www.cavendishmaxwell.com
Q1 2019
ABOUT CAVENDISH MAXWELL Cavendish Maxwell is a highly respected independent firm of chartered surveyors and property consultants, focusing on property services throughout the Middle East and Africa. Established in 2008, Cavendish Maxwell is now one of the most influential property consultancies in the region. As a fully qualified member firm of the Royal Institution of Chartered Surveyors (RICS), and with extensive knowledge of the region, Cavendish Maxwell has the necessary experience, expertise and insight to deliver property advice of the highest standard. Our reports are used for loan security, audit, insurance reinstatement, dispute resolution, risk management, debt recovery, performance analysis, project financing, development strategy and government initiative implementation. We provide a comprehensive range of property services across all our departments, each of which is headed by highly skilled, experienced and fully qualified RICS chartered surveyors. Our various teams provide valuation, agency, advisory, management, capital investment, research and building consultancy services across all property types and sectors. Price movement, rent and yield statistics, residential transactions, and upcoming supply of residential properties are provided through Property Monitor, a real estate intelligence platform, powered by Cavendish Maxwell. The report also incorporates the Property Monitor Residential Survey, conducted among partner agents operating within Dubai. The survey showcases how new enquiries, leasing activity and transactions, among other metrics, changed over the previous quarter.
CONTENTS 5
Residential Market Overview
30
Commercial Market Overview
34
Hospitality Market Overview
36
Industrial Market Overview
2
UAE P R O P E RTY MAR K ET R EPORT
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
FOREWORD The UAE’s real estate market slowed down in 2018, with subdued demand and corrective market dynamics affecting prices across the emirates. Government reforms have been swift, and as we enter Q2 2019, many investor- and SME-focused measures introduced over Q4 2018 and Q1 2019 are being executed. While some investors remain cautious and wait for prices to bottom out, particularly for residential properties and certain commercial assets, other investors are cautiously optimistic about the opportunities offered by new long-term visas, among other economic incentives. Our first quarterly report covering the UAE as a whole, with an overview of Abu Dhabi, Dubai and the northern emirates, looks at a sector-wise analysis of the UAE’s property market and what the indicators signify for the coming year. The overall performance of the residential sector over Q1 2019 was subdued. Limited demand combined with significant expected supply continued to drive average sales prices and rents down across the emirates. Enquiries for office space had marginal increases in Dubai, but flight-to-quality and a move to more affordable rents remain the overall trends. Grade A prime office assets continued to maintain high occupancy levels in Q1 2019, while the warehouse/logistics sector continues to provide good investment opportunities. The hospitality sector faced downward pressure on Average Daily Rates (ADRs) as many hotels tried to maintain occupancy levels. Revenues in the F&B sector were also impacted by limited spend from leisure segment group tourists.
33
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
DUBAI HOUSE PRICE TIMELINE Between Q4 2018 and Q1 2019, average apartment prices continued trading at around AED 1.2 million on average. The average villa/ townhouse price remained relatively stable at approximately AED 1.8 million.
PROPERTY MONITOR HOUSE PRICE TIMELINE SALES PRICE (AED) JANUARY 2008-FEBRUARY 2019
4.0M
3.5M
3.0M
UAE REAL ESTATE BOOM
LEHMAN BROTHERS COLLAPSE
EARLY SIGNS OF TROUBLE
NAKHEEL AND DWC ANNOUNCE PLANS FOR DEBT RESTRUCTURING
OIL PRICES PEAK TO $145/BARREL
OIL PRICES COLLAPSE TO $32/BARREL
BOND ISSUANCE BY THE UAE CENTRAL BANK
ABU DHABI’S $10 BILLION LOAN TO DUBAI
REBOUND GROWTH FOR THE GENERAL MARKET - OIL PRICES ABOVE $100/BARREL
2.5M
2.0M
1.5M
Note: The Dubai House Price Timeline tracks residential property transactions from Dubai Land Department (off-plan and secondary market) to derive monthly and quarterly average transacted prices for apartments and villas/townhouses.
4
Q3-2013
Q2-2013
Q1-2013
Q4-2012
Q3-2012
Q2-2012
Q1-2012
Q4-2011
Q3-2011
Q2-2011
Q1-2011
Q4-2010
Q3-2010
Q2-2010
Q1-2010
Q4-2009
Q3-2009
Q2-2009
Q1-2009
Q4-2008
Q3-2008
Q2-2008
0.5M
Q1-2008
1.0M
UAE P R O P E RTY MAR K ET R EPORT
Average sales prices softened and rents declined across most communities in Dubai in Q1 2019. Over the 12-month period from Q1 2018, the average rate of decline has increased, suggesting a continued corrective phase. The price gap between apartments and villas/townhouses narrowed markedly. Meanwhile, average sale prices declined more than rents in Q1 2019. The average trading price for villas/townhouses in Dubai ranged from AED 2.5 million at the end of Q1 2018 to AED 1.8 million in Q1 2019. Prices for apartments also moved towards the lower end of the range, averaging at AED 1.4 million.
