Dubai will account for 71% of leasable land in UAE by 2010

Dubai is expected to account for 71 per cent of the total UAE Gross Leasable Area (GLA) by 2010, according to the latest regional report.

Commercial real estate consultants, Colliers International, said in their latest real estate report for the Middle East and North Africa (Mena) region, that Dubai would account for 71 per cent of the total GLA space within the UAE by 2010, GN reported.

It also said Dubai would account for 24 per cent of the total GLA supply in the entire Gulf Cooperation Council (GCC) by 2010.

Dubai, with it's population of around 1.4 million, currently has around the same amount of office space under construction as Shanghai (population 20 million) and Moscow (population 10.4 million), according to the report.

Dubai's GDP at the end of 2007, was registered at $54.3 billion, says the report. A large portion of non-oil GDP growth has been attributed to the blossoming real estate sector in the emirate.

At the end of 2007, the report shows that the total office supply in Dubai was around 26 million square feet. This figure is predicted to increase to approximately 69 million square feet by the end of 2010.

Reflecting Dubai's impressive knack of attracting expatriates, the proportion of foreigners in Dubai is also set to increase to 87 per cent by 2010. The existing supply of office space in Dubai is around 1.47 million square feet GLA and 2.59 million square feet GLA under construction.

This is a massive scale when compared with other global cities such as London and Singapore.

London currently has an existing office space of 17.53 million square feet of GLA and only 0.28 million square feet of GLA under construction.

In Singapore, there is 4.33 million square feet of existing GLA and a further 0.28 million square feet GLA underway to further add to its booming real estate industry.

In Dubai's residential market, rents are varied between developments but generally seeing an increase.

International City remains one of the cheapest residential options, with a studio being Dh45,000 for one year and a two-bedroom apartment being Dh70,000. The report shows studios in Jumeirah Beach Residence, The Greens and Tecom are all Dh75,000 a year.

However, a two-bedroom apartment is Dh140,000 in Jumeirah Beach Residence, Dh130,000 in The Greens and Dh120,000 in Tecom.

Around 160,000 new units are to be introduced into the market by 2010.

Analysts at Colliers International said, "We expect a shortening in advance rent payment as landlords become increasingly competitive."

