Jones Lang LaSalle, the world's leading real estate investment and advisory firm, has released its fourth quarter (Q4) 2012 Dubai Real Estate Overview report. In summary, it concludes that the Dubai real estate market is witnessing a selective recovery as optimism has returned over the second half of 2012.
Commenting on the report, Craig Plumb, Head of Research at Jones Lang LaSalle in MENA said: “2012 ended with a flurry of new project announcements as increased confidence has returned towards real estate. While there has been a recovery in rents and prices in the residential, retail and hotel sectors during 2012, this improvement remains focused on a relatively small number of projects.
As we move into the New Year with renewed optimism, we are likely to see a broader based recovery in 2013 but this recovery will remain challenged by the current over supply and high vacancy levels. The recent UAE Central Bank announcement about caps on mortgage loan-to-value ratios shows that government authorities are concerned about market stability and want to avoid any rapid increase in real estate prices”.
Dubai real estate market witnessing selective recovery, says Jones Lang LaSalle - bi-me
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