OIL PRICES COLLAPSE TO $47/BARREL
OPEC LIMITS CRUDE OUTPUT
Q1-2019
Q4-2018
Q3-2018
Q2-2018
Q1-2018
Q4-2017
Q3-2017
Q2-2017
Q1-2017
AFFORDABLE HOUSING ARRIVES
Q4-2016
Q3-2016
Q2-2016
Q1-2016
BREXIT VOTE
Q4-2015
Q2-2015
Q1-2015
Q3-2015
OIL PRICE DEREGULATION
RUSSIAN CURRENCY CRISIS
Q3-2014
Q1-2014
Q4-2013
Q2-2014
MARKET PEAK
CENTRAL BANK MORTAGE CAP
Q4-2014
EXPO 2020 ANNOUNCEMENT
Source: Propertymonitor.ae
5
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
DUBAI
APARTMENT PRICE PERFORMANCE According to the Property Monitor Index (PMI), average apartment prices declined by 12% over the 12-month period from Q1 2018 to Q1 2019. The average rate of decline has increased year-on-year, with certain communities like International City, Dubai Production City (IMPZ) and Al Furjan registering sharper declines of around 14%, based on PMI data. Supply remains the primary driver for price declines and developers conitnue to offer attractive payment options to turn more residents into owner-occupiers. -5.2%
International City (Clusters)
-14.7%
-5.3%
Discovery Gardens
-13.1%
-5.6%
Jumeirah Village Circle
-10.7% -8.9%
IMPZ
-14.4%
-5.8%
Uptown Motor City
-12.1% -6.7%
Dubai Silicon Oasis
-13.2% -7.9%
Al Furjan
AED1,967/sq ft
-13.8%
-4.7%
Dubai Sports City
-13.4% -3.6%
Jumeirah Village Triangle
-13.7% -5.8%
Jumeirah Lakes Towers -3.8%
Jumeirah Beach Residence AED 1,447/sq ft
Dubai Marina
-12%
The Greens
AED 1,473/sq ft
-11.1% -4.9%
Business Bay
-10.7% -5.1%
Dubai Marina
-9.7%
-4.8%
The Views
Discovery Gardens AED 710/sq ft
-9.6%
-5.4%
Jumeirah Beach Residence
-11.7% -4.5%
DIFC
-10.8%
-4.8%
Palm Jumeirah
-9.6% -7.7%
Downtown Burj Khalifa
Quarterly Q4 2018-Q1 2019
Yearly Q1 2018-Q1 2019
-15
-14
-13
-12
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
-12.3%
% change
6
Palm Jumeirah
UAE P R O P E RTY MAR K ET R EPORT
DIFC
AED 1,603/sq ft
Downtown Burj Khalifa AED 2,101/sq ft
Business Bay
AED 1,322/sq ft
International City AED 515/sq ft
Dubai Silicon Oasis AED 747/sq ft Jumeirah Lakes Towers AED 1,060/sq ft
The Greens
AED 1,180/sq ft
The Views
AED 1,415/sq ft
Jumeirah Village Circle AED 731/sq ft
Jumeirah Village Triangle AED 880/sq ft
Al Furjan
AED 780/sq ft
IMPZ AED 720/sq ft
Uptown Motor City AED 746/sq ft
Dubai Sports City AED 828/sq ft
7
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
VILLA/TOWNHOUSE PRICE PERFORMANCE
The Fronds Garden Homes AED 2,363 /sq ft
According to the PMI, average villa/townhouse prices declined by 11.2% over the 12-month period from Q1 2018 to Q1 2019. The average rate of decline in villa/townhouse properties across key communities has increased year-on-year, with certain communities such as Jumeirah Golf Estates and Jumeirah Village Triangle (JVT) performing better than others, based on PMI data. -5.2%
Al Furjan Villas
-11.3%
-5.9%
Cedre Villas Silicon Oasis
-12.3%
-6.4%
Jumeirah Village Triangle
AED 1,290/sq ft
-8.9%
-4.7%
Green Community Motor City
-9.8%
Jumeirah Park
-4.2%
The Springs
AED 953/sq ft
-10.2% -4.7%
Jumeirah Park
-10.1% -6.4%
Arabian Ranches
-13.2% Al Furjan Villas
-5.1%
Victory Heights
AED 742/sq ft
-13.8% -3.1%
The Meadows
-15.4% -5.6%
The Lakes
-11.4% -2.3%
Jumeirah Golf Estates
-4.3% -5.6%
Jumeirah Islands
-13.3%
% change
Quarterly Q4 2018-Q1 2019
Yearly Q1 2018-Q1 2019
-16
-15
-14
-13
-12
-11
-10
-9
-8
-7
-6
-10.9%
-5
-3
-2
-1
0
-4
-3.1%
The Fronds Garden Homes Palm Jumeirah
8
Jumeirah Islands
UAE P R O P E RTY MAR K ET R EPORT
Cedre VIllas Silicon Oasis AED 798/sq ft
The Lakes
AED 1,212/sq ft
The Meadows AED 1,100/sq ft
Arabian Ranches
The Springs
AED 1,031/sq ft
AED 929/sq ft
Green Community Motor City
Jumeirah Village Triangle
AED 882/sq ft
AED 855/sq ft
Victory Heights AED 1,030/sq ft
Jumeirah Golf Estates AED 1,152/sq ft
9
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
RENT PERFORMANCE Rental declines for apartments in Dubai averaged 11.3%, while villas/ townhouses registered a 10.2% decline over the 12-month period from Q1 2018 to Q1 2019. International City, The Greens, Jumeirah Lakes Towers (JLT), Motor City and Dubailand were some of the communities where downward pressure on apartment rents was more pronounced, averaging more than 13% year-on-year. Meanwhile, villa/townhouse communities including The Springs, Victory Heights and Al Furjan Villas registered an average decline of 14% in rents. With new supply nearing completion, and an expected increase in handovers this year in both freehold and leasehold communities across Dubai, the upcoming quarters will continue to see downward pressure on rents. -13.9
ANNUAL RENT BY BEDROOM LEVEL
The Greens
* Data as of March 2019 APARTMENT
AED 55,200 AED 63,200
VILLA/TOWNHOUSE
Studio
3 BR
1 BR
4 BR
2 BR
5 BR
12-month % change
12-month % change
AED 85,000 -13.0 -10.8
JLT -7.2 Dubai Marina AED 66,700 AED 91,140 AED 126,700
Source: Propertymonitor.ae
AED 52,250
The Views
AED 68,992 AED 93,600
AED 62,510
-9.7 JBR AED 65,800 AED 110,330 AED 120,400
AED 81,600 AED 107,900
-8.0 The Lakes AED 169,000 AED 258,300 AED 364,000
-8.9 The Meadows AED 169,950 AED 200,000 AED 243,800
-9.6 Jumeirah Islands
-13.7
AED 241,800 AED 334,400
The Springs
-7.9 Discovery Gardens
-8.9
AED 141,600 AED 145,180
Jumeirah Park
AED 34,000
AED 169,600
AED 47,000
AED 202,960 AED 220,800
-7.0 Jumeirah Golf Estates
-14.2 Al Furjan Villas AED 133,980 AED 171,000
10
AED 234,000 AED 242,500 AED 297,000
UAE P R O P E RTY MAR K ET R EPORT
-9.1 DIFC AED 69,000 AED 92,150 AED 158,400
-10.2 Business Bay AED 65,000 AED 84,000 AED 108,000
Dubai Sports City
Motor City
AED 42,500
AED 47,600
AED 63,700
AED 60,000 AED 85,000
AED 96,100
-13.6
Downtown Burj Khalifa AED 70,500 AED 100,440 AED 137,000
International City (Clusters) AED 27,685
-9.8
AED 33,970 AED 51,600
-8.0
-13.9
-11.4
-12.0
Arabian Ranches AED 179,800 AED 220,000 AED 273,600
NUMBER OF RENTAL CHEQUES FOR APARTMENTS AND VILLAS/TOWNHOUSES 11%
-14.4 Victory Heights
5%
1 Cheque
AED 159,500
2 Cheques
AED 253,800
3 Cheques 4 Cheques 6 Cheques
36%
30%
12 Cheques 4%
13%
Jumeirah Golf Estate
11
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
2019 UPCOMING SUPPLY According to Property Monitor, over 6,141 apartments and 997 villas/townhouses were handed over in Dubai during Q1 2019. The majority of upcoming supply in 2019 is concentrated in a few communities – Jumeirah Village Circle (JVC), Business Bay, Dubai Sports City, Dubai Silicon Oasis, Al Furjan and Mohammed bin Rashid (MBR) City. Apartments make up approximately 84% of the upcoming supply, with the remaining 16% comprising villas/townhouses. Actual materialisation rates in 2019 are expected to match previous years, with handovers averaging between 16,000 and 20,000 units.
