Q2 2018 Dubai Market Report by cavendish_maxwell

Q2 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 Q2 2018 report provides a summary of the Dubai residential market as well as a sector focus on the hospitality market. 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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Q2 2018

Dubai Market Report

CONTENTS 4

House Price Timeline

Price Performance

Rent Performance

2018 Upcoming Supply Map

Residential Sales Overview

Property Monitor Residential Survey

Sector Focus - Hospitality

Methodology

ÂŠ Property Monitor 2018 | propertymonitor.me

Q2 2018

Dubai Market Report

HOUSE PRICE

In Q2 2018, villas/townhouses have traded at around AED 2.4 million, whereas transacted apartment prices have averaged AED 1.3 million.

TIMELINE 4.0M

3.5M

Dubai House Price Timeline

Sales Price (AED) from the period January 2008 to June 2018

3.0M

Average Sales Price AED

2.5M

2.0M

1.5M

1.0

0.5M

Nakheel and DWC announcing plans for

debt restructuring

Q4-2012

Q3-2012

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

Q2-2012

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

Bond issuance Abu Dhabiâ&#x20AC;&#x2122;s $10 by the Dubai billion loan to Central Bank Dubai

Oil price collapse at $32/barrel Q4-2008

Q2-2008

Q1-2008

Oil price peak at $145/barrel

Early sign of trouble

Lehman Brothers collapse

Q3-2008

UAE real estate boom

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

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Q2 2018

Dubai Market Report

Transacted prices for villas/townhouses have settled above the 2017 average during Q2 2018, mainly due to the limited lower priced inventory entering the market this year compared to the launches in the first half of 2017. Meanwhile, trading prices for apartments continue to shift towards the lower end of the price band, averaging AED 1.3 million in Q2 2018. The announcement by the UAE government 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 details of the new visa options is expected in the last quarter of this year and the direct impact on real estate would only become clear at that time. For the moment, some buyers continue to wait on the sidelines as further price declines are expected in the majority of the communities during the second half of 2018.

Average Sales Price Q2 2018

AED 2.4 Million

AED 1.3 Million

VILLAS/TOWNHOUSES

APARTMENTS

Russian currency crisis

OPEC limits crude output

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

Q2-2013

Q1-2013

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.

ÂŠ Property Monitor 2018 | propertymonitor.me

Q2 2018

Dubai Market Report

PRICE

PERFORMANCE

According to the Property Monitor Index, apartment and villa/townhouse prices have registered 12 month declines of 2.9% on average. QoQ% change Q1 2018 - Q2 2018

Apartment Change in Price (%) -1.3

International City (Clusters) -1.0

Jumeirah Village Circle

-3.5

-0.7

IMPZ

-1.4

-0.9

Uptown Motor City

-3.1

-1.4 -1.5

Discovery Gardens

12 month % change Q2 2017 - Q2 2018

-1.2

Dubai Silicon Oasis

-1.4 -2.0

Al Furjan

-3.8

-1.1

Dubai Sports City -0.9

Jumeirah Village Triangle

-4.4

-3.5 -4.4

-0.8

Jumeirah Lakes Towers

-4.5

-1.2

The Greens

-2.5

-0.9

Business Bay

-2.1

-0.6

Dubai Marina

-1.7

-0.8

The Views

-2.3

-1.0

Jumeirah Beach Residence

-2.6

-1.1

DIFC

-2.6

-0.3

Palm Jumeirah

-1.9

-0.9

Downtown Burj Khalifa 0

-0.5%

-3.1

-1.0%

-1.5%

-2.0%

-2.5%

-3.0%

-3.5%

-4.0%

-4.5%

Average Price per Sq ft (AED)

Jumeirah Lakes Towers

Palm Jumierah

1,194

2,168

Jumeirah Beach Residence 1,623

Dubai Marina

The Greens

1,622

Business Bay

1,466

Downtown Burj Khalifa

2,373

1,312

Discovery Gardens

DIFC

The Views

806

1,777

1,553

Al Furjan 870

Jumeirah Village Triangle

1,075

Uptown Motor City

841

IMPZ

International City (Clusters)

835

596

Dubai Sports City 946

* Average price per sq ft as of June 2018 6

Jumeirah Village Circle

811

Dubai Silicon Oasis 800

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

Q2 2018

Dubai Market Report

In Q2 2018 sales prices across the residential market registered quarterly declines of 1.1% for villas/townhouses and apartments. Buyers continue to be spoilt for choice in the off-plan market thus forcing developers to offer special incentives such as aggressive payment plans, fee waivers etc. to differentiate their projects. Meanwhile, secondary market activity remains concentrated in buildings/communities where investors are expecting relatively stable yields and end-users are replacing rental outflows with mortgage payments.

