UAE PROPERTY MARKET MAY RECOVER IN 2020 OWING TO STATE'S 2019 INITIATIVES
Dubai Frame is one among the several icons of the city. Government intervention in Dubai and Abu Dhabi’s real estate markets are likely to stimulate the sector in 2020 as opposed to the bumpy ride of 2019, according to a property consulting firm. While the Dubai government has taken steps to limit the future supply by forming Real Estate Planning Committee, Abu Dhabi opened its real estate doors to foreign investors last April. The state initiatives are likely to have a positive impact on the real estate market in 2020, said Jones Lang LaSalle (JLL) in its report titled “The UAE real estate market: A year in review 2019”. In Dubai, around 182,000 square meters of office space was delivered throughout 2019, which is the highest level of deliveries since 2015, said JLL, adding: “Although demand for office space remained weak in 2019, several initiatives have been launched by the government to boost demand and increase business activity in Dubai.” Major initiatives to boost co...