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OBSERVERDubai Residential ReportQ1 2020
OBSERVER - Dubai Residential Report Q1 2020 2 OBSERVER - Dubai Residential Report Q1 2020 3
Q1 Highlights
Economic Snapshot
While Dubai started the year with its largest-ever budget, ready to meet ambitious policy commitments and support Expo 2020, Covid-19 refocused government priorities from March onwards. Both Dubai and UAE authorities have introduced significant economic support measures in response to the pandemic, aimed at mitigating the impact of Covid-19 on key sectors and shoring up the overall economy. The AED 1.5 billion stimulus package released in Dubai specifically aims to reduce the cost of doing business and simplify administrative procedures, with a focus on the Emirate’s tourism, retail, external trade and logistics sectors. The short-term economic impact of Covid-19 will likely be acute, with economists now widely predicting economic stagnation over the first half of 2020.
Sales Prices
Average apartment sales prices were down 1.8% from Q4 2019, a notable slowdown in the rate of decline year-on-year, with average values having fallen by 3% over Q1 2019. Villa prices fell by 0.8% over the first quarter, again showing a reduction in the pace of decline, although general oversupply continued to apply downward pressure across the board.
Rental Rates
Dubai apartment rents declined by 1.5% over the first quarter, with villa rents seeing a more moderate fall of 1.3%. This follows a period of greater stability over the previous quarter, with the short-term outlook for Dubai’s rental market hampered by ongoing efforts to counter Covid-19.
Transactions
Volumes. Overall residential transactions reached 9,591 units over the first quarter, representing a 13% rise on an annual basis, although a near 21.5% fall quarter-on-quarter.
Values. The total value of residential transactions stood at AED 15.07 billion, an over 25% fall on a quarterly basis, although rising by 5% year-on-year.
New Launches
The total number of units launched stood at 4,458, across freehold areas, over Q1. This represents a notable fall from the 6,328 units launched in Q1 2019 and the 12,000-plus units launched in Q1 2018. The drop in new launches is a welcome move forward for a sector where oversupply has long driven down values.
Key Indicators
ApartmentsValue:Q-o-Q Change: –1.8%Y-o-Y Change: –10.8%Rents:Q-o-Q Change: –1.5%Y-o-Y Change: –8.3%
VillasValue:Q-o-Q Change: –0.8%Y-o-Y Change: –9.5%Rents:Q-o-Q Change: –1.3%Y-o-Y Change: –9.9%
New Launches4,458 units–29% Y-o-Y
Sales ValueAED 15.07 billion+5% Y-o-Y–26.1% Q-o-Q
Sales Volume9,591 units+13% Y-o-Y–21.5% Q-o-Q
Dubai’s residential sector demonstrated a resilient start to 2020, with a year-on-year increase in sales volume reflecting more positive buyer sentiment. While residential values continued to fall over the first quarter, the rate of decline lowered on both an annual and quarterly basis, with average apartment values and rents falling by 1.8% and 1.5%, respectively. Villas also saw more moderate declines, with average values falling by 0.8% and rents 1.3% on a quarterly basis.
Q1 witnessed a notable slowdown in new project launches, with around 4,500 residential units launched for sale by developers, down from over 6,000 in Q1 2019 and 12,000-plus in Q1 2018. The fall in new projects bodes well for a market where oversupply has long suppressed values. The notable reduction in launches from government-backed developers also points to the early success of the Higher Committee for Real Estate Planning, a body mandated to shape several key areas of real estate policy, which first convened in November 2019.
While government measures introduced to combat coronavirus (Covid-19) came into effect in March, their immediate impact on Dubai’s residential sector was limited, with travel restrictions and social isolation policies most acutely affecting the Emirate’s hospitality and retail sectors. The broad economic support packages introduced by the Dubai government, complemented by various relief measures from private sector landlords, will go some way to shore up the real estate market and offer welcome support to residential tenants.
It is likely that the ongoing pandemic’s effects will be reflected in second quarter figures, with disruption to the transactional process itself, coupled with an overall economic contraction, likely to cause near-term challenges. While the overall impact of Covid-19 on Dubai real estate depends largely on the pandemic’s duration, and the nature of the public policy response, the residential sector will clearly face significant headwinds over coming months.