Villa/Townhouse Change in Price (%)

QoQ% change Q1 2018 - Q2 2018 12 month % change Q2 2017 - Q2 2018

-1.2

Al Furjan Villas

-3.3

-0.9

Cedre Villas Silicon Oasis

-3.7

-2.0

Jumeirah Village Triangle

-0.7

Green Community Motor City

-2.0

-1.3

The Springs

-4.5

-0.9

Jumeirah Park

-2.0

-0.8

Arabian Ranches

-3.1

-2.0

-3.8

Victory Heights -0.8

The Meadows

-1.0

The Lakes

-2.2

-0.3

Jumeirah Golf Estates

-4.0

-1.2

Jumeirah Islands

-3.4

-0.7

Palm Jumeirah (Garden Homes) 0

-4.2

-2.9

-2.3

-0.5%

-1.0%

-1.5%

-2.0%

-2.5%

-3.0%

-3.5%

-4.0%

-4.5%

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

2,635

Jumeirah Park

1,050

Jumeirah Islands

1,471

The Lakes 1,355

Al Furjan Villas

The Meadows

827

1,323

Jumeirah Village Triangle 920

Green Community Motor City

The Springs

971

1,022

Arabian Ranches 1,179

Cedre Villas Silicon Oasis 902

Jumeirah Golf Estates

1,200

* Average price per sq ft as of June 2018 ÂŠ Property Monitor 2018 | propertymonitor.me

Victory Heights

1,150

Source: Property Monitor 7

Q2 2018

Dubai Market Report

RENT

PERFORMANCE

Rent declines for residential properties in Dubai averaged 5% over the last 12 months and 2.5% on average quarter on quarter.

Declines were more pronounced in International City (Clusters), The Greens in Emirates Living, Discovery Gardens and Al Furjan averaging 12 month changes of more than 6%. Rent decline are expected to continue during the second half of 2018, with new handovers planned in both freehold and leasehold communities across Dubai. Landlords on the other hand are offering various incentives such as flexible payment terms, rent free period and in certain cases are reducing lease rates for the existing tenants in order to keep the units occupied amidst low demand. Operating expenses have continued to rise and net realised yields have compressed in the majority of the locations across Dubai during the last twelve months. Thus, investors need to factor in the building quality, occupancy levels and the expected supply within the community to ensure a relatively stable rental income.

AED 58,880 AED 72,000

AED 65,330

AED 120,900

AED 72,100

AED 90,950 AED 123,955

AED 105,000 AED 130,200

The Greens -6.1

Jumeirah Beach Residence -5.9

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

Source: Property Monitor

AED 274,700

AED 71,085 AED 97,780

Jumeirah Lakes Towers -5.5

-3.2 Jumeirah Islands

AED 270,250

-4.6 The Meadows

AED 266,500

AED 153,600

AED 353,600

Discovery Gardens -6.7

AED 171,500

-5.2 The Springs

AED 59,305

AED 39,000

-4.8 Jumeirah

AED 79,464

Park

AED 100,685

AED 149,325 AED 192,500

Al Furjan Villas -6.5 8

AED 213,000

The Lakes -3.5

Dubai Marina -4.6

AED 52,500

AED 176,550

AED 395,200

AED 131,754

* Data as of June 2018

-5.0 The Views

AED 178,100

AED 245,700 AED 247,400

AED 181,888 AED 218,225 AED 235,750

AED 312,000

Jumeirah Golf -5.0 Estates

ÂŠ Cavendish Maxwell 2018 | cavendishmaxwell.com

Q2 2018

Dubai Market Report

-4.4 DIFC AED 74,000 AED 100,700 AED 172,908

-1.8 Downtown Burj Khalifa AED 83,190

Business Bay -3.9

AED 100,000

International City -6.1

AED 151,933

AED 72,605

AED 31,115

AED 85,000

AED 41,380

AED 127,215

AED 55,800

Rental Cheques For Apartments and Villas/ Townhouses AED 188,500 AED 280,000

AED 44,750

AED 184,295

AED 69,737

According to Property Monitor’s database of rental contracts, the majority of the rental agreements for residential properties in Q2 2018 were in one cheque (38% of total), however it reduced by 12% compared to last quarter. Rental payments made in four cheques increased by 6% over the quarter. This is among the incentives that landlords have been offering to keep units occupied.

