Q3 2018 Dubai Market Report

Q3 2018

Dubai Market Report

FOREWORD Cavendish Maxwell is a highly respected independent firm of chartered surveyors and property consultants, focusing on real estate services throughout the Middle East and Africa.

Established in 2008, Cavendish Maxwell is now one of the most influential consultancy firms 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.

Our Q3 2018 report provides a summary of the Dubai residential market as well as a sector focus on building consultancy. 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. It also provides an outlook on the following quarter and predictions by professionals, which are studied against real performance.

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Q3 2018

Dubai Market Report

CONTENTS 4

House Price Timeline

6

Price Performance

8

Rent Performance

10

Q4 2018 - Q1 2019 Upcoming Supply

12

Residential Sales Overview

15

Property Monitor Residential Survey

16

Sector Focus - Building Consultancy

18

Methodology

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Q3 2018

Dubai Market Report

HOUSE PRICE

In Q3 2018, villas/townhouses have traded at around AED 1.9 million and apartment transactions have averaged AED 1.2 million.

TIMELINE 4.0M

3.5M

Dubai House Price Timeline Sales Price (AED) from January 2008 to September 2018

3.0M

2.5M

2.0M

1.5M

1.0

0.5M

Early sign of Nakheel and DWC announcing plans for trouble

UAE real estate Lehman Brothers boom collapse

debt restructuring

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

Q1-2009

Q4-2008

Q3-2008

Q2-2008

Q2-2009

Bond issuance Abu Dhabi’s $10 by the Dubai billion loan to Central Bank Dubai

Oil price peak Oil price collapse at $32/barrel at $145/barrel Q1-2008

Rebound growth for the general market - oil prices above $100

Note: Dubai House Price Timeline tracks residential property transactions from Dubai Land Department (off-plan and secondary)

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Q3 2018

Dubai Market Report

Transacted prices for villas/townhouses have settled lower than the 2017 average during Q3 2018 and the price gap is narrowing between apartments and independent homes. Prices for apartments are also shifting towards the lower end of the band, averaging at AED 1.2 million in Q3 2018. Secondary market transfers, which began outpacing off-plan activity for villas/townhouses since November 2017, have continued the trend this quarter. Meanwhile, in the first nine months of 2018, off-plan transfers for apartments have continued to lead the tally as developers focus their attention on lower-priced inventory, aggressive payment plans, fee waivers and other incentives. According to data from Property Monitor, 26% of the off-plan transfers for apartments in the first nine months of 2018 were in the AED 1,200 to 1,500 per sq ft price bracket. By comparison, the most active price band in the secondary market for apartments (26% of total) was the AED 500 to 800 per sq ft segment. Studio and one bedroom units continued to be the most active type transferred in both the off-plan and secondary market in 2018 to date.

Average Sales Price Q3 2018

AED 1.9 Million

AED 1.2 Million

VILLAS/TOWNHOUSES

APARTMENTS

Russian currency crisis

OPEC limits crude output

Q3-2018

Q2-2018

Q1-2018

Q4-2017

Q3-2017

Q2-2017

Q4-2016

Q2-2016

Q1-2017

Affordable housing arrived

Brexit

Q1-2016

Q4-2015

Q3-2015

Q2-2015

Oil price deregulation

Q3-2016

Oil Price collapse at $47/barrel Q1-2015

Q3-2014

Q2-2014

Q1-2014

Q4-2013

Q3-2013

New market Expo 2020 peak announcement

Q4-2014

Central Bank mortgage cap

Source: Property Monitor to derive monthly and quarterly average transacted prices for apartments and villas/townhouses.

Š Property Monitor 2018 | propertymonitor.ae

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Q3 2018

Dubai Market Report

PRICE

PERFORMANCE

According to the Property Monitor Index, apartment and villa/townhouse prices have registered 12 month declines of 3.4% on average.

