2018 -- A A YEAR YEAR IN IN REVIEW REVIEW 2018
FOREWORD 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. Our 2018 review provides a summary of the Dubai residential market with special reports from Dubai Land Department, as well as a sectorbased focus on commercial, retail and hospitality markets in Dubai and what can be expected in 2019. The report also highlights the top developers in the region based on transaction values and volumes. 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 features an outlook on the following quarter and predictions by professionals which are studied against real performance.
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2
Dubai Market Report
2018 -- A A YEAR YEAR IN IN REVIEW REVIEW 2018
Dubai Market Report
CONTENTS 4
Dubai Land Department Report
6
Residential Market Overview
26
Office Market Overview
28
Retail Market Overview
30
Hospitality Market Overview
32
Market Outlook
34
Methodology
3
2018 - A YEAR IN REVIEW
Dubai Market Report
DUBAI LAND
D E PA RT M E N T The following is a report from H E Sultan Butti bin Mejren, Director General of Dubai Land Department (DLD). DLD’s report on the Dubai real estate market over the first 11 months of 2018 revealed:
H E Sultan Butti bin Mejren Director General
Total transactions
AED 194 Billion Jan - Nov 2018
B U S I N E S S B AY Total transactions
3,124
DLD confirmed that sales of land, buildings, and residential units approached AED 69 billion, mortgages reached AED 101 billion, and other transactions totalled AED 24 billion.
AED
5.9
Billion
MARSA DUBAI Total transactions
2,353
AED
4.7
Billion
A L WA R S A N 1 Total transactions
2,211
AED
1.5
Billion
TOP FIVE INVESTORS
Meanwhile, a total of 33,888 investments were made by 26,728 investors, with a combined value of AED 62 billion. GCC nationals made over 8,096 transactions through 5,946 investors, with a total value of AED 16.5 billion. The Dubai market attracted 3,664 Arab investors, who made 4,641 investments, with a total value of AED 7.6 billion, while over 17,118 foreign investors concluded 21,151 transactions worth over AED 37 billion. There was also active participation from women, 8,385 of whom were responsible for 9,723 investments worth AED 16.3 billion. Emiratis were the top investors among GCC nationals in Dubai’s real estate market, as they invested over AED 11.5 billion. They were followed by Indian (AED 10.8 billion), British (AED 4.3 billion), Pakistani (AED 2.8 billion), and Jordanian (AED 1.5 billion) investors. Investors from Saudi Arabia, China, Egypt and Canada also contributed to the total transaction value in 2018. Business Bay generated a total of 3,124 transactions worth AED 5.9 billion, followed by Marsa Dubai, with 2,353 transactions worth AED 4.7 billion, and Al Warsan 1, with 2,211 transactions worth AED 1.5 billion. On the same list, Al Barsha South Fourth, Al Merkadh, Burj Khalifa, Al Thanyah Fifth, Jabal Ali First, Al Hebiah Fourth, and Al Hebiah Third ranked in the following seven consecutive places, respectively.
AED 11.5 BILLION
AED 10.8 BILLION
AED 4.3 BILLION
The report also revealed the top ten areas of Dubai in terms of volume and value of mortgage transactions, with Marsa Dubai taking first place, having generated 879 transactions worth AED 2.9 billion. It was followed by Al Thanyah Fifth, with 768 transactions worth over AED 1.6 billion, and Business Bay, with 703 transactions valued at AED 4 billion. On the same list, Al Barsha South Fourth, Al Merkadh, Burj Khalifa, Al Thanyah Fifth, Jabal Ali First, Al Hebiah Fourth, and Al Hebiah Third ranked in the following seven consecutive places, respectively.
AED 2.8 BILLION 4
AED 1.5 BILLION
2018 - A YEAR IN REVIEW
Dubai Market Report
D U B A I L A N D D E PA RT M E N T ’ S A P P L I C AT I O N S DLD is constantly working to consolidate Dubai’s position as the world’s premier destination for innovation, confidence and happiness. DLD is building a world-class real estate environment based on innovation and sustainability to make Dubai the happiest city with its smart services. All available financial resources will be utilised to support the human cadres who will provide support and services to Dubai’s real estate customers with the highest degree of professionalism and specialisation. DLD is also committed to the use of integrated property legislation that guarantees the full rights of all parties with integrity and transparency.
DLD aims to strengthen its position globally by organising and participating in global real estate exhibitions, where it has recently recorded a distinguished presence as a strategic global partner at the American 2018 REALTORS Conference & Expo (NAR) in Boston, USA, one of the world’s largest real estate events.
DLD’s smart applications, which are subject to continuous improvements and updates, have greatly contributed to ensuring the convenience, satisfaction and happiness of its customers. These applications have gained a high level of efficiency and contributed to enhancing user productivity, reducing cost, time and effort, and established transparency in the real estate sector.
These unique elements include, but are not limited to, Dubai’s strategic location between the east and west, readily available air connections, strong transport infrastructure, hotels with worldclass standards, high level of security and safety, and extensive experience in organising large international conferences.
DLD’s most prominent applications include Ejari, Dubai Land Department, Dubai Real Estate Market (eMart), Dubai Brokers, Registration Trustees (RT), Mashrooi, the Investment Map portal launched by the Real Estate Investment Management and Promotion Center, and Smart Judge.
DLD has welcomed delegates to attend FIABCI Dubai 2018 over six days. The Emirate has been able to gain the trust of the international community because of the unique elements that help it to organise one of the world’s largest international events.
The event was held for the first time in the MENA region, which is a new milestone in Dubai’s management of international events, involving partnerships with various institutions and companies to enhance its outstanding government performance and jointly raise the level of Dubai’s competitiveness.
In November 2018, DLD announced the addition of new services to the Ejari smart application, which enable landlords to register and renew lease contracts and digitally send contracts to tenants for approval and vice versa, without the need to review a real estate service trustee concerned with the registration of Ejari contracts.
