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Residential Rents
• As seen in 2011, average apartment rents continued to decline (by 3% Y-o-Y and 1% Q-o-Q) with the greatest decline in the lower-end segment.
• Average villa rents registered a Q-o-Q increase of 4%, a trend led by strong supply-demand dynamics in higher-end, well-established villa communities.
• In Q2 of 2011, average asking prices for apartments decreased 5% to AED 9,989 per square meter. Average achieved prices for apartment decreased by less (around 1%) to 8,234 AED per sq. m.
• Asking prices for villas have risen slightly and achieved prices have increased around 3% to AED 9,257 per sq. m.
• Average estimated rental values (ERVs) remained unchanged at AED 1,885 per sq. m. over Q2 of 2011. This indicates that the retail market is entering a period of stability after seeing rents decline over the past year.
• In Q2 of 2011, vacancies within existing malls have remained largely unchanged ranging from 15% to 30%.
With more new office buildings being completed, vacancy rates continue to rise, forcing a decline in rent in certain parts of the city. Tenant demand is generally being driven by the increased affordability of rent and the opportunity to move into new offices from older buildings. A majority of the supply of office space in the market place exists in areas such as JLT, Tecom C and Business Bay. These areas offer a large choice and are better suited to smaller businesses.
There is increased vacancy in the complexes (towers) surrounding the DIFC as several large businesses are relocating their offices back to DIFC due to availability of space.
Within some of the older, established districts such as Deira and Bur Dubai, vacancies appear to be increasing as larger businesses choose to relocate to CBD due to better affordability and the advantages of new and improved buildings.
Lease terms offered by landlords are generally becoming more flexible and attractive to tenants with the offer of large rent-free periods and longer leases. The number of landlords willing to pay agency fees is also increasing.
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