Surplus and shortage
According to a JP Morgan report, a surplus of 31,000 residential units could be recorded in Dubai mainly due to the decline in the expatriate population, while the shortage of units in Abu Dhabi will rise to 28,000 by year-end. The Abu Dhabi Centre for Housing and Service Facilities Development announced plans for a vast project of 17,000 new residences over the next five years that seems set to address much of the shortage.
Qatari oversupply
Slackening demand and oversupply of residential units have sent house rents in Qatar down between 30 and 35 per cent. Local agents said the trend shows there are hardly any enquiries from newcomers, and are mostly from families who want to shift to cheaper accommodation.
Italian moves
Gucci has relocated its Jeddah store; the Italian giant is now open for business at the Al Khayyat Commercial Centre. Designed by Frida Giannini, Gucci’s creative director, the store features wide, open spaces and makes the most of natural light. Gucci is promising unparalleled attention to visitors, which seems set to be the perfect antidote to conventional shopping experiences.
