Report: Dubai rents may fall further this year

01 Jun 2010

(MENAFN) A report issued by CB Richard Ellis (CBRE), a real estate services company, showed that residential rents in Dubai are set to fall further this year due to increased supply, Khaleej Times reported.

The CBRE expects around 3.42 million square meters of new office space between 2010 and 2012, from 4.7 million square meters now.

Dubai’s residential market, already oversupplied by about 20 percent, would fall further with the addition of 41,000 homes between now and the end of the year, Colliers International said.

Around 390,000 square meters of Grade A office market stock is expected to hit the market next year, the report said, adding that vacancy rates are seen between 8 percent and 10 percent next year, up from 2 percent last year.

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