When Did The Real Estate Boom In The Middle East?
Mistake so far in their expectations to increase supply in the Middle East at the time doubled
, pessimist when new real estate projects. But a new regional report published by the "Colliers International" in conjunction with the exhibition "Cityscape", provides an analysis about the true state of supply and demand by geographic region and type of real estate. The conclusion of the report was that no boom can last forever.
Let's start with Dubai, the market is most active! For the residential refers "Colliers" a continuation of the trend towards apartments high-end and highlight the results of the scan on the occupancy rate for the second quarter of 2007, where the survey found that only 70% of the project "Dubai Marina" was busy compared with 94% in the "Greens" near and less paper.
Thus, the first manifestations of deficiencies in the residential real estate market starting in the field of high-end apartments and villas. As for the office sector in Dubai where the occupancy rate is 97% to 99% note that rents are too high. But the "Colliers" expects falling prices because of the new offices which will be launched in the market from now until the end of 2009 - with a higher total area of 1.6 to 5.6 million square meters!
The story is the same as in the retail sector will affect the completion of a number of large, build new shopping centers heavily on existing shopping centers and old.
Doha
Colliers Said that by 2010 there will be more than 16,000 new apartments is available in Doha, provided that the developers adhere to the timetable announced for their projects. But the demand for basics is strong enough so that demand will outpace supply in the medium term. The office space is also increased in particular is exceptionally flexible with options and parking.
In the retail sector, enormous spaces of the projects now under construction in a significant increase from 450,000 to 1.13 million square meters between 2007 and 2012, according to "Colliers" This will increase supply in the market. The same thing will happen to the hospitality industry with the increasing amount of the current number of rooms in the hotel of the four and five stars for up to about 17,000 by the year 2012.
Riyadh
According to a survey, "Colliers," the capital of the largest economies experiencing a strong growth area in the residential sector with the arrival of the occupancy rate to 92%. Most of the projects involve the sale of pieces of divided members. But the data is not readily available as is the case in some cities in the Gulf.
Commercial rents have risen by an average of 15% as revenue rose due to market activity and get rid of the previous recession. Office space and will encourage new and coming to an end tenants to move to the offices of the best.
At the same time, encouraged the return of the large retail sector to make investments that strong and increasing the area of this sector in Riyadh. Colliers expects that the total area of the retail sector to total 2.5 million square meters by the end of 2007. But the agents point out that the recent increase in the area of the retail sector were not strong. In the hospitality sector will affect the new offer in the near-term performance.
Amman
The capital of Jordan suffered a shortage of supply of housing units over the past two years due to the influx of Iraqis, something that the form of pressure on prices and rents. Expects "Colliers" to be completed by 7000 the establishment of an apartment in 2007, which will not be sufficient to meet demand, especially for residential units at least paper.
Hotel occupancy rates are still high despite the terrorist attacks in 2005, while there are two hotels currently under construction in Oman.
Damascus
It caused an exodus from Iraq also for housing units in Damascus, causing a rise of 20% in selling prices and 30-40% in rents. The inward investment from UAE companies and a Kuwaiti in residential projects is strong.
Still developers to create custom buildings for offices in spite of the increasing demand for office space and provided the existing office buildings, increase sales and rental prices for commercial space.
The retail sector is very important for the Syrian economy where they work 27% of the labor force and produces 17% of the gross domestic product. Shopping centers are common small volume between the citizens and shoppers across the border, where was the opening of two small shopping centers this summer.
It is expected that demand exceeds supply in the hotel sector in Damascus for the next five years where he opened the Four Seasons Hotel last year, only to become the first five-star hotel opened in the Syrian capital in 30 years.
by: Mirza Khurram Baig
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