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- Dubai 05:23 06:36 12:34 15:53 18:25 19:39
DIFC office selling rates fell 16.66 per cent from Dh1,800-3,000 psf to Dh1,800-2,200 psf (AGENCIES)
Driven by a decline in demand and an increase in supply of office units in the emirate, selling price of commercial spaces in Dubai recorded a drop of more than 20 per cent in the first 10 months of 2010.
An 'Emirates 24|7' analysis of Better Homes data reveals the average selling price for offices has dropped from Dh1,425 per square feet (psf) in January this year to Dh1,137 in October, registering a drop of 20.54 per cent.
This in effect makes it less expensive for existing and new businesses to expand or set up shop in Dubai even as a number of businesses relocate their existing offices to better locations within the emirate, and more entities from neighbouring emirates and countries once again eyeing office space in Dubai.
The biggest drop was seen for office spaces in the Dubailand area, where the average selling price fell from Dh1,000-1,200 per sq ft to Dh550-700 psf in 10 months, a decline of over 45 per cent.
Tecom, on the other hand, saw stabalisation and saw the least drop in prices – about nine per cent, from Dh800-1,400 psf to Dh800-1,200 psf.
DIFC and Downtown Burj Dubai saw similar declines. DIFC office selling rates fell 16.66 per cent from Dh1,800-3,000 psf to Dh1,800-2,200 psf. Downtown Burj Dubai rates fell by 17.77 per cent from Dh2,000-2,500 psf to 1,200-2,500 psf.
Business Bay area also took a hit and the rates have fallen down to Dh800-1,200 psf from Dh1,200-1,800 psf from the beginning of this year.
Office spaces are now available in Jumeirah Lake Towers for anything between Dh500-900 psf, which is down by 14.28 since January.
Neighbouring Dubai Marina is much dearer, where office units are selling at the rate of Dh1,200-1,600 psf. However, this too is down by 12.5 per cent compared with the sale price in January.
Dubai Silicon Oasis, on Emirates Road, continues to offer the cheapest rates. The ongoing selling rates are in the bracket of Dh500-600 psf, after taking into account a decline of 15.38 per cent for the 10-month period.
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