AED 246,000

AED 112,654

AED 285,000

6 Cheques 2.7%

Arabian Ranches I -7.0 -5.6

Dubai Sports City

12 Cheques 5.2% 1 Cheque 38.2%

4 Cheques 27.1%

-5.1 Motor City -3.8 Victory Heights

AED 51,800 AED 77,400 AED 111,150

3 Cheques 7.1% 2 Cheques 22.0%

Q2 2018

Dubai Market Report

2018 UPCOMING

SUPPLY MAP

Approximately 3,700 residential units have been handed over across Dubai in Q2 2018.

88%

APARTMENTS

12%

VILLAS/TOWNHOUSES

The majority of the handovers during the Q2 of 2018 were in Jumeirah Village Circle, Damac Hills, Dubai Silicon Oasis and Al Nahda with more than 300 units being handed over in each location. More than 88% of the handed over units were apartments. For the remainder of the year, the majority of the upcoming supply is concentrated in Al Furjan, Business Bay, Jumeirah Village Circle and Town Square. Approximately 52% of the upcoming supply expected to be handed over during Q3. Increasing handovers will continue to impact rents in most locations across Dubai as tenants have more choice. This will also impact occupancies in existing stock and should be factored into net yield estimations for the forthcoming period.

Palm Jumeirah

Al Sufouh Barsha Heights

Bluewaters Island

PROPERTY MONITOR

SUPPLY TRACKER

The Hills

Jumeira Village Jumeirah Circle Village Du Triangle Spo

Supply scheduled to be completed by end of 2018 0 - 200

200 - 400

400 - 600

1,000 - 1,500

1,500 - 2,000

2,000+

600 - 1,000

Al Furjan

Jumeirah Golf Estates

Source: Property Monitor

Dubai Investments Park Dubai South 10

ÂŠ Cavendish Maxwell 2018 | cavendishmaxwell.com

Q2 2018

Dubai Market Report

Deira

Al Qusais

Oud Al Muteena

Al Mankhool

DIFC

Al Jaddaf

Downtown Burj Khalifa

Al Warqa

Business Bay International City Meydan City Al Qouz Mohammed bin Rashid City

Majan

Barsha

ah e e

ubai orts ity

Motor City

Living Legends

Dubai Silicon Oasis

Dubai Residence Complex

Arabian Ranches II Damac Hills Town Square

ÂŠ Property Monitor 2018 | propertymonitor.me

Akoya Oxygen

Q2 2018

Dubai Market Report

RESIDENTIAL SALES

Residential Sales Q2 2018

OVERVIEW

8,163

Off-plan sales accounted for 58% of the total sales in Q2 2018.

1,402

APARTMENTS

VILLAS/TOWNHOUSES

Mohammed Bin Rashid City, Business Bay and Jumeirah Village Circle dominated the off-plan sales during the second quarter of the year. On the other hand, Dubai Marina and International City led the secondary market apartment sales, along with Dubai Sports City, which accounted for 33% of the total apartment secondary sales during Q2 2018. Secondary market sales among villas/townhouses surpassed the off-plan sales in Q2 2018, led by Emirates Living and International City, which together accounted for 23% of the total secondary market sales registered during the second quarter.