Market Overview
OBSERVER - Dubai Residential Report Q1 2020 5OBSERVER - Dubai Residential Report Q1 2020 4
Sharp fall in project launches suggests turning point in addressing residential oversupply
Reduced rates of decline across average values, coupled with a continued fall in new project launches, were welcome developments over the first quarter.
Average apartment sales prices fell 1.8% from Q4 2019, a notable slowdown in the rate of decline from the previous quarter, with average villa prices decreasing by just 0.8%.
Apartment rents declined by 1.5% on a quarterly basis, with villas witnessing average declines of 1.3%. Declines in rents across both property types follows a period of comparative stability over the fourth quarter, with disruption caused by the ongoing Covid-19 pandemic likely set to further challenge rents over the second quarter.
A notable fall in new project launches, which totaled 4,458 units over Q1 2020, compared to 6,328 units in Q1 2019 and 12,369 units in Q1 2018, suggests a commitment to addressing the long-standing issue of oversupply in Dubai’s residential sector. A reduction in future residential supply is a crucial step towards more balanced supply and demand dynamics and will go some way to support long-term investor confidence.
Apartments:Q-o-Q Change: –1.8%Y-o-Y Change: –10.8%
The largest price declines in the apartment segment were witnessed in Dubai Sports City, with average prices falling from AED 692 to AED 670 per sq ft, representing a decline of 3.2% over Q1.
Discovery Gardens saw a 3.1% drop from the previous quarter, with prices decreasing from AED 576 to AED 558 per sq ft.
Locations which witnessed minimal declines from the previous quarter included The Greens and International City, with prices falling by just 0.8% and 0.9%, respectively. Average apartment prices across Dubai Land were stable, standing atAED 700 per sq ft.
The only area to witness a rise in average prices over Q1 was Business Bay, where sales prices increased from AED 1,000 to AED 1,007 per sq ft, a rise of 0.7%. The moderate uplift in average values follows two consecutive quarters of stable pricing, with year-on-year values across Business Bay declining by just 3%, 7.8 percentage points (ppt) above the market-wide average.
Dubai Land and International City also performed comparatively well on an annual basis, seeing declines of only 3% and 3.4%, respectively, year-on-year. The Greens and Dubai Sports City were only other districts to see single-digit annual decline rates, with values falling by 9.2% and 9%, respectively, from Q1 2019.
Villas:Q-o-Q Change: –0.8%Y-o-Y Change: –9.5%
The average decline in villa values reduced by 2.2 ppt on a quarterly basis, standing at 0.8%, from 3% over Q4 2019.
Jumeirah Park saw the steepest quarterly price fall, with average values reaching AED 725 per sq ft from AED 740, a decline of 2%. This follows a price decline of 8% the previous quarter. Arabian Ranches saw a fall of 1.6%, following a moderate rise the previous quarter, with average prices reachingAED 795 per sq ft.
Both Palm Jumeirah and The Lakes witnessed quarterly declines of less than 1%, at 0.7% and 0.9%, respectively.
The only area to see an average rise was The Meadows/The Springs, where average prices reached AED 832 per sq ft,a quarterly rise of 1.2%.
The average year-on-year price decline for villas was a 9.5%, 0.5 ppt higher than the rate of decline witnessed the previous quarter. The strongest performing location on an annual basis was Palm Jumeirah, where values have fallen from AED 1,984 in Q1 2019 to AED 1,860 over last quarter, representing a yearly decline of 6.3%.
0
2000
4000
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8000
10000
12000
14000
-70%
-50%
-60%
-30%
-40%
-10%
-20%
0%
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20%
30%
Q1 2017 Q1 2018 Q1 2019 Q1 2020
Volume(No of Units) Y-o-Y ChangeSource:
REIDIN & Chestertons
New Project Launches by Quarter and Y-o-Y Change
HOT TOPIC
The first quarter saw a notable slowdown in new project launches, largely driven by a significant reduction from government-backed developers. While this is partly a result of developers responding to rising levels of built but unsold inventory, against a backdrop of weaker 2019 sales, it also the first full quarter since the inauguration of the Higher Committee for Real Estate Planning. The Committee, a body chiefly mandated with regulating Dubai real estate supply and demand dynamics, began operating in November 2019, and the fall in new launches from Dubai’s larger developers is likely a testament to the Committee’s early efforts. With oversupply long placing downward pressure on values, the reduction in early 2020 launches is a welcome step towards sustainable levels of development.