D U B A I L A N D D E PA RT M E N T ’ S O U T S TA N D I N G ACHIEVEMENTS One of DLD’s most recent and prominent achievements was the launch of remote litigation during GITEX Technology Week 2018 through its judicial arm, the Rental Disputes Center (RDC), which broadcasted the first remote litigation trial in partnership with wasl Asset Management Group. The remote litigation process aims to restore the rights to owners, while saving time and effort for all parties involved. It will have a positive impact in regulating the work mechanisms in the real estate market and ensuring stability by applying smart and innovative solutions. A delegation from DLD participated in the inauguration of ‘Dubai Way’ in Frisco, Texas, which is part of Investment Group Overseas’ (IGO’s) development ‘The Gate’. This affirms the strength of DLD’s partnerships with various institutions and companies to enhance its outstanding government performance and jointly raise the level of Dubai’s competitiveness. DLD also inaugurated a new real estate promotion trustee office in cooperation with the International Promotional Trustee Medallion Associates during the third edition of the Dubai Property Show – London. The office aims to coordinate real estate consultancy and investment to promote Dubai’s real estate market to British and international investors.
The Dubai Real Estate Institute (DREI), the educational arm of Dubai Land Department (DLD), announced the launch of the third edition of the Gulf Real Estate Awards. These awards target all companies operating in the real estate sector in the GCC. The announcement follows the success of the first two editions and a group of experts and specialists have been selected in each award category.
In conjunction with Dubai Property Show – Mumbai, which was recently organised by DLD in December 2018, a new real estate promotion trustee office was inaugurated in Mumbai to encourage additional Indian investments into Dubai’s real estate market.
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2018 - A YEAR IN REVIEW
Dubai Market Report
“
HOUSE PRICE
In 2018, apartments traded within a close range of AED 1.2 to 1.26 million, while villas/townhouses traded from AED 1.8 to 2.5 million on average.
TIMELINE
DUBAI HOUSE PRICE TIMELINE
4.0M
Sales Price (AED) from January 2008 to December 2018
3.5M Nakheel and DWC announce plans for debt restructuring
Lehman Brothers collapse
3.0M Oil price collapse at $32/barrel
Abu Dhabi’s $10 billion loan to Dubai
2.5M
2.0M
1.5M
1.0M
0.5M
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. 6
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
Bond issuance by the UAE Central Bank
Q2-2009
Q1-2009
Q4-2008
Q3-2008
Q2-2008
Oil price peak at $145/barrel
Q1-2008
Rebound growth for the general market - oil prices above $100/barrel
Early sign of trouble
UAE real estate boom
2018 - A YEAR IN REVIEW
Dubai Market Report
Sales prices softened and rents declined across most districts in Dubai, continuing the trend from 2017. The price gap narrowed markedly between apartments and independent homes (villa/townhouses). The average trading price for villas/townhouses in Dubai moved from AED 2.3 million at the end of 2017 to AED 1.8 million in the last quarter of 2018. Prices for apartments also moved towards the lower end of the range, averaging at AED 1.2 million.
AVERAGE SALES PRICE Q4 2018 APARTMENTS
VILLAS/TOWNHOUSES
AED 1.2 Million
Brexit vote
Q4-2018
Q3-2018
Q2-2018
Q1-2018
Q4-2017
Q3-2017
Q2-2017
Q1-2017
Q4-2016
Q3-2016
Q2-2016
Affordable housing in the UAE
Q1-2016
Q4-2015
Q3-2015
Q2-2015
Oil Price collapse at $47/barrel
Q1-2015
Expo 2020 announcement
Q4-2014
Russian currency crisis
Q3-2014
OPEC limits crude output
Oil price deregulation
UAE Central Bank mortgage cap
Q2-2014
Q1-2014
Q4-2013
Q3-2013
New market peak
AED 1.8 Million
Source: Property Monitor 7
2018 - A YEAR IN REVIEW
Dubai Market Report
PRICE
PERFORMANCE CHANGE IN APARTMENT PRICE (%)
“
According to the Property Monitor Index, apartment and villa/townhouse prices have registered 12-month declines of 6.9% on average.
International City (Clusters)
-6.3%
Discovery Gardens
Quarterly Q3-Q4 2018 Yearly Q4 2017-Q4 2018
-8%
-5.9% -8%
Jumeirah Village Circle
-3.1%
-6%
IMPZ
-4.9%
Uptown Motor City
-4.8%
-6% -7%
Dubai Silicon Oasis
Palm Jumeirah AED 2,065/sq ft
-1.3% -4%
Al Furjan
-2.6% -6%
Dubai Sports City
-6.1% -9%
Jumeirah Village Triangle
-6.4% -9%
Jumeirah Lake Towers
-4.9%
The Greens AED 1,227/sq ft
-7%
The Greens
-6.3% -8%
Business Bay
Jumeirah Beach Residence AED 1,530/sq ft
-3.9%
The Views AED 1,487/sq ft
-5%
Dubai Marina
Dubai Marina AED 1,552/sq ft
-3.1% -5%
The Views
-3.5%
Jumeirah Beach Residence
Jumeirah Lake Towers AED 1,125/sq ft
-5% -4.7% -7%
DIFC
-4.5%
Palm Jumeirah
-7%
Discovery Gardens AED 750/sq ft
-1.2% -3%
Downtown Burj Khalifa
-4.4%
% change
8
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
-6%
Al Furjan AED 847/sq ft
2018 - A YEAR IN REVIEW
Dubai Market Report
DIFC AED 1,678/sq ft
Downtown Burj Khalifa AED 2,250/sq ft Business Bay AED 1,390/sq ft
International City AED 550/sq ft
Dubai Silicon Oasis AED 770/sq ft
Jumeirah Village Circle AED 775/sq ft
Jumeirah Village Triangle AED 1,000/sq ft
IMPZ AED 790/sq ft
Uptown Motor City AED 791/sq ft
Dubai Sports City AED 869/sq ft
Average price (AED/sq ft) as of December 2018 9 9
2018 - A YEAR IN REVIEW
Dubai Market Report
PRICE
PERFORMANCE CHANGE IN VILLA/TOWNHOUSE PRICE (%)
“
Rate of decline in residential property prices across key communities in Dubai has increased over the last 12 months in comparison to 2017.
