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www.cavendishmaxwell.com
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
ABOUT
CAVENDISH MAXWELL
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.
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.
CONTENTS
5 Residential Market Overview
30 Commercial Market Overview
34 Hospitality Market Overview
36 Industrial Market Overview
2Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
FOREWORD
The UAE’s real estate market slowed down in 2018, with subdued demand and corrective market dynamics affecting
prices across the emirates. Government reforms have been swift, and as we enter Q2 2019, many investor- and
SME-focused measures introduced over Q4 2018 and Q1 2019 are being executed. While some investors remain
cautious and wait for prices to bottom out, particularly for residential properties and certain commercial assets,
other investors are cautiously optimistic about the opportunities offered by new long-term visas, among other
economic incentives.
Our first quarterly report covering the UAE as a whole, with an overview of Abu Dhabi, Dubai and the northern
emirates, looks at a sector-wise analysis of the UAE’s property market and what the indicators signify for the
coming year.
The overall performance of the residential sector over Q1 2019 was subdued. Limited demand combined with
significant expected supply continued to drive average sales prices and rents down across the emirates. Enquiries
for office space had marginal increases in Dubai, but flight-to-quality and a move to more affordable rents remain
the overall trends. Grade A prime office assets continued to maintain high occupancy levels in Q1 2019, while
the warehouse/logistics sector continues to provide good investment opportunities. The hospitality sector faced
downward pressure on Average Daily Rates (ADRs) as many hotels tried to maintain occupancy levels. Revenues
in the F&B sector were also impacted by limited spend from leisure segment group tourists.
33Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
DUBAI HOUSE PRICE TIMELINE
Between Q4 2018 and Q1 2019, average apartment prices continued
trading at around AED 1.2 million on average. The average villa/
townhouse price remained relatively stable at approximately
AED 1.8 million.
PROPERTY MONITOR HOUSE PRICE TIMELINE
SALES PRICE (AED) JANUARY 2008-FEBRUARY 2019
4.0M
NAKHEEL AND DWC REBOUND GROWTH
UAE REAL EARLY SIGNS OF ANNOUNCE FOR THE GENERAL
LEHMAN BROTHERS PLANS FOR DEBT MARKET - OIL PRICES
3.5M ESTATE BOOM COLLAPSE TROUBLE
RESTRUCTURING ABOVE $100/BARREL
3.0M OIL PRICES PEAK TO
$145/BARREL
OIL PRICES COLLAPSE
TO $32/BARREL
BOND ISSUANCE
BY THE
UAE CENTRAL BANK
ABU DHABI’S $10
BILLION LOAN
TO DUBAI
2.5M
2.0M
1.5M
1.0M
0.5M
Q1-2008
Q2-2008
Q3-2008
Q4-2008
Q1-2009
Q2-2009
Q3-2009
Q4-2009
Q1-2010
Q2-2010
Q3-2010
Q4-2010
Q1-2011
Q2-2011
Q3-2011
Q4-2011
Q1-2012
Q2-2012
Q3-2012
Q4-2012
Q1-2013
Q2-2013
Q3-2013
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.
4R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
Average sales prices softened and rents declined across most communities in Dubai in Q1 2019. Over the 12-month
period from Q1 2018, the average rate of decline has increased, suggesting a continued corrective phase. The price
gap between apartments and villas/townhouses narrowed markedly. Meanwhile, average sale prices declined
more than rents in Q1 2019.
The average trading price for villas/townhouses in Dubai ranged from AED 2.5 million at the end of Q1 2018 to
AED 1.8 million in Q1 2019. Prices for apartments also moved towards the lower end of the range, averaging at
AED 1.4 million.
EXPO 2020 OIL PRICES COLLAPSE OPEC LIMITS
ANNOUNCEMENT TO $47/BARREL CRUDE OUTPUT
CENTRAL BANK MARKET RUSSIAN CURRENCY OIL PRICE AFFORDABLE
PEAK BREXIT VOTE
MORTAGE CAP CRISIS DEREGULATION HOUSING ARRIVES
Q4-2013
Q1-2014
Q2-2014
Q3-2014
Q4-2014
Q1-2015
Q2-2015
Q3-2015
Q4-2015
Q1-2016
Q2-2016
Q3-2016
Q4-2016
Q1-2017
Q2-2017
Q3-2017
Q4-2017
Q1-2018
Q2-2018
Q3-2018
Q4-2018
Q1-2019
Source: Propertymonitor.ae
5Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
DUBAI
APARTMENT PRICE PERFORMANCE
According to the Property Monitor Index (PMI), average apartment
prices declined by 12% over the 12-month period from Q1 2018 to
Q1 2019.
The average rate of decline has increased year-on-year, with certain communities like International City, Dubai
Production City (IMPZ) and Al Furjan registering sharper declines of around 14%, based on PMI data. Supply
remains the primary driver for price declines and developers conitnue to offer attractive payment options to turn
more residents into owner-occupiers.
