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JLL presented its Q1 Real Estate Market Overview for Dubai

20.04.2016
JLL presented its Q1 Real Estate Market Overview for Dubai
JLL experts expect Dubai housing market indicators’ full growth in the long run.

Having estimated the latest trends in residential, office and commercial Dubai real estate markets, the world's leading experts from JLL consultancy came to a conclusion that Dubai is now in its initial phase of a new development cycle.

About 2,200 new residential units were added to the Dubai residential stock during the first three months of the year expanding it up to 458,500 units. First year quarter also recorded a surge of activity on the part of investors and end buyers significantly increasing the number of sales transactions. And although the annual rates are still negative, JLL expects the positive impact of Expo 2020 and other factors on the development industry in the long term.

In the office segment two new office buildings — B2B Office Tower in Business Bay and New Dafza in DAFZA district — added about 38,400 sq m of office space to the Dubai’s office stock in the first quarter of the year. These two, as well as other new office property projects handed over in Dubai recently, increased the emirate’s office up to almost 8.5 million sq m. Another 269,000 sq m and 368,000 sq m of offices are scheduled for handover in 2016 and 2017, respectively.

Commercial property sector in Dubai is doing even better. Here, the occupancy level is reaching 92% thanks to continually high demand for rent, while the average rentals have remained at the same level. The largest retail project delivered in Dubai in this quarter was City Walk in Jumeirah area, which added about 3,397,300 sq m of GLA to the retail stock. Another 233,500 square meters of commercial properties the city has received due to other new retail projects in the Al Wasl and Umm Suqeim areas. And for the next eight months JLL expects further growth in the sector, mostly due to the completion of the Dubai Mall - Phase two (52,400 sq m of commercial space).

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
2,350,000
Ref.No: AP670
1BR Apt
1,308 ft2
1,796 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management