Top Five Locations for Apartment Sales in Q2 2018 Secondary Market Sales

Off-Plan Sales

731 700

700 600

500

224

The Lagoons

Dubai Marina

100

Downtown Burj Khalifa

100

Jumeirah Village Circle

200

Business Bay

200

250 225

212

200

125 105

100 75

150 125 100

111

104

Arabian Ranches

150

175

Mohammed Bin Rashid City

175

No. of Transfers 24

Akoya Oxygen

International City

Serena

Dubai South

Al Qouz

Mohammed Bin Rashid City

0 Town Square

Emirates Living

No. of Transfers

154

Secondary Market Sales

250

200

174

Source: Property Monitor

Top Five Locations for Villa/Townhouse Sales in Q2 2018 Off-Plan Sales

225

218

Palm Jumeirah

281

356 300

Downtown Burj Khalifa

307

300

400

Dubai Sports City

366

International City

400

No. of Transfers

600

Mohammed Bin Rashid City

No. of Transfers

648

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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Q2 2018

ÂŠ Property Monitor 2018 | propertymonitor.me

Dubai Market Report

Q2 2018

14 14

Dubai Market Report

Q2 2018

Dubai Market Report

SURVEY

RESULTS

Looking Back – Q2 2018

Predictions

Reality

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

The majority of agents had predicted that apartment and villa rents would decrease by up to 5% in Q2 2018. Majority of agents had predicted new buyer enquiries, seller instructions and agreed sales would increase in Q2 2018.

Apartment and villa prices have registered 12 month declines of 2.9% and QoQ declines of 1.1% on average. Apartment and villa rents declined by 2.5% QoQ though 12 month decline is around 5% on average. According to data from real estate agencies, transaction levels for Q2 2018 are higher than Q1 2018.

Q3 2018 Transaction Outlook

Looking Forward – Q3 2018 Q3 2018 Price Outlook Apartments Percentage of agents who predict apartment prices will:

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

Percentage of agents who predict new buyer enquiries will: 22.1%

29.1%

2.4% 1.2%

4.2% 1.2% 20.5%

22.9%

25.9%

26.5%

48.8% Decrease

Increase

Remain the same

Percentage of agents who predict new seller instructions will:

Increase by more than 5%

17.4%

47.6%

47.6% Increase by up to 5%

Not change

Decrease by up to 5%

Decrease by more than 5%

30.3%

Source: Property Monitor and Residential Survey

Q3 2018 Rent Outlook Apartments Percentage of agents who predict apartment rents will:

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

2.4% 1.2%

3.0% 1.2% 18.1%

21.7%

20.5%

52.3% Decrease

22.3%

Increase

Remain the same

Percentage of agents who predict agreed sales will: 26.7% 32.0%

56.6% Increase by more than 5%

Increase by up to 5%

53.0% Not change

Decrease by up to 5%

41.3%

Decrease by more than 5% Decrease

Increase

Remain the same

Q2 2018

Dubai Market Report

SECTOR FOCUS

HOSPITALITY Occupancy Rates Dubai

77.2% Dubai Luxury

73.6%

YTD Occupancy Changes

ADR Dubai

AED 677

0.5%

3.9%

Dubai Luxury

AED 1,258 1.3%

1.2%

Dubai

3.9%

Dubai Luxury

2.0%

2017

YTD ADR Changes Dubai

4.0%

Dubai Luxury

2.9%

2018 YTD Source: STR and DTCM

Overall occupancy rates increased by 0.5% in Dubai during 2017, which was predominantly due to expected supply not entering the market and an increase in recorded guest numbers. However, as at Q2 2018, increases in supply of 4% have outpaced demand increases of only 1.7%, resulting in a 3.9% decrease in average occupancy levels. Dubai Average Daily Rate figures for the period of January to May 2018 are showing a 4.0% fall versus the same period in 2017. Although the rate of decline is slowing, it is expected that declines will continue as additional supply enters the market.

SEGMENT FOCUS - LUXURY OPERATIONAL PERFORMANCE Operational performance in the luxury segment has remained resilient despite heavy pressure on all department revenue streams. Cavendish Maxwell have analysed trading performance of a group of luxury positioned properties, of which, over 30% consider themselves a resort. Resort properties typically have very different cost structures to that of a city hotel tower positioned in the luxury sector. As the value of a hotel asset is intrinsically linked to the profitability, it is important to understand how certain properties are performing in order to provide accurate forecasts.

Departmental profits, which include revenue streams linked to rooms, F&B, spas and all other operating departments, saw falls of 3.2% per occupied room (POR). The result of reduced revenues was partially offset by the reduction in costs, however the average Gross Operating Profit (GOP) of the selected group of hotels was down 5.3% standing at just under 40%.