OBSERVER - Dubai Residential Report Q1 2020 6 OBSERVER - Dubai Residential Report Q1 2020 7
Apartments and Villas − Residential Sales Prices and Quarterly Change
SharjahAbu Dhabi
The Palm Deira
DubaiMaritime
City
Bur Dubai
Deira
Hamriya
WuheidaMamzar
Hor Al Anz
Al Nahda
AirportFree Zone
Karama
Garhoud
Twar Qusais
Muhaisnah
Mirdif
Mizar
Khwaneej
Ghoroob
Shorooq
Warqaa
ZabeelOud
Metha
CultureVillage
UmmRamool
NaddShamma
DubaiFestival City
MeydanCity
Ras Al Khor
Bu Kadra
NaddAl Hammar
InternationalCity
AcademicCity
DubaiSilicon Oasis
Al WahaCommunity
MotorCity
SportsCity
Layan
Nad Al Sheba
Al BarariLiving Legends
ArabianRanches
Dubiotech
Awir
UmmHurairTrade
CentreDIFC
Dubai Mall
Mirdif CityCentre
Dragon Mart
Deira CityCentre
Al KhailGate
MediaCity
JumeirahIslands
JumeirahGolf
Estates
GreenCommunity
DowntownJebel Ali
Technology Park
DubaiInvestment
Park
DubaiWorld
Central
InternationalMedia
ProductionZone(IMPZ)
JumeirahHeights
TheGardens
DiscoveryGardens
Ibn BattutaMall
Jebel AliVillage
Jebel Ali Freezone EmiratesHills
InternetCity
Greens
Meadows/Springs
The Lakes
Al FurjanThe SpringsJumeirah
Park
JumeirahVillage Circle
TECOM
The Views
JLT
Al Quoz
Barsha
Mall of the Emirates
Dubai Pearl
Palm Jumeirah
Dubai MarinaBurjuman
Centre
Satwa
Badaa
Jumeirah
Al WaslSafa
Umm Suqeim
ManaraSufouh
The World
Arabian Gulf
Jumeirah BeachResidence
BluewaterIslands
The PalmJebel AliDubai
Waterfront
Barsha
MOTOR CITY
AED585MOTOR CITYAED565
DISCOVERYGARDENS
AED576
-3.4%Q-o-Q
Change
DISCOVERYGARDENS
AED558
-3.1%Q-o-Q
Change DOWNTOWNAED1,371 DOWNTOWN
AED1,343
-2.0%Q-o-Q
Change
BUSINESS BAYAED1,000
BUSINESS BAYAED1,0070.7%
Q-o-QChange
DUBAILANDAED700
DUBAILANDAED700
0.0%Q-o-Q
Change
DUBAIMARINA
AED1,030
DUBAIMARINA
AED1,020
-1%Q-o-Q
Change
DUBAI SILICONOASIS
AED591DUBAI SILICON
OASIS
AED580-1.9%
Q-o-QChange
SPORTS CITYAED692
SPORTS CITYAED670
-3.2%Q-o-Q
Change
JUMEIRAHLAKE TOWERS
AED814JUMEIRAH
LAKE TOWERS
AED790-2.9%
Q-o-QChange
THE VIEWS
AED1,089THE VIEWS
AED1,065
-2.2%Q-o-Q
Change
JUMEIRAHVILLAGECIRCLE
AED623JUMEIRAHVILLAGECIRCLE
AED610
-2.1%Q-o-Q
Change
THE GREENSAED847 THE GREENS
AED840
-0.8%Q-o-Q
Change
INTERNATIONALCITY
AED469INTERNATIONAL
CITY
AED465
-0.9%Q-o-Q
Change
Apartment Sales Q4 2019 Apartment Sales Q1 2020Villa Sales Q4 2019 Villa Sales Q1 2020 Q-o-Q ChangeFigures in AED/Sq FtSource: Chestertons Research
ARABIANRANCHES
AED808
THE LAKESAED993
ARABIANRANCHES
AED795
JUMEIRAHPARK
AED740
-1.6%Q-o-Q
Change
JUMEIRAHPARK
AED725
-2.0%Q-o-Q
Change
PALMJUMEIRAH
AED1,874PALM
JUMEIRAH
AED1,860
-0.7%Q-o-Q
Change
THE MEADOWS/SPRINGS
AED822
THE MEADOWS/SPRINGS
AED832 1.2%Q-o-Q
Change
THE LAKESAED984
-0.9%Q-o-Q
Change
Dubailand
–
OBSERVER - Dubai Residential Report Q1 2020 8 OBSERVER - Dubai Residential Report Q1 2020 9
Q1 saw moderate falls in rents almost across the board, albeit at a lower annual rate, with further challenges ahead over Q2
Dubai’s rental market saw moderate declines in rents over the first quarter, following a period of stability in Q4 2019. Average apartment rents declined by 1.5% quarter-on-quarter and 8.3% year-on-year. Villa rents declined by 1.3% quarter-on-quarter and 9.9% year-on-year over Q1.
