It seems that the downward journey or gradual decline of downturn worldwide has already begun and it will gain momentum with the passing of days, a number of signs of slow yet steady fiscal refurbishments are coming to the fore. Who has been the best performer by now? Well, there may be dissensions in this regard but certainly the real estate scenario of Middle East and North Africa finds a prominent status in the inventory.
What can be the reason? The question needs to be asked since almost a year back the situation in the entire region was perilous. Experts suggest, flattering market conditions in the Middle East and North Africa region render tenants and occupiers with opportunities to make the most of the new, competitive nature of the market. This has been opined by none other than the October edition of Jones Lang LaSalle’s MENA House View. The report did also make it clear how tenant and occupier sentiment has now reached a tipping point and has improved perceptibly in the region over the past six months.
It has also been learnt that the enhanced tenant and occupier sentiment has been reflected by means of a ten-fold increase in the level of active and potential demand in Dubai over the past six months. Jones Lang LaSalle, even though improved sentiment is yet to give rise to a significant increase in signed leasing activity, expects this to take place within the next 6 - 12 months.
What is more, the report did indicate that recuperation in demand will be irregular rather than uniform, with clear “winners and losers” in an ever more advanced market focused on location and quality. It has also been expressed in spite of mounting vacancy rates, a deficiency of such stock is expected to continue. Proactive owners will be on familiar terms with the need to cater more closely to tenant and occupier demands.
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