More than 50% of the announced residential and commercial projects due for completion between 2009 and 2012 have been either put on hold or cancelled, said a report out today from property experts Jones Lang LaSalle. This reflects the lack of available funding and projections of declining population along with continuing job cuts.
Vacancies in the Dubai’s office market have doubled to around 16% over the past six months, the highest rate ever recorded. Meanwhile, the hospitality market is reporting the lowest occupancy rate in five years with an average of 79%. This has been brought about by declining visitor arrivals and the release of new rooms into the market over the past six months.
The office market has been impacted by both deteriorating demand (in line with the global economic downturn) and significant levels of new supply, according to the Dubai City Profile report.
No comments:
Post a Comment