Whilst rates and occupancy levels have deteriorated during the first quarter of 2010 compared to the same period in 2009, the long term outlook on tourism and hotel demand in Abu Dhabi remains positive.
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Occupancy levels in Dubai increased at the expense of rates in the first quarter of 2010 compared to the same period last year.
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PKF do not expect RevPar levels in the Northern Emirates to increase significantly in 2010 even though passenger traffic in the UAE is on the rise.
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Based on strong growth prior to the global economic crisis, Bahrain's tourism industry is expected to recover from its negative impacts from 2010 onwards.
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Hotels in the KSA continued to experience high demand stimulated by the country’s business potential, easing regulations and existing shortage in quality hotel inventory.
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Despite overall performance indicator declines across the market in 2009 and early 2010, several promising factors point towards a growth maturing of the hotel and tourism industries in the Sultanate, providing a variety of opportunities for potential inv
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Despite a slowed pace of investment and development in 2009, Qatar experienced GDP growth and its tourism sector is expected to expand in 2010.
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Residential lease rates are expected to decline further in 2010 as more units come on stream and as long as the discrepancy in value-for-money remains in place between Dubai and Abu Dhabi.
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PKF expect residential sales and lease rate to decline further in 2010 as additional supply comes online in Dubai.
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With new residential stock coming online and the continuation of commuters moving back to Dubai, a decreasing effect on sale and lease rates in the Northern Emirates is likely.
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Apparent low levels of project cancellations indicates somewhat balanced residential demand in the mid-term.
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Demand for residential real estate in KSA is very high and is expected to surpass the additional supply of over 50,000 units per annum until 2015.
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After a moderate price correction in 2009, Q1 2010 points towards a stabilization in rental rates and returning confidence among buyers.
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Villa sales (mature market) outperform off-plan apartment sales. Residential lease market to remain active as new supply becomes available.
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The declining trend of retail lease rates of 2009 is expected to continue as new malls are due to open in 2010.
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As Mirdiff City Centre opened its doors to the public, competition between malls in Dubai increased resulting in more favourable terms for tenants.
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Recently opened Mirdiff City Centre is likely to negatively impact the malls in the Northern Emirates due to its location and its standard of quality.
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The projected rise in disposable income and long-term economic recovery are expected to be the main drivers for doubling retail sales in Bahrain by 2014.
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The retail sector in the KSA is expected to face sluggish growth due to the exponential increase in supply.
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After a market wide slowdown in 2009, early 2010 appears to benefit from a renewed consumer and investor confidence. Compared to other regional markets, Oman’s retail sector differs slightly, as retail/shopping as a past time plays a less significant role
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Fast supply growth driven by strong retail demand is expected to trigger short- to mid-term reductions of leasing rates in the Qatar retail market.
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PKF primarily expect the lower end of the office market to take a hit as a number of tenants in Abu Dhabi is looking to upgrade their current office space.
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Office sale and lease rates are coming under pressure as more office units come online resulting in lower yields for investors and more favourable lease terms for tenants.
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Triggered by the over-supply situation in Dubai, rates and occupancies are anticipated to decline further in the Northern Emirates.
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Commercial Grade-A office leasing rates have been relatively stable in popular areas but are expected to weaken.
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The office market in the KSA remains attractive on account of easing regulations and business opportunities.
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With the significant addition of over 200,000 m2 of new office space in Muscat over the next few years, a potential oversupply situation might be inevitable, as demand is expected to grow at a lower rate than consolidated supply.
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Office rental rates are expected to remain under pressure due to high levels of supply under construction and reduced demand as a result of the global economic downturn.
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