The UAE Property Report 2016
Cluttons has released its annual UAE Property Report for 2016 which highlights the challenging regional and global headwinds that have buffeted the three largest emirates in the past 12 months.
The most notable of course is the spectacular collapse in oil prices and its lingering impact and hindrance of economic growth not only in the UAE, but across the region as a whole.
The all-important oil sector remains in consolidation mode, impacting demand in both the residential and commercial markets.
The gradual softening of the market continues, but with the Expo 2020 horizon drawing nearer, the prospects appear brighter in the medium term.
Its dependency on Dubai means its property markets have also experienced downward corrections as landlords and vendors in both the residential and commercial markets are forced to lower prices in order to compete more effectively with Dubai.