-5.2%
International City (Clusters)
-14.7%
-5.3%
Discovery Gardens -13.1%
-5.6%
Jumeirah Village Circle -10.7%
-8.9%
IMPZ
-14.4%
-5.8%
Uptown Motor City
-12.1%
-6.7% Palm Jumeirah
Dubai Silicon Oasis
-13.2% AED1,967/sq ft
Al Furjan -7.9%
-13.8%
-4.7%
Dubai Sports City
-13.4%
-3.6% Jumeirah Beach Residence
Jumeirah Village Triangle
-13.7% AED 1,447/sq ft
-5.8%
Jumeirah Lakes Towers Dubai Marina
-12%
AED 1,473/sq ft
-3.8%
The Greens
-11.1%
-4.9%
Business Bay
-10.7%
Dubai Marina -5.1%
-9.7%
Discovery Gardens
The Views -4.8% AED 710/sq ft
-9.6%
-5.4%
Jumeirah Beach Residence
-11.7%
DIFC -4.5%
-10.8%
Palm Jumeirah -4.8%
-9.6%
Downtown Burj Khalifa -7.7%
-12.3%
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-11
-12
-13
-14
-15
% change
Quarterly Q4 2018-Q1 2019 Yearly Q1 2018-Q1 2019
6R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
DIFC
AED 1,603/sq ft
Downtown Burj Khalifa
AED 2,101/sq ft
Business Bay
AED 1,322/sq ft
International City
AED 515/sq ft
Dubai Silicon Oasis
AED 747/sq ft
Jumeirah Lakes Towers
AED 1,060/sq ft
The Greens
AED 1,180/sq ft
The Views
AED 1,415/sq ft
Jumeirah Village Circle
AED 731/sq ft
Jumeirah Village Triangle Uptown Motor City
AED 880/sq ft AED 746/sq ft
Al Furjan IMPZ Dubai Sports City
AED 780/sq ft AED 720/sq ft AED 828/sq ft
7Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
VILLA/TOWNHOUSE PRICE PERFORMANCE The Fronds Garden Homes
AED 2,363 /sq ft
According to the PMI, average villa/townhouse prices declined by
11.2% over the 12-month period from Q1 2018 to Q1 2019.
The average rate of decline in villa/townhouse properties across key communities has increased year-on-year, with certain
communities such as Jumeirah Golf Estates and Jumeirah Village Triangle (JVT) performing better than others, based on
PMI data.
-5.2%
Al Furjan Villas -11.3%
-5.9%
Cedre Villas Silicon Oasis -12.3%
Jumeirah Islands
-6.4% AED 1,290/sq ft
Jumeirah Village Triangle -8.9%
-4.7%
Green Community Motor City -9.8%
Jumeirah Park
-4.2% AED 953/sq ft
The Springs -10.2%
-4.7%
Jumeirah Park
-10.1%
-6.4%
Arabian Ranches -13.2%
-5.1% Al Furjan Villas
Victory Heights AED 742/sq ft
-13.8%
-3.1%
The Meadows -15.4%
-5.6%
The Lakes -11.4%
-2.3%
Jumeirah Golf Estates -4.3%
-5.6%
Jumeirah Islands
-13.3%
The Fronds Garden Homes -3.1%
Palm Jumeirah -10.9%
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-11
-12
-13
-14
-15
-16
% change
Quarterly Q4 2018-Q1 2019 Yearly Q1 2018-Q1 2019
8R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
Cedre VIllas Silicon Oasis
AED 798/sq ft
The Lakes
AED 1,212/sq ft
The Meadows
AED 1,100/sq ft
Arabian Ranches
The Springs
AED 1,031/sq ft
AED 929/sq ft
Jumeirah Village Triangle Green Community Motor City
AED 855/sq ft AED 882/sq ft
Victory Heights
AED 1,030/sq ft
Jumeirah Golf Estates
AED 1,152/sq ft
9Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
RENT PERFORMANCE
Rental declines for apartments in Dubai averaged 11.3%, while villas/
townhouses registered a 10.2% decline over the 12-month period from Q1
2018 to Q1 2019.
International City, The Greens, Jumeirah Lakes Towers (JLT), Motor City and Dubailand were some of the communities
where downward pressure on apartment rents was more pronounced, averaging more than 13% year-on-year. Meanwhile,
villa/townhouse communities including The Springs, Victory Heights and Al Furjan Villas registered an average decline
of 14% in rents.
With new supply nearing completion, and an expected increase in handovers this year in both freehold and leasehold
communities across Dubai, the upcoming quarters will continue to see downward pressure on rents.
-13.9
ANNUAL RENT BY BEDROOM LEVEL
The Greens
* Data as of March 2019
AED 55,200
AED 63,200
APARTMENT VILLA/TOWNHOUSE AED 85,000
Studio 3 BR
-13.0
-10.8
1 BR 4 BR JLT
-7.2 AED 52,250 The Views
2 BR 5 BR
AED 68,992 AED 62,510
Dubai Marina
AED 93,600 AED 81,600
12-month % change 12-month % change AED 66,700 AED 107,900
AED 91,140
Source: Propertymonitor.ae AED 126,700 -9.7
-8.0
JBR
The Lakes
AED 65,800
AED 169,000
AED 110,330
AED 258,300
AED 120,400 -8.9
AED 364,000
The Meadows
AED 169,950
AED 200,000
AED 243,800
-9.6
Jumeirah Islands -13.7
AED 241,800
The Springs
AED 334,400
AED 141,600
-7.9 -8.9 AED 145,180
Discovery Gardens Jumeirah Park
AED 34,000 AED 169,600
AED 47,000 AED 202,960
-7.0
AED 220,800
Jumeirah Golf Estates
-14.2 AED 234,000
AED 242,500
Al Furjan Villas
AED 297,000
AED 133,980
AED 171,000
10R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
-9.1
DIFC
AED 69,000
AED 92,150
AED 158,400
-10.2 -12.0 -13.6
Business Bay Downtown Burj Khalifa International City (Clusters)
AED 65,000 AED 70,500 -9.8 AED 27,685
AED 84,000 AED 100,440 AED 33,970
AED 108,000 AED 137,000 AED 51,600
-11.4 -13.9 -8.0
Dubai Sports City Arabian Ranches
Motor City
AED 42,500 AED 47,600 AED 179,800
AED 63,700 AED 60,000 AED 220,000 NUMBER OF RENTAL CHEQUES FOR
AED 96,100 AED 85,000 AED 273,600 APARTMENTS AND VILLAS/TOWNHOUSES
11%
-14.4
5%
1 Cheque
Victory Heights
36%
AED 159,500 2 Cheques
AED 253,800
3 Cheques
4 Cheques
30%
6 Cheques
12 Cheques 13%
4%
Jumeirah Golf Estate
11Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
2019 UPCOMING SUPPLY
According to Property Monitor, over 6,141 apartments and 997
villas/townhouses were handed over in Dubai during Q1 2019.