Al Furjan Villas
Quarterly Q3-Q4 2018 Yearly Q4 2017-Q4 2018
-3.3% -7%
Cedre Villas Silicon Oasis
-5.3% -8%
Jumeirah Village Triangle
-2.1% -5%
Green Community Motor City
-3.6% -6%
The Springs
-4.1% -6%
Jumeirah Park
The Fronds Garden Homes AED 2,437/sq ft
-3% -6%
Arabian Ranches
-2.8% -5%
Victory Heights
-3.1% -7%
The Meadows
-6.2% -9%
The Lakes
-4%
Jumeirah Golf Estates
-7%
The Lakes AED 1,283/sq ft
-1.8% -6%
Jumeirah Islands
-4.9%
The Fronds Garden Homes Palm Jumeirah
The Meadows AED 1,220/sq ft
-8% -5.8%
% change
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
-9%
Jumeirah Islands AED 1,367/sq ft Jumeirah Park AED 1,000/sq ft
Al Furjan Villas AED 783/sq ft
10
The Springs AED 970/sq ft
2018 - A YEAR IN REVIEW
Dubai Market Report
Cedre VIllas Silicon Oasis AED 848/sq ft
Average price (AED/sq ft) as of December 2018
Arabian Ranches AED 1,100/sq ft Jumeirah Village Triangle AED 895 sq ft
Green Community Motor City AED 925/sq ft
Victory Heights AED 1,085/sq ft
Jumeirah Golf Estates AED 1,179/sq ft
In Q4 2018, sales prices across the residential market registered quarterly declines of 4.3 % for villas and apartments on average. Price movement in the last 12 months has varied between communities as well as among different buildings within the same community, thus reflecting greater differentiation in how available properties were traded. This differentiation is expected to continue in 2019 as buyers have increasing supply options to choose from, with property fundamentals such as developer track record, proximity to social and public infrastructure, ease of access and maintenance, among other factors, driving price movement. According to data from Property Monitor, 26% of the off-plan transfers for apartments in 2018 were in the AED 1,200 to 1,500 per sq ft price bracket, whereas, in the case of villas, 59% of the total off-plan transactions were in the range of AED 500 - 800 sq ft. 11 11
2018 - A YEAR IN REVIEW
Dubai Market Report
RENT
PERFORMANCE
“
Rent declines for residential properties in Dubai averaged 7.9% over the last 12 months, and 3.7% on average quarter-on-quarter.
During 2018, residential property rents declined at a more pronounced rate than sales prices, which resulted in yield compression in most residential communities. Rental declines were more pronounced in Dubailand, The Greens in Emirates Living, Discovery Gardens, Al Furjan Villas and Victory Heights, averaging a 12-month change of more than 8%. Rent decline is expected to continue in the beginning of 2019, with new handovers planned in both freehold and leasehold communities across Dubai. The anticipated delivery over the next few quarters will continue to put further pressure on rental rates.
ANNUAL RENT BY BEDROOM LEVEL * Data as of December 2018 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
AED 110,500 AED 64,780
AED 118,300
AED 56,120 AED 123,200
Source: Property Monitor
AED 110,000
AED 262,400
AED 255,300
AED 169,000
JBR -7.9
AED 200,000
The Lakes -6.8 AED 93,930
Jumeirah Islands -6.3
AED 69,020
Dubai Marina -5.6
Discovery Gardens -9.2 AED 36,500 AED 51,000
AED 254,800
AED62,980
-6.7 The Views
AED 379,600
AED 69,300
AED 126,700
AED 85,850
The Greens -9.8
AED 169,950
-8.0 The Meadows AED 166,600
AED 339,200
AED 144,000
-9.3 JLT
-7.7 The Springs
AED 55,500
-8.2 Jumeirah Park
AED 74,800 AED 94,900
AED 171,200 AED 207,475 AED 224,250
Al Furjan Villas -9.5 AED 141,075 AED 183,750 12 12
Jumeirah Golf Estates -6.3 AED 239,850 AED 247,500 AED 301,500
2018 - A YEAR IN REVIEW
Dubai Market Report
AED 166,500 AED 95,950 AED 73,500
-5.1 DIFC
-7.9 Downtown Burj Khalifa Business Bay -6.9
AED 77,550 AED 95,000
AED 70,200
AED 142,480
AED 85,000
International City (Clusters) -9.2
AED 120,750
AED 29,000 AED 38,000 AED 53,000
Dubailand
-9.3
AED 34,500 AED 42,075 AED 55,775
RENTAL CHEQUES FOR APARTMENTS AND VILLAS/TOWNHOUSES According to Property Monitor’s database of rental contracts, the majority of rental agreements for residential properties in 2018 were in single cheques (43% of total), which has increased by 14% compared to last year. Rental payments made in four cheques decreased by 23% over last year.
AED 273,600 AED 231,520 AED 178,000 AED 106,950 AED 64,680 AED 43,250
-8.3 Dubai Sports City
Arabian Ranches -6.4
0.3%
8 Cheques
2.5%
6 Cheques
1.9% 0.2%
12 Cheques
5 Cheques
43.3%
-9.5 Motor City AED 48,300
27.2%
1 Cheque
4 Cheques
AED 72,000
-9.7 Victory Heights
AED 104,400
AED 169,650 AED 264,375
6.3%
3 Cheques
18.3%
2 Cheques 13 13
2018 - A YEAR IN REVIEW
Dubai Market Report
2018
C O M P L E T E D S U P P LY
“
More than 22,000 apartments and over 4,400 villas/townhouses were handed over in Dubai during 2018.
