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Dubai’s 2012 Budget allocates 41% of total value towards the infrastructure, transportation and economic development sectors.
Prime office lease rates remained unchanged for the fifth straight quarter, while secondary and tertiary locations experienced drops of up to 9% year-on-year.
The first signs of upward lease movement for villa properties was identified during the quarter, with lease rates growing by around 3%.
Upwards pressure on vacancy rates remain (45% overall and 15% in the CBD), whilst rents remain constant at AED 280 per sq ft pa.
There are some signs of stability with the UAE achieving economic growth of circa 4% during 2011.
Despite rents remaining static, landlords now appear more open to incentivising deals as they seek to avoid rising vacancy rates and maintain headline rents.
United Arab Emirates
Dubai Property MarketView Q1 2012
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