Demand for UAE office space soars

14/11/2012 - Dubai Property News Posted by Neil King
Demand for UAE office space soars

The demand for commercial property across the UAE is at its highest level for four years, according to the Royal Institution of Chartered Surveyors (Rics).With more and more businesses setting up bases in Dubai, it is hardly surprising that offices and retail space are selling extremely well.On releasing its Global Commercial Property Survey for the third quarter of 2012, Rics stated the clamour for real estate in the UAE is outstripping every other country in the world, including popular emerging markets such as Russia and Thailand.The organisation received information from 942 surveyors around the world and discovered that 48 per cent of its UAE members had reported a rise in the number of leases taken out on commercial property in places like Dubai when compared with the corresponding period in 2011.Rics chief economist Simon Rubinsohn said improvements in tourism, commerce and retail have all helped to restore investors' confidence in the country's property markets."The results of the survey are reflected by this, with strong gains in both occupier and investment demand. This turnaround is now shifting expectations for rents and capital values, which are no longer projected to fall," he remarked.Rics representatives also suggested there is a sense of cautious optimism about the future prospects of the commercial property sector in the UAE.There has also been a notable upturn in the demand for residential property in Dubai too.Earlier this month, Jones Lang LaSalle (JLL) revealed that villa prices had been climbing in 2012, as the clamour for high-end real estate in exclusive parts of the emirate has soared.Indeed, the company reported a 23 per cent increase in the value of villas throughout Dubai in the third quarter of the year when compared with the same period in 2011.Investors from all over the world were also keen to snap up apartments in the third quarter, with JLL highlighting a four per cent rise in sales on the previous year.