With ongoing oversupply placing downward pressure on rents, Dubai landlords have continued to offer discounts and more flexible payment terms to both attract and retain tenants. These include rent-free periods, offering multiple rent cheques, shorter-term leases and the inclusion of maintenance costs within rent.
Covid-19 prevention measures started to impact the rental market over the latter half of March, with Dubai authorities announcing the suspension of evictions, applicable to both residential and commercial sectors, over March and April. Early reports from property management companies suggest residential landlords have typically been willing to accept more lenient payment terms to assist tenants, with several major landlords announcing tenant relief packages, including short-term rent free-periods.
Several leading UAE residential agencies, while reporting disruption to the agency process itself, sustained reasonable enquiry levels over March and generally remain confident of an uptick in transactional activity once the pandemic subsides.
The greatest immediate threat to the rental market comes from a fall in demand driven by a rise in unemployment and a fall in income levels for private sector workers. Authorities have announced several policies aimed at economically supporting
the private sector, including permitting companies to reduce salaries on both a temporary and long-term basis, for expatriate workers. Early reports suggest that several major employers have cut both salaries and allowances, in response to recent falls in income. The corresponding effect on available income for living costs could place sharp downward pressure on rents, with a fall in private sector employment levels an additional risk.
It is likely that landlords will need to demonstrate further flexibility on both rents and payment terms, focusing on taking steps to retain tenants, over the second quarter.
Apartments:Q-o-Q Change: –1.5%Y-o-Y Change: –8.3%
All areas saw moderate declines in average rents over the first quarter, within a bracket of -0.4% to -2.3%.
International City and Dubai International Financial Centre (DIFC) both saw quarterly rent declines of below 1%, at -0.4% and -0.9%, respectively, with three bedroom rents in both locations holding steady over Q1.
The Views witnessed the sharpest quarterly fall in average rents, at -2.3%, followed by Dubai Land at -1.9%. On an individual unit-type basis, rents for three bedroom units at The Views saw the steepest decline, at -3.4%. Conversely, three bedroom rents at International City and DIFC held steady over the first quarter, as did studio and two bedroom rents in the former.
There was a broadly consistent rate of decline across unit types,
with Studio rents seeing marginally lower average declines, at -1.3%, and one bedroom units seeing the steepest fall at -1.6%, quarter-on-quarter.
On an annual basis, average rents within Downtown Dubai remained broadly stable, seeing a moderate decline of only 0.2% y-o-y. The stability in average rents in Downtown Dubai largely reflects the addition of new high-end units over Q4 2019, offsetting declines recorded in the first half of last year. The steepest annual declines in average rents were seen across Dubai Silicon Oasis and Dubai Land, at -12.7% and -10.7%, respectively.
Villas:Q-o-Q Change: –1.3%Y-o-Y Change: –9.9%
In the villa sector, the sharpest rental rate falls were witnessed in Jumeirah Golf Estates and Arabian Ranches, where there were average declines of 2.2% and 2.3% respectively, compared
to Q4 2019. Average rents for three bedroom villas in Jumeirah Golf Estates and Jumeirah Islands saw the sharpest quarterly declines on a unit-type basis, both falling by 3.4%. Average three bedroom villas rents in Jumeirah Golf Estates fell from AED 175,000 per annum to AED 169,000, with Jumeirah Islands’ three bedroom units falling from AED 145,000 per annum to AED 140,000, from Q4 2019.
