Global Real Estate News
Description
Keep abreast of the latest global real estate news across 7 continents that impacts on your business.
JLL: Dubai Hotel occupancy rate of 84% in 1Q16.
In its 1Q16 review of Dubai’s hotel markets, JLL noted that the hotel occupancy rate through the first two months of 2016 had been 84%. In the corresponding period of 2015, it had been 86%. Looking forward, the vacancy rate is expected to track sideways. The average daily hotel room rate has fallen by 13% from USD272 in early 2015 to USD237 now. JLL expects that the average room rate for hotels will fall further over the coming year or so....
Read more.JLL: Dubai hotel rates falling in 1Q16
In its 1Q16 review of Dubai real estate markets, JLL noted that hotel rates are falling. In 1Q15, rate growth had been accelerating. Total hotel room supply increased from 64,430 keys in 2014 to 66,964 keys in 2015 to 67,600 keys in 1Q16. Additional supply is expected to amount to 9,400 keys through the remainder of this year, with another 10,400 keys in 2017 and 13,100 in 2018. Hot topics for the hotel market include mergers and acquisitions in the international hotel industry – such as the c...
Read more.JLL: Dubai retail vacancy rate currently 8%
In its 1Q16 review of Dubai’s real estate markets, JLL noted that the retail vacancy rate is currently 8%, having been 8% in 1Q15. JLL observed that average rents have remained broadly unchanged over the last year or so: this has been true of both primary and secondary properties. JLL expects that both retail vacancy rates and retail rents will stay at around current levels over the coming year or so....
Read more.JLL: Dubai retail rents falling in 1Q16
In its 1Q16 review of Dubai’s real estate markets, JLL noted that retail rents are falling. In 1Q15, rental growth had been slowing. Total retail supply increased from 3.0 million square metres (gross lettable area) in 2014 to 3.2 million square metres in 2015 to 3.4 million square metres in 1Q16. Additional supply is expected to amount to 163,000 square metres through the remainder of this year, with another 154,000 square metres in 2017 and 40,000 in 2018. Hot topics for the retail market in...
Read more.JLL: Dubai apartment sales prices down 2% in 1Q16
In its 1Q16 review of Dubai real estate markets, JLL noted that sales prices of two-bedroom apartments were 2% lower in 1Q16 relative to 4Q15. Rents for apartments were down 3%. Over the last year, apartment sales prices and rents have, respectively, fallen by 10% and by 5%. In 1Q16, sales prices and rents for three bedroom villas were broadly unchanged. Over the last year, prices and rents have respectively dropped by 11% and 5%....
Read more.JLL: Dubai residential property rents bottoming out in 1Q16
In its 1Q16 review of Dubai’s real estate markets, JLL noted that residential property rents are bottoming out. In 1Q15, rents had been falling. Total residential supply increased from 448,000 units in 2014 to 456,000 units in 2015 to 458,000 units in 1Q16. Additional supply is expected to amount to 27,000 units through the remainder of this year, with another 23,000 units in 2017 and 8,000 units in 2018. Hot topics for the residential market include the increased interest amongst developers i...
Read more.JLL: Dubai Grade A office vacancy rate currently 17%
In its 1Q16 review of Dubai’s real estate markets, JLL noted that the Grade A office vacancy rate is currently 17%, having been 23% in 1Q15. JLL observed that average Grade A rents have risen by 3% from AED1,880 per square metre per annum in 1Q15 to AED1,930 per square metre per year in 1Q16. JLL expects that Grade A rents will track sideways through 2016/17. The vacancy rate is also expected to stabilise, at least for Grade A properties....
Read more.JLL: Dubai office rents bottoming out in 1Q16
In its 1Q16 review of Dubai’s real estate markets, JLL noted that office rents are bottoming out. In 1Q15, rental growth had also been near a trough. Total office supply increased from 7.8 million square metres in 2014 to 8.4 million square metres in 2015 to 8.5 million square metres in 1Q16. Additional supply is expected to amount to 269,000 square metres through the remainder of this year, with another 368,000 square metres in 2017 and 119,000 in 2018. Hot topics for the office market includ...
Read more.JLL: Abu Dhabi Hotel occupancy rate of 76% in 1Q16.
In its 1Q16 review of Abu Dhabi’s real estate markets, JLL noted that the hotel occupancy rate through the first two months of 2016 had been 76%. In the same period of 2015, it had been 77%. Looking forward, the vacancy rate is expected to remain broadly unchanged. The average daily hotel room rate has fallen by 19% from USD169 in the first two months of 2015 to USD137 in the first two months of 2016 now. JLL expects that the room rate for hotels will fall over the coming year or so....
Read more.JLL: Abu Dhabi hotel rates falling in 1Q16
In its 1Q16 review of Abu Dhabi’s real estate markets, JLL noted that hotel rates are falling. In 1Q15, rate growth had been accelerating. Total hotel room supply increased from 19,700 keys in 2014 to 20,400 keys in 2015 to 20,400 keys in 1Q16. Additional supply is expected to amount to 3,000 keys through the remainder of this year, with another 1,300 keys in 2017 and 900 in 2018. Hot topics for the hotel market include the slowing in corporate demand which is a result of the softness in energ...
Read more.