Richard Ellis (CBRE).
The consultancy needs the home sector to carry on its upward tendency for sales and renting prices, but is unlikely to match the 2012 performance.
"Residential rental rates increased by 16 per cent throughout 2012, with typical dubai apartment rent rates increasing 17 per cent year-on-year and eight per cent quarter-on-quarter," the global real-estate adviser said in its fourth quarter record on the Dubai property market This is the first-time in the previous several years that apartment rents increased a lot more than the villa rents.
"After a long period of continual diminishes, renewed confidence has returned to the market, driven predominantly by increasing action from cash investors. Dubai continues to take over the area because the major investment location with its safe destination status firmly cemented," the statement pointed out.
CBRE expects fresh supply of almost 36,000 new residential units in the next 3 years with the bulk of forthcoming supply is anticipated from extra locations in Motor City, Dubai Sports City, Liwan and Dubailand Dwellings.
Average office rents dropped by four per cent a year ago as quantity of tenants moved from older attributes to newer, better quality structures.
While some offices in prime locations were able to increase their headline rents, Business Bay and Dubai Silicon Oasis continued to suffer from high vacancy rates.
"Strata title office properties location still considered unappealing by most large occupiers and corporate tenants due to the difficulties of numerous ownership over the property and the consequent issues this creates," CBRE added.
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