APARTMENTS
84%
VILLAS/TOWNHOUSES
16%
SUPPLY SCHEDULED TO BE COMPLETED BY END OF 2019 <1,500 1,500-2,500
Dubai Marina
2,500-3,500 3,500+ Source: Propertymonitor.ae
Al Furjan
Dubai South
12
UAE P R O P E RTY MAR K ET R EPORT
Downtown Burj Khalifa Business Bay
International City
Dubai Silicon Oasis
Mohammed Bin Rashid City
Dubailand
Jumeirah Village Circle
Dubai Sports City
TownSquare
Akoya Oxygen
13
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
TRANSACTION OVERVIEW Off-plan transfers continued to dominate in Q1 2019, accounting for more than 58% of total transfers. The total number of transfers in this period was 7,931, for both villas/townhouses and apartments.
TRANSFER SALES - Q1 2019 APARTMENTS
6,194
VILLAS/TOWNHOUSES
1,737
Downtown Burj Khalifa, Business Bay and MBR City ranked as the most sought-after locations for off-plan apartment transaction activity in Q1 2019, with the majority of off-plan apartment transactions occurring in MBR City. While off-plan transfers continue to dominate, the volume of transfers for under-construction apartments declined by 11% compared to Q1 2018. For villas/townhouses, the total volume of off-plan transactions declined by 2% compared to Q1 2018 and secondary market transfers continued to outpace off-plan transactions in this segment.
14
UAE P R O P E RTY MAR K ET R EPORT
TOP FIVE LOCATIONS FOR APARTMENT TRANSFERS IN Q1 2019 SECONDARY MARKET Apartment transfers
300
584
500 400
371
342
300
235
150
174
162
100
0
Dubai Harbour
The Lagoons
Business Bay
100 Downtown Burj Khalifa
231
200
50
200 Mohammed Bin Rashid City
246
Business Bay
600
250
International City
700
269
Palm Jumeirah
800
Number of transfers
Number of transfers
900
Jumeirah Village Circle
944
Dubai Marina
1,000
OFF-PLAN Apartment transfers
TOP FIVE LOCATIONS FOR VILLA/TOWNHOUSE TRANSFERS IN Q1 2019 OFF-PLAN
SECONDARY MARKET
Villa/townhouse transfers
Villa/townhouse transfers
100
91
0
Serna
0
Villa Nova
20 Mohammed Bin Rashid City
59
40
50
Arabian Ranches 2
64
60
Al Furjan
128
90
80
Arabian Ranches
129
91
Mohammed Bin Rashid City
150
97
Akoya Oxygen
150
100
Emirates Living
200
Number of transfers
120 208
Dubai South
Number of transfers
250
15
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
SURVEY RESULTS
PROPERTY MONITOR RESIDENTIAL SURVEY â&#x20AC;&#x201C; Q1 2019
REALITY
PREDICTIONS The majority of agents surveyed predicted apartment and villa/townhouse prices would decrease by up to 5%. For apartment and villa/townhouse rents, the majority of agents surveyed predicted that rates would decrease by up to 5%. New buyer enquiries, seller instructions and agreed sales were predicted to increase by the majority of agents surveyed.
16
Apartment and villa/townhouse prices declined by 5% on average in Q1 2019, with a 12-month decline of 11.6% on average.
vs
Apartment and villa/townhouse rents declined by 4.2% on average in Q1 2019, with a 12-month decline of 10.7% on average. According to data from real estate agencies, transaction levels in Q1 2019 were lower than Q4 2018.
UAE P R O P E RTY MAR K ET R EPORT
LOOKING FORWARD â&#x20AC;&#x201C; Q2 2019 Q2 2019 PRICE OUTLOOK APARTMENTS Percentage of agents who predict apartment prices will: Decrease by more than 5%
Decrease by up to 5%
VILLAS/TOWNHOUSES Percentage of agents who predict villa/townhouse prices will: Not change
Increase by up to 5%
Increase by more than 5%
2.7%
1.8% 24.8%
16.8%
15.0%
29.2%
53.1%
56.6%
Q2 2019 RENT OUTLOOK APARTMENTS Percentage of agents who predict apartment rents will: Decrease by more than 5%
Decrease by up to 5%
4.4%
VILLAS/TOWNHOUSES Percentage of agents who predict villa/townhouse rents will: Not change
Increase by up to 5%
0.9%
3.5%
1.8%
22.1%
26.6%
18.6%
19.5%
Increase by more than 5%
49.6%
53.1%
Q2 2019 TRANSACTION OUTLOOK Percentage of agents who predict new buyer enquiries will:
Percentage of agents who predict new seller instructions will: Decrease
Increase
Percentage of agents who predict agreed sales will:
Remain the same
16.4%
22.4%
25%
52.6%
24.1%
28.5%
35.3%
55.2%
40.5%
17
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
ABU DHABI
PRICE PERFORMANCE Average sales prices declined in Abu Dhabiâ&#x20AC;&#x2122;s major investment zones by 9.6% for apartments from Q1 2018 to Q1 2019. Villa/townhouse prices registered an average decline of 10% over the same period. As of March 2019, prices in Al Reem Island and Al Reef Downtown declined by 10-12% for apartments, according to prices tracked by Property Monitor. The quarterly change, from Q4 2018 to Q1 2019, was between 4-5.5%. Despite off-plan transactions dominating transactional activity, the market remains subdued across communities in Abu Dhabi. Investors have shown growing interest in lower-priced inventory, particularly those assets with higher expected yields and flexible payment plans offered by developers. However, the overall sentiment is bearish, with investors waiting for prices to soften further in 2019.
