Abu Dhabi residential rents to remain weak for rest of 2009.Byline: Daily Star Staff Summary: Residential rents in Abu Dhabi Abu Dhabi (ä`b  thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c. are expected to remain weak
for the rest of 2009 after modest declines in the third quarter in
central locations, but are likely to stabilize in 2010, CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. said on Wednesday.Aa"Compared to other emirates, the Abu Dhabi
market is expected to maintain a relatively strong position fueled by
the existing meager mea·ger also mea·gre adj. 1. Deficient in quantity, fullness, or extent; scanty. 2. Deficient in richness, fertility, or vigor; feeble: the meager soil of an eroded plain. 3. supply across virtually all asset classes," the real estate services firm said in a report. DUBAI: Residential rents in Abu Dhabi are expected to remain weak for the rest of 2009 after modest declines in the third quarter in central locations, but are likely to stabilize in 2010, CB Richard Ellis said on Wednesday.Aa "Compared to other emirates, the Abu Dhabi market is expected to maintain a relatively strong position fueled by the existing meager supply across virtually all asset classes," the real estate services firm said in a report.Aa The property market in Abu Dhabi, capital of the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. and home to most of the country's oil, has weathered the financial turmoil better than neighboring regional business and tourist hub Dubai.Aa Apartment rents in the capital's central locations fell by around 5 percent from the second quarter and many apartment rents remained unchanged, while prices further out fell by up to 15, it said.Aa Sales prices fell in the third quarter with sales transaction activity at low levels, it added.Aa In a separate report earlier this week CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) said lease and sales rates in Dubai were near a bottom but would see further nominal declines before the end of the year.Aa Investment bank HC Securities & Investment (HCSI HCSI Health Care-Social Issues (interdisciplinary academic program) ) said Abu Dhabi is expected to have an undersupply un·der·sup·ply n. pl. un·der·sup·plies A supply smaller than what is appropriate or required. tr.v. un·der·sup·plied, un·der·sup·ply·ing, un·der·sup·plies of 75,000 homes by 2011.Aa Property prices in the capital are seen falling 33 percent in full year 2009, while Dubai house prices are expected to decline a further 10 percent in 2009, a Reuters poll showed in October.Aa Prime office rents fell as much as 40 percent year-on-year to around 2,900 dirhams per square meter as demand dropped sharply. -- Reuters Copyright 2009, The Daily Star. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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