UAE real estate market evolves and matures as properties adapt to shifting consumer demands

UAE real estate market evolves and matures as properties adapt to shifting consumer demands

DUBAI — Newly announced regulatory measures, local availability of the vaccine, and the upcoming Expo 2020 festivities are all opportunities to revive the UAE's real estate market during 2021, according to JLL's latest UAE Real Estate Market Performance report.With signs of recovery already under way, the report highlights that a large emphasis of the year will be re-envisioning spaces as tenant and end-users find community amenities more appealing.Dana Salbak, head of research at JLL MENA, said: “As roles of different properties are shifting, property managers will need to offer residents an optimal way of living and working with a blended and multi-purposed dynamic. The successes and failures of the multi-purpose concepts will provide an opportunity and insight into how the modern day tenant has evolved, allowing the future of real estate to take a step forward in creating properties that are adaptable to an individuals' needs.”During the first quarter of 2021, the office market remained two-tiered with demand for well-managed, single owned, quality space being sought after. Dubai's office market saw a