APARTMENT PRICE PERFORMANCE
Al Raha Beach % change
-4.1%
-9.5%
-3.8%
-8.9%
Al Reem Island
-5.5%
-11.7%
Al Ghadeer
-3.7%
-7.9%
Al Reef Downtown
-4%
-10.2%
-14%
AED/sq ft
Saadiyat Beach Residences
-12%
-10%
-8%
-6%
-4%
-2%
Quarterly Q4 2018-Q1 2019
Yearly Q1 2018-Q1 2019
200
0
400
Average Price
600
800
1000
1200
1400
1600
Source: Propertymonitor.ae
VILLA/TOWNHOUSE PRICE PERFORMANCE
Al Reef Villas
-5.3%
-11.6%
Al Raha Gardens
-3.9%
-9%
-14%
-12%
Yearly Q1 2018-Q1 2019
18
-3.9%
-9.5%
-10%
AED/sq ft
% change
Saadiyat Beach Residences
-8%
-6%
-4%
-2%
Quarterly Q4 2018-Q1 2019
0
200
400
Average Price
600
800
1000
1200
Source: Propertymonitor.ae
1400
1600
UAE P R O P E RTY MAR K ET R EPORT
RENT PERFORMANCE Rents in Abu Dhabi continued to fall in Q1 2019, for both apartments and villas/townhouses. The average annual decline was 11.8% for the 12-month period from Q1 2018 to Q1 2019. Villas/townhouses in Al Raha Gardens showed the steepest decline in rents, averaging 13% annually. Over the same period, rents for apartments in Al Reem Island declined by 14.5% on average. Proactive landlords have kept vacancy rates low by offering tenants attractive payment options (multiple cheques) and discounted rates, particularly in lower-quality buildings in some communities. Upcoming supply, expected to be delivered this year, will continue to put downward pressure on rents in the capital.
APARTMENT RENT PERFORMANCE Saadiyat Beach Residences
-14.5%
-5.6%
Al Reef Downtown
-5%
-12.2%
Al Raha Beach
-9.1%
Al Ghadeer
Studio
-14%
-12%
-3.6%
-8%
-10%
-6%
-4%
-2%
Yearly Q1 2018-Q1 2019
2 BR
1 BR
-2.7%
-4.7%
-10.6%
-16%
Rent (AED/annum)
Al Reem Island % change
-5.1%
-10.6%
-0%
0
50,000
100,000
150,000
200,000
Source: Propertymonitor.ae
VILLA/TOWNHOUSE RENT PERFORMANCE
-11.1%
Al Reef
Rent (AED/annum)
% change
Saadiyat Beach Residences
-12.1%
Al Raha Gardens
-13%
-13.5%
3 BR
4 BR
-5.6%
-13%
-12.5%
5 BR
-12%
-11.5%
-11%
-10.5%
Yearly Q1 2018-Q1 2019
-10%
0
100,000 200,000 300,000 400,000
Source: Propertymonitor.ae
19
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
2019 UPCOMING SUPPLY According to Property Monitor, over 1,500 apartments and 1,400 villas/ townhouses were handed over in Abu Dhabi during Q1 2019 alone. Upcoming supply for 2019 is spread across Abu Dhabi investment zones and the mainland. This includes over 9,000 apartments, approximately 6,800 of which will be handed over in Al Raha Beach, Al Reem Island and Saadiyat Island. Of the 400 villas/townhouses expected to be handed over this year, nearly all are under construction in Saadiyat Island, Yas Island and Abu Dhabi City. Completed supply in Q1 2019 included Hidd Al Saddiyat villas, Park View residential apartments on Saadiyat Island, Al Reem Phase 2, residential villas in Al Samha, and the Marina Sunset Bay project in Abu Dhabi City.
APARTMENTS
96%
SUPPLY SCHEDULED TO BE COMPLETED BY END OF 2019 <100 100-500 500-1,000 1,000+ Source: Propertymonitor.ae
20
VILLAS/TOWNHOUSES
4%
Saadiyat Island
UAE P R O P E RTY MAR K ET R EPORT
Al Raha Beach
Al Maryah Island Yas Island
Al Reem Island
Abu Dhabi City
Khalifa City
21
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
RESIDENTIAL MARKET OVERVIEW Over the past five years, there has been a significant increase in the number of masterplan projects in the northern emirates. Upcoming projects include Sharjah Sustainable City and Fujairah Beach Community.
Sharjah and Ajman continue to be the preferred emirates for low- to mid-income families working in Dubai. Tenants looking for affordable rents, community facilities and developed infrastructure have several options to choose from. However, with prices and rents in neighbouring Dubai softening, owners and landlords in the northern emirates are offering discounted rents and attractive payment plans to retain tenants. The addition of new affordable supply in Dubai
AVERAGE RENTAL RATES FOR NORTHERN EMIRATES Q1 2019
Rent (AED in thousands/annum)
80
60
40
40 32
20
20
19
33 26
21 18
26
23
20
17
0 Studio
1 BR
Sharjah
22
Ajman
Ras Al Khaimah old stock
UAE P R O P E RTY MAR K ET R EPORT
means commuters have the option to relocate closer to their work place, putting further downward pressure on rents in Sharjah and Ajman. Overall living costs, including spends like school fees, however, could be a factor prior to a population migration to Dubai. New projects are also being developed in Ras Al Khaimah, particularly to boost the tourism and hospitality sectors. House prices continued to decline in Q1 2019, primarily due to increased supply, while rents have become more affordable with landlords offering incentives like rent-free periods and flexible payment options through multiple cheques. Umm Al Quwain offers only limited leasehold apartment blocks for expatriate investors and end users. However, there are plans for some mixed-use projects as part of joint ventures with the UAQ government. Fujairah will see the completion of the Fujairah Beach Community project by Eagle Hills this year. The mixed-use development will feature a gated residential community comprising 80 villas and townhouses, and a hotel.
