Fitch Ratings says that Dubai prime retail and hospitality has been vigorous in 2012 and the agency believes the sector is well placed for 2013. However, despite some stabilisation, challenges remain for the office and residential sectors .
As per the agency's expectation, retail rentals and hospitality revenues are holding up and have shown healthy performance in 2011 and 2012 to date and have potential for a strong start in 2013. Although offices and residential prices and demand are stabilising in prime locations in Dubai, widespread recovery in these sector is still challenged over the medium term.
The performance of prime retail and hospitality was resilient in 2011 and 2012, with occupancy rate and prices holding and improving. These sectors continue to benefit from healthy tourism, partly due to the turmoil affecting some Middle East destinations and the positive impact this has had on Dubai as being a major Middle-Eastern preferred destination.
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