Written by Ashley Waterman
Dubai is becoming increasingly attractive to potential tenants, in news that may be of interest to those with Dubai property investments.
This is according to a new report published by Jones Lang LaSalle, which has detailed commercial property in Dubai.
Commercial property prices fell in the second quarter of the year by 25 per cent, the study stated. This represents an improvement in the market, since the corresponding figure for the previous quarter stood at 45 per cent.
This is adding increasing appeal to the emirate, the report intimated.
It said: "The Dubai commercial property market is becoming more competitive on a global scale as falling rents and increased vacancy make the city more attractive to potential tenants."
Looking to the future, some 25 million square feet in additional office space is expected to enter the market by 2011, which will push rental prices down further, it is anticipated.
Property for sale in Dubai has also experienced a boom recently, according to Ahmet Kayhan, chief executive officer of Reidin.com, owing to banks making mortgages more competitive.