Dubai’s real-estate industry will remain under stress with occupancy levels dropping because of “massive new supply,” according to CB Richard Ellis Group Inc.
“Oversupply will remain a fixture for the foreseeable future in both the office and residential sectors but some of the negativity may be offset by forecasts of a significant economic recovery over the next two years,” CB Richard Ellis said in an e-mailed statement today.
Residential apartment lease rates in both freehold and non- freehold areas of Dubai dropped by about 4 percent in the fourth quarter, while they fell 17 percent on a year-on-year basis, CB Richard Ellis said.
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