Subscribe to Trend in Google News! Subscribe
Trilateral meeting of Deputy PMs of Azerbaijan, Armenia and Russia held in Moscow
Trilateral meeting of Deputy PMs of Azerbaijan, Armenia and Russia held in Moscow
Russian peacekeepers - guarantors of peace in Karabakh - President Putin
Russian peacekeepers - guarantors of peace in Karabakh - President Putin
Russia welcomes recent meeting between religious leaders of Azerbaijan and Armenia
Russia welcomes recent meeting between religious leaders of Azerbaijan and Armenia
Loading Bars
Latest
Azerbaijani MoD publishes video on events that took place last year this week (VIDEO)
Uzbekistan's CEC talks voters turnout as of 11.00
Total value of mortgage loans issued by Azerbaijani banks up in 9M2021
Prices of potatoes change in Uzbekistan
First VP Mehriban Aliyeva shares photo from visit to Zangilan with President Ilham Aliyev (PHOTO)
Daily COVID-19 case count at 1,677 in Kazakhstan
96 new positive cases of coronavirus detected in Kyrgyzstan
Azerbaijani banks increase issuance of consumer loans
Presidential elections kick off in Uzbekistan
Cargo ship on fire, spewing toxic gas off Canada’s Pacific coast: Officials
Tesla hikes price of Model X, Model S variants by $5,000
IRICA shares data on import of COVID-19 vaccine to Iran
Japan keen to invest in restoration of Azerbaijan's liberated lands
1,677 more COVID-19 cases reported in Kazakhstan
1 dead, 7 injured in shooting at off-campus party near Georgia university
Tesla posts a $1.62 billion profit in Q3 despite difficult car market
198 illegal migrants rescued off Libyan coast
10 envoys to be declared persona non grata: Erdogan
UN's Guterres welcomes Saudi Arabia's climate initiatives in call with King Salman
Presidential elections to be held in Uzbekistan
UK says substantial differences remain with EU over N.Ireland trade
New migrant caravan in Mexico pushes past blockade to head north
Aramco aims for net zero emissions from operations by 2050, CEO says
U.S. administers nearly 413 mln doses of COVID-19 vaccines
Chronicles of Victory: Azerbaijani president gives interview to Le Figaro newspaper on October 24, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 24, 2020
Buy/sell operations at Iran Mercantile Exchange growing
Iran unveils details of its trade turnover via Astara customs
Putin invites Israeli prime minister to visit St. Petersburg
Iran's Energy Exchange announces products to be on sale on October 24
Turkmenistan launches production of new types of paving slabs
Azerbaijani banks ramp up business lending since early 2021
Georgia and Ukraine talk cooperation within European integration
Iran reveals COVID-19 data for October 23
UK records another 44,985 new coronavirus cases
Tactical-Special Exercises of Azerbaijani Special Forces end (VIDEO)
First Vice-President Mehriban Aliyeva shared photos from Aghali village of Zangilan district on her official Instagram page (PHOTO)
Azerbaijani, Iranian FMs talk recent relations developments
Members of Nizami Ganjavi International Center join call towards cop26
Arayik Harutyunyan's visit to Russia is solely private - embassy of Azerbaijan
NATO not ready for equal dialogue with Moscow - Russian defence chief
Saudi-led coalition says destroys Houthi vessels, bomb-laden boats site
Kazakhstan updates forecast for completion of grain harvesting
IRENEX shares data on sales of Sepahan Oil Company in energy exchange
EIB to help reduce COVID-19 effects on Georgian SMEs
Moscow comments on reports about holding Russia-Armenia-Azerbaijan summit on Nov.2021
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,315 more COVID-19 cases, 981 recoveries
First Vice-President Mehriban Aliyeva shared footage from Zangilan visit on her Instagram page (VIDEO)
Turkmenistan to participate in EXPO-2025
Georgia and Ukraine sign protocol on economic cooperation
Weekly review of key events in Azerbaijan's ICT sector
Azerbaijan's liberated lands to contribute to expansion of TRACECA corridor - minister
Weekly review of main events in Azerbaijan's transport sector
Saudi Arabia targets net zero emissions by 2060
Russia registers an all-time high of 37,678 coronavirus cases in past day
Uzbekistan eyes foreign technology for better local polymer production
Turkmen delegation to pay working visit to Iran
Azerbaijan records growth in loan portfolio of local banks in 9M2021
Turkmenistan’s Turkmenbashi refinery eyes producing hydrogen
Azerbaijan, Singapore to co-op in construction of geostationary satellites
IRICA shares data on Iran's trade turnover with SCO member states
Iran sees increase in exports of non-oil products from Hormozgan Province
Weekly review of Azerbaijani precious metals market
Kazakhstan unveils trade indicators with its TOP-3 EU partners
Turkmenistan approves new procedure for allocating investments from Stabilization Fund
Azerbaijani MoD observes exercises in liberated Lachin district (VIDEO)
Russian Health Ministry greenlights joint COVID-19 and flu vaccination
Central Bank discloses volume of loans issued to Azerbaijan's districts
Georgia records surge in tourist visits from Uzbekistan
Tourist inflow from Kazakhstan to Georgia soars
Iran boosts exports through customs of Zanjan Province
Azerbaijan notes decrease in banking sector' profit
Azerbaijan sees rise in mortgage lending
Iranian currency rates for October 23
Weekly review of Azerbaijani currency market
Georgia releases data on COVID-19 cases for October 23
New customs post in Azerbaijan to speed up cargo movement along North-South corridor (PHOTO)
Azerbaijan, Armenia to sign new documents in Moscow
Azerbaijani oil prices increase
Georgia sees decrease in tourist inflow from Azerbaijan
Turkmen company to purchase material, technical resources via tender
Kazakh energy company opens tender to buy metal corners
Kazakh oil company opens tender to buy spares
Kazakh KazMunayTeniz opens tender for Caterpillar equipment maintenance
Azerbaijan's Central Bank unveils data on currency exchange operations for Jan. through Sept. 2021
Azerbaijani fund presents concept for restoration of liberated territories
EDB purchases bonds of Kazakh KEGOC JSC
US corporate workers to start returning to offices next month
Iran changes pricing of petrochemical products at its mercantile exchange
Iran's foreign exchange needs trigger to expand exports
Surge of energy prices puts Europeans in stalemate (VIDEO)
Chinese company opens massive eco-friendly mine in Serbia
Kazakhstan’s daily COVID-19 case count stands at 1,732
Georgian honey exports skyrocket, following COVID-ravaged year
Iranian envoy, head of Georgia's State Security Service meet
Turkey announces commissioning date for logistics center in Sivas (Exclusive)
US military eliminates one of Al-Qaeda leaders in northwest Syria
Mutation of Delta variant may be more transmissible: UK health agency
Biden, Macron discuss cooperation, to meet in Rome late October
All news