Over Q1, there were a number of villa communities where rental rates remained more resilient, including Palm Jumeirah and Jumeirah Village Triangle (JVT), which both saw no average declines in rents on a quarterly basis. Average rents at The Lakes declined by only 0.7% over Q1, with rents for five bedroom villas remaining stable at AED 300,000 per annum.
The average year-on-year rental rate decline for villas was -9.9% from Q1 2019. The most resilient villa location was Palm Jumeirah with a 3.2% decline from the previous year, with the largest rental rate decline seen in Jumeirah Golf Estates, where rents fell by 14% from first quarter 2019.
HOT TOPIC
Government measures to combat Covid-19 came into effect towards the end of the first quarter. While social isolation policies disrupted the transactional process itself, the initial impact on the residential sector appears to have been limited, although the crisis will likely pose significant short-term challenges moving forward. While government measures to ban evictions overMarch and April offered welcome reassurance to tenants, landlords may have to brace themselves for a fall in income overcoming months.
OBSERVER - Dubai Residential Report Q1 2020 10 OBSERVER - Dubai Residential Report Q1 2020 11
Apartments - Average Rents by District/Unit Type and Quarterly Change
-14%
-12%
-10%
-8%
-6%
-4%
0%
-2%
-
100,000
150,000
50,000
200,000
250,000
Business Bay DIFC DiscoveryGardens
DowntownDubai
Dubai Marina DubaiSilicon Oasis
Dubai Sports City
Dubailand InternationalCity
JLT JVC The Greens The Views DubaiMotor City
PERCENTAG
E CHAN
GEAE
D R
ENTA
L RA
TES
Studio 1BR 2BR 3BR QoQ Change YoY ChangeFigures in AED/Sq FtSource: Chestertons Research
2BR 3BR 4BR 5BR QoQ ChangeFigures in AED/Sq FtSource: Chestertons Research
YoY Change
-12%
-14%
-16%
0%
-2%
-4%
-6%
-8%
-10%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
ArabianRanches
TheSprings
TheMeadows
The Lakes VictoryHeights
Al Furjan JVT JumeirahIslands
JumeirahGolf Estates
PalmJumeirah
AED
REN
TAL
RATE
SPERCEN
TAGE CH
ANG
E
Villas - Average Rents by District/Unit Type and Quarterly Change
-14%
-12%
-10%
-8%
-6%
-4%
0%
-2%
-
100,000
150,000
50,000
200,000
250,000
Business Bay DIFC DiscoveryGardens
DowntownDubai
Dubai Marina DubaiSilicon Oasis
Dubai Sports City
Dubailand InternationalCity
JLT JVC The Greens The Views DubaiMotor City
PERCENTAG
E CHAN
GEAE
D R
ENTA
L RA
TES
Studio 1BR 2BR 3BR QoQ Change YoY ChangeFigures in AED/Sq FtSource: Chestertons Research
2BR 3BR 4BR 5BR QoQ ChangeFigures in AED/Sq FtSource: Chestertons Research
YoY Change
-12%
-14%
-16%
0%
-2%
-4%
-6%
-8%
-10%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
ArabianRanches
TheSprings
TheMeadows
The Lakes VictoryHeights
Al Furjan JVT JumeirahIslands
JumeirahGolf Estates
PalmJumeirah
AED
REN
TAL
RATE
SPERCEN
TAGE CH
ANG
E
OBSERVER - Dubai Residential Report Q1 2020 12
Completed Properties O�-PlanSource: REIDIN & Chestertons
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Q1 2019 Q4 2019 Q1 20200
2000
1000
3000
4000
5000
6000
7000
8000
Q1 2019 Q4 2019 Q1 2020
Completed property sales volume increased 20% annually over Q1, with total transaction volume rising 13% year-on-year
Overall residential transactions reached 9,591 units over the first quarter, representing a 13% rise on an annual basis, although a 21.5% fall quarter-on-quarter. The annual rise was supported by a 20% increase in the transfer of existing properties, with off-plan sales volume rising by 9% year-on-year. On a quarterly basis, the transfer of off-plan properties fell by almost one third, from 7,597 in Q4 2019 to 5,387 units in Q1 2020. The quarterly drop in completed unit sales activity was less steep, declining from 4,621 in Q4 2019 to 4,204 units in Q1 2020, a fall of just over 9%.