The majority of upcoming supply in 2019 is concentrated in a few communities – Jumeirah Village Circle (JVC), Business
Bay, Dubai Sports City, Dubai Silicon Oasis, Al Furjan and Mohammed bin Rashid (MBR) City. Apartments make up
approximately 84% of the upcoming supply, with the remaining 16% comprising villas/townhouses.
Actual materialisation rates in 2019 are expected to match previous years, with handovers averaging between 16,000 and
20,000 units.
APARTMENTS VILLAS/TOWNHOUSES
84% 16%
SUPPLY SCHEDULED TO BE
COMPLETED BY END OF 2019R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
Downtown Burj Khalifa
Business Bay
International City
Dubai Silicon Oasis
Mohammed Bin Rashid City
Dubailand
Jumeirah Village Circle
Dubai Sports City
TownSquare
Akoya Oxygen
13Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
TRANSACTION OVERVIEW
Off-plan transfers continued to dominate in Q1 2019, accounting for
more than 58% of total transfers. The total number of transfers in this
period was 7,931, for both villas/townhouses and apartments.
TRANSFER SALES - Q1 2019
APARTMENTS VILLAS/TOWNHOUSES
6,194 1,737
Downtown Burj Khalifa, Business Bay and MBR City ranked as the most sought-after locations for off-plan apartment
transaction activity in Q1 2019, with the majority of off-plan apartment transactions occurring in MBR City. While off-plan
transfers continue to dominate, the volume of transfers for under-construction apartments declined by 11% compared to
Q1 2018.
For villas/townhouses, the total volume of off-plan transactions declined by 2% compared to Q1 2018 and secondary market
transfers continued to outpace off-plan transactions in this segment.
14R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
TOP FIVE LOCATIONS FOR APARTMENT TRANSFERS IN Q1 2019
OFF-PLAN SECONDARY MARKET
Apartment transfers Apartment transfers
1,000 300
944 269
900
250
800 246
Number of transfers
Number of transfers
231
700 200
600 584
150 174 162
500
400 371 100
342
300
235
50
200
100 0
Mohammed Bin
Rashid City
Downtown
Burj Khalifa
Business Bay
The Lagoons
Dubai Harbour
Dubai Marina
Palm Jumeirah
International
City
Business Bay
Jumeirah
Village Circle
TOP FIVE LOCATIONS FOR VILLA/TOWNHOUSE TRANSFERS IN Q1 2019
OFF-PLAN SECONDARY MARKET
Villa/townhouse transfers Villa/townhouse transfers
250 120
208
Number of transfers
Number of transfers
200 100 97
91
90
150 80
150 64
59
129 128 60
100 91
40
50 20
0 0
Dubai South
Arabian
Ranches 2
Mohammed Bin
Rashid City
Villa Nova
Serna
Emirates Living
Akoya Oxygen
Mohammed Bin
Rashid City
Arabian
Ranches
Al Furjan
15Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
SURVEY RESULTS
PROPERTY MONITOR RESIDENTIAL SURVEY – Q1 2019
PREDICTIONS REALITY
The majority of agents surveyed predicted apartment and villa/town- Apartment and villa/townhouse prices declined by 5% on average in
house prices would decrease by up to 5%. Q1 2019, with a 12-month decline of 11.6% on average.
For apartment and villa/townhouse rents, the majority of agents sur- Apartment and villa/townhouse rents declined by 4.2% on average in
veyed predicted that rates would decrease by up to 5%. vs Q1 2019, with a 12-month decline of 10.7% on average.
New buyer enquiries, seller instructions and agreed sales were predict- According to data from real estate agencies, transaction levels in Q1
ed to increase by the majority of agents surveyed. 2019 were lower than Q4 2018.
16R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
LOOKING FORWARD – Q2 2019
Q2 2019 PRICE OUTLOOK
APARTMENTS VILLAS/TOWNHOUSES
Percentage of agents who predict apartment prices will: Percentage of agents who predict villa/townhouse prices will:
Decrease by more than 5% Decrease by up to 5% Not change Increase by up to 5% Increase by more than 5%
1.8% 2.7%
16.8% 24.8% 15.0%
29.2%
56.6% 53.1%
Q2 2019 RENT OUTLOOK
APARTMENTS VILLAS/TOWNHOUSES
Percentage of agents who predict apartment rents will: Percentage of agents who predict villa/townhouse rents will:
Decrease by more than 5% Decrease by up to 5% Not change Increase by up to 5% Increase by more than 5%
0.9% 1.8%
4.4% 3.5%
22.1%
26.6%
19.5% 18.6%
53.1% 49.6%
Q2 2019 TRANSACTION OUTLOOK
Percentage of agents who predict new Percentage of agents who predict Percentage of agents who predict
buyer enquiries will: new seller instructions will: agreed sales will:
Decrease Increase Remain the same
16.4%
22.4% 25%
28.5% 24.1%
35.3%
55.2% 40.5%
52.6%
17Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
ABU DHABI
PRICE PERFORMANCE
Average sales prices declined in Abu Dhabi’s major investment zones
by 9.6% for apartments from Q1 2018 to Q1 2019. Villa/townhouse
prices registered an average decline of 10% over the same period.
As of March 2019, prices in Al Reem Island and Al Reef Downtown declined by 10-12% for apartments, according to prices
tracked by Property Monitor. The quarterly change, from Q4 2018 to Q1 2019, was between 4-5.5%.
Despite off-plan transactions dominating transactional activity, the market remains subdued across communities in Abu
Dhabi. Investors have shown growing interest in lower-priced inventory, particularly those assets with higher expected
yields and flexible payment plans offered by developers. However, the overall sentiment is bearish, with investors waiting
for prices to soften further in 2019.
