Total
residential stock in Dubai is set to reach
320,000 by the end of next year.An increase in the
property units is expected to add new
high quality units and to reduce rental rates.Despite the financial
crisis,Dubai was able to uphold its strong reputation with the
completion of a number...
Total residential stock in
Dubai is set to reach 320,000 by the end of next year, new research has
revealed. A report issued by Al Mazaya Holding's Studies Unit, has suggested
that strong performance in Dubai's
real estate sector should be driven by general economic
growth, the Khaleej Times reported. In addition, the newspaper pointed to a
prediction by the UAE Contractors' Association of a four per cent growth rate
in the sector by 2011.
"The supply of more property units in the UAE market, specifically in the
Dubai market, is expected to add new high quality units to the property market,
which is set to help reduce rental rates during the second half of 2010,
according to a Jones Lang Lassalle report, which also expects Dubai's real
estate market to deliver a total of 26,000 residential units in 2010 and 25,000
in 2011, bringing the total residential stock to 320,000 units by the end of
2011," commented the paper.
Meanwhile, Al Mazaya Holding noted that Dubai was able to uphold its strong
reputation during the global financial crisis with the completion of a number
of mega infrastructure, telecommunication and transport projects and the
inauguration of Burj Khalifa, among other projects.
The demand for high calibre real estate professionals in the Middle
East is on the rise, a leading property recruitment consultancy has claimed.
Macdonald & Company, which provides recruitment consultancy services in the
UK, Europe, Middle East, Africa and Asia with a sole focus on the property and
construction industries, noted that general sentiment within the Middle East's
real estate sector is improving, with property developers in Dubai now focussing on the delivery of
more affordable and middle income housing products.
"We are also noticing increasing demand for high calibre individuals from
our blue chip clients especially to augment existing teams, and those who have
an excellent financial acumen, cost saving and asset management capabilities
are much sought after," said Ben Waddilove of Macdonald & Company
Property Middle East.
The comments come as the consultancy prepares to launch the fourth Middle East
Salary Survey 2010 at Cityscape Dubai 2010, which runs from October 4th to
7th, 2010 at the Dubai International Convention and Exhibition
Centre.
According to Macdonald & Company, this year's study will focus on the
changes in salaries and benefits over the past 12 months, how demand for talent
is steadily increasing and how the workforce is being redistributed across the
region.