APARTMENTS
VILLAS/TOWNHOUSES
84%
16%
The majority of units handed over in 2018 were in Jumeirah Village Circle, Business Bay, TownSquare, Remraam and Nad Al Sheba. More than 1,000 units were handed over in each of these locations. More than 84% of units handed over were apartments.
Al Furjan
Dubai Investment Park
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2018 - A YEAR IN REVIEW
Dubai Market Report
Culture Village
Downtown Burj Khalifa Business Bay
Nad Al Sheba
Dubai Silicon Oasis
PROPERTY MONITOR
SUPPLY TRACKER Jumeirah Village Circle
Supply completed in 2018
Dubai Sports City
<1,000
1,000-1,600
1,600-2,000
2,000+
Source: Property Monitor
TownSquare
Remraam
15 15
2018 - A YEAR IN REVIEW
Dubai Market Report
2019
U P C O M I N G S U P P LY
â&#x20AC;&#x153;
The majority of the upcoming supply in 2019 is concentrated in Jumeirah Village Circle, Business Bay, Dubai Sports City, Dubai Silicon Oasis, Al Furjan and Mohammed Bin Rashid City. Approximately 85% of the upcoming supply comprises apartment units. APARTMENTS
VILLAS/TOWNHOUSES
85%
15%
The actual materialisation rate for 2019 is expected to be in line with previous years, where annual handovers ranged between 16,000 and 20,000 units.
Barsha Heights
PROPERTY MONITOR
SUPPLY TRACKER
Dubai Marina
Supply scheduled to be completed by end of 2019 <1,000
1,000-1,500
2,000-4,000
4,000+
1,500-2,000 IMPZ
Source: Property Monitor Al Furjan
Dubai Investment Park
16
Dubai South
2018 - A YEAR IN REVIEW
Dubai Market Report
Downtown Burj Khalifa Business Bay
International City
Mohammed Bin Rashid City Dubai Silicon Oasis
Dubailand
Jumeirah Village Circle
Dubai Sports City
TownSquare
Akoya Oxygen
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2018 - A YEAR IN REVIEW
Dubai Market Report
TRANSACTIONS
OVERVIEW
â&#x20AC;&#x153;
Off-plan transfers accounted for 56% of total transfers in 2018, with more than 17,300 transactions, including both apartments and villa/townhouses.
TRANSFERRED SALES 2018 APARTMENTS
VILLAS/TOWNHOUSES
24,736
5,342
The majority of off-plan transactions for apartments during the year were for studio and one-bedroom units, with Mohammed Bin Rashid City, Jumeirah Village Circle and Business Bay ranked as the top locations for off-plan apartment transactions. In 2018, the volume of villa/townhouse transfers decreased by 6% compared to 2017. However, the trend was reversed with secondary transfers outpacing offplan transfers in 2018. For apartments, off-plan transfers continued to dominate, though the volume of transfers for under-construction apartments declined by 25% year-on-year.
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2018 - A YEAR IN REVIEW
Dubai Market Report
TOP FIVE LOCATIONS FOR APARTMENT TRANSFERS 2018
OFF-PLAN
SECONDARY MARKET
2,332
2,000 1,475
1,500
1,217
1,115
1,000
1,400
1,345
1,200
1,122
1,000
801
800
607
600
571
400
500
200
0
Palm Jumeirah
Jumeirah Village Cirle
Dubai Sports City
Dubai Marina
Downtown Burj Khalifa
International City
Jumeirah Village Circle
Business Bay
Mohammed Bin Rashid City
0 International City
2,500
1,600 2,448
Number of Transfers
Number of Transfers
3,000
TOP FIVE LOCATIONS FOR VILLA/TOWNHOUSE TRANSFERS IN 2018
SECONDARY MARKET
OFF-PLAN
399
600
355
350
508 336
300 250 200 150 98
100
94
500
455
400 297
300
279 223
200 100
50 0
Mohammed Bin Rashid City
Arabian Ranches
Mudon
Emirates Living
Akoya Oxygen
Serena
Wadi Al Safa
Villa Nova
Mohammed Bin Rashid City
0 TownSquare
Number of Transfers
400
Number of Transfers
450
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2018 - A YEAR IN REVIEW
Dubai Market Report
TOP 2018
DEVELOPERS
2%
2%
2%
2% 2% 1% 2% 2%
16%
3%
3%
2% 2%
2%
4%
4%
OFF-PLAN TRANSFER SALES VOLUMES
4%
12%
4%
26% OFF-PLAN TRANSFER SALES PRICE VALUES
5%
3%
8%
6%
12%
EMAAR PROPERTIES
EMAAR PROPERTIES
DAMAC PROPERTIES
DAMAC PROPERTIES
AZIZI DEVELOPMENTS
AZIZI DEVELOPMENTS
DANUBE PROPERTIES
DANUBE PROPERTIES
DUBAI PROPERTIES
DUBAI PROPERTIES
THE FIRST GROUP
THE FIRST GROUP
MAG GROUP
MAG GROUP
NSHAMA
NSHAMA
ELLINGTON PROPERTIES
ELLINGTON PROPERTIES
BLOOM PROPERTIES
BLOOM PROPERTIES
WASL
WASL
SOBHA GROUP
SOBHA GROUP
SELECT GROUP
SELECT GROUP
Source: Property Monitor 20
12%
2018 - A YEAR IN REVIEW
Dubai Market Report
According to property transfer data from Dubai Land Department, the majority of the residential units sold both in the off-plan and secondary markets during 2018 were from Emaar Properties. Other top developers with high sales volumes and values in 2018 were Damac Properties, Azizi Developments and Danube Properties. The charts below represent developer market share based on transferred residential properties in Dubai in 2018.
