By Andy Sambidge
New research reveals big slump in property adverts from $80mn to $25mn within three months.
Real estate advertising slumped during the last quarter of 2008, new figures have revealed.
Spend in the largest advertising category in the country dropped from $80 million in Oct to just $25 million in Dec, according to the Pan Arab Research Centre (PARC).
“The number of spots in the UAE has been reduced, mainly in the property and financial sectors,” said Elie Jichi, the operation and production manager at PARC, in comments published by UAE daily The National on Monday.
Nakheel, the developer that had spent the most on outdoor advertising in the first three quarters of 2008, dropped out of the list of the top dozen outdoor spenders by the fourth quarter, the research showed.
While Deyaar Development held its spot as the second-highest newspaper advertising spender, other major developers on the list, including Nahkeel, Emaar, Sherwoods Independent Property Consultants, Landmark Properties and Better Homes, slipped down the rankings in the fourth quarter.
The dismal fourth quarter ruined an otherwise good year in the UAE’s media market, which saw total advertising spending up 44 percent in the first three quarters compared with the same period in 2007, the data showed.
Total adspend in the UAE for last year hit a record $1.98 billion.