73
59 55 47
52
50
45 39 34
33
32
27
2 BR
Ras Al Khaimah new stock
3 BR
Fujairah
Umm Al Quwain
23
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
SHARJAH
RESIDENTIAL MARKET OVERVIEW Annual rents for apartments ranged between AED 20,000 for studios to AED 85,000 for 3-bedroom units. Villa/townhouse rents averaged AED 85,000200,000 annually, based on location and number of rooms. APARTMENTS
Popular locations like Al Khan, Al Majaz and Abu Shagara offer apartments with annual rents for studios starting approximately AED 20,000, and up to AED 85,000 for 3-bedroom apartments. The average apartment sale price in Sharjah in Q1 2019 ranged from AED 400/sq ft to AED 600/sq ft, based on location and building quality. Communities in Al Heera and Al Wasit offer tenants 4-bedroom villas starting at approximately AED 85,000 annually, and up to AED 200,000 for a 6-bedroom villa. The average villa land rate in Sharjah ranges from AED 70/sq ft to AED 180/sq ft, with areas like Al Rahmaniya and Al Suyoh offering comparatively lower rates than Al Tayy and Barashi. An increasing number of freehold properties are entering the market, offering more choices for expatriate investors. Existing offerings like Al Zahia, Tilal City and newer products from Ajmal Makan and Arada are providing varied real estate options including land plots, townhouses, student accommodation, among others, thus increasing investment opportunities in Sharjahâ&#x20AC;&#x2122;s real estate sector.
AED 16,000 AED 23,300 AED 28,000
APARTMENTS AED 19,000 AED 24,000 AED 31,000 AED 40,000
ANNUAL RENT BY BEDROOM LEVEL * Data as of March 2019 PRIME VILLAS
SECONDARY VILLAS
4 BR
4 BR
5 BR
5 BR
6 BR
6 BR
PRIME APARTMENTS SECONDARY APARTMENTS Studio
Studio
1 BR
1 BR
2 BR
2 BR
3 BR
3 BR
Freehold areas open to all nationalities
24
APARTMENTS AED 25,000 AED 44,000 AED 63,000 AED 74,000
UAE P R O P E RTY MAR K ET R EPORT
VILLAS AED 108,000 AED 123,000 AED 135,000
VILLAS AED 108,000 AED 144,000 AED 160,000
APARTMENTS AED 20,000 AED 26,000 AED 36,000 AED 51,000
VILLAS VILLAS AED 108,000 AED 123,000 AED 135,000
AED 108,000 AED 144,000 AED 160,000
VILLAS AED 90,000 AED 113,000 AED 129,000
VILLAS AED 100,000 AED 123,000 AED 141,000
25
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
AJMAN
RESIDENTIAL MARKET OVERVIEW Approximately 2,000 apartments are expected to be handed over by the end of 2019. An additional 2,299 apartments and 729 villas are slated for handover in 2020. The majority of large apartment projects are on the Corniche and in Ajman City.
Ajmanâ&#x20AC;&#x2122;s residential market was initially dominated by villas/townhouses built by UAE nationals. But now there are an increasing number of apartment projects being developed to cater to expatriate demand. Following market trends in Dubai and Sharjah, prices and rents in Ajman are expected to continue to decline in the short to medium term.
APARTMENTS AED 16,000 AED 18,000 AED 23,000
VILLAS
VILLAS
AED 28,000
AED 110,000
AED 83,000 AED 140,000
AED 125,000 VILLAS AED 68,000 AED 70,000
APARTMENTS AED 20,000 AED 27,000 AED 34,000 AED 38,000
APARTMENTS AED 16,000 AED 18,000 AED 23,000 AED 28,000
ANNUAL RENT BY BEDROOM LEVEL * Data as of March 2019 PRIME VILLAS
PRIME APARTMENTS
SECONDARY APARTMENTS
4 BR
4 BR
Studio
Studio
5 BR
5 BR
1 BR
1 BR
6 BR
6 BR
2 BR
2 BR
3 BR
3 BR
Freehold areas open to all nationalities
26
SECONDARY VILLAS
UAE P R O P E RTY MAR K ET R EPORT
UMM AL QUWAIN
RESIDENTIAL MARKET OVERVIEW Average annual apartment rents in Umm Al Quwain varied between AED 14,000 for a studio and AED 38,000 for a 3-bedroom unit in the 12-month period from Q1 2018 to Q1 2019. Umm Al Quwain primarily offers residential villas for UAE nationals and some specialist staff accommodation for industrial and construction sector employees. The limited leasehold apartment blocks offer few investment opportunities, and rents in these units have decreased marginally year-on-year.
APARTMENTS AED 21,000 AED 26,000 AED 34,000 AED 50,000
ANNUAL RENT BY BEDROOM LEVEL * Data as of March 2019 APARTMENTS Studio 1 BR 2 BR 3 BR
27
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
RAS AL KHAIMAH
RESIDENTIAL MARKET OVERVIEW Rents and sales prices declined in Ras Al Khaimah in Q1 2019, primarily due to increased supply. This downward pressure is expected to continue over the next quarter. Ras Al Khaimah continued to be an investor-led market in Q1 2019, dominanted by UAE nationals and investors from the GCC and the Indian subcontinent. Expatriate home ownership is limited, mainly due to uncertain job market. Downward pressure on prices continued in Ras Al Khaimah, primarily due to increasing supply. Tenants are in a better position to negotiate rental terms through incentives such as multiple cheques and rent-free periods. During Q1 2019, secondary market transactions remained subdued, with long transaction timelines and many undecided buyers. Meanwhile, there was increased lending activity from regional banks within the primary market.
APARTMENTS AED 23,000 AED 36,000 AED 55,000 AED 73,000
VILLAS AED 143,000 APARTMENTS
AED 190,000 AED 250,000
AED 18,000 VILLAS
AED 23,000 AED 33,000
AED 57,000
AED 39,000
AED 110,000
ANNUAL RENT BY BEDROOM LEVEL * Data as of March 2019 PRIME VILLAS
28
PRIME APARTMENTS
SECONDARY APARTMENTS
4 BR
Studio
Studio
5 BR
1 BR
1 BR
6 BR
2 BR
2 BR
Freehold areas open to all nationalities
3 BR
3 BR
APARTMENTS AED 28,000 AED 36,000 AED 55,000 AED 65,000
UAE P R O P E RTY MAR K ET R EPORT
FUJAIRAH
RESIDENTIAL MARKET OVERVIEW Q1 2019 had similar declines in rents as in Q4 2018. New projects, including a mixed-use development are expected to be completed in 2019. Historically, the Fujairah residential market has been dominated by units built by UAE nationals, as the economy was driven by fishing and agriculture sectors. The infrastructure impetus from the Fujairah 2040 Plan is expected to increase the population from 165,000 (2009) to 235,000 in 2040. The Fujairah Beach community by Eagle Hills is one of the major developments expected to be completed in 2019. The mixed-use project will feature a gated residential community with a total of 80 villas/townhouses in 2-, 3- and 4-bedroom configurations, along with the 167-key Palace Fujairah Beach Hotel.