QoQ% change Q2 2018 - Q3 2018

Apartment Change in Price (%)

12 month % change Q3 2017 - Q3 2018

-1.6

International City (Clusters)

-3.7

-1.1

Discovery Gardens

-2.6

-1.4

Jumeirah Village Circle

-3.6

-0.5

IMPZ

-2.5

-1.2

Uptown Motor City

-2.5 -2.5

Dubai Silicon Oasis

-3.7

0.0

Al Furjan

-2.2

Dubai Sports City -1.1

Jumeirah Village Triangle

-3.5

-0.9

Jumeirah Lakes Towers

-1.3

-0.2

The Greens

-2.4

-1.4

Business Bay

-3.3

-1.2

Dubai Marina

-2.5

-0.8

The Views

-3.7 -2.4

-2.7

-1.0

Jumeirah Beach Residence

-3.0

-1.1

DIFC

-3.0

-3.6

Palm Jumeirah -0.8

Downtown Burj Khalifa 0

-0.5%

-4.6

-2.0

-1.0%

-1.5%

-2.0%

-2.5%

-3.0%

-3.5%

-4.0%

-4.5%

-5.0%

Average Price per Sq ft (AED)

Jumeirah Lakes Towers

Palm Jumeirah

1,183

2,090

Jumeirah Beach Residence 1,606

Dubai Marina

The Greens

1,602

Business Bay

1,446

Downtown Burj Khalifa

2,353

1,310

Discovery Gardens

DIFC

The Views

797

1,757

1,541

Al Furjan 870

Jumeirah Village Triangle

1,063

Uptown Motor City

831

IMPZ

International City (Clusters)

831

587

Dubai Sports City 925

* Average price per sq ft as of September 2018 6

Jumeirah Village Circle

800

Dubai Silicon Oasis 780

Source: Property Monitor Š Cavendish Maxwell 2018 | cavendishmaxwell.com

Q3 2018

Dubai Market Report

In Q3 2018 sales prices across the residential market registered quarterly declines of 1.4% and 1.3% for villas/townhouses and apartments respectively. Subdued economic activity and handover of new supply later this year is likely to exert further downward pressure on housing sales prices. Meanwhile, the announcements by the UAE government in 2018 on new ten-year visa regulations and a five-year residency visa for retired expatriates, could have a positive impact on market sentiment in the short term. However, the details of the new retiree visa options are yet to be announced and the direct impact on the real estate sector would only become visible after it has been implemented, which is expected in early 2019. According to information released so far, to qualify for the retiree visa, an expatriate should have an investment in a property worth AED 2 million, or financial savings of around AED 1 million, or have an active income of AED 20,000 per month.

Villa/Townhouse Change in Price (%) -2.1

Al Furjan Villas

-3.1

-0.7

Jumeirah Village Triangle

-3.3

-1.1

Green Community Motor City

-2.7

-1.1

The Springs

-2.5

-1.8

Jumeirah Park -0.5

Arabian Ranches

-3.5 -2.2

Victory Heights

-2.6

-6.7

-1.7

The Meadows

-4.1

-1.4

The Lakes

-3.5

0.0

Jumeirah Golf Estates

12 month % change Q3 2017 - Q3 2018 -4.5

-0.8

Cedre Villas Silicon Oasis

QoQ% change Q2 2018 - Q3 2018

-4.8

-2.2

Jumeirah Islands

-5.1

-1.8

Palm Jumeirah (Garden Homes) 0

-0.5%

-1.0%

-1.5%

-2.0%

-2.5%

-3.0%

-3.5%

-3.9 -4.0%

-4.5%

-5.0%

-5.5%

-6.0%

-6.5%

-7.0%

Average Price per Sq ft (AED) Palm Jumeirah (Garden Homes)

2,588

Jumeirah Park

1,031

Jumeirah Islands

1,438

The Lakes 1,336

Al Furjan Villas

The Meadows

810

1,301

Jumeirah Village Triangle 914

Green Community Motor City

The Springs

960

1,011

Arabian Ranches 1,173

Cedre Villas Silicon Oasis 895

Jumeirah Golf Estates

1,200

* Average price per sq ft as of September 2018 Š Property Monitor 2018 | propertymonitor.ae

Victory Heights

1,120

Source: Property Monitor 7

Q3 2018

Dubai Market Report

RENT

PERFORMANCE

Rent declines for residential properties in Dubai averaged 6% over the last 12 months and 1.3% on average quarter on quarter

Rental declines were more pronounced in Dubailand, The Greens in Emirates Living, Motor City, Arabian Ranches and Victory Heights averaging 12 month change of around 7%. Rent decline is expected to continue during the last quarter of the year and beginning of 2019, with new handovers planned in both freehold and leasehold communities across Dubai. However, the impact on some developments will be less notable if they benefit from unique demand drivers such as beachfront location, quality finishes and superior community facilities.