APARTMENT PRICE PERFORMANCE
Saadiyat Beach Residences -9.5%
-4.1%
Al Raha Beach -8.9%
-3.8%
AED/sq ft
Al Reem Island
% change
-5.5%
-11.7%
Al Ghadeer -7.9%
-3.7%
Al Reef Downtown -10.2%
-4%
-14% -12% -10% -8% -6% -4% -2% 0 200 400 600 800 1000 1200 1400 1600
Yearly Q1 2018-Q1 2019 Quarterly Q4 2018-Q1 2019 Average Price Source: Propertymonitor.ae
VILLA/TOWNHOUSE PRICE PERFORMANCE
Saadiyat Beach Residences -9.5%
-3.9%
% change
-5.3%
AED/sq ft
Al Reef Villas -11.6%
-3.9%
Al Raha Gardens -9%
-14% -12% -10% -8% -6% -4% -2% 0 200 400 600 800 1000 1200 1400 1600
Yearly Q1 2018-Q1 2019 Quarterly Q4 2018-Q1 2019 Average Price Source: Propertymonitor.ae
18R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
RENT PERFORMANCE
Rents in Abu Dhabi continued to fall in Q1 2019, for both apartments
and villas/townhouses. The average annual decline was 11.8% for
the 12-month period from Q1 2018 to Q1 2019.
Villas/townhouses in Al Raha Gardens showed the steepest decline in rents, averaging 13% annually. Over the same
period, rents for apartments in Al Reem Island declined by 14.5% on average. Proactive landlords have kept vacancy
rates low by offering tenants attractive payment options (multiple cheques) and discounted rates, particularly in
lower-quality buildings in some communities.
Upcoming supply, expected to be delivered this year, will continue to put downward pressure on rents in the capital.
APARTMENT RENT PERFORMANCE
Saadiyat Beach Residences -10.6% -5.1%
Al Reem Island -14.5% -5.6%
Rent (AED/annum)
% change
Al Reef Downtown -12.2% -5%
Al Raha Beach -9.1% -4.7%
-2.7%
Al Ghadeer -10.6%
-3.6%
-16% -14% -12% -10% -8% -6% -4% -2% -0% 0 50,000 100,000 150,000 200,000
Studio 1 BR 2 BR Yearly Q1 2018-Q1 2019 Source: Propertymonitor.ae
VILLA/TOWNHOUSE RENT PERFORMANCE
Saadiyat Beach Residences -11.1%
Rent (AED/annum)
% change
Al Reef -12.1%
Al Raha Gardens -13% -5.6%
-13.5% -13% -12.5% -12% -11.5% -11% -10.5% -10% 0 100,000 200,000 300,000 400,000
3 BR 4 BR 5 BR Yearly Q1 2018-Q1 2019 Source: Propertymonitor.ae
19Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
2019 UPCOMING SUPPLY
According to Property Monitor, over 1,500 apartments and 1,400 villas/
townhouses were handed over in Abu Dhabi during Q1 2019 alone.
Upcoming supply for 2019 is spread across Abu Dhabi investment zones and the mainland. This includes over 9,000
apartments, approximately 6,800 of which will be handed over in Al Raha Beach, Al Reem Island and Saadiyat Island. Of the
400 villas/townhouses expected to be handed over this year, nearly all are under construction in Saadiyat Island, Yas Island
and Abu Dhabi City.
Completed supply in Q1 2019 included Hidd Al Saddiyat villas, Park View residential apartments on Saadiyat Island, Al Reem
Phase 2, residential villas in Al Samha, and the Marina Sunset Bay project in Abu Dhabi City.
APARTMENTS VILLAS/TOWNHOUSES
96% 4%
SUPPLY SCHEDULED TO BE
COMPLETED BY END OF 2019R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
Saadiyat Island
Al Raha Beach
Al Maryah Island
Yas Island
Al Reem Island
Abu Dhabi City
Khalifa City
21Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
RESIDENTIAL MARKET OVERVIEW
Over the past five years, there has been a significant increase in the number
of masterplan projects in the northern emirates. Upcoming projects include
Sharjah Sustainable City and Fujairah Beach Community.
Sharjah and Ajman continue to be the preferred emirates for low- to mid-income families working in Dubai. Tenants
looking for affordable rents, community facilities and developed infrastructure have several options to choose from.
However, with prices and rents in neighbouring Dubai softening, owners and landlords in the northern emirates are
offering discounted rents and attractive payment plans to retain tenants. The addition of new affordable supply in Dubai
AVERAGE RENTAL RATES FOR NORTHERN EMIRATES Q1 2019
80
60
Rent (AED in thousands/annum)
40
40
32 33
26 23 26
21
20 19 20
20 18 17
0
Studio 1 BR
Sharjah Ajman Ras Al Khaimah old stock
22R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
means commuters have the option to relocate closer to their work place, putting further downward pressure on rents in
Sharjah and Ajman. Overall living costs, including spends like school fees, however, could be a factor prior to a population
migration to Dubai.
New projects are also being developed in Ras Al Khaimah, particularly to boost the tourism and hospitality sectors. House
prices continued to decline in Q1 2019, primarily due to increased supply, while rents have become more affordable with
landlords offering incentives like rent-free periods and flexible payment options through multiple cheques.
Umm Al Quwain offers only limited leasehold apartment blocks for expatriate investors and end users. However, there are
plans for some mixed-use projects as part of joint ventures with the UAQ government.
Fujairah will see the completion of the Fujairah Beach Community project by Eagle Hills this year. The mixed-use
development will feature a gated residential community comprising 80 villas and townhouses, and a hotel.
73
59
55
52 50
47
45
39
34
33 32
27
2 BR 3 BR
Ras Al Khaimah new stock Fujairah Umm Al Quwain
23Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
SHARJAH
RESIDENTIAL MARKET OVERVIEW
Annual rents for apartments ranged between AED 20,000 for studios to AED
85,000 for 3-bedroom units. Villa/townhouse rents averaged AED 85,000-
200,000 annually, based on location and number of rooms.
