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Saturday 18 Jul 2015 - 13:26 Makkah mean time-2-10-1436
(Image from internet)
Dubai, (IINA) - Dubai's real estate market, which has seen prices fall during the first half of this year, will return to growth by 2016, Arabian Business reported citing a new report issued by real estate website Bayut.com.
Bayut noted that property sale values dropped between 5-10 percent in H1 2015 compared to the same period in 2014 while rental returns continued to hold strong, with some areas even registering growth in values.
"Though the slowdown continues, it will only be sometime before things turn around and head upwards. We reckon things will move the other way come 2016 and rise there from, and our optimism banks on bright prospects of a continuous rise in the emirate's population, its status as a top tourist resort, its world-class leisure and hospitality facilities, and its importance as the core regional business hub," said Bayut.
Bayut said the first half of 2015 recorded continued growth in the rental and hospitality sectors in Abu Dhabi.
At the same time, residential sales, retail and office sectors remained stable.
"From an economic angle, the property market of the capital remained resilient despite the oil crunch. The Abu Dhabi Urban Planning Council approved 22 new projects during the first three months of 2015, thus shrugging off all concerns of weaker oil prices affecting the property market."
Haider Ali Khan, CEO of Bayut.com, added: "Dubai is a reality that cannot be ignored anymore, not for long at least. The emirate has evolved into a quality travel and tourism destination and an important regional business hub bridging the West and East, leading to bright prospects for the emirate's job market in the coming months and years. We are likely to see heightened activity in the realty sector in the near future.
SM/IINA
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