According to the periodic Harbor Report, which will be issued on the 16th of June, Dubai property market is expected to receive an estimated number of 50,000 residential units by the end of 2011. The report which is issued by Harbor Real Estate an integrated real estate service provider in Dubai, says the number is down from previous estimates of 60,000 units and is consistent with the recent comments made by the Dubai Land Department, which suggested that there will be a 40 percent decrease in the 43,880 units originally projected to hit the market in 2010.
The report also talks about the future of the offices sector and estimates that 30million sq.ft of space will be coming on stream in the coming 2 years. "Real Estate brokers and owners today are facing the issue of prospective office tenants refusing to consider strata titled buildings, especially those which are situated in non-core locations. With an average estimated reduction in office lease rates of 50% over the last year, many existing tenants have been looking to relocate" Said Mohanad Alwadiya, Managing Director of Harbor Real Estate and Editor in Chief of the Harbor Report.
In this issue of the Harbor Report, the main story, "The Way ahead", will explore issues covering everything from industry infrastructural and economic development to global recovery rates and investor confidence. The report also tackles the popular issue of Strata Law and service charges.
"The benefits of Strata Law are readily apparent. With the long awaited introduction of the detailed Strata Law implementation guidelines, many issues associated with this controversial topic can be laid to rest. However, just like any other process or system, Strata Law can only be effective if the stakeholders involved actively contribute to its functioning and are truly committed to its success. One only has to look at successful implementation of this important legislation in overseas markets such as Australia to see that Dubai's real estate industry is indeed in need of Strata Law in order to progress to the next level of maturation." Added Alwadiya.
The Harbor report is a periodic report that was first issued in Q1 2009. The report contains an in-depth analysis, insider views and trends of the real estate industry.