Popular locations like Al Khan, Al Majaz and Abu Shagara offer apartments with annual rents for studios starting APARTMENTS
AED 16,000
approximately AED 20,000, and up to AED 85,000 for 3-bedroom apartments. The average apartment sale price in Sharjah in
AED 23,300
Q1 2019 ranged from AED 400/sq ft to AED 600/sq ft, based on location and building quality. Communities in Al Heera and Al AED 28,000
Wasit offer tenants 4-bedroom villas starting at approximately AED 85,000 annually, and up to AED 200,000 for a 6-bedroom
villa. The average villa land rate in Sharjah ranges from AED 70/sq ft to AED 180/sq ft, with areas like Al Rahmaniya and Al
Suyoh offering comparatively lower rates than Al Tayy and Barashi.
An increasing number of freehold properties are entering the market, offering more choices for expatriate investors.
Existing offerings like Al Zahia, Tilal City and newer products from Ajmal Makan and Arada are providing varied real
APARTMENTS
estate options including land plots, townhouses, student accommodation, among others, thus increasing investment AED 19,000
opportunities in Sharjah’s real estate sector. APARTMENTS
AED 24,000
AED 31,000 AED 25,000
AED 40,000 AED 44,000
AED 63,000
ANNUAL RENT BY BEDROOM LEVEL AED 74,000
* Data as of March 2019
PRIME VILLAS SECONDARY VILLAS
4 BR 4 BR
5 BR 5 BR
6 BR 6 BR
PRIME APARTMENTS SECONDARY APARTMENTS
Studio Studio
1 BR 1 BR
2 BR 2 BR
3 BR 3 BR
Freehold areas open to all nationalities
24R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
VILLAS
AED 108,000
AED 123,000
VILLAS
AED 135,000
AED 108,000
AED 144,000
AED 160,000
APARTMENTS
AED 20,000 VILLAS
AED 26,000 AED 108,000
AED 36,000 VILLAS
AED 144,000
AED 51,000 AED 108,000
AED 160,000
AED 123,000
AED 135,000
VILLAS VILLAS
AED 90,000 AED 100,000
AED 113,000 AED 123,000
AED 129,000
AED 141,000
25Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
AJMAN
RESIDENTIAL MARKET OVERVIEW
Approximately 2,000 apartments are expected to be handed over by the
end of 2019. An additional 2,299 apartments and 729 villas are slated for
handover in 2020. The majority of large apartment projects are on the
Corniche and in Ajman City.
Ajman’s residential market was initially dominated by villas/townhouses built by UAE nationals. But now there are an
increasing number of apartment projects being developed to cater to expatriate demand. Following market trends in Dubai
and Sharjah, prices and rents in Ajman are expected to continue to decline in the short to medium term.
APARTMENTS
AED 16,000
AED 18,000
AED 23,000 VILLAS VILLAS
AED 28,000 AED 110,000 AED 83,000
AED 125,000 AED 140,000
VILLAS
AED 68,000
AED 70,000
APARTMENTS
AED 20,000
AED 27,000 APARTMENTS
AED 34,000 AED 16,000
AED 38,000
AED 18,000
AED 23,000
AED 28,000
ANNUAL RENT BY BEDROOM LEVEL
* Data as of March 2019
PRIME VILLAS SECONDARY VILLAS PRIME APARTMENTS SECONDARY APARTMENTS
4 BR 4 BR Studio Studio
5 BR 5 BR 1 BR 1 BR
6 BR 6 BR 2 BR 2 BR
Freehold areas open 3 BR 3 BR
to all nationalities
26R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
UMM AL QUWAIN
RESIDENTIAL MARKET OVERVIEW
Average annual apartment rents in Umm Al Quwain varied between AED
14,000 for a studio and AED 38,000 for a 3-bedroom unit in the 12-month
period from Q1 2018 to Q1 2019.
Umm Al Quwain primarily offers residential villas for UAE nationals and some specialist staff accommodation for industrial
and construction sector employees. The limited leasehold apartment blocks offer few investment opportunities, and rents
in these units have decreased marginally year-on-year.
APARTMENTS
AED 21,000
AED 26,000
AED 34,000
AED 50,000
ANNUAL RENT BY BEDROOM LEVEL
* Data as of March 2019
APARTMENTS
Studio
1 BR
2 BR
3 BR
27Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
RAS AL KHAIMAH
RESIDENTIAL MARKET OVERVIEW
Rents and sales prices declined in Ras Al Khaimah in Q1 2019, primarily
due to increased supply. This downward pressure is expected to continue
over the next quarter.
Ras Al Khaimah continued to be an investor-led market in Q1 2019, dominanted by UAE nationals and investors from the
GCC and the Indian subcontinent. Expatriate home ownership is limited, mainly due to uncertain job market. Downward
pressure on prices continued in Ras Al Khaimah, primarily due to increasing supply. Tenants are in a better position to
negotiate rental terms through incentives such as multiple cheques and rent-free periods. During Q1 2019, secondary
market transactions remained subdued, with long transaction timelines and many undecided buyers. Meanwhile, there
was increased lending activity from regional banks within the primary market.
APARTMENTS
VILLAS
AED 23,000
AED 143,000
AED 36,000 APARTMENTS
AED 190,000 APARTMENTS
AED 55,000 AED 28,000
AED 250,000 AED 18,000
AED 73,000 AED 36,000
AED 23,000
AED 33,000 AED 55,000
VILLAS
AED 39,000 AED 65,000
AED 57,000
AED 110,000
ANNUAL RENT BY BEDROOM LEVEL
* Data as of March 2019
PRIME VILLAS PRIME APARTMENTS SECONDARY APARTMENTS
4 BR Studio Studio
5 BR 1 BR 1 BR
6 BR 2 BR 2 BR
Freehold areas open 3 BR 3 BR
to all nationalities
28R ESI D ENTI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
FUJAIRAH
RESIDENTIAL MARKET OVERVIEW
Q1 2019 had similar declines in rents as in Q4 2018. New projects, including
a mixed-use development are expected to be completed in 2019.
