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ABU DHABI, April 12 (Xinhua) -- The residential rentals market in Abu Dhabi, the capital of the United Arab Emirates (UAE), remained stable in the first quarter of 2016, whilst demand for smaller office space and property market fragmentation continued, according to real estate research firms CBRE and JLL on Tuesday.


According to CBRE's report, the residential sales market remained stable from January to March with low purchase demand.


This resulted in low rentals of higher priced residential apartments, while slightly less expensive property registered modest rental increases, leading to a stable residential market in the first quarter (Q1).


Property research provider JLL said that "only 719 residential units were delivered during Q1, with prime rentals remaining stable with an average of 44,414 U.S. dollars for a two bedroom apartment," said Craig Plumb, head of research in the Middle East and Africa at JLL.


Rental rates along the Persian Gulf coast remained high during ample demand for seaview apartments and villas.


As for office rentals, considering the declining global oil prices, commercial retail space landlords exhibited "greater willingness to negotiate with tenants, including rental discounts and rent-free periods," said CBRE.


Property research firm JLL said that due to government spending cuts throughout the oil price plunge, the office market has been affected the most.


However, rentals for "grade A" premium offices remained stable due to the segment's limited supply. JLL expects a sharp decrease in office supply by 2017 and a market recovery by 2018.


Abu Dhabi has a population of 2.65 million and is a major oil supplier.


Abu Dhabi witnessed commercial and residential property rentals rise sharply between 2010 and 2014 when oil prices surged to 110 dollars per barrel in June 2014. That was after the government scrapped the annual rental cap which stood at a maximum increase of five percent in November 2013, leaving price fluctuations to market forces according to supply and demand.


With oil prices currently down to 40 dollars per barrel, Abu Dhabi's real estate market relaxed in mid-2015.


As for oil prices, according to CBRE, they are not expected to increase significantly this year, however the size of the non-oil market is expected to increase significantly.


In 2015, Abu Dhabi's non-oil foreign trade rose 11 percent year-on-year up to 46.1 billion dollars.


The UAE's Minister of Economy, Sultan Al-Mansouri, said in September 2015, that the government plans to reduce the oil sector's share from its current 29 percent of the country's gross domestic product (GDP) to 19 percent within the coming 10 years.


BRASILIA Cheap Houston Rockets Hats , Aug. 15 (Xinhua) -- The economic impact on Latin America of the Zika virus has been estimated to reach 18 billion U.S. dollars from 2015 to 2017, the United Nations Development Program (UNDP) said here on Tuesday.


"Zika is responsible for tangible losses to gross domestic product, estimated to range from 7 billion to 18 billion U.S. dollars over 2015-2017 alone," according to a UNDP study.


The report Cheap Golden State Warriors Hats , "A Socio-economic Impact Assessment of the Zika Virus in Latin America and the Caribbean," focuses on three of the countries worst hit by the mosquito-borne virus, Brazil, Colombia and Suriname.


Those losses impose "an immediate burden on health care and social welfare systems Cheap Detroit Pistons Hats ," but "more long-term, could undermine decades of hard-earned health gains and social development progress," the study warns.


The UNDP report calls on countries to offset the adverse impact of the virus by investing more "in prevention, preparedness and response strategies at the local Cheap Denver Nuggets Hats , national and regional levels."


Also, Zika is bound to have a greater impact on the region's more fragile economies, the agency said.


"While larger economies, such as Brazil Cheap Dallas Mavericks Hats , are expected to bear the greatest share of the absolute cost, the severest impacts will be felt in the poorest countries," the report said.


Haiti and Belize, for example Cheap Cleveland Cavaliers Hats , could lose 1.13 and 1.19 percent of GDP annually, respectively.


The mosquito-borne virus has been linked to birth defects, with the number of infants born with microcephaly, or abnormally small heads Cheap Chicago Bulls Hats , skyrocketing in Brazil following the Zika outbreak.


Video: Abe's misadventure in constitution revision


China holds peace assembly to mark 72nd anniversary of Japan's WWII surrender


Exhibition held in NE China to mark 72nd anniv. of Japan's WWII surrender


Torrential rain strikes S China's Guangxi


Weekly choices of Xinhua photo (Aug. 5 - Aug. 11)


Highlights of multinational drill in Georgia


People mark national Fitness Day around China


Aerial view of Gula Town in S China




File Photo taken on June 29, 2017 shows Luis Navarro (R) who suffers from chronic diabetes sitting at the Institute of Angiology and Vascular Surgery in Havana, Cuba. Luis Navarro is a young Cuban who at 34 years of age already suffers from chronic diabetes for the past 23 years. Recently, several ulcers have appeared on his foot Cheap Charlotte Hornets Hats , putting it at risk of being amputated. However, this has not happened, thanks to a unique Cuban product Heberprot-P, a drug that has sparked acclaim for its effectiveness in controlling and healing diabetic foot ulcers. (XinhuaJoaquin Hernandez)


Weekly choices of Xinhua photo (July 31 - Aug. 6)


In pics: Daofu Tibetan houses in SW China's Sichuan


In pics: lotus flowers amid morning mist in E China


1st high speed railway in Inner Mongolia starts operation


In pics: "dad of pandas" in SW China's Chongqing Zoo


Military parade held to mark PLA 90th birthday (Part I)


SWAT team members take part in drill


Acrobatic show staged in China's Xinjiang

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