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The UAE's real estate sector will witness further marginal declines in values over the next six months as the market looks likely to bottom out by year-end even as a trend towards affordable development persists with increase in single-unit buyers expected in 2017, a market forecast released at Cityscape Global said on Tuesday.
Asteco, a leading real estate consultancy, said a protected five per cent decline in property value would be offset by potential increased transaction volume "as lower prices unlock demand and stimulate renewed interest from single-unit buyers for soon-to-be-completed buildings."
The special Cityscape report on the current status of the UAE real estate market revealed a general slowdown in all emirates while highlighting marked differences between Abu Dhabi and Dubai.
"Dubai experienced a slow first six months, but for different reasons, with developers slowing the pace of project completions and handovers due to the forecasted oversupply of residential properties in the market, which prompted a slight decrease of around two per cent and one per cent respectively on rental rates for apartments and villas," said the report.
The report said the cumulative effect of falling oil prices and the resulting cuts to government budgets over the last 18 months has been the catalyst for the slowdown in Abu Dhabi, where resulting job cuts in the last 6-8 months led to first half residential rental rate declines of three per cent on average, with high-end units down by four per cent; and a subdued sales market.
"We are seeing two unique pictures emerge for the residential sector in both emirates. What is interesting to note in Dubai is the decision of families to downsize and even send spouses and children home in an effort to save money," said John Stevens, Managing Director, Asteco.
I visited Cityscape today: 300 exhibitors from 30 countries with Dhs3 trillion in real estate projects on show
pic.twitter.com/iDXU8NxjtF
- HH Sheikh Mohammed (@HHShkMohd) September 6, 2016
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- HH Sheikh Mohammed (@HHShkMohd) September 6, 2016
#KTCityscapeGlobal: @HHShkMohd during the opening of #CityscapeDubai in #Dubai >> https://t.co/VuLnNdytmt pic.twitter.com/Wlto9UEv1O
- Khaleej Times (@khaleejtimes) September 6, 2016
#KTCityscapeGlobal: @HHShkMohd during the opening of #CityscapeDubai in #Dubai
More details: https://t.co/VuLnNdytmt pic.twitter.com/vxLe3qaw7q
- Khaleej Times (@khaleejtimes) September 6, 2016
#KTCityscapeGlobal: Falcon City Project at #CityscapeGlobal in #Dubai
Details: https://t.co/mf0QlCkP0z pic.twitter.com/MXYHIZqf2r
- Khaleej Times (@khaleejtimes) September 6, 2016
#KTCityscapeGlobal: Jumeirah Central project model, at #CityscapeGlobal in #Dubai. Details: https://t.co/mf0QlCkP0z pic.twitter.com/9UheUm3ZrY
- Khaleej Times (@khaleejtimes) September 6, 2016
#KTCityscapeGlobal: Jumeirah Central project model, at #CityscapeGlobal in #Dubai. Details: https://t.co/mf0QlCkP0z pic.twitter.com/bQQuAX8zYj"We are seeing signs of this in Abu Dhabi with a migration or downsizing mainly from high-end large units, to more affordable developments; which has led to a rise in vacancy rates for larger units and which could prompt an increase in rental rates for smaller units in more desirable buildings," said Stevens.
- Khaleej Times (@khaleejtimes) September 6, 2016
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