DUBAI: The growth of remote working across the Emirates is changing demand for residential real estate according to a new report from broker Asteco.
Overall sales prices and rents contracted last year but the broker also noted a rise in rents and villa sales prices in certain locations which it attributed to changing workplace and work-life habits.
“The longer-term trend toward remote working will also see a need for larger residential dwellings and short term/serviced apartments with more flexible leasing and payment plans,” said HP Aengaar, CEO at Asteco, said, “Flexible and home working, use of advanced and smart technologies such as AI, automation, contactless technology, need for larger units with outdoor space and increased storage space and preference for lower density developments are some of the trends that will be taken over in 2021 and beyond.”
Asteco expects the market to remain soft amid persistent economic uncertainty.
In Abu Dhabi, approximately 15,000 residential units are anticipated for completion in 2021 — a large number of units concentrated on Reem Island comprising approximately 1,850 units, Al Raha Beach with 4,000 units, Yas Island with 2,400 units and Saadiyat Island with 800 units.
In Dubai, 41,500 new residential units and 1.5 million square feet of office space are expected for handover in 2021.
The broker said this figure could possibly increase if currently stalled projects resume activity.
“With more supply expected for handover in 2021, tenant retention will become increasingly important,” Asteco said.
Remote working will demand bigger units and more flexible leases in UAE says report
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Remote working will demand bigger units and more flexible leases in UAE says report
- Overall sales prices and rents contracted last year but the broker also noted a rise in rents and villa sales prices
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
