This new route will operate with three weekly flights
aviation3 hours ago
“We see 2009 as a year of correction in the Dubai real estate market, with prices and rentals expected to decline across most sectors,” Jones Lang LaSalle said in its recent outlook on the Middle East and North Africa (MENA) region property sector.
The turmoil in the global economy will continue to cause volatility and uncertainty in the MENA property sector, but Dubai in particular, whose economy is closely integrated with the global market, faces bigger problems, said Jones Lang Lasalle.
“Dubai is the most global market in MENA and is one of the most global cities worldwide. This has served the city well during a period of strong global economic growth but [ there is now] a greater challenge in a period of synchronised global slowdown.”
It said that while some markets in the region may recover in 2010, “Dubai will be handicapped by significant levels of new supply” and is not expected to sustain growth in rentals and prices until 2011. In the residential market, an additional 190,000 new units will enter the market in 2009 and 2011, if all the announced projects will be completed on schedule. However, Jones Lang LaSalle said that the global financial crisis has severely crimped demand, resulting in short drop in sales as speculators and investors have withdrawn from the market.
Data from the Dubai Lands Department show that the number of sales of residential units in Dubai has declined by almost 40 per cent between October 2008 and January this year.
In the office market, active demand for new office space has weakened in the last six months, with many companies delaying previously announced expansion plans while others have streamlined operations.
“Market dynamics will continue to shift in favour of tenants as more new stock enters the market in 2009,” Jones Lang Lasalle said, with rents likely to decline in most locations in the first half of the year.
While other countries in the region are also experiencing high levels of supply, the correction is likely to be more immediate and more pronounced in Dubai.
This new route will operate with three weekly flights
aviation3 hours ago
The GCC’s industry deal makers, tastemakers, and decision-makers are invited to a series of study tours, roundtables, an industry think tank, and beyond at GRIF 2024 Edinburgh
business technology review3 hours ago
As a part of its commitment to this cause, Hotpack Global has taken proactive steps by conducting on-ground interviews and offering opportunities to those seeking amnesty
kt network3 hours ago
Themed 'Content for Good,' the event will take place from January 11 to 13, 2025
uae4 hours ago
New school snack range sidesteps sugar’s impact on student mood and ability to focus
kt network4 hours ago
The mission said that the caller will try to extort money on the pretext of solving some non-existent immigration matter
uae4 hours ago
The plight of Sudan, and El-Fasher in particular, has been under discussion this week at the United Nations General Assembly in New York
mena4 hours ago
Hotel occupancy rates in the emirate held steady at 66 per cent
business5 hours ago