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Overseas Property News
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Arabian property prices set to increase by up to 20%
Country: Dubai, United Arab Emirates; UAE
23rd January 2008
Property prices and rents in the Gulf Arab region, particularly property for sale in Dubai, are expected to appreciate by up to 20% this year, according to estate agency, Jones Lang LaSalle (JLL).
JLL claim that increasing construction and labour costs is fuelling property prices across many parts of the region, while housing supply is failing to satisfy existing demand. Investment bank, EFG-Hermes, report that of the 57,000 residential units expected in Dubai, less than 20% had been delivered by September 2007.
Blair Hagkull, regional managing director at Jones Lang LaSalle told a news conference in Dubai: “We see continued growth in property and rental prices… Pent up demand, increasing costs and delivery delays will contribute to price rises of between 10 and 20% in the most established markets of the UAE and elsewhere in the region we see even greater potential. Most notably, Dubai now has some of the most expensive real estate in the world.”
Editor's comment
Many property market analysts have been forecasting an oversupply of properties across parts of the UAE, most notably Dubai. But demand has remained robust, while supply levels in some parts have fallen short of initial targets. Jones Lang LaSalle says that global investors have adjusted their previous forecast that housing supply would exceed demand between 2007 and 2009. The company reports that investors generally now expect a supply surplus in Dubai between 2010 and 2012.
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