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There is a large pipeline of new office supply in Dubai, but the majority of this space will be negatively impacted by its strata ownership title where different investors own one or more floors in a building, making it harder for renters to find large spaces with a single owner.
According to CBRE, during 2014 as recovery in property market sustains, around 0.44 million square metre of office stock is scheduled for completion, with close to 30 per cent of this total to be delivered in the Business Bay area.
CBRE said Dubai?s residential sector has seen rents surge by an average of 22 per cent year-on-year, with apartments registering an increase of 29 per cent, while villa rentals have grown by 15 per cent. Office rentals continue to rise, with average prime CBD (central business district) rentals up three per cent quarter-on-quarter and 21 per cent year-on-year. The average prime annual rental rate now measures Dh1,830 per square metre and this figure is expected to experience further upward movement over the course of the year as the emirate?s business environment continues to improve.
Mat Green, Head of Research & Consultancy UAE, CBRE Middle East, said, the rising cost of living in the emirate is now starting to become a very real concern for many residents, with rentals having risen by an average of 45 per cent during the past two years.
However, quarter-on-quarter, rental growth has been more marginal at around 2.8 per cent, with apartments rising by three per cent and villas by 2.6 per cent. The strongest sub-markets for apartments were Sports City, Downtown Dubai, JBR, International City and Dubai Silicon Oasis. For villas the best performing markets were Al Warqa and Springs.