AED 58,558 AED 70,000

AED 64,860

AED 115,000

AED 71,750

AED 90,100 AED 120,627

AED 105,000 AED 127,036

The Greens -7.7

Jumeirah Beach Residence -6.1

Annual Rent by Bedroom Level Apartment

Villa/Townhouse

Studio Rent

3 BR Rent

1 BR Rent

4 BR Rent

2 BR Rent

5 BR Rent

12 month % change

12 month % change

Source: Property Monitor

AED 272,650

AED 70,615 AED 96,627

Jumeirah Lakes Towers -6.3

-5.3 The Meadows

AED 260,000

AED 153,240 AED 171,080

-5.8 The Springs

AED 58,640

AED 37,000

-5.9 Jumeirah

AED 78,355

Park

AED 99,255

AED 146,500 AED 189,000

Al Furjan Villas -7.9 8

-4.6 Jumeirah Islands

AED 267,720

AED 348,800

Discovery Gardens -7.7

AED 53,000

AED 210,000

The Lakes -4.0

Dubai Marina -4.5

The Views

AED 175,560

AED 392,600

AED 129,906

* Data as of September 2018

-5.1

AED 177,320

AED 244,530 AED 250,000

AED 179,200 AED 215,000 AED 230,000

AED 309,000

Jumeirah Golf -6.4 Estates

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Q3 2018

Dubai Market Report

-4.9 DIFC AED 74,000 AED 99,560 AED 172,170

-5.8 Downtown Burj Khalifa AED 80,000

Business Bay -6.0

AED 95,000

International City -5.9

AED 146,782

AED 71,994

AED 30,625

AED 85,000

AED 41,380

AED 125,850

AED 56,700

Rental Cheques For Apartments and Villas/ Townhouses According to Property Monitor’s database of rental contracts, the majority of the rental agreements for residential properties in Q3 2018 were in one cheque (45% of total), which has increased by 7% compared to last quarter. Rental payments made in 4 cheques decreased by 2% over the quarter.

AED 184,000 AED 265,000

AED 44,425

AED 182,218

AED 68,972

AED 243,240

AED 111,585

AED 286,128

6 Cheques 2%

Arabian Ranches I -4.0

-7.6

-7.2

Dubai Sports City

Victory Heights

-7.0

12 Cheques 3% 1 Cheque 45%

4 Cheques 25%

Motor City AED 51,100

AED 75,480 AED 108,900 © Property Monitor 2018 | propertymonitor.ae

3 Cheques 6% 2 Cheques 19%

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Q3 2018

Dubai Market Report

Q4 2018 - Q1 2019

UPCOMING SUPPLY Approximately 6,000 residential units have been handed over across Dubai in Q3 2018.

72%

APARTMENTS

28%

VILLAS/TOWNHOUSES

The majority of the handovers during the third quarter of 2018 were in Jumeirah Village Circle, Downtown Burj Khalifa, Town Square, and Dubai South with more than 300 units being handed over in each location. More than 72% of the handed over units were apartments. For the remainder of the year the majority of the upcoming supply is concentrated in Business Bay, Jumeirah Village Circle, Dubai Sports City, Dubai Silicon Oasis and Town Square.