The total value of residential transactions stood at AED 15.07 billion, a quarterly fall of 26.1%, although increasing by around 5% from Q1 2019 where transactions totaled AED 14.35 billion.
The 13% annual rise in transaction volume, and more moderate increase in corresponding transaction value, largely reflects the annual fall in average prices, coupled with an uptick in demand for smaller villa units.
Transaction Volumes Q-o-Q Movement (Completed Units): –9%Q-o-Q Movement (Off-Plan Units): -29.1%Y-o-Y Movement (Completed Units): +20%Y-o-Y Movement (Off-Plan Units): +9%
Both completed and off-plan transaction volume saw a sharp fall on a quarterly basis, following a near-record high over Q4 2019. Off-plan sales totaled 5,387 units over Q1, down from 7,597 the previous quarter, although increasing from the 4,964 units sold over Q1 2019. Completed sales fared better over Q1,
with unit transfers falling by 9%, to 4,204 units, on a quarterly basis. Annually, the volume of completed units transferred rose by 20%, up from 3,490 units in Q1 2019.
Dubai Marina saw the highest volume of completed units transfer over Q1, at 375, closely followed by Jumeirah Village Circle (JVC) at 315 units.
Transaction ValuesQ-o-Q Movement (Completed Units): -14%Q-o-Q Movement (Off-Plan Units): -35.1%Y-o-Y Movement (Completed Units): +16%Y-o-Y Movement (Off-Plan Units): -4%
Transaction values for off-plan properties fell by over 35% from Q4 2019, from AED 11.61 billion to AED 7.54 billion in Q1 2020. On an annual basis, the total transaction value of off-plan properties declined by 4%, from AED 7.85 billion in Q1 2019.
While the total value of completed unit transfers fell by 14% on a quarterly basis, from AED 8.76 billion to AED 7.53 billion, the value increased by 16% annually, up from AED 6.51 billion in Q1 2019.
Downtown Dubai saw the highest sales volume of completed properties transfer over the first quarter, with transactions totaling AED 569 million, closely followed by Dubai Marina at AED 565 million.
Quarterly Transactions by Volume (No of Units) Quarterly Transactions by Value (AED Billion)
HOT TOPIC
In March, the UAE Central Bank announced a series of measures to support the economy, including an increase in the loan to value (LTV) ratio for first time buyers and permitting banks to increase their real estate market exposure, from 20% to 30%, across their loan portfolios. With sizable upfront payments often a considerable barrier for first-time buyers, and more flexible developer payment plans proving successful where the initial cost is reduced, the rise in first time buyer LTV ratio should help to shore up transactional volumes during an increasingly challenging operating environment.
