The latest quarterly report issued by the real estate subsidiary of
The ADIB report covers
The ADIB Rental Index is based on data derived from lease renewals and new leases completed during the last three months, and is updated on a quarterly basis. The index covers
The index shows that despite the removal of the rent cap 6 months ago, the common trend is 0 – 5 per cent increase in the last quarter. While there have been exceptions of 20 per cent increase or more, these are very limited and relate predominantly to rents below AED 40,000 per annum. In the last quarter
For the residential sector overall, strong market confidence and investor interest has supported rising values in prime projects during the last quarter, which included a number of bulk deals and sales of land plots.
In the office sector, with a slowdown in the delivery of new speculative development indicating the possibility of a turning point in the current cycle, there has been a notable improvement in leasing of quality office space to corporate tenants.
The retail sector, meanwhile, has witnessed rising footfalls and rising occupancy levels in off-island malls.
The tourism sector continues to grow at a healthy pace, and various initiatives by TCA Abu Dhabi are expected to help sustain this growth. In addition, increases in airport passengers have positively impacted hotel revenue (up 15 per cent) and guest arrivals into
Paul Maisfield, Chief Executive Officer of
The report also highlights the strong demand seen in established locations such as
The outlook for all sectors for the remainder of 2014 and into 2015 remains positive according to ADIB's findings. Demand drivers will include the
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