Palm Jumeirah

Barsha Heights Dubai Marina

PROPERTY MONITOR

SUPPLY TRACKER

Jumeirah Village Circle

Supply scheduled to be completed by end of Q1 2019 0 - 200

200 - 400

400 - 600

1,000 - 1,500

1,500 - 2,000

2,000+

600 - 1,000

Al Furjan

IMPZ Jumeirah Golf Estates

Source: Property Monitor

Dubai Investments Park Dubai South 10

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Q3 2018

Dubai Market Report Al Qusais

Oud Al Muteena

Al Jaddaf Downtown Burj Khalifa Business Bay International City Meydan City

Mohammed bin Rashid City

Dubai Silicon Oasis

Living Legends

Dubai Sports City

Arabian Ranches II

Town Square

Š Property Monitor 2018 | propertymonitor.ae

Akoya Oxygen

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Q3 2018

Dubai Market Report

RESIDENTIAL SALES

Residential Sales Q3 2018

OVERVIEW

5,110

Off-plan transfers accounted for 53% of the total transfers in Q3 2018

1,240

APARTMENTS

VILLAS/TOWNHOUSES

Business Bay, Mohammed bin Rashid City and Jumeirah Village Circle dominated the off-plan apartment transfers during the third quarter of the year. On the other hand, International City, Dubai Marina, Jumeirah Village Circle led the secondary market apartment transfers, which accounted for 31% of the total apartment secondary transfers during Q3 2018. Secondary market transfers among villas surpassed the off-plan transfers in Q3 2018, led by Emirates Living, Arabian Ranches, Mudon developments which together accounted for 30% of the total secondary market transfers registered during the third quarter.

Top Five Locations for Apartment Sales in Q3 2018 Off-Plan Sales

Secondary Market Sales 450

450

350

250 200 150

300 250

150

0

145

Dubai Marina

0 Downtown Burj Khalifa

50

International City

50

Jumeirah Village Circle

100

Mohammed bin Rashid City

257

200

100

Business Bay

261

Secondary Market Sales

160

160 145

140 120

80

79

60

67

40

105

80

77

60

67 58

55

40

37 25

20

100

Mohammed bin Rashid City

100

Dubai Hills

No. of Transfers

Mudon

Dubai South

Wadi Al Safa

Town Square

Mohammed bin Rashid City

0 Villa Nova

0

20

Arabian Ranches

No. of Transfers

120

Emirates Living

140

101

Source: Property Monitor

Top Five Locations for Villa/Townhouse Sales in Q3 2018 Off-Plan Sales

117

Palm Jumeirah

274

Barsha Heights

284

Jumeirah Village Circle

298

300

International City

350 No. of Transfers

400

377 No. of Transfers

400

409

Source: Property Monitor

Note: The above information is based on daily transactions data published by Dubai Land Department from property registrations during the period. This does not reflect the date of sale and should not be construed as such.

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Q3 2018

Š Property Monitor 2018 | propertymonitor.ae

Dubai Market Report

13

Q3 2018

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Dubai Market Report

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Q3 2018

Dubai Market Report

SURVEY

RESULTS

Looking Back – Q3 2018

Predictions

Reality

The majority of agents surveyed had predicted apartment and villa/ townhouse prices to decrease by up to 5%.

vs

The majority of agents had predicted that apartment and villa/ townhouse rents would decrease by up to 5% in Q3 2018.

The majority of agents had predicted new buyer enquiries, seller instructions and agreed sales would increase in Q3 2018.

Apartment and villa/townhouse prices have declined on average by 1.3% in Q3 2018 with 12 month decline of 3.4% on average.

Apartment and villa/townhouse rents declined by 1.3% QoQ though 12 month decline is around 6% on average.

According to data from real estate agencies, transaction levels for Q3 2018 are lower than Q2 2018.

