2016 Top Trends for UAE Real Estate Market Unveiled

JLL, the world’s leading real estate investment and advisory firm, has today released its ‘2016 Top Trends for UAE Real Estate’. For the ninth consecutive year, this highly anticipated report assesses and forecasts the major trends that JLL anticipates are likely to impact and shape the UAE real estate sector over the next 12 months. Commenting on the 2016 trends, Mr. Alan Robertson, CEO, JLL MENA, said:”2016 is expected to see more challenging conditions in the UAE real estate market as we begin to feel the impact of the continuing fall in oil prices and ongoing geopolitical tensions leading to reduced liquidity, and pressure on government budgets. Whilst this overall scenario will naturally impact the UAE and wider GCC region, the UAE real estate market is now better equipped to deal with such challenges than it has ever been. With subsidy cuts, reduced spending and the potential introduction of a Goods and Services Tax (GST), the government is already realigning its strategy to further reduce its reliance on oil revenues. 2016 is likely to be a more challenging year for the UAE real estate market than 2015, but it must be recognized that the overall economy is still expected to…

Despite headwinds, opportunities exist in Dubai’s real estate market in 2016

Deloitte Corporate Finance Limited has published its second annual Real Estate Predictions Report for Dubai, which provides an economic overview and review of Dubai’s residential, hospitality, office and retail markets in 2015.  The report also examines the latest trends and developments and what lies ahead for 2016.  The report reveals that despite headwinds, Dubai’s real estate market offers some potentially good prospects in 2016. “Over the past 13 years Dubai has experienced development on a scale and to a standard like no other real estate market globally. Along with other regional and international markets it has suffered the effects of the global financial crisis,” explains Robin Williamson, managing director, Deloitte Corporate Finance Limited (regulated by the Dubai Financial Services Authority). “Today, it is now maturing and feeling the effects of various market drivers whilst demonstrating strong resilience in certain sectors.”  Deloitte’s predictions on Dubai’s residential market performance for 2016: Whilst published pipeline forecasts estimate that some 40,000 units will get delivered in 2016, consultations with key developers suggest that a more realistic number will be approximately 10,000 units 2015 saw average residential sales prices across Dubai decline by approximately 10% and in 2016,  so it is predicted that average residential…

UAE Real Estate Market in 2015: Subdued Demand, Limited New Supply

​​​JLL, the world’s leading real estate investment and advisory firm, today released its annual review of the UAE Real Estate Market for 2015, assessing the latest trends in the office, residential, retail and hotel sectors. The report noted that real estate performance during 2015 remained largely stable as developers adjusted to lower oil prices, reduced government spending and a significantly slower rate of economic growth than in recent years by reducing levels of new supply. UAE Residential Across the two cities of Dubai and Abu Dhabi, just 8,000 residential units were completed in 2015, less than half the number completed in 2014, as developers responded to more subdued market conditions and tightened liquidity, a trend likely to continue into 2016. The residential sales market has been affected by a decline in investor sentiment driven by lower oil prices and a slowdown in government spending, as well as regional geopolitical unrest, while US dollar strength is making UAE real-estate more expensive for overseas investors. Craig Plumb, Head of Research at JLL MENA, said: “Following a rapid increase of residential rents and prices between 2012 and 2014, the market has now clearly stabilised, with sales prices falling in Dubai and remaining stable…

DIFC Wills and Probate Registry reached 650 wills milestone by end of 2015

The DIFC Wills and Probate Registry has registered a total of 650 wills this past year, showing the positive response the initiative has received in Dubai. Launched in May 2015, the Registry provides non-Muslim expatriates with legal certainty and the ability to register English language wills covering Dubai estates that allow their assets to be transferred upon death according to their wishes. The positive uptake shown since the inception of the Registry reinforces its status as a much needed and unique solution for non-Muslims with assets in Dubai. The registrants represent a wide section of Dubai’s expat community; of the 650 registered wills, the majority of registrants are from Europe, making up 55% of the registrants, 27% are from India and the rest of the registrants are expats from across the world, including Asia, Africa and the Americas. 70% of the wills registered were executed by both husbands and wives. This number has significantly increased over the past few months, reflecting families’ increased awareness of how important it is to protect their wealth and their family and children. Not only does the Registry give the necessary comfort and security sought by families, but it makes an important contribution to Dubai’s…