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FINANCIAL NEWS
Property market in UAE’s northern emirates remains sluggish
10 Jan 2012
(MENAFN) Asteco, the leading property consultancy, said that in early 2012, apartment and villa prices in the UAE’s northern emirates would be expected to stay sluggish, reported Arab News.
The company added that due to constant problems with connections to electricity, water and sewage that slowed down the pace of supply, in 2011’s fourth quarter, rental rates remained unchanged.
It also said that over the past three months, landlords in Sharjah and Ajman offered rent-free periods of 1-2 months with no commission for new projects there, in a move to boost demand, which was largely linked to families looking for larger 2 and 3-bedroom units.
It is worth noting that throughout 2011, sales activity for both residential properties and offices in the northern emirates was limited, furthermore, some finished buildings in Sharjah, Fujairah, Ajman and Ras Al-Khaimah stayed empty, as a result of a lack of utility connections and insufficient sewage.
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