Historically, the Fujairah residential market has been dominated by units built by UAE nationals, as the economy was
driven by fishing and agriculture sectors. The infrastructure impetus from the Fujairah 2040 Plan is expected to increase
the population from 165,000 (2009) to 235,000 in 2040.
The Fujairah Beach community by Eagle Hills is one of the major developments expected to be completed in 2019. The
mixed-use project will feature a gated residential community with a total of 80 villas/townhouses in 2-, 3- and 4-bedroom
configurations, along with the 167-key Palace Fujairah Beach Hotel.
APARTMENTS
AED 17,000
AED 20,000
AED 27,000
AED 32,000
ANNUAL RENT BY BEDROOM LEVEL
* Data as of March 2019
APARTMENTS
Studio
1 BR
2 BR
3 BR
29Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
DUBAI
OFFICE MARKET OVERVIEW
As in 2018, occupiers have continued the flight-to-quality trend in Q1 2019. Consolidation of office space continued,
as occupiers looked to reduce costs and take advantage of better value propositions in terms of flexibility of space and
amenities. Enquiries increased in Q1 2019, compared to Q4 2018.
Limited business growth affected demand for office space in Dubai, leading to lower rents in Q1 2019. Office rents for the
mid- and affordable-quality categories declined by 3% in Q1 2019. The average change in rental values in the 12-month
period from Q1 2018 to Q1 2019 was 9%. However, average rents for prime quality properties remained relatively stable
from Q4 2018, with only a marginal decline of 1%. Landlords receptive to market sentiments kept rental rates stable,
offering additional benefits of rent-free periods and CAPEX contributions.
OFFICE RENT PERFORMANCE (AED/SQ FT)
Affordable quality -9%
Rent (AED/sq ft)
% change
Mid quality -8%
Prime quality -4%
-10% -8% -6% -4% -2% 0 20 40 60 80 100 120 140 160
Yearly Q1 2018-Q1 2019 Shell & Core Fitted
ENQUIRIES FOR OFFICES (%) DEMAND FOR OFFICES BY SECTOR ( %)
5% 3%
0-1,000 sq ft Banking 15%
1,000-5,000 sq ft Consultant
15%
5,000-10,000 sq ft General Services
36%
Manufacture and
13%
Logistics
73%
12%
IT/Technology
28%
Source : Cavendish Maxwell
30CO M M ER CI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
RETAIL MARKET OVERVIEW
The addition of new supply continued to affect the retail market in Q1 2019. The opening of The Pointe in Palm Jumeirah
in Q4 2018 added over 70 shops to the retail market.
With the Fountain View and Zabeel expansions of Dubai Mall expected to open in Q3 2019, rents and occupancy rates
can be expected to come under further pressure as more retail operators enter the market. Landlords continued to offer
incentives in Q1 2019 to retain existing occupiers and attract new tenants, including rent-free periods, fit-out contributions
and reductions in service charges.
Vacancy levels in community shops, particularly in Deira and Bur Dubai, rose in Q1 2019. Until 2017, shops in these areas
had waiting lists for prospective occupiers, however in the 12-month period from Q1 2018 to Q1 2019, demand has been
subdued. While enquiry levels increased for retail units in prime locations in Q1 2019, there was a rise in vacancy levels in
super-regional malls over the past year.
According to Emaar, Dubai Mall has reached a 98% occupancy level, excluding the Fashion Avenue expansion that was
added in March 2018. The mall achieved a footfall of 83 million in 2018, representing a 4% Compound Annual Growth Rate
(CAGR) from 2012 to 2018.
RETAIL RENTAL RATES Q1 2019
Retail type Shell & Core (AED/ sq ft) Fitted (AED/ sq ft)
Super regional malls 90-315; 600 on average*
High street retail 200-400
Community retail shops 79-125 100-180
* According to Emaar ( Dubai Mall)
31Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
ABU DHABI
OFFICE MARKET OVERVIEW
Office rents continued to face downward pressure in Q1 2019, with an average year-on-year decline of over 5% across Abu
Dhabi. Rental declines were more pronounced in the mid- to low-quality commercial buildings. Enquiry levels also fell in
Q1 2019, suggesting subdued business growth and limited new demand. Consolidation is also driving flight-to-quality, as
businesses look to extract better value from office spaces.
Landlords continued to offer discounted rents during contract renewals, and other incentives to retain occupiers and
attract new ones. With upcoming supply expected to enter the market in 2019, rents will continue to decline. A sizeable
amount of office space is set to be added in 2019. These include a few commercial buildings in Abu Dhabi City by private
developers, Mazroui Tower in Al Zahiyah, Eclipse Twin Towers in Al Reem Island and a commercial building by ADCB in Al
Nahyan, all expected to be delivered by Q3 2019. Additionally, Twofour54 is expected to relocate to Yas Island by the end of
2020. The new purpose-built campus will increase the media zone’s capacity by 25% and include facilities, infrastructure
and services to meet the growing needs of media entities.
OFFICE RENT PERFORMANCE (AED/SQ FT)
Affordable Quality -7%
Rent (AED/sq ft)
% change
Mid Quality -6%
-1%
Prime Quality
-10% -8% -6% -4% -2% 0 20 40 60 80 100 120 140 160
Yearly Q1 2018-Q1 2019 Shell & Core Fitted
RETAIL MARKET OVERVIEW
Consumer spending continued to be adversely affected in Q1 2019, impacted by slower job growth and the correction
of salaries and allowances. Retail spend has outperformed other sectors, however, it continues to be affected by weak
consumer sentiment. Consequently, rents continued to decline during Q1 2019.
