Segments of UAE property market set for growth in 2018
Source: Cluttons , Author: Posted by BI-ME staff
Posted: Fri September 8, 2017 11:59 am

UAE. As the UAE government pioneers fiscal adjustment in the region in response to declining oil prices, milestones such as Expo 2020 and the introduction of VAT will play a key role in boosting the country’s property market, according to the latest report from leading international real estate consultancy, Cluttons.

Cluttons’ 5th annual UAE Property Market report asserts that an increase in the rate of economic expansion is expected in 2018 and 2019, underpinned by higher spending levels. For the country’s real estate markets, this is expected to translate into widespread stability and marginal growth in some segments by the end of 2018.

Faisal Durrani, head of research at Cluttons said: “We see a number of positive indicators for the UAE’s property market as we head towards the fourth quarter of 2017. While Expo 2020 is well documented as the shining light on the horizon, we view the government’s plan to introduce a formal tax regime as a tremendously positive step and are confident that it will help cement much-needed alternative revenue streams. Once the market absorbs the changes caused by the introduction of VAT, we expect to see a resumption in growth.”

While the market continues to recover, the report also highlights how each emirate is performing in the aftermath of the oil price drop, which is the single biggest factor that has impacted the market in recent years. (This is the first of a series of 4 articles about the UAE Property Market 2017 report.)

Photo captions: (1) Main photo: The UAE Property Report 2017 landing image (image credit: Cluttons)
                            (2) Inset photo: Faisal Durrani, head of research at Cluttons (File photo)

About Cluttons
Cluttons is a global real estate services company, with a presence in over 50 countries. Cluttons was one of the first surveying and property advisory businesses to open offices in the Middle East, and now offers dedicated real estate services across the Arabian Gulf, with offices in Abu Dhabi, Dubai, Sharjah, Bahrain and Oman.

Cluttons provides clients with residential sales and letting services, commercial leasing and investment, consultancy, property and facilities management, and valuations, fulfilling their property needs across the Middle East. Cluttons delivers its high-quality real estate services to clients ranging from international corporate and institutional investors, to private individuals and families.

With a strong presence in the Middle East since 1976, Cluttons is a trusted market leader in the region, having grown its operations and established a proven track record of success over the last 40 years.

Founded in 1765, Cluttons employs over 700 staff worldwide and has a fast-growing international presence, including a network of offices in the UK, Europe, Middle East, Asia Pacific, India and Africa.

For more information, please visit www.cluttons.com

 

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