APARTMENTS AED 17,000 AED 20,000 AED 27,000 AED 32,000
ANNUAL RENT BY BEDROOM LEVEL * Data as of March 2019 APARTMENTS Studio 1 BR 2 BR 3 BR
29
R ESI D ENTI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
DUBAI
OFFICE MARKET OVERVIEW As in 2018, occupiers have continued the flight-to-quality trend in Q1 2019. Consolidation of office space continued, as occupiers looked to reduce costs and take advantage of better value propositions in terms of flexibility of space and amenities. Enquiries increased in Q1 2019, compared to Q4 2018. Limited business growth affected demand for office space in Dubai, leading to lower rents in Q1 2019. Office rents for the mid- and affordable-quality categories declined by 3% in Q1 2019. The average change in rental values in the 12-month period from Q1 2018 to Q1 2019 was 9%. However, average rents for prime quality properties remained relatively stable from Q4 2018, with only a marginal decline of 1%. Landlords receptive to market sentiments kept rental rates stable, offering additional benefits of rent-free periods and CAPEX contributions.
OFFICE RENT PERFORMANCE (AED/SQ FT)
-9%
Mid quality
Rent (AED/sq ft)
% change
Affordable quality
-8%
Prime quality
-4%
-10%
-8%
-6%
-4%
-2%
Yearly Q1 2018-Q1 2019
ENQUIRIES FOR OFFICES (%)
0
20
40
60
80
Shell & Core
100
120
140
160
Fitted
DEMAND FOR OFFICES BY SECTOR ( %) 5% 3%
0-1,000 sq ft
Banking
1,000-5,000 sq ft
Consultant
5,000-10,000 sq ft
15%
General Services Manufacture and
12%
15%
73%
Logistics
36% 13%
IT/Technology 28%
Source : Cavendish Maxwell
30
UAE P R O P E RTY MAR K ET R EPORT
RETAIL MARKET OVERVIEW The addition of new supply continued to affect the retail market in Q1 2019. The opening of The Pointe in Palm Jumeirah in Q4 2018 added over 70 shops to the retail market. With the Fountain View and Zabeel expansions of Dubai Mall expected to open in Q3 2019, rents and occupancy rates can be expected to come under further pressure as more retail operators enter the market. Landlords continued to offer incentives in Q1 2019 to retain existing occupiers and attract new tenants, including rent-free periods, fit-out contributions and reductions in service charges. Vacancy levels in community shops, particularly in Deira and Bur Dubai, rose in Q1 2019. Until 2017, shops in these areas had waiting lists for prospective occupiers, however in the 12-month period from Q1 2018 to Q1 2019, demand has been subdued. While enquiry levels increased for retail units in prime locations in Q1 2019, there was a rise in vacancy levels in super-regional malls over the past year. According to Emaar, Dubai Mall has reached a 98% occupancy level, excluding the Fashion Avenue expansion that was added in March 2018. The mall achieved a footfall of 83 million in 2018, representing a 4% Compound Annual Growth Rate (CAGR) from 2012 to 2018.
RETAIL RENTAL RATES Q1 2019 Retail type
Fitted (AED/ sq ft)
Shell & Core (AED/ sq ft)
Super regional malls
90-315; 600 on average*
High street retail
200-400
Community retail shops
79-125
100-180
* According to Emaar ( Dubai Mall)
31
CO M M ER CI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
ABU DHABI
OFFICE MARKET OVERVIEW Office rents continued to face downward pressure in Q1 2019, with an average year-on-year decline of over 5% across Abu Dhabi. Rental declines were more pronounced in the mid- to low-quality commercial buildings. Enquiry levels also fell in Q1 2019, suggesting subdued business growth and limited new demand. Consolidation is also driving flight-to-quality, as businesses look to extract better value from office spaces. Landlords continued to offer discounted rents during contract renewals, and other incentives to retain occupiers and attract new ones. With upcoming supply expected to enter the market in 2019, rents will continue to decline. A sizeable amount of office space is set to be added in 2019. These include a few commercial buildings in Abu Dhabi City by private developers, Mazroui Tower in Al Zahiyah, Eclipse Twin Towers in Al Reem Island and a commercial building by ADCB in Al Nahyan, all expected to be delivered by Q3 2019. Additionally, Twofour54 is expected to relocate to Yas Island by the end of 2020. The new purpose-built campus will increase the media zoneâ&#x20AC;&#x2122;s capacity by 25% and include facilities, infrastructure and services to meet the growing needs of media entities.
OFFICE RENT PERFORMANCE (AED/SQ FT) -7%
Mid Quality
Rent (AED/sq ft)
% change
Affordable Quality
-6%
-1%
Prime Quality -10%
-8%
-6%
-4%
-2%
0
Yearly Q1 2018-Q1 2019
20
40
60
80
Shell & Core
100
120
140
160
Fitted
RETAIL MARKET OVERVIEW Consumer spending continued to be adversely affected in Q1 2019, impacted by slower job growth and the correction of salaries and allowances. Retail spend has outperformed other sectors, however, it continues to be affected by weak consumer sentiment. Consequently, rents continued to decline during Q1 2019. Vacancy levels in malls rose in Q1 2019, with enquiry levels falling during the same period. The upcoming supply is expected to continue to impact rental rates. Majid Al Futtaimâ&#x20AC;&#x2122;s new 300 million-dirham My City Centre Masdar project will add 1.85 ha of Gross Leasable Area (GLA) when it opens in Q2 2019. Al Maryah Central Mall is also expected to be handed over this year. Meanwhile, existing malls such as Delma Mall and Al Wahda Mall are offering rent-free periods of up to one year, for new occupiers.