Vacancy levels in malls rose in Q1 2019, with enquiry levels falling during the same period. The upcoming supply is
expected to continue to impact rental rates. Majid Al Futtaim’s new 300 million-dirham My City Centre Masdar project will
add 1.85 ha of Gross Leasable Area (GLA) when it opens in Q2 2019. Al Maryah Central Mall is also expected to be handed
over this year. Meanwhile, existing malls such as Delma Mall and Al Wahda Mall are offering rent-free periods of up to one
year, for new occupiers.
RETAIL RENTAL RATES Q1 2019
Retail type Shell & Core ( AED/sq ft) Fitted ( AED/sq ft)
Super regional malls 200+
High street retail 180-200
Community retail shops 79-125 100-180
32CO M M ER CI A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
OFFICE MARKET OVERVIEW
Office rents, although affected by lower rates in neighbouring Dubai, remained relatively stable in Sharjah and the northern
emirates, as no new supply was added in Q1 2019. Sharjah had marginal quarterly declines of 3% in office rents, with an
annual decline of 6% in the period from Q1 2018 to Q1 2019.
Julphar Towers, the only prime office building in RAK, offers both shell and core, and fitted units for an average rate of
AED 45/sq ft. The development of RAK’s container port is expected to improve investment in free zones and the broader
economy. S&P projects GDP growth of 2.3% in 2019 and 3.0% in 2020 for RAK, supported by capital expenditure in the
larger economies of Dubai and Abu Dhabi.
SHARJAH OFFICE RENTAL RATES (AED/SQ FT)
-5%
Industrial Area -10%
-1%
Abu Shagara/Al Qasimia -2%
Rent (AED/sq ft)
% change
-6%
Corniche Area ( Al Khan , Al Majaz 3) -11%
-1%
Al Taawun Road -3%
-12% -10% -8% -6% -4% -2% 0 10 20 30 40 50 60
Quaterly Q4 2018-Q1 Yearly Q1 2018-Q1 Shell & Core Fitted Average
RETAIL MARKET OVERVIEW
By Q4 2019, Sharjah is expected to add approximately 1.5 million sq ft of GLA – in the greater than 30,000 sq ft category –
to its existing retail stock. This includes the Sharjah Mall (355,000 sq ft GLA) and Oasis Mall (1 million sq ft GLA), in addition
to the Zero 6 mall which was handed over in Q4 2018. Rents for retail spaces in Q1 2019 ranged from AED 65/sq ft to AED
85/sq ft on average, in areas such as Al Khan, Al Majaz and Al Sharq in Sharjah.
Ajman also has a few major projects scheduled to open at the end of 2019. This upcoming supply includes City Life by Al
Zorah with a GLA of 503,751 sq ft, and Mirkaaz Mall with a GLA of 406,872 sq ft. Rents for retail units in certain residential
areas such as Al Rawda, Al Rashidiya and Al Naemiyah ranged from AED 60/sq ft to AED 70/sq ft on average in Q1 2019.
Meanwhile, Ras Al Khaimah is expected to add a GLA of 55,972 sq ft of retail space with the scheduled handover of Grove
Village Mall in Q2 2019. This is in addition to the 30,000 sq ft of GLA added in Q4 2018 with the expansion of Manar Mall.
Average rents in popular local malls like Al Hamra and Al Reem ranged from AED 180/sq ft to AED 250 per sq ft during
Q1 2019.
33Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
DUBAI
HOSPITALITY MARKET OVERVIEW
New room inventory expected to enter the market in 2019 conitnues to affect the performance of hotels in Dubai. With
significant growth in hotel room inventory indicated ahead of Expo 2020, the current trend of downward pressure on
occupancy levels and average daily rates (ADRs) is expected to continue into 2019.
According to data from STR Global, hotel room occupancy rates declined from 86.1% in February 2018 to 83.5% as of
February 2019, a year-to-date drop of 3.1%. Hotel revenue per available room (RevPAR) also declined year-to-date, from
AED 673.47 in February 2018 to AED 577.59 in February 2019, representing a decline of 14.2%.
ADR (AED) RevPAR (AED)
1,600 88
1,433
1,400 1,349.84
86
1,200 1,185.78
1,065.89 84
1,000
Rate (AED)
Occupancy (%)
82
800 781.84
692.08 673.47 577.59 80
600
400 78
200 76
0 74
2018 2019 2018 2019
Dubai Dubai Luxury Dubai Dubai Luxury
ABU DHABI
HOSPITALITY MARKET OVERVIEW
Abu Dhabi City had a 3.8% increase in hotel room occupancy, from 81.6% in February 2018 to 84.7% in February 2019.
Occupancy rates for resorts in the capital declined by a marginal 0.2% year-to-date. There was sustained growth in
RevPAR for the same period for hotels in the city, from AED 253.03 to AED 304.06 – an increase of 20.2%. The RevPAR in
resorts also had an increase of 12.3% over the same period.
ADR (AED) RevPAR (AED)
88
86
800 641 721.40
84
Occupancy (%)
600 500.61 562.32 82
359.9 80
Rate (AED)
400 309.93 253.03 304.06
78
200 76
0 74
2018 2019 2018 2019
Dubai Dubai Luxury Dubai Dubai Luxury
34H O SPI TA L I TY
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
HOSPITALITY MARKET OVERVIEW
Hospitality and tourism sectors in the northern emirates are expected to receive a boost with new government-backed
developments in Fujairah, Ras Al Khaimah and Sharjah.
Projects encompass 8,800 residential units and 1,500 hotel keys over the next five years in Fujairah; an adventure park,
hiking trail and luxury mountain camp in RAK; the Anantara Sharjah Resort expected in 2020, and the Al Bait Hotel, which
was handed over in Q4 2018 in Sharjah. RAK is being positioned as a prime tourist destination, with plans to attract more
than 3 million visitors by 2025 and double the GDP share of tourism to 10%.
In Q4 2018, the number of guests visiting Fujairah reached 202,640, an increase of 14% from Q4 2017, according to the
Fujairah Statistics Centre. However, occupancy levels fell by 14.8% from 75% in February 2018, to 63.9% in February 2019,
according to data from STR.