2%
2%
2%
2%
1%
2%
3%
9%
15%
3% SECONDARY MARKET TRANSFER SALES VOLUMES
3%
23%
1% 2%
SECONDARY MARKET TRANSFER SALES VALUES
2% 1%
5%
4% 14% 8%
4% 10%
EMAAR PROPERTIES
EMAAR PROPERTIES
NAKHEEL PROPERTIES
NAKHEEL PROPERTIES
DAMAC PROPERTIES
DAMAC PROPERTIES
DUBAI PROPERTIES
DUBAI PROPERTIES
TRIPLANET INTERNATIONAL FZC
TRIPLANET INTERNATIONAL FZC
THE FIRST GROUP
THE FIRST GROUP
TAMEER HOLDING INVESTMENT
TAMEER HOLDING INVESTMENT
NSHAMA
NSHAMA
AL MAZAYA REAL ESTATE FZ LLC
AL MAZAYA REAL ESTATE FZ LLC
DUBAI HOLDING
DUBAI HOLDING
MAG GROUP
MAG GROUP
MERAAS
MERAAS
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SURVEY
RESULTS
P R O P E RT Y M O N I T O R R E S I D E N T I A L S U R V E Y â&#x20AC;&#x201C; Q 4 2 0 1 8
REALITY
PREDICTIONS
Apartment and villa prices declined on average by 4.3% in Q4 2018 with a 12-month decline of 6.9% on average.
The majority of agents surveyed predicted apartment and villa prices would decrease by up to 5%. The majority of agents predicted that apartment and villa rents would decrease by up to 5% in Q4 2018. The majority of agents predicted new buyer enquiries, seller instructions and agreed sales would increase in Q4 2018.
22
vs
Apartment and villa rents declined by 3.7% quarter-on-quarter though the 12-month decline was around 7.9% on average. According to data from real estate agencies, transaction levels for Q4 2018 were lower than Q3 2018.
2018 - A YEAR IN REVIEW
Dubai Market Report
L O O K I N G F O R WA R D â&#x20AC;&#x201C; Q 1 2 0 1 9 Q1 2019 PRICE OUTLOOK A PA RT M E N T S Percentage of agents who predict apartment prices will: Decrease by more than 5%
5.1%
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%
1.5%
5.6%
1% 24.9%
34% 23.4%
20.8%
38%
45.7%
Q1 2019 RENT OUTLOOK A PA RT M E N T S Percentage of agents who predict apartment rents will: Decrease by more than 5%
Decrease by up to 5%
VILLAS/TOWNHOUSES Percentage of agents who predict villa/townhouse rents will: Not change
Increase by up to 5%
3.6%
Increase by more than 5%
4.1% 24.4% 30%
27.9%
25.4%
44.2%
40.6%
Q1 2019 TRANSACTION OUTLOOK Percentage of agents who predict new buyer enquiries will:
Percentage of agents who predict new seller instructions will: Decrease
21% 30%
49%
Increase
Percentage of agents who predict agreed sales will:
Remain the same
15% 27.5%
30%
57.5%
26.5%
43.5%
2018 - A- A YEAR ININ REVIEW 2018 YEAR REVIEW
24 24
Dubai Market Report
2018 - A YEAR IN REVIEW
Dubai Market Report
OUTLOOK - 2019 Residential property sales prices and rents in Dubai are expected to continue to decline further in H1 2019. However, the rate of decline is expected to slow towards the end of the year. Upcoming supply remains the greatest threat to the sectorâ&#x20AC;&#x2122;s performance, as a substantial number of residential units are expected to be delivered over the next six months, provided there are no delays in handover schedules. Dubaiâ&#x20AC;&#x2122;s real estate market will continue to mature throughout 2019, in line with increased transparency and improved regulatory conditions. The announcement by the UAE government in 2018 on new 10-year visa regulations for certain categories of residents, as well as the 100% foreign ownership in companies, could have a positive impact on housing demand from expatriates. However, the laws will only come into effect in 2019 and the direct impact on real estate will only become clear in the medium- to long-term. Business growth and its resulting impact on jobs remains a key determinant on housing demand in Dubai. This will continue to play a crucial role in demand-supply dynamics during 2019, especially in maintaining occupancy levels in old communities as new supply is added.
FACTORS IMPACTING THE RESIDENTIAL SECTOR IN 2019
Employment growth
Proactive landlords/ developers
RESIDENTIAL
Handover of new supply
SECTOR
Competing international markets
New visa regulations; improved regulatory conditions
25
2018 - A YEAR IN REVIEW
Dubai Market Report
OFFICE MARKET
OVERVIEW 2018 Throughout 2018, Dubai recorded weakened demand, as was evidenced by lower office take-up largely due to limited business growth, in what has generally been a year of consolidation. Demand has been mostly driven by the healthcare, technology and travel/ leisure sectors.
the general services sector, with 39% of enquiries for smaller office space between 1,000 and 5,000 sq ft. However, the increasing trend in demand for flexible space and single-owned, Grade A fitted buildings, with unique fit outs and larger floor space is likely to continue in the near future.
Rental rates for office space largely declined, particularly in secondary locations, as most tenants and investors had a specific demand for Grade A fitted stock in prime business areas such as DIFC, Business Bay, Dubai Marina and One Central buildings within the World Trade Centre district.
Prime office average rental rates in major business hubs of Dubai such as DIFC, Downtown, JLT and Business Bay declined by 14% on average compared to last year, with the exception of an increase of 6% in the rate for Dubai Design District (D3). Meanwhile, freezone areas such as DAFZA, SAIF and Dubai Production City struggled to maintain higher occupancy levels, despite providing various benefits to its tenants, like a reduction in registration and license fees.
