Gulf Property Report
Steve Morgan is head of the property consultancy, Cluttons - Middle East. As partner based in Dubai, he oversees commercial and residential valuation services for the Oman, Bahrain, Sharjah, Dubai and Abu Dhabi offices. Mr. Morgan joined Cluttons as an associate partner in the Bahrain office in 2003. Previously he worked for the DTZ Debenham Tie Leung Retail Agency & Development Department in Birmingham, U.K.
The four largest malls in the Omani capital account for 40% of the total gross leasable retail area across the city.
International occupiers of office and industrial space have demonstrated renewed confidence in Dubai.
According to the "Facts about Omani households" report released recently by the National Centre for Statistics & Information, the average monthly Omani household income has risen from $1,660 in 2000 to $3,050 in 2011.
In the wake of the financial crisis, which caused residential schemes to stall across Abu Dhabi and the rest of the UAE, some developments have recently resumed construction activity, with a slow trickle of units starting to gather pace.
With Dubai's real estate market benefitting tremendously from the improved economic conditions, tenant demand has once again begun to ripple across the border into Sharjah, Dubai's northern neighbor and the United Arab Emirates' third largest state.
The prominent role of real estate is increasingly recognized in the wider debate on climate change, and in today's society it is impossible to place real estate outside the context of the environment.
The UAE office rental market has been slow to reap the benefits of the economy's buoyancy. This is not only the case in Dubai, but neighbouring Abu Dhabi and Sharjah as well.
The recent surge in investor confidence in Dubai's ability to meet its debt obligations as it brushes off the effects of the economic downturn is translating into a spike in the number of residential property deals.
Last month, the Bureau of International Expositions (BIE) met to review the legitimacy and preparedness of the five city-bids to host the 2020 edition of the World Expo. For Dubai, the odds certainly appear to have improved over the past six months.