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
Š Property Monitor 2018 | propertymonitor.ae
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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
Š Cavendish Maxwell 2018 | cavendishmaxwell.com
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. 12
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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
© Cavendish Maxwell 2018 | cavendishmaxwell.com
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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T: +971 4 453 9525 E: info@cavendishmaxwell.com
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