Abu Dhabi – Mubasher: Last year witnessed short-term challenges resulting from lower oil revenues, which affected the UAE’s economy and its real estate sector, according to JLL’s 2016 report.
An increase in GCC tourism is expected to contribute to the recovery of the hospitality and retail sectors, which positively affected the UAE's real estate market as a whole.
A total of 14,600 residential units entered the Dubai residential market in 2016, the highest level since 2012 (of 16,000 units).
The commercial real estate firm expects completions in 2017 along the Corniche, Al Raha Beach, Al Reem and Saadiyat Islands, adding approximately 5,000 units.
While other projects are currently scheduled, these are not all considered likely to complete in 2017.
Abu Dhabi witnessed fewer completions than its neighbouring emirate, with 3,100 residential units finalised during 2016, bringing the total stock to 248,000 units.