Core buildings within the DIFC district continued to outperform the market, achieving an occupancy rate of approximately 90%. The recently announced DIFC 2.0 will add 6.4 million sq ft of office space, along with 2.6 million sq ft of retail space, beside residential and leisure components, upon completion. This is expected to be rolled out in phases, but will likely impact future rental growth potential.
New commercial supply such as the HSBC Tower in Downtown, The Opus in Business Bay, The Exchange in DIFC and Innovation Hub Phase I in Dubai Internet City were handed over in 2018, adding more than 430,556 sq ft of Gross Leasable Area (GLA) to existing stock.
During 2018, more than 50% of demand for office space was from
TOTAL GLA IN MILLION SQ FT FOR OFFICES, 2016-2020(F*) 98.00
97.95 96.50
95.80
95.00
94.72 93.50
92.00
92.57 2016
2017
2018
2019/2020 F*
*Forecasted
PRIME OFFICE AVERAGE RENTAL RATES 2015 - 2018 300
(AED / sq ft)
250
200 150
0
DIFC
Downtown
Business Bay Grade A
2015 26
2016
(DMC, DIC,KV)
2017
JLT Grade A
2018
D3
180
170
130
170
150
120
200
180
165
180
190
155
110
130
125
140
160
190
190
180
270
240
260
50
270
100
2018 - A YEAR IN REVIEW
Dubai Market Report
3%
OFFICE SPACE ENQUIRES* BY SIZE SQ FT 2018 (%)
10%
3%
15% 8%
3% 7%
39% DEMAND BY SECTOR 2018 (%)
39% 52%
0 - 1,000
5,000 - 10,000
1,000 - 5,000
10,000+
Banking
Logistics
Legal
Consultant
Healthcare
Other
General Services
*Enquiry levels are as of 26 November 2018; Source: Cavendish Maxwell
FACTORS IMPACTING THE OFFICE SECTOR IN 2019
OUTLOOK - 2019 Office rental rates across Dubai are expected to come under further pressure in H1 2019, with the delivery of new supply. The International Monetary Fund (IMF) forecasted the UAEâ&#x20AC;&#x2122;s GDP growth to increase by 3.7% in 2019 as a result of increased oil prices and government spending, which in turn is expected to increase business activity in the region, and raise demand for offices in the short- to medium-term.
Increase in government spending
Proactive landlords offering rent-free period; Capex contribution
OFFICE SECTOR
Approval of new foreign ownership laws/dual licenses in free zones
Increase in oil prices
Handover of new supply
27
2018 - A YEAR IN REVIEW
Dubai Market Report
RETAIL MARKET
OVERVIEW 2018 The retail sector in Dubai remained subdued in 2018, with rental declines prominent throughout Dubai, particularly in the case of line retail shops in Bur Dubai, Deira and other secondary locations registering higher vacancy levels. Meanwhile, vacancy levels in super-regional and regional malls as of Q4 2018 remained relatively stable at 9%.
consumers as a result of rising living costs affected the sales of luxury brands more than affordable brands over the year. On the other hand, demand from international brands to open outlets in destination malls, such as Dubai Mall and Mall of the Emirates, remained strong.
The unit size requirements from retailers continued to decrease, with more than 18% of the total enquires over 2018 being for space between 1,000 and 5,000 sq ft. Reduced demand from domestic
New supply included community retail centres such as Badra Pavilion Community Centre in Jebel Ali Waterfront (53,819 sq ft GLA) and a retail centre in The Springs (247,569 sq ft GLA). Dubai Mall Phase II, Al Seef Phase II, Meydan Mall, Al Khail Avenue, Nahkeel Mall, Dubai Square and Dragon City are some of the upcoming retail developments expected to reach completion by 2020. The majority of the upcoming supply is in the super-regional and regional malls category.
RENTAL RATES â&#x20AC;&#x201C; Q4 2018
TOTAL GLA IN MILLION SQ FT FOR RETAIL, 2016-2020(F*)
Developers handled this downward pressure by becoming increasingly flexible on lease terms and offering incentives to retain existing tenants and new entrants.
14,000,000
RENTS (AED/SQ FT)
6,000,000 4,000,000 2,000,00
0
2016
The base rents in super-regional malls, on average, can vary from AED 600 to 1,500 per sq ft. However, actual rates may vary, with turnover provisions in place for the majority of retailers.
2017
30,000-50,000
2018
50,001-100,000
13,067,508
370 220
6,351,116
240 150
8,000,000
4,100,000
High Street Retail Community Retail Shops
10,000,000 2,659,995
Max
5,6000,000
Min
12,000,000
GLA (sq ft)
RETAIL SPACE
2019 F*
2020 and beyond F*
100,001-150,000
*Forecasted
GLA FORMAT RETAIL SPACE DISTRIBUTION - Q4 2018
3%
0.6% 3.3% 12.3%
8.1%
6.8% 13.6% UPCOMING RETAIL (2020 AND BEYOND) GLA FORMAT
EXISTING RETAIL GLA FORMAT 17.7%
60.1%
74.5%
30,000 -100,000
100,001 - 300,000
300,001 - 600,000
600,001 - 1,000,000
Note: The above only represents 30,000 sq ft GLA and above 28
1,000,000+
150,000+
2018 - A YEAR IN REVIEW
Dubai Market Report
RETAIL SPACE ENQUIRES BY SIZE SQ FT 2018 (%)*
OUTLOOK - 2019 2% 4%
Rental rates and vacancy levels are likely to remain under pressure over the shortto medium-term, due to subdued demand f ro m c o n s u m e r s . T h i s i s m a i n l y d u e t o constrained disposable income and a rise in the overall cost of living , along with changes in employment benefits and the implementation of VAT in 2018.
11%
52%
The e-commerce industry is expected to expand further in the region, which will likely have a knock-on effect on traditional brick and mortar stores. The latter will need to adapt and incorporate digital behaviour into consumersâ&#x20AC;&#x2122; shopping experiences at malls to compete.
