DUBAI MAR­KET SUM­MARY

Ekaruna - - State Of The Market -

Fadi Mous­salli of Jones Lang LaSalle com­ments on the sta­bil­i­sa­tion of prices in Dubai’s com­mer­cial and residential real es­tate mar­ket.

In re­cent months, the spotlight has been on Dubai’s real es­tate mar­ket. Af­ter a cou­ple of years of steady mar­ket re­cov­ery, rental value growth has stalled, and av­er­age prices in the residential and com­mer­cial sec­tors ap­pear to have sta­bilised. Av­er­age rents and sales prices re­mained rel­a­tively flat and are set to wit­ness pas­sive growth lev­els due to: - A fur­ther in­crease in gov­ern­ment charges in 2015, ex­ert­ing sig­nif­i­cant in­flu­ence on the cost of liv­ing with in­creas­ing hous­ing and util­ity costs.

- The pro­posed 15% re­duc­tion in in­fra­struc­ture spend­ing for 2015, putting fur­ther pres­sure on the yearly bud­get for real es­tate.

- Oil price fluc­tu­a­tions.

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