Some 8,000 residential units were completed in Dubai and Abu Dhabi in 2015, less than half the number in the previous year, according to a recent report by JLL. This was a response from developers to the “more subdued market conditions.” The report also mentioned that the residential sales market has been affected by: i) a decline in investor sentiment driven by lower oil prices; ii) a slowdown in government spending; iii) regional geopolitical unrest; and iv) the USD strength, which is making the UAE real estate more expensive for international investors. The rental market has been affected too, but to a lesser extent, where residential rentals in Dubai fell by c3%, whilst those in Abu Dhabi marginally increased over the year. (Arabian Business)