RETAIL RENTAL RATES Q1 2019 Retail type Super regional malls
200+
High street retail
180-200
Community retail shops
32
Fitted ( AED/sq ft)
Shell & Core ( AED/sq ft)
79-125
100-180
UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES OFFICE MARKET OVERVIEW
Office rents, although affected by lower rates in neighbouring Dubai, remained relatively stable in Sharjah and the northern emirates, as no new supply was added in Q1 2019. Sharjah had marginal quarterly declines of 3% in office rents, with an annual decline of 6% in the period from Q1 2018 to Q1 2019. Julphar Towers, the only prime office building in RAK, offers both shell and core, and fitted units for an average rate of AED 45/sq ft. The development of RAK’s container port is expected to improve investment in free zones and the broader economy. S&P projects GDP growth of 2.3% in 2019 and 3.0% in 2020 for RAK, supported by capital expenditure in the larger economies of Dubai and Abu Dhabi.
SHARJAH OFFICE RENTAL RATES (AED/SQ FT) -5%
Industrial Area
-10%
-1%
Corniche Area ( Al Khan , Al Majaz 3)
-2%
Rent (AED/sq ft)
% change
Abu Shagara/Al Qasimia
-6% -11%
-1%
Al Taawun Road
-3%
-12%
Quaterly Q4 2018-Q1
-10%
-8%
-6%
Yearly Q1 2018-Q1
-4%
-2%
Shell & Core
0
10
20
30
Fitted
40
50
60
Average
RETAIL MARKET OVERVIEW By Q4 2019, Sharjah is expected to add approximately 1.5 million sq ft of GLA – in the greater than 30,000 sq ft category – to its existing retail stock. This includes the Sharjah Mall (355,000 sq ft GLA) and Oasis Mall (1 million sq ft GLA), in addition to the Zero 6 mall which was handed over in Q4 2018. Rents for retail spaces in Q1 2019 ranged from AED 65/sq ft to AED 85/sq ft on average, in areas such as Al Khan, Al Majaz and Al Sharq in Sharjah. Ajman also has a few major projects scheduled to open at the end of 2019. This upcoming supply includes City Life by Al Zorah with a GLA of 503,751 sq ft, and Mirkaaz Mall with a GLA of 406,872 sq ft. Rents for retail units in certain residential areas such as Al Rawda, Al Rashidiya and Al Naemiyah ranged from AED 60/sq ft to AED 70/sq ft on average in Q1 2019. Meanwhile, Ras Al Khaimah is expected to add a GLA of 55,972 sq ft of retail space with the scheduled handover of Grove Village Mall in Q2 2019. This is in addition to the 30,000 sq ft of GLA added in Q4 2018 with the expansion of Manar Mall. Average rents in popular local malls like Al Hamra and Al Reem ranged from AED 180/sq ft to AED 250 per sq ft during Q1 2019.
33
CO M M ER CI A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
DUBAI
HOSPITALITY MARKET OVERVIEW New room inventory expected to enter the market in 2019 conitnues to affect the performance of hotels in Dubai. With significant growth in hotel room inventory indicated ahead of Expo 2020, the current trend of downward pressure on occupancy levels and average daily rates (ADRs) is expected to continue into 2019. According to data from STR Global, hotel room occupancy rates declined from 86.1% in February 2018 to 83.5% as of February 2019, a year-to-date drop of 3.1%. Hotel revenue per available room (RevPAR) also declined year-to-date, from AED 673.47 in February 2018 to AED 577.59 in February 2019, representing a decline of 14.2%.
RevPAR (AED)
ADR (AED)
88
1,433 1,349.84
1,400
86
Rate (AED)
1,200
1,185.78
1,065.89
1,000 800
84 82
781.84
692.08
673.47
577.59
600
80
400
78
200
76
0 2018
2019 Dubai
2018 Dubai Luxury
Dubai
2019
Occupancy (%)
1,600
74
Dubai Luxury
ABU DHABI
HOSPITALITY MARKET OVERVIEW Abu Dhabi City had a 3.8% increase in hotel room occupancy, from 81.6% in February 2018 to 84.7% in February 2019. Occupancy rates for resorts in the capital declined by a marginal 0.2% year-to-date. There was sustained growth in RevPAR for the same period for hotels in the city, from AED 253.03 to AED 304.06 â&#x20AC;&#x201C; an increase of 20.2%. The RevPAR in resorts also had an increase of 12.3% over the same period.
800
721.40
641
Rate (AED)
600 400
309.93
253.03
304.06
200 0
2018
2019 Dubai
34
562.32
500.61 359.9
2018 Dubai Luxury
Dubai
Dubai Luxury
2019
88 86 84 82 80 78 76 74
Occupancy (%)
RevPAR (AED)
ADR (AED)
UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
HOSPITALITY MARKET OVERVIEW Hospitality and tourism sectors in the northern emirates are expected to receive a boost with new government-backed developments in Fujairah, Ras Al Khaimah and Sharjah. Projects encompass 8,800 residential units and 1,500 hotel keys over the next five years in Fujairah; an adventure park, hiking trail and luxury mountain camp in RAK; the Anantara Sharjah Resort expected in 2020, and the Al Bait Hotel, which was handed over in Q4 2018 in Sharjah. RAK is being positioned as a prime tourist destination, with plans to attract more than 3 million visitors by 2025 and double the GDP share of tourism to 10%. In Q4 2018, the number of guests visiting Fujairah reached 202,640, an increase of 14% from Q4 2017, according to the Fujairah Statistics Centre. However, occupancy levels fell by 14.8% from 75% in February 2018, to 63.9% in February 2019, according to data from STR.
RevPAR (AED)
ADR (AED) 700
76
603
74
593.93
600 Rate (AED)
400
440.34 388.42
390.45 356.41
291.36
300
227.85
200
68 66 64 62
100 0
70
Occupancy (%)
72
500
60 2018
2018
2019 Fujairah
Ras Al Khaimah
Fujairah
2019
58
Ras Al Khaimah
35
H O SPI TA L I TY
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
DUBAI
INDUSTRIAL MARKET OVERVIEW Q1 2019 marked a continuation of the overall trend in 2018. The market remained challenging, with the gap in the local two-tier segment widening as occupiers seek better value. Demand for onshore Grade A warehouses continued to be high, but remains underserved due to an increased supply in the easier-to-build Grade B and C spaces. Overall, flight-to-quality helped to push sales prices and rental rates of modern, high-quality and well-specified assets up in Q1 2019, especially due to the lack of Grade A supply. Demand in free zone areas increased in Q1 2019, but continued to be outweighed by supply, resulting in continued downward pressure on prices. Some sub-categories, such as well-designed standalone facilities with newer specifications (less than 30,000 sq ft), outperformed the general market. Free zone authorities continued to be flexible with land lease terms in Q1 2019, offering short-term relief for new and existing customers. As the popularity of online shopping and same-day delivery continues, the demand for high-quality storage space is expected to rise in 2019, especially in strategic areas such as Dubai South.
