Reef Real Estate Launches R Serviced Offices

Reef Real Estate Investment is a Dubai based real estate developer. According to the analysts the serviced offices were in great demand. This developer adapted to the downturn quickly, and has launched its first R-serviced offices at Al Reef Tower which is in Jumeirah Lake Towers. These R-serviced offices have been set up in Dubai’s Multi commodities free zone. The demand for these serviced offices comes from various young local companies. The reef real estate developer has slashed its monthly rental offers from Dh15, 000 to Dh9, 000. Dh15, 000 was the average industry rates prior to the crisis for serviced offices.

The Dubai property market will begin to stabilize before the end of this year, which has been stated according to the reef real estate investment. The Chairman, Ahmed Mohammed Zaed Saqer Al Nahyan, said: “Prices in both the residential and office segments have gone back to their levels 5 years ago, but that is not necessarily bad because it is making Dubai more competitive. The property market is going through a down cycle right now.  It has absorbed the changes, but recovery will happen as landowners and developers are now less willing to offer distressed prices.”

Nahyan further said that despite of the economy recovers; the property prices will remain flat for 2 to 3 years. According to him, the demand will take some time to catch up with the speed. As everyone knows that this global downturn has greatly affected UAE’s flourishing property sector, especially in Dubai. Here the property prices have drastically fallen from their peak levels in late 2008. The prices are still falling, but at a lower pace as compared to the past. Moreover, these R serviced offices are the ideal options for companies today, as all look to reduce costs. With these offices, the companies can avoid excessive upfront expenses involved in opening a new office.