Dubai-Mubasher: The UAE’s real estate market is expected to bottom out by the end of this year with a maximum of 5% decline, according to Asteco, the Middle East's full service real estate company.
The market is seeing a general slowdown in all emirates, but highlighting marked differences between Abu Dhabi and Dubai.
Dubai experienced a slow in the first six months of 2016 as developers slackened the pace of project completions and handovers due to the expected oversupply of residential properties in the market.
The properties oversupply led to a slight decrease of around 2% and 1% respectively on rental rates for apartments and villas in Dubai.
Lower oil prices and the resulting cuts to government budgets over the last 18 months led to the slowdown in Abu Dhabi, the statement said, adding that job cuts in the last 6-8 months resulted in residential rental rate declines of 3% on average in H1 2016.
