The Dubai real estate market has witnessed a clear shift during the summer months as hundreds of tenants moved home to take advantage of new leases reducing annual rents by up to 15%. The new leases exceeded renewals by 2,139 contracts in August, said a new report.
Abu Dhabi has imposed a temporary freeze on rents across the emirate, barring landlords from increasing lease rates for residential, commercial and industrial properties until further notice, in a move expected to provide relief to tenants amid heightened regional uncertainty.
Tecom Group, the creator of specialised business districts and vibrant communities, has delivered solid results for Q1, recording a net profit of AED755 million ($201 million), up 11% over last year driven by strong demand across its specialised business districts as well as commercial and industrial portfolios.