ADR (AED) RevPAR (AED)
700 76
603
593.93 74
600
72
500 440.34
70
Rate (AED)
Occupancy (%)
390.45
400 388.42 68
356.41
291.36
300 66
227.85
64
200
62
100
60
0 58
2018 2019 2018 2019
Fujairah Ras Al Khaimah Fujairah Ras Al Khaimah
35Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
DUBAI
INDUSTRIAL MARKET OVERVIEW
Q1 2019 marked a continuation of the overall trend in 2018. The market remained challenging, with the gap in the local
two-tier segment widening as occupiers seek better value.
Demand for onshore Grade A warehouses continued to be high, but remains underserved due to an increased supply in
the easier-to-build Grade B and C spaces. Overall, flight-to-quality helped to push sales prices and rental rates of modern,
high-quality and well-specified assets up in Q1 2019, especially due to the lack of Grade A supply.
Demand in free zone areas increased in Q1 2019, but continued to be outweighed by supply, resulting in continued
downward pressure on prices. Some sub-categories, such as well-designed standalone facilities with newer specifications
(less than 30,000 sq ft), outperformed the general market. Free zone authorities continued to be flexible with land lease
terms in Q1 2019, offering short-term relief for new and existing customers.
As the popularity of online shopping and same-day delivery continues, the demand for high-quality storage space is
expected to rise in 2019, especially in strategic areas such as Dubai South.
ABU DHABI
INDUSTRIAL MARKET OVERVIEW
The Abu Dhabi Airport Free Zone (ADAFZ) continued to lead rental rates at AED 74/sq ft in Q1 2019, followed by Al Markaz
at approximately AED 43/sq ft. Rents in Khalifa Industrial Zone Abu Dhabi (KIZAD), Mussafah and Industrial City Abu Dhabi
(ICAD) remained around AED 36/sq ft on average.
Overall, average industrial lease rates have declined by 5% compared to the same period in 2018.
Demand for flexible and high-quality space, particularly warehouses with optional serviced offices in the AED 161-269/sq
ft range, increased in Q1 2019. Newer areas like KIZAD witnessed higher demand for such facilities.
AVERAGE WAREHOUSE RENT IN ABU DHABI
80
74
70
60
Rent (AED/sq ft)
50
43
40 38 36
33
30
20
10
0
ADAFZ Al Markaz ICAD 1 KIZAD Mussafah
Average rent by location
36I ND USTR I A L
Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
NORTHERN EMIRATES
INDUSTRIAL MARKET OVERVIEW
As of Q1 2019, the prevailing rates in existing industrial areas of Sharjah and Ajman were typically 30-35% lower than Grade
A warehouse rents in Dubai. With increased demand, there was also a rise in enquiries for modern industrial facilities,
as occupiers continue to look to move out of poorly maintained older stock, to locations offering better infrastructure.
Manufacturing, real estate, wholesale and retail trade sector are the leading contributors to Sharjah’s GDP accounting for
45% of the total. S&P predict that the emirate’s tourism, manufacturing and construction sectors will support real GDP
growth of 2% during 2018-2021.
Lease rates, based on location and availability of warehouse space matching demand criteria, can vary from AED 20/sq ft
to AED 35/sq ft in Ajman and Sharjah.
Key industrial units existing in Umm Al Quwain include light industries, cement and building materials, rubber, aluminum
and readymade clothing.
WAREHOUSE RENTS IN SHARJAH AND AJMAN
40
35
35
30 30 30
30
Rent (AED/sq ft)
25
25
20 20 20
20
15
10
5
0
Min Max
Al Sajaa Industrial Area Sharjah Industrial Area Ajman Industrial Area Al Jurf Industrial Area
37Q1 2019 UAE P R O P E RTY MAR K ET R EPORT
METHODOLOGY
Sales prices and rents are derived from Property Monitor (www.propertymonitor.ae), the region’s leading real estate
intelligence platform and the only data source powered by RICS-accredited professionals; bringing unprecedented
transparency and accuracy to local property markets.
Through Property Monitor, market stakeholders can directly access real-time, transparent and accurate intelligence,
unmatched anywhere else in the region. The platform empowers investors, property specialists and banking professionals
with authoritative data, analytics and insights that closely correlate with market movements, empowering confident and
informed property-related decisions.
Property Monitor was launched in 2014 by real estate consultancy Cavendish Maxwell.
The average sales price per square foot 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.
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 Maxwell’s building consultancy team
and related government entities.
STRATEGIC CONSULTING AND RESEARCH
Cavendish Maxwell’s strategic property consulting and research team has
40
some of the region’s most highly qualified data analysts with a wealth of
international real estate advisory experience. We work closely with a broad
portfolio of banks, property developers, government entities and private
clients, providing authoritative, industry-specific research and advice to
maximise portfolio performance.
BANKS
Our strategic property consulting and research expertise spans a variety of
sectors including residential, office, hospitality, education and mixed-use Our documents and advice meet banking and
audit criteria, proven by our presence on over 40
developments, and our team draws on reliable proprietary data to allow for bank panels across the Middle East.
thorough and accurate analysis of trends and market fluctuations.
Disclaimer:
The information and analysis contained in this report 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 do not purport to represent a formal valuation of any property interest and must not be construed as such. Such analyses, 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 indicators 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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SERVICES ANALYSISDUBAI ABU DHABI M US C AT 2205 Marina Plaza 605 West Tower, Abu Dhabi Mall Villa 836, Way 3012 Dubai Marina Tourist Club Area Al Sarooj P.O. Box 118624 P.O. Box 126609 P.O. Box 3438 Dubai Abu Dhabi Muscat United Arab Emirates United Arab Emirates Sultanate of Oman T: +971 4 453 9525 T: +971 2 448 4677 T: +968 24 694 150
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