Abu Dhabi, United Arab Emirates – The hospitality market in Abu Dhabi registered a 5% increase in occupancy levels in the first quarter of 2018, according to JLL’s Q1 2018 Real Estate Market Overview Report.
According to the Abu Dhabi Tourism & Culture Authority, the number of guests staying at hotels in the emirate earlier this year rose by 15% (compared to Q1 2017) to reach 405,850. This increase was in part driven by visas now being granted on arrival for Chinese vistors, Abu Dhabi’s largest overseas source market, ahead of India and the UK.
“The notable increase of Chinese visitors is supported by Abu Dhabi’s Department of Culture and Tourism Authority’s investment into Baidu, the Chinese equivalent of google, which commenced in Q4 of 2017. Attractions such as the opening of The Louvre Museum continued to boost visitor numbers from France” he added.
Office rents have remained relatively stable in Q1, although demand remains low as a result of reduced business growth and low oil prices. The delivery of additional supply at a time of weak demand as well as ongoing corporate consolidations are expected to place further downward pressure on rents over the next 12 months, particularly within secondary buildings.
The retail market has witnessed a softening in market conditions as mall operators are increasingly offering extensive leasing incentives to attract and maintain retailers. Vacancies have increased and average rental levels have declined over the course of Q1.
The full report can be downloaded here.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion.
At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 600 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg, Lagos and Nairobi. www.jll-mena.com; www.jllvantagepoint.com
© Press Release 2018