Q4 2018 Transaction Outlook

Looking Forward – Q4 2018 Q4 2018 Price Outlook Apartments Percentage of agents who predict apartment prices will: 7.3%

Villas/Townhouses Percentage of agents who predict villa/ townhouse prices will:

2.1%

Percentage of agents who predict new buyer enquiries will: 10.9%

17.8%

7.3% 21.9%

22.9%

30.2%

29.2% 71.3% Decrease

Increase

Remain the same

Percentage of agents who predict new seller instructions will: 9.9%

40.6%

38.5% Increase by more than 5%

Increase by up to 5%

Not change

Decrease by up to 5%

Decrease by more than 5%

33.7%

Source: Property Monitor and Residential Survey

Q4 2018 Rent Outlook Apartments Percentage of agents who predict apartment rents will: 4.2%

Villas/Townhouses Percentage of agents who predict villa/ townhouse rents will:

3.1%

6.3%

56.4% Decrease

20.8%

19.8% 20.8%

Increase

Remain the same

Percentage of agents who predict agreed sales will: 16.8%

18.8% 28.1%

44.8% Increase by more than 5%

52.1% Increase by up to 5%

Not change

Source: Property Monitor Residential Survey © Property Monitor 2018 | propertymonitor.ae

Decrease by up to 5%

64.4%

Decrease by more than 5% Decrease

Increase

Remain the same

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Q3 2018

Dubai Market Report

SECTOR FOCUS

BUILDING CONSULTANCY There are various interwoven factors that can influence the value of a building, which will change over time as the building ages and the area around the property develops. Some of the tangible elements that a building owner should consider when keeping their property in a condition of peak performance are building age, condition, and energy efficiency. For example, in most countries buildings will typically account for 40% of overall energy use, whereas in the UAE this is around 80%. While changes to regulations will have an immediate improvement on new builds, the existing building stock is more difficult to tackle but continues to be in need of improvement to maintain value.

While making the decision for considering any property for refurbishment, the following aspects should be assessed:

Building

Condition Survey

Information*

Life Cycle Costing

Fire Issues

Energy Efficiency

*AutoCAD drawings, asset registers, material schedules etc.

CONDITION SURVEYS Condition surveys are important when considering refurbishment of any development and are carried out to identify any defects and establish a baseline for refurbishment. Some of the most common defects we find in UAE buildings are incorrect design, lack of proper maintenance and poor workmanship, which accounts for around 50% of all defects discovered.

Condition Assessment Process

Factors causing defects in UAE buildings

During the condition survey process, repair works can be scheduled using cross tabular analysis of condition rating and potential risk in order to prioritise remedial works.

Condition

Condition Score

Condition Description

A - Very Poor

1

Asset unserviceable - over 50% of the asset requires replacement

B - Poor

2

Significant renewal/upgrade required (20% - 40%)

C - Fair

3

Significant maintenance required above the norm (10% - 20%)

D - Good

4

Minor defects, only minor maintenance required above the norm

E - Very Good

5

Only normal annual maintenance required

Priority

Condition Score

Urgent

3

Considered serious and/or need to be attended urgently

Desirable

2

Requiring attention in the short term, not considered serious or urgent

Long Term

1

No repair required or future maintenance required in the long term

16

6%

v

18% 47% 12%

17%

Condition Description

Poor workmanship

Lack of proper maintenance

Climatic conditions

Quality / type of materials

Incorrect design

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Q3 2018

Dubai Market Report

BUILDING LIFE CYCLE COSTING Building costs have traditionally been expressed in terms of the initial capital cost only, which can allow a low development cost but with the disadvantage of high operating expenditure (OPEX) costs for owners and tenants in the future. Life cycle costing is the process of estimating the total cost of an asset over an extended period of time and if implemented correctly, using forecasting to make rational choices, can provide significant savings in the maintenance and running costs of a building in the future. It is most effective if used during the planning stage, but can still be adopted for existing buildings in terms of making decisions on repairs, retrofitting and refurbishment programmes, taking into account capital sums (both present and future), recurring costs (maintenance, running costs etc) and sinking funds to replace assets on life expiry. A life cycle cost problem we identified within the UAE has developed in relation to both development and short term ownership patterns, whereby developers with no long term interests in a building may prefer low initial construction costs, and owners of jointly owned properties may feel unwilling to contribute to sinking funds for communal assets that will require replacement long after they have left the building. This can have the effect of both high OPEX costs and insufficient funds for replacements.

