{"id":98361,"date":"2024-11-28T00:00:00","date_gmt":"2024-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-real-estate-market-reports-growth-across-sectors-in-q3-2024\/"},"modified":"2024-11-28T00:00:00","modified_gmt":"2024-11-28T00:00:00","slug":"uae-real-estate-market-reports-growth-across-sectors-in-q3-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/28\/uae-real-estate-market-reports-growth-across-sectors-in-q3-2024\/","title":{"rendered":"UAE real estate market reports growth across sectors in Q3 2024"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> JLL is the latest to report resilience in the UAE\u2019s real estate market in 3Q <\/strong><strong>2024,<\/strong> with strong activity across all sectors, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/research-and-studies\/uae-real-estate-market-positioned-for-robust-growth-in-the-last-quarter-as-demand-surges-for-prime-assets-jll-pf9souvh\" style=\"\" rel=\"noopener\">press release<\/a> referencing JLL\u2019s latest UAE Market Dynamics report. Investor confidence in Dubai and Abu Dhabi remained steady, driven by government policies and demand for high-quality developments. <\/p>\n<p class=\"tag-border-left\">RESIDENTIAL- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Off-plan sales drive Dubai's residential market: <\/strong>Off-plan property sales in Dubai rose by 50.3% y-o-y, contributing to a 35.6% increase in total residential transactions y-o-y, mostly due to limited secondary offerings. Apartment rents climbed 19.1%, while villa rents increased by 12.5%, reflecting high demand in well-serviced areas and pushing more tenants to renew existing contracts instead of finding new places. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rents are expected to moderate slightly due to the increase <\/strong><strong>of contract renewals and increased supply<\/strong>, the report said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In Abu Dhabi, secondary market sales grew by 44.3%, but off-plan sale<\/strong><strong>s fell sharply by 67.2%<\/strong>, resulting in a 40.8% decline in overall transactions. Rents in Abu Dhabi also rose, with apartment rents up 9.3% and villa rents up 3.9%. Prime properties in both cities continued to attract buyers, sustaining upward price trends.<\/p>\n<p class=\"tag-border-left\">HOSPITALITY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tourism supports hospitality growth:<\/strong> Abu Dhabi's hospitality sector saw a 23.6% YTD increase in revenue per available room (RevPAR), fueled by rising tourism and government support. Meanwhile, Dubai's hospitality market experienced a 2.7% increase in RevPAR, supported by steady tourism, and existing hotels adjusting rates to stay competitive. <\/p>\n<p class=\"tag-border-left\">COMMERCIAL- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand drives up office space rents:<\/strong> Limited availability of Grade A office space pushed rents up in both emirates. In Abu Dhabi, vacancy rates dropped to 4.1%, contributing to a 10.8% y-o-y increase in average rents. Dubai\u2019s vacancy rate fell to 5.2%, with prime rents rising 14.7% y-o-y. Occupiers faced tight conditions, with many renewing leases as expansion options became scarce.<\/p>\n<p class=\"tag-border-left\">RETAIL + INDUSTRIAL- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retail expansion:<\/strong> Dubai's retail sector thrived, with a 14.9% y-o-y rent increase for super-regional malls. In Abu Dhabi, community malls led rental growth at 9% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Industrial market: <\/strong>Dubai's industrial and logistics market posted strong performance in 3Q, with rental registrations up 7.9% y-o-y and rents rising 12.9% YTD through September. Abu Dhabi also saw healthy demand, especially for premium assets in key areas like Kezad, which boasts a 92% occupancy rate. Rental registrations in the emirate rose 32.9%, while warehouse rents increased 8.6% y-o-y.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Abu Dhabi, secondary market sales grew by 44.3%<\/p>\n","protected":false},"author":1,"featured_media":98362,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"17031834-642f-4bfd-9c9d-04844c06dd39","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2630.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE real estate market reports growth across sectors in Q3 2024","related_issue":[98351],"teaser":"In Abu Dhabi, secondary market sales grew by 44.3%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.9dfd1eee-15cb-4533-8975-b662baf9cd9d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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