Q4 2015 Abu Dhabi Residential Market Report

Page 1

Abu Dhabi Residential Market Report

Q4

2015


Abu Dhabi Residential Market Report - Q4 2015

Content • Price performance • Rent performance • Residential supply

Sale price movement Q3 2015 - Q4 2015

-1%

-1%

Q4 2014 - Q4 2015

-3% © Cavendish Maxwell 2016 | www.cavendishmaxwell.com

-4% 2


Abu Dhabi Residential Market Report - Q4 2015

Price performance Apartments

Villas

• Apartment prices have marginally declined by 1% in Q4 2015 across the investment zones covered within our report.

• Villa prices have also slightly declined at a rate of 1% during Q4 2015. • During a 12 month period, villa prices declined by an average of 4%.

• In the last 12 months, apartment prices have dropped an average of 3%, a slower rate than that in Dubai.

Figure 1

Figure 2

Apartments price performance

Villas price performance

1,800

2,000

0%

1,800 -1%

1,400

-1%

-1%

-1%

-1%

1,600

-1%

1,000 800

-3%

-3%

-3%

-3%

600

Average price AED / sq ft

-2%

% change

Average price AED / sq ft

-1%

-1%

1,400

1,200

-4%

-4%

-4%

200

-1%

-2%

1,200 -3%

1,000

-3%

800 600

400

-4%

400

-4%

-5%

-5%

200

Al Ghadeer

Q3 2015

Q3 2015 © Cavendish Maxwell 2016 | www.cavendishmaxwell.com

-1%

% change

1,600

0

0%

Al Raha Beach

Q4 2015

Q4 2015

Al Reef Downtown

Al Reem Island

QoQ % change

Saadiyat Beach Residences

-5%

0

Al Raha Gardens

Al Reef

Saadiyat Beach Villas

-6%

12 month change

QoQ % change Q3 2015 - Q4 2015

Q3 2015 QoQ % Change Source: Property 12 month change Monitor Index 12 month % change Q4 Q42015 2014 - Q4 2015

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Abu Dhabi Residential Market Report - Q4 2015

Rent performance Apartments

Villas

• The change in apartment rents varied across different areas as average rents in locations such as Al Raha Beach and Al Reem Island remained stable in Q4 2015.

• Average villa rents have remained stable in both Al Raha Gardens and Al Reef, whilst Saadiyat Beach Villa rents slightly increased by 1% as supply remains limited on the island.

• Al Ghadeer rents have slightly increased by 1%, where rents in Al Reef Downtown and Saadiyat Beach Residences have dropped by approximately 1% and 2% respectively in Q4 2015.

Apartments rent performance Rental rate AED/sq ft/annum Q4 2015

1 bed

2 bed

75

76

63

-

118

Al Reef Downtown

78

Al Reem Island

Al Raha Beach

Saadiyat Beach Residences Figure 3

© Cavendish Maxwell 2016 | www.cavendishmaxwell.com

Villas rent performance Studio

Al Ghadeer

• Four and five bedroom villa rents have increased whilst three bedroom villas have decreased.

Rental rate AED/sq ft/annum Q4 2015

3 bed

4 bed

5 bed

Al Raha Gardens

66

64

61

99

Al Reef

55

56

48

73

70

Saadiyat Beach Villas

83

75

72

127

111

103

-

122

100

Source: Property Monitor Index

Figure 4

Source: Property Monitor Index

4


Abu Dhabi Residential Market Report - Q4 2015

Residential supply 2015 Completions • Approximately 2,700 units delivered in investment zones during 2015, mainly on Al Reem Island and Saadiyat Island.

Pipeline • 14,600 residential units scheduled to enter the Abu Dhabi investment zones from 2016 - 2018. • Over 60% of that supply is scheduled to be delivered in 2017.

© Cavendish Maxwell 2016 | www.cavendishmaxwell.com

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PROPERTY SERVICES MIDDLE EAST & AFRICA

Jay Grant MSc IRRV (Hons) Managing Partner M: +971 50 192 1658 E: jay.grant@cavendishmaxwell.com

Miles Phillips BSc (Hons) MRICS ACIArb Partner Head of Operations - UAE

Also contact us for:

M: +971 56 604 2750 E: miles.phillips@cavendishmaxwell.com

Jonathan Brown BSc (Hons) FRICS Head of Abu Dhabi Office M: +971 50 940 3540 E: jonathan.brown@cavendishmaxwell.com

Residential Valuation

Commercial Valuation

Machinery and Business Assets Valuation

Investment and Commercial Agency

Project and Building Consultancy

Development Advisory and Real Estate Research

Hotels, Hospitality and Leisure

Property Monitor

Sofia Underabi BPropEc AAPI Partner Head of Residential Valuation M: +971 50 435 6527 E: sofia.underabi@cavendishmaxwell.com

Dima Isshak BSc

Research Manager

M: +971 50 482 7938 E: dima.isshak@cavendishmaxwell.com

CavendishMaxwell.com T: +971 (0) 4 453 9525 E: info@cavendishmaxwell.com 2205 Marina Plaza, Dubai Marina, P.O. Box 118624, Dubai, United Arab Emirates 1006 Corniche Bakery Building, Al Firdous Street, Tourist Club Area, Abu Dhabi, United Arab Emirates


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