0 - 1,000
5,000 - 10,000
1,000 - 5,000
10,000+
*Enquiry levels are as of 26 November 2018 Source: Cavendish Maxwell
FACTORS IMPACTING THE RETAIL SECTOR IN 2019
Rise of e-commerce industry within the region
Inflation rates
Tourism RETAIL SECTOR
Consumer spending/ Consumer Price Index
New upcoming supply
29
2018 - A YEAR IN REVIEW
Dubai Market Report
HOSPITALITY MARKET
OVERVIEW 2018 In 2018, the Dubai government continued to incentivise demand for the hospitality sector through initiatives such as free limited-visas for transit passengers and the announcement of a VAT refund scheme for tourists. These are expected to have a positive impact on the sector’s performance and potentially enhance the hospitality industry’s contribution to the country’s GDP in the long-term. Compared to previous years, Dubai has experienced muted growth in demand in 2018. As of October 2018, the number of tourists arriving in Dubai increased by only 0.1% compared to the same period last year, from 12.87 million to 12.88 million. Meanwhile, latest figures released in November 2018 show that Dubai International Airport welcomed approximately 81.4 million passengers, an increase of 1.3% compared to the same period last year. According to Dubai Corporation of Tourism & Commerce Marketing (DCTCM), as of October 2018, Dubai’s room inventory had increased 5.7% to 113,509 rooms. Since October 2018, Cavendish Maxwell recorded that a further 1,303 rooms have been added, resulting in a total room inventory increase of 6.9% in 2018, compared to 2017. Notable openings during 2018 include the Queen Elizabeth 2 (QE2) and Holiday Inn Dubai Festival City, Hampton by Hilton in Al Qusais and Garden Millennium in Business Bay.
Dubai is beginning to experience a disconnect between its demand and supply for the first time in recent years, with supply increasing at a higher rate than demand. As a result, the latest figures released in November 2018 show a decrease in average occupancy levels from 76.8% to 75.1%. As of November 2018, Dubai witnessed continued declines in average daily rates (ADRs), which stood at AED 622, down 6.4% from the previous year. The upper-upscale sector saw the largest decline at 8.9%, due primarily to the significant amount of rooms completed in this sector over the year. The luxury sector saw ADRs decrease 4.5%, down from AED 1,233 to AED 1,177. Future Supply According to data provided by STR Global, Cavendish Maxwell calculated a total of 28,831 rooms are expected to be delivered in 2019, with a further 14,149 in 2020. These figures are based on hotels that are currently under construction. The majority of supply expected to be completed in 2019 is in the upper-upscale sector, representing 40% of the additional inventory.
UPCOMING SUPPLY IN DUBAI’S HOSPITALITY MARKET 1%
2%
9%
16%
17%
9%
27%
2019
2020 26%
40%
24% 27%
Economy
Midscale
Upper-Midscale
Upscale
Upper-Upscale
Luxury
DUBAI HOTEL MARKET PERFORMANCE
Dubai Occupancy Performance 2015 – YTD Nov 2018
900
AED
600
-3.9%
500
-4.2% -6.4%
400
-5.0%
-7.5% -9.9%
200
-10.0%
100
789.2
711.4
677.3
665.7
2015
2016
2017
YTD Nov 2017
ADR 30
621.6
YTD Nov 2018
% Change ADR
-15%
Occupancy Percentage
0.0%
Percentage Change
700
300
5.0%
78%
5.0%
800
77%
3.0%
76% 75%
1.0%
74%
-0.5%
73%
-0.0%
-0.2%
-1.0%
72% 71%
-2.3%
-2.5%
-3.0%
70%
76.90%
76.87%
77.23%
2015
2016
2017
Occupancy
76.80%
YTD Nov 2017
75.10%
YTD Nov 2018
% Change Occupancy
-5.0%
Percentage Change
Dubai Average Daily Rate Performance 2015 – YTD Nov 2018
2018 - A YEAR IN REVIEW
Dubai Market Report
DUBAI SUPPLY TRENDS
180,000
25% 23%
140,000
15%
120,000 100,000 9%
60,000 40,000
10%
10%
80,000
7%
6%
5%
5%
5%
4%
20,000
3%
Growth Rate (%)
Number of Rooms
160,000
0.0% 2013
2014
2015
2016
2017
2018
2019 F*
2020 F*
2021 F*
Years Number of Rooms
Growth Rate (%)
*Forecasted
OUTLOOK - 2019 In H1 2019, with the anticipated addition of new supply and slowing demand, we expect ADRs to come under increasing pressure, along with further reductions in occupancy levels. Heavy reliance is placed on the Dubai Government along with operators to stimulate demand through continued investment and implementation of incentives in order to offset downward trends.
FACTORS AFFECTING THE HOSPITALITY SECTOR IN 2019
VAT exemption (tax refund scheme for tourists)
Upcoming supply
HOSPITALITY SECTOR
Short-term holiday lettings
Shift in key source markets
New transit visa regulations
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2018 - A YEAR IN REVIEW
Dubai Market Report
MARKET
OUTLOOK HAZEL SHAKUR QUINN Partner – Real Estate Bryan Cave Leighton Paisner
MOHANAD ALWADIYA Chief Executive Officer Harbor Real Estate
In 2019, the real estate industry in Dubai will be shaped by any event or occurrence which affects Dubai’s population growth through its ability to provide opportunities for business and individuals alike. Factors such as the disposable income of its residents and visitors, the affordability of the UAE dirham, the levels of available liquidity to its local and foreign investors, its government’s spending and revenues, its relationships with other countries or its commercial infrastructure will have an effect on our industry. It’s a fact that, as professionals within the industry, we all have to contend with. I believe that 2019 will be viewed as the year of the brave investors as they take advantage of a market that has achieved almost full correction, that is offering fantastic value and that will benefit from an economy that looks primed for sustainable longterm growth.”
