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United Arab Emirates Real Estate Report Q1 2012
Business Monitor International, Nov 2011, Pages: 43
BMI is below consensus in our forecast that sees real GDP expanding 3.3% in 2011 and averaging 4.1% through to 2016. Nevertheless, the UAE’s status as a safe haven amid the regional turmoil of the Arab spring is actually benefiting the economy: resultant growth and investment in the domestic banking and tourism sectors as a consequence of Bahraini unrest is of particular note. This is good news for the retail and tourism sub-sectors of the UAE real estate market.
However, the commercial market remains plagued by huge amounts of unoccupied property and weak credit conditions. Even with improving economic prospects and expected increased demand, the immense volume of oversupply will continue to depress rentals. New supply was certainly limited in H111, but plenty of projects are still under way.
Underlying figures from CPI Financial show that the value of cancelled and delayed construction projects in the UAE rose 13% month-on-month to US$170bn in August 2011. The country accounted for 56% of the total cancelled or delayed projects in the Middle East and North Africa during the month. These concerning figures no doubt contributed to Dubai Land Department’s Q311 launch of its Real Estate Development Plan, which is to give a rescue package to 100 projects with financial problems
Business Monitor International's United Arab Emirates Real Estate Report provides industry professionals and strategists, corporate analysts, real estate associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on United Arab Emirates's Real Estate industry.
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