-0.25 -0.50 -0.75 -1.00 -1.25 -1.50 -1.75 -2.00

Percentage Change (%)

Undistributed Operating Expenses include all expenses relating to property operation, maintenance, system costs, utilites, administration, general, sales and marketing costs. Luxury properties within the set managed to decrease their Undistributed Operating Expenses per available room (PAR) by 1.4%.

2016 vs 2017

-1.4%

Undistributed Expenses (PAR)

-2.25 -2.50 -2.75 -3.00 -3.25 -3.50 -3.75

-3.2%

Departmental Profits (POR)

-4.25 -4.50 -4.75 -5.00 -5.25 -5.50 -5.75

-5.3% GOP (PAR)

-6.00

Source: Cavendish Maxwell and STR 16

ÂŠ Cavendish Maxwell 2018 | cavendishmaxwell.com

Q2 2018

Dubai Market Report

SUPPLY AND DEMAND Room Supply At the end of 2017 the Department of Tourism and Commerce Marketing (DTCM) reported a total hospitality inventory of 107,431. As of the end of Q2 2018, the total inventory has increased by 4% standing at 111,743. Noticeable openings during 2018 include the QE2 and Holiday Inn Dubai Festival City, both of which opened in April.

4,312

Rooms added to the total supply during 2018.

107,431

Total hospitality supply at the end of 2017. Source: Cavendish Maxwell and DTCM

Demand 16

Millions

14.9M

15.79M

10 8 6

4.65M

4 2 0

2016

2017

FORECASTS

Q2 2018

Source: DTCM

The below graph shows the forecast for hotel room supply. The total forecast supply includes all projects that have progressed to the planning phase. This represents an inventory increase of 64.3% or 69,000 rooms. However, approximately 58% of the total forecast supply is currently under construction and is expected to be completed by December 2020. This represents an inventory increase of 41.2% or 40,000 rooms.

90%

70% 60% 50% 40%

Occupancies to soften, placing heavier pressure on ADR’s To achieve the 20 million visitor target set for 2020, Dubai needs to increase the guest numbers by 7%, 8% and 10% during 2018, 2019 and 2020 respectively. DTCM data shows the current average length of stay in Dubai is 3.5 days and a double occupancy factor of 1.9. Double occupancy factor refers to the average number of guests per occupied room.

100%

80%

Demand in the form of visitors and overnight guests staying in Dubai hotels totalled 15.79 million in 2017. Dubai continues to diversify and push to increase tourism numbers through a number of government initiatives to promote growth. Dubai has seen positive results, recording a 41% increase in Chinese tourism and 15% increase in Indian visitors. Russian guest numbers continue to increase and are now the fourth highest source market in Dubai, with numbers expected to continue rising. Q2 2018 continued to see growth in tourism numbers, with an increase of 1.7% compared to Q1.

Keeping the above factors constant, assuming Dubai acheives the targeted 20 million visitors and applying the supply forecasts, Dubai can expect the following average occupancies in 2020.

Total Forecast Supply Additional Rooms

69,000 (242 Projects)

Increase of

64.3%

30% 20%

Jun 2018 – Dec 2020 Additional Rooms

40,000 (140 Projects)

Increase of

41.2%

69.9%

100%

71.4%

75%

71.4%

74.8%

50%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dubai occupancies

Percentage of forecast supply completed by 2020

Source: Cavendish Maxwell 17

Q2 2018

Dubai Market Report

METHODOLOGY Sale prices and rents are derived from Property Monitor (www.propertymonitor.me), 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.

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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.

Q2 2018

Dubai Market Report

PEOPLE Jay Grant MSc IRRV (Hons)

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

Founder and Chairman

Partner Head of Commercial Valuation

Moe Abeidat

Chief Executive Officer

Partner Head of Residential Valuation

Andrew Love MA (Hons) MRICS

Chief Technology Officer Property Monitor

Partner Head of Investment and Commercial Agency

E: moe.abeidat@propertymonitor.ae

E: andrew.love@cavendishmaxwell.com

Manika Dhama BA (Hons), MBA

Dan Harrison BSc (Hons) MRICS

E: manika.dhama@cavendishmaxwell.com

E: dan.harrison@cavendishmaxwell.com

Associate Partner Strategic Consulting and Research

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Associate Partner Hotels, Hospitality and Leisure

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Abu Dhabi

Muscat

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