Increasing supply (particularly in the residential, retail and luxury hospitality sectors) coupled with subdued occupational demand will continue to be a challenge to growth in 2019. However, there are encouraging signs for investment in the UAE property market with the announcement of new foreign ownership laws and incentives to attract and retain more talent and capital to the UAE. Further regulations are expected to be issued in H1 2019, and as always, the devil will be in the detail. Increases in oil prices, government stimulus packages and further consolidation should have a positive long term-effect on the real estate market. Feedback from the market suggests that there will be an increased focus on asset management to enhance real estate value. We, therefore, anticipate that real estate investors will engage strategies to improve the value of their assets. We are working with clients on how best to maximise value in their portfolios including through joint ventures, REITs and, in some cases, wholesale reviews of how their assets are managed. Further transparency and regulation in the REIT sector coupled with relaxed FDI regulations would certainly be welcomed to create more liquidity in the market. We expect the real estate market will continue to mature in 2019, albeit at a considered pace. In the decades that we have operated in the UAE we have witnessed how resilient the property market has become. Last year we helped businesses to complete some of the largest real estate investment deals in the UAE market. We are certainly excited about the next 12 months.”
SARAH BACON Cofounder and Chief Executive Officer We Share Property
The challenged market will continue in 2019 given supply coming onstream and gradual interest rate rises affecting borrowing. Owners are becoming increasingly demanding of quality and transparency with their investments. Despite falling prices, property ownership remains out of reach for many potential buyers due to the level of financial commitments required. The industry needs to make a step change in how it approaches its business across the board: From customer experience to marketing to operations. Business-as-usual will not work in the next five years. Technology provides a huge opportunity to the industry to modernise – managing its business more efficiently, providing a digital customer experience and using data to drive its performance.”
32
MARIO VOLPI Sales and Leasing Manager Engel & Volkers
I believe 2019 will be another challenging year for the property market. The coming year will of course offer the balanced effects of some periods of highs and lows throughout the year. On the positive side, we will see growth to jobs and the general population numbers due to the construction, real estate and hospitality sectors driving on unabated. The property market specifically will benefit this year as the new longer term visas become more widely available. This will stimulate prospects for future property ownership as the market opens up to more global investors.”
2018 - A YEAR IN REVIEW
Dubai Market Report
MUHAMMED BINGHATTI Chief Executive Officer Binghatti Holdings
We envisage 2019 to be a year of opportunity for investors in the real estate sector. Prime assets and plots can be picked up at reasonable prices with immense potential for capital appreciation. Laterally, we have seen numerous positive legislative measures from the prudent leadership of the UAE that should come into effect throughout 2019, bringing in more liquidity to the market and attracting more investors and institutions. The aforementioned, coupled with the proximity of Expo 2020 make us eye 2019 through a lens of optimism.”
ZARAH EVANS Managing Partner Exclusive Links Real Estate Brokers
Like back in 2008, in 2018 the government has quickly recognised the need to modify some of its residency regulations. Some of these came into effect on January 1, 2019. The general sentiment is that these initiatives will have a positive impact on real estate, but there are still a few minor adjustments that could further stimulate the presently lethargic market. I believe we are at the bottom of a downward cycle that offers some serious bargains to serious buyers. The other predicted outcome is the rationalisation of the real estate sector – the stronger merging with the weaker, which is all part of the cycle leading to greater sustainability. I forecast a slight uplift in the market during 2019 that will prove attractive to both buyers and sellers.”
MASOOD AL AWAR Chairman and Chief Executive Officer Medallion Associates
Both Abu Dhabi’s and Dubai’s real estate markets should have better outlooks for 2019 with a variety of support that will strengthen and support the sector. Government support for the local economy will stabilise employment and demand. Dubai’s infrastructure and new government pillars of 2020, along with its 50-year plan of diversifying its economy will stabilise demand for real estate. Tourism and logistics is also set to receive boosts from 2019. The global trend is for smart, efficient and affordable real estate, and the sector is moving in that direction.”
TALAL MOAFAQ AL GADDAH Chief Executive Officer MAG Development
With the national GDP projected to rise to 3.7% from last year’s 2.9%, according to the IMF, and the recent government initiatives that were set in place by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to attract foreign investments and encourage entrepreneurs, the market is set for an upswing. Dubai is a dynamic real estate market that consistently attracts growing interest from developers who are creating adequate supply to meet the current market demand, driven by a growing number of expatriates, big-ticket events like Expo 2020, and an improved regulatory environment.”
JOSEF KLEINDEINST Chief Executive Officer Kleindeinst Group
A growing segment of the real estate market in the UAE is the second home category that is estimated to be worth around AED 75 billion. A second home is typically a property located outside a major city that requires the owner to drive or sail to for a weekend or staycation. This is not a permanent residence and can be used solely by the owner or as an additional income stream through rental to holidaymakers. Kleindienst is constructing The Heart of Europe, the first development of second homes in the region and is applying European mature market practices tailored to this new market. Prices are set to increase again in 2019, offering favourable capital appreciation for investors looking for a solid return on investment. In addition, in line with the growing trend towards investment in income-generating assets, the second home market also offers strong rental yields through staycations and vacations. In the UAE, part of the government’s vision is to diversify tourist demographics and to attract 20 million tourists by 2020, providing a rich source of guests for the luxury island holiday home market.”
33
2018 - A YEAR IN REVIEW
Dubai Market Report
METHODOLOGY Sales 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 insights 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 Maxwellâ&#x20AC;&#x2122;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 Maxwellâ&#x20AC;&#x2122;s building consultancy team and related government entities.
STRATEGIC CONSULTING & RESEARCH 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 UAEâ&#x20AC;&#x2122;s only data source offered by RICS accredited property professionals, as well as multidisciplinary valuation and investment departments.
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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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2018 - A YEAR IN REVIEW
Dubai Market Report
STRATEGIC CONSULTING & 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
35
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