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Jones Lang LaSalle, the world's leading real estate investment and advisory firm has today announced its ‘2013 Top Trends for UAE Real Estate’. Being published for the sixth consecutive year, this keynote research assesses and forecasts the major trends which could impact and shape the UAE real estate sector over the next twelve months.
Craig Plumb, Head of Research, Jones Lang LaSalle MENA concluded: “2013 will see an increase in confidence and sentiment in the Dubai market generally. The market will experience a broader based recovery, with all sectors seeing some pockets of rental growth in 2013. Rents for selected prime office buildings are likely to increase for the first time since 2008, but this will not be true of all office properties in every location. Further analysis suggests that Dubai has passed through the peak of its construction cycle so increased demand will continue to reduce over supply. A number of major projects have been announced in Dubai recently but these will take some time to come to fruition. In the meantime we would urge cautious optimism. Good projects with secure funding and tenant commitments will succeed, but we must avoid the over exuberance and over supply seen before the global financial crisis.”
He concluded: “The relationship between landlords and tenants will continue to mature with the market seeing increased transparency in terms of operating costs and service charges. Both Dubai and Abu Dhabi Governments are also introducing initiates to better regulate or control market fluctuations which we generally welcome. Sustainability, property management, liquidity and reduction in the over-supply of inappropriate buildings will continue to drive and dominate the 2013 agenda.”
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