"2014 Top Trends for UAE Real Estate" Outlined in Jones Lang LaSalle Report
February 12, 2014 10:11am
February 12, 2014 - Jones Lang LaSalle, the world's leading real estate investment and advisory firm, has released its '2014 Top Trends for UAE Real Estate'. Now in its seventh year of publication, this highly anticipated research assesses and forecasts the major trends that JLL anticipate are likely to impact and shape the UAE real estate sector over the next 12 months.
Launching the report Mr. Alan Robertson, CEO, Jones Lang LaSalle MENA, said: "We are excited by the improving macroeconomic climate and many positive underlying fundamentals, which have contributed to our brighter expectations for the UAE real estate market in 2014. Whilst there remains some concern that this momentum could lead to irrational exuberance and a recurrence of some past issues and challenges, JLL considers that the market is smarter and more measured this time around. This is reflected in a degree of healthy caution among both investors and occupiers. In summary, we believe that 2014 will be a relatively positive year for the UAE real estate industry, with most sectors of the market experiencing improved performance."
In the 2014 Top Trends report, Jones Lang LaSalle outlines the below key trends affecting the UAE real estate market this year:
Craig Plumb, Head of Research, Jones Lang LaSalle MENA concluded: "Although winning the Expo 2020 bid will not have a significant impact in 2014, it will be a long-term driver for the hospitality, logistics and retail sectors as well as for Dubai's commitment to being one of the most sustainable cities in the world. According to JLL's proprietary prime rental clock, which illustrates where we estimate each sector lies within its individual rental cycle at the given period, the residential and hotel sectors are currently experiencing the strongest growth in Dubai. While we expect the residential market will witness further growth in 2014, this is expected to be at lower rate of growth, as the price increases seen in 2013 are felt to be unsustainable. The office sector is expected to continue to lag behind other sectors in Dubai in 2014.
Prime rents are expected to increase further in the residential market in Abu Dhabi during 2014, with the hotel market in the capital also beginning to recover in 2014. The performance of the retail market is expected to remain mixed and similar to Dubai whilst the office market remains closest to the bottom of its cycle, with any growth in rentals being limited to the very best buildings."
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Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com
Contact: Craig Plumb
+971 4 426 6999
Contact: Bansrelal Goshichand
+971 4 426 6999
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