DUBAI - Housing markets in Dubai and Abu Dhabi are likely to see the average vacancy rise, before it peaks in 2012, while apartment sale prices and rentals continue to erode, property consultancy Landmark Advisory said on Wednesday.
The residential average vacancy will gradually increase to peak at 12 percent in 2012 from 10 percent in 2010, said Jesse Downs, the firm's director of research and advisory services.
The residential average vacancy will gradually increase to peak at 12 percent in 2012 from 10 percent in 2010, said Jesse Downs, the firm's director of research and advisory services.
Analyst Downs expects the average residential sale price to continue to decline into 2012, and the high quality properties with limited supply pipeline to remain relatively stable.
In Abu Dhabi, the actual transaction prices remained relatively unchanged amid low volume in the third quarter and villa transaction sale prices fell by 6 percent, the report said.
Commercial office market in Abu Dhabi and Dubai continue to face supply pipelines that will virtually double the existing supply in both cities.
In Abu Dhabi, the actual transaction prices remained relatively unchanged amid low volume in the third quarter and villa transaction sale prices fell by 6 percent, the report said.
Commercial office market in Abu Dhabi and Dubai continue to face supply pipelines that will virtually double the existing supply in both cities.
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