*Dubai rents continue to ease* *Gulf News*
Home and office rents continued to soften in the second quarter of this year in both Dubai and Abu Dhabi, new research showed Wednesday. Areas such as Barsha, Bur Dubai, Shaikh Zayed Road, Marina, Greens and Jumeirah Lakes Towers (JLT) saw rents drop as new supply came into the market. The highest drop in the freehold category has been in JLT and the Greens which saw lease rates easing by 40 and 36 per cent, respectively. Among non-freehold locations, Barsha witnessed the biggest drop in lease rates with a decline for 44 per cent from the market peak. The decline in occupancy and lease rates has meant landlords are seeking more security in their lease agreements to stop tenants from terminating their contracts prematurely in favour of lower rents. Falling rentals have also resulted in a continuing shift of tenants into Dubai from the northern emirates says Craig Plumb, MENA Head of Research for Jones Lang LaSalle. A large number of new residential units is still expected to be handed over during the last two quarters of this year with rents likely to fall further. Average rentals and sale prices in Abu Dhabi also continue to decline. •40% rent easing in Jumeirah Lakes Towers •36% rent easing in The Greens http://gulfnews.com/business/property/dubai-rents-continue-to-ease-1.660600 * * *Abu Dhabi office vacancy touches 8%* *Emirates Business 24/7* Office rents in Abu Dhabi fell 12 per cent in the second quarter compared to the first quarter of 2010, with fresh supplies ratcheting vacancy rates to eight per cent, Jones Lang LaSalle (JLL) said on Wednesday. In the second quarter market review, JLL said that vacancies are likely to increase further as more supply enters market. Year-on-year office rents fell 27 per cent with average Grade A rent standing at Dh2,200 per square metre compared to Dh3,800 per square metre in the fourth quarter of 2008. Grade B rentals dropped more rapidly with average rentals below Dh1,700 per square metre. http://www.emirates247.com/property/rentals/abu-dhabi-office-vacancy-touches-8-2010-07-28-1.272153 *Frustrated property investors using blogs to vent their anger* *Emirates Business 24/7* Investors in the UAE’s real estate are a frustrated lot, but not just because the sector is in the throes of the worst-ever slowdown it has witnessed. That’s a known fact, and most investors have reconciled to it. However, what is not known and, therefore, much more frustrating, is the status of the projects in which they have invested their hard-fought cash. Many developers in the country have apparently chosen to not communicate with their clients about when the stalled projects are going to take off and when will they be delivered, if at all. A good proportion of such investors do not reside in the country and, therefore, have to depend on communication from the developer and their websites to figure out the status of their investments. With the websites of most developers updated on a regular basis, and not communication forthcoming from them, such investors are resorting to blogs such as www.skyscrapercity.com http://www.skyscrapercity.com to voice their anger. http://www.emirates247.com/property/real-estate/frustrated-property-investors-using-blogs-to-vent-their-anger-2010-07-28-1.271874 *One-bedroom apartment rents fall 37%* *Emirates Business 24/7* Rents for one-bedroom apartments fell by 37 per cent in the second quarter of 2010 compared to the second quarter of 2009, CB Richard Ellis (CBRE) said yesterday. The lowest drop was seen in the three-bedroom category, which fell 29 per cent. The two significant factors that led to the decline are a significant supply in the smaller unit types and overall improvement in affordability, which has allowed tenants to opt for larger units at a lower price. The highest drop in the freehold category has been within the Jumeirah Lakes Towers and the Greens development, which has seen lease rates dipping by 40 per cent and 36 per cent, respectively. http://www.emirates247.com/2.277/real-estate/one-bedroom-apartment-rents-fall-37-2010-07-28-1.272112 [image: cid:3356737934_672033] DPRE Real Estate Brokers LLC Ayham Jbara Property consultant Office 1102, Al Moosa Tower 2 Sheikh Zayed Road Dubai PO Box 123704 United Arab Emirates +971 505910570 mobile +971 4331 6618 phone +971 4331 6619 fax ay...@dpreholdings.com <n...@dpreholdings.com> www.dpreholdings.com Confidentiality: This communication contains information which is confidential and may also be privileged. It is for the exclusive use of the addressee. 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