The property market in the UAE has become more attractive to tenants as average rental rates softened in the third quarter, according to real estate consultancy JLL.
Residential rents in both Dubai and Abu Dhabi are close to bottoming out, a JLL report released on Sunday said.
House rents in Dubai are 12 per cent cheaper in the third quarter while the emirate's residential sales prices are 9 per cent lower annually.
Nearly 12,000 residential units were handed over in Dubai in the third quarter and the consultancy estimates another 26,000 units are set to be delivered in fourth quarter. A total of 600 units were handed over in Abu Dhabi between July and September, while 3,000 units are expected to be delivered in the fourth quarter.
A separate survey by property company Core found that rents in some Dubai communities – including Jumeirah Village Circle, Dubai Sports City and Dubailand – reduced by as much as 20 per cent from the previous year between July and September.
Abu Dhabi house rents were between 3 per cent and 4 per cent lower for apartments and villas respectively on an annual basis. Sales prices for apartments slid 5 per cent, while villa sales were 1 per cent cheaper over the same period, as per JLL data.
Developers are expected to continue to offer incentives such as fee waivers, discounts, rent-to-own schemes, as well as partnerships with banks to attract investors and end-users, the report added.
Dubai’s office market saw new stock additions in the third quarter, with 190,000 sq m of gross leasable area delivered in DIFC, Downtown Dubai and Mohammed bin Rashid City, the JLL report said. ICD Brookfield Place in DIFC, home to the first Leed platinum commercial tower in the region, was the most notable completion of the year. Abu Dhabi saw no additional commercial stock during this period.
Existing tenants continue to either consolidate operations, seek more attractive lease terms, and, in some instances, look to relocate to quality space
Following "increased mobility during the quarter, there has been a considerable increase in the level of new leasing enquiries in the office sector", said Dana Salbak, head of research, JLL Mena.
“Existing tenants also continue to either consolidate operations, seek more attractive lease terms, and, in some instances, look to relocate to quality space.”
With an additional 36,000 sq m and 47,000 sq m of GLA scheduled to be delivered in the last quarter in Dubai and Abu Dhabi respectively, office landlords are offering various incentives to either attract new tenants or retain existing ones.
Majority of commercial occupiers in Dubai are seeking fitted spaces and have limited appetite to invest in shell and core spaces, the JLL report said.
The retail sector in both Dubai and Abu Dhabi saw an increase in revenue share-based agreements and retailers engaging with landlords to restructure deals and seek additional rent free-periods.
“Although the reopening of malls has brought a gradual recovery in sales compared to the last quarter, consumers continue to focus on essential goods rather than leisure items when it comes to spending,” the JLL report added.
Dubai's retail stock rose by around 25,000 sq m during the third quarter while Abu Dhabi saw no new deliveries.
Additional retail space of 286,000 sq m in Dubai and 7,000 sq m in Abu Dhabi will be added in the last quarter of the year, estimated JLL.
The UAE’s hotel sector is witnessing demand from domestic tourists, who increasingly prefer beachfront hotels and private villas. JLL forecasted that the lower market segment and business hotels are expected to take time to recover.
Approximately 2,000 keys were added to Dubai’s hotel stock over the quarter, bringing the total to 131,000 keys. Abu Dhabi’s hotel supply remained stable at 30,100 keys. In terms of future supply, Dubai and Abu Dhabi have 9,000 and 200 keys scheduled for delivery in the fourth quarter, respectively.
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
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- That's about it
COMPANY%20PROFILE
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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
More coverage from the Future Forum
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
NBA FINALS SO FAR
(Toronto lead 3-2 in best-of-seven series)
Game 1 Raptors 118 Warriors 109
Game 2 Raptors 104 Warriors 109
Game 3 Warriors 109 Raptors 123
Game 4 Warriors 92 Raptors 105
Game 5 Raptors 105 Warriors 106
Game 6 Thursday, at Oakland
Game 7 Sunday, at Toronto (if needed)