Refurbishment

Maintenance

Planning

Costing stages in a building life cycle

Operation

Construction

Life cycle costing for existing buildings can assess the cost of maintaining and/or replacing an asset and services after a building’s handover and prior to the end of a building’s life. It is important to note that for every AED 1 spent in construction, AED 60-80 will be spent in operating the building over its life cycle.

Life cycle costing works very well in weighing up the retrofitting of shorter-life assets, such as mechanical, electrical, plumbing and fire services equipment, where foreseeable energy, maintenance and renewal costs can all be very clearly compared. The decision to refurbish rather than rebuild or relocate will generally come down to architectural importance, building adaptability, environmental impact and cost. It is essential to have a sound real estate strategy to achieve intelligent economies of scale while maintaining value as a property ages.

Š Property Monitor 2018 | propertymonitor.ae

Design

AED

AED 1 spent in construction

AED 60-80 spent in operating the building over its life cycle

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Q3 2018

Dubai Market Report

METHODOLOGY Sale prices and rents are derived from Property Monitor (www.propertymonitor.ae), a real estate intelligence platform established by Cavendish Maxwell in 2014. Property Monitor provides real-time, market-wide transactional data and trends. Working with governments, agencies, banks, developers and corporate investors, it provides deeper insight into real estate advisory, investment, and lending activities.

The average sales price per sq ft 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.

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, 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

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Our consulting and research team includes seasoned professionals with international advisory experience offering bespoke and localised services. Through them, our clients immediately gain access to our knowledge base, technical expertise and highly skilled individuals, making us the development partner of choice. The team leverages their global expertise to offer tailored advice to clients in the MENA region covering all real estate classes including residential, office, hospitality, education, mixed-use developments, among others.

The team partners with developers, investment companies, family offices and the government to deliver actionable development and real estate investment strategies aligned with prevailing and forecasted market conditions. The work of the advisory team is supported by Property Monitor, the UAE’s only data source offered by RICS accredited property professionals, as well as multidisciplinary valuation and investment departments.

BANKS

Our documents and advice meet banking and audit criteria, proven by our presence on over 40 bank panels across the Middle East.

KEY SERVICES Market Research

Portfolio Strategy

Development Recommendations

Property Data

Advisory Services

Education Advisory and Valuation

Feasibility Studies

Highest and Best Use Studies

Market Entry Strategy

Site Analysis

Disclaimer:

The information and analysis contained in this report has been obtained from 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 does not purport to represent a formal valuation of any property interest and must not be construed as such. Such analysis 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 variables 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.

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© Cavendish Maxwell 2018 | cavendishmaxwell.com

Q3 2018

Dubai Market Report

PEOPLE Jay Grant MSc IRRV (Hons) MRICS

Nigel Armstrong FMAAT

E: jay.grant@cavendishmaxwell.com

E: nigel.armstrong@cavendishmaxwell.com

James Cresswell BA (Hons) MSc MRICS

Sofia Underabi MRICS AAPI

E: james.cresswell@cavendishmaxwell.com

E: sofia.underabi@cavendishmaxwell.com

Moe Abeidat

Eng.

E: moe.abeidat@propertymonitor.ae

E: craig.ross@cavendishmaxwell.com

Andrew Love MA (Hons) MRICS

Manika Dhama BA (Hons), MBA

E: andrew.love@cavendishmaxwell.com

E: manika.dhama@cavendishmaxwell.com

Founder and Chairman

Partner Head of Commercial Valuation

Chief Technology Officer Property Monitor

Partner Head of Investment and Commercial Agency

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Chief Executive Officer

Partner Head of Residential Valuation

Craig Ross BSc (Hons) MRICS

Partner Head of Building Consultancy

Associate Partner Strategic Consulting and Research

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Dubai

Abu Dhabi

Muscat

2205 Marina Plaza Dubai Marina P.O. Box 118624 Dubai United Arab Emirates

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Villa 836, Way 3012 Al Sarooj P.O. Box 3438 Muscat Sultanate of Oman

T: +971 4 453 9525 E: info@cavendishmaxwell.com

T: +971 2 448 4677 E: info@cavendishmaxwell.com

T: +968 99 445 917 E: info@cavendishmaxwell.com

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