They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
"With the reforms set to impact the real estate sector, the 'Tomorrow 2021' stimulus package will particularly focus on increased investment in the commercial market in the long term. Further aspects of the package will impact free zone businesses, allowing them to trade on shore. This will boost economic activity and therefore benefit the real estate market in the future," said Peter Stebbings, head of Abu Dhabi office - senior director valuation advisory, Mena, JLL.
Apartment rents declined a further 2 per cent (Q-o-Q). This translates into a 6 per cent decline Y-o-Y. As more completions materialise towards the end of the year, residential vacancies are expected to increase, causing further rental declines.
Similarly the performance of the sales market continued to soften with average prices for prime villas recording a 2 per cent decline in Q3 (14 per cent Y-o-Y) and apartments recording a 3 per cent decline (12 per cent Y-o-Y).
Approximately 832 residential units were delivered in Q3, bringing the total residential stock to approximately 255,000 units. Approximately 4,000 residential units are currently scheduled to enter the market by the end of 2018, mainly within Reem Island, Yas Island, and Al Raha Beach. However, a proportion of this supply could be delayed at the final stages of approvals and handover.
The signs of recovering oil prices in Q3 may also have a positive impact on future office demand by increasing employment. Performance in the office sector remained stable over the past quarter with demand for space still limited and the overall stock remaining at approximately 3.7 million sqm gross leasable area. No deliveries took place in Q3. Deliveries in 2019 are expected to be less than 50,000sqm, as developers remain cautious due to subdued demand. Demand for office space remains limited, with some companies downsizing to smaller units.
The hospitality market saw an occupancy increase, with major new leisure developments attracting more visitors. However, despite occupancy levels reaching 70 per cent in Q3, there was a decline in average daily rates compared to the same period last year and revenue per available room (RevPar) declined by three per cent in YT August 2018 compared to the same period last year.
In Q3, the retail market moved further in favour of tenants with owners offering more attractive terms to retain and attract retailers.
- business@khaleejtimes.com
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