ABU DHABI
INDUSTRIAL MARKET OVERVIEW The Abu Dhabi Airport Free Zone (ADAFZ) continued to lead rental rates at AED 74/sq ft in Q1 2019, followed by Al Markaz at approximately AED 43/sq ft. Rents in Khalifa Industrial Zone Abu Dhabi (KIZAD), Mussafah and Industrial City Abu Dhabi (ICAD) remained around AED 36/sq ft on average. Overall, average industrial lease rates have declined by 5% compared to the same period in 2018. Demand for flexible and high-quality space, particularly warehouses with optional serviced offices in the AED 161-269/sq ft range, increased in Q1 2019. Newer areas like KIZAD witnessed higher demand for such facilities.
AVERAGE WAREHOUSE RENT IN ABU DHABI 80
74
70
Rent (AED/sq ft)
60 50
43
40
38
36
30
33
20 10 0
ADAFZ
Al Markaz
ICAD 1 Average rent by location
36
KIZAD
Mussafah
UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
INDUSTRIAL MARKET OVERVIEW As of Q1 2019, the prevailing rates in existing industrial areas of Sharjah and Ajman were typically 30-35% lower than Grade A warehouse rents in Dubai. With increased demand, there was also a rise in enquiries for modern industrial facilities, as occupiers continue to look to move out of poorly maintained older stock, to locations offering better infrastructure. Manufacturing, real estate, wholesale and retail trade sector are the leading contributors to Sharjahâ&#x20AC;&#x2122;s GDP accounting for 45% of the total. S&P predict that the emirateâ&#x20AC;&#x2122;s tourism, manufacturing and construction sectors will support real GDP growth of 2% during 2018-2021. Lease rates, based on location and availability of warehouse space matching demand criteria, can vary from AED 20/sq ft to AED 35/sq ft in Ajman and Sharjah. Key industrial units existing in Umm Al Quwain include light industries, cement and building materials, rubber, aluminum and readymade clothing.
WAREHOUSE RENTS IN SHARJAH AND AJMAN 40 35
Rent (AED/sq ft)
35 30
30
30
25
25 20
30
20
20
20
15 10 5 0
Min Al Sajaa Industrial Area
Sharjah Industrial Area
Max Ajman Industrial Area
Al Jurf Industrial Area
37
I ND USTR I A L
Q1 2019
Q1 2019
UAE P R O P E RTY MAR K ET R EPORT
METHODOLOGY Sales prices and rents are derived from Property Monitor (www.propertymonitor.ae), the region’s leading real estate intelligence platform and the only data source powered by RICS-accredited professionals; bringing unprecedented transparency and accuracy to local property markets. Through Property Monitor, market stakeholders can directly access real-time, transparent and accurate intelligence, unmatched anywhere else in the region. The platform empowers investors, property specialists and banking professionals with authoritative data, analytics and insights that closely correlate with market movements, empowering confident and informed property-related decisions. Property Monitor was launched in 2014 by real estate consultancy Cavendish Maxwell. The average sales price per square foot is based on the Property Monitor Index which incorporates signed contracts, registered transactions, valuations and listings verified by Cavendish Maxwell’s market-leading valuation department. The Property Monitor Residential Survey is a quarterly study of agent opinion designed to identify residential market sentiment. This research highlights how new enquiries, leasing activity and transactions, among other metrics, changed from quarter to quarter with agent predictions compared to actual real market performance. Supply projections for residential projects are based on the Property Monitor Supply Tracker, which tracks supply in real time, including regular tracking of construction projects, new launches and delays. This is achieved through site inspections as well as regular feedback from developers, contractors, Cavendish Maxwell’s building consultancy team and related government entities.
STRATEGIC CONSULTING AND RESEARCH Cavendish Maxwell’s strategic property consulting and research team has some of the region’s most highly qualified data analysts with a wealth of international real estate advisory experience. We work closely with a broad portfolio of banks, property developers, government entities and private clients, providing authoritative, industry-specific research and advice to maximise portfolio performance. Our strategic property consulting and research expertise spans a variety of sectors including residential, office, hospitality, education and mixed-use developments, and our team draws on reliable proprietary data to allow for thorough and accurate analysis of trends and market fluctuations.
40 BANKS
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Disclaimer: The information and analysis contained in this report is based on information from a variety of sources generally regarded to be reliable, and assumptions which are considered reasonable, and which was current at the time of undertaking market research, but no representation is made as to their accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices at any time, for regulatory or other reasons. The report and analysis do not purport to represent a formal valuation of any property interest and must not be construed as such. Such analyses, including forward-looking statements are opinions and estimates only, and are based on a wide range of variables which may not be capable of being determined with accuracy. Variation in any one of these indicators can have a material impact on the analysis and we draw your attention to this. Cavendish Maxwell and Property Monitor do not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this report.
38
STRATEGIC CONSULTING AND RESEARCH KEY SERVICES MARKET RESEARCH
PORTFOLIO STRATEGY
EDUCATION ADVISORY AND VALUATION
FEASIBILITY STUDIES
DEVELOPMENT RECOMMENDATIONS
PROPERTY DATA
HIGHEST AND BEST USE STUDIES
MARKET ENTRY STRATEGY
ADVISORY SERVICES
SITE ANALYSIS
DUBAI
ABU DHABI
M US C AT
2205 Marina Plaza Dubai Marina P.O. Box 118624 Dubai United Arab Emirates
605 West Tower, Abu Dhabi Mall Tourist Club Area P.O. Box 126609 Abu Dhabi United Arab Emirates
Villa 836, Way 3012 Al Sarooj P.O. Box 3438 Muscat Sultanate of Oman
T: +971 4 453 9525
T: +971 2 448 4677
T: +968 24 694 150