OBSERVER - Dubai Residential Report Q1 2020 14 OBSERVER - Dubai Residential Report Q1 2020 15
Transactions Dashboard Q1 2020
Completed Properties O�-PlanSource: REIDIN & Chestertons
ApartmentsQ1 2020 Sales Volume
by No of Bedrooms
One Studio Two Three + Three Four Five Two Six +
VillasQ1 2020 Sales Volume
by No of Bedrooms
ApartmentsQ1 2020 Sales Volumeby Construction Status
4,0102,707
VillasQ1 2020 Sales Volumeby Construction Status
903790
39%
30%
22%
9%
50%
30%
9%
7%4%
OBSERVER - Dubai Residential Report Q1 2020 16 OBSERVER - Dubai Residential Report Q1 2020 17
Q1 2020 Sales TransactionsCompleted Units
Top 10 Areas Based on Transaction Volumes (Number of Units) Top 10 Areas Based on Transaction Volumes (Number of Units)
Q1 2020 Sales TransactionsOff-plan Units
Top 10 Areas Based on Transaction Values (in million AED) Top 10 Areas Based on Transaction Values (in million AED)
10050- 200150 300 400350250
Dubai Marina
Jumeirah Village Circle
Downtown Dubai
International City
Business Bay
Arjan
Jumeirah Beach Residence
Palm Jumeirah
Al Furjan
Dubai Hills Estate
- 200 100 400300 500 600
Downtown Dubai
Dubai Marina
Palm Jumeirah
Dubai Hills Estate
Jumeirah Beach Residence
Business Bay
Bluewaters Island
Jumeirah Village Circle
Emirates Hills
District One
200100- 300 500400 600
Business Bay
Downtown Dubai
Jumeirah Village Circle
The Lagoons (Dubai Creek Harbour)
Liwan
Arabian Ranches Phase 3
Emaar South
Meydan City
Arjan
Villanova
400200- 800600 1,2001,000 1,400
Downtown Dubai
Business Bay
The Lagoons (Dubai Creek Harbour)
Jumeirah Beach Residence
Jumeirah First
Dubai Harbour
Arabian Ranches Phase 3
Villanova
Meydan City
Emaar South
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
10050- 200150 300 400350250
Dubai Marina
Jumeirah Village Circle
Downtown Dubai
International City
Business Bay
Arjan
Jumeirah Beach Residence
Palm Jumeirah
Al Furjan
Dubai Hills Estate
- 200 100 400300 500 600
Downtown Dubai
Dubai Marina
Palm Jumeirah
Dubai Hills Estate
Jumeirah Beach Residence
Business Bay
Bluewaters Island
Jumeirah Village Circle
Emirates Hills
District One
200100- 300 500400 600
Business Bay
Downtown Dubai
Jumeirah Village Circle
The Lagoons (Dubai Creek Harbour)
Liwan
Arabian Ranches Phase 3
Emaar South
Meydan City
Arjan
Villanova
400200- 800600 1,2001,000 1,400
Downtown Dubai
Business Bay
The Lagoons (Dubai Creek Harbour)
Jumeirah Beach Residence
Jumeirah First
Dubai Harbour
Arabian Ranches Phase 3
Villanova
Meydan City
Emaar South
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
10050- 200150 300 400350250
Dubai Marina
Jumeirah Village Circle
Downtown Dubai
International City
Business Bay
Arjan
Jumeirah Beach Residence
Palm Jumeirah
Al Furjan
Dubai Hills Estate
- 200 100 400300 500 600
Downtown Dubai
Dubai Marina
Palm Jumeirah
Dubai Hills Estate
Jumeirah Beach Residence
Business Bay
Bluewaters Island
Jumeirah Village Circle
Emirates Hills
District One
200100- 300 500400 600
Business Bay
Downtown Dubai
Jumeirah Village Circle
The Lagoons (Dubai Creek Harbour)
Liwan
Arabian Ranches Phase 3
Emaar South
Meydan City
Arjan
Villanova
400200- 800600 1,2001,000 1,400
Downtown Dubai
Business Bay
The Lagoons (Dubai Creek Harbour)
Jumeirah Beach Residence
Jumeirah First
Dubai Harbour
Arabian Ranches Phase 3
Villanova
Meydan City
Emaar South
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
10050- 200150 300 400350250
Dubai Marina
Jumeirah Village Circle
Downtown Dubai
International City
Business Bay
Arjan
Jumeirah Beach Residence
Palm Jumeirah
Al Furjan
Dubai Hills Estate
- 200 100 400300 500 600
Downtown Dubai
Dubai Marina
Palm Jumeirah
Dubai Hills Estate
Jumeirah Beach Residence
Business Bay
Bluewaters Island
Jumeirah Village Circle
Emirates Hills
District One
200100- 300 500400 600
Business Bay
Downtown Dubai
Jumeirah Village Circle
The Lagoons (Dubai Creek Harbour)
Liwan
Arabian Ranches Phase 3
Emaar South
Meydan City
Arjan
Villanova
400200- 800600 1,2001,000 1,400
Downtown Dubai
Business Bay
The Lagoons (Dubai Creek Harbour)
Jumeirah Beach Residence
Jumeirah First
Dubai Harbour
Arabian Ranches Phase 3
Villanova
Meydan City
Emaar South
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
OBSERVER - Dubai Residential Report Q1 2020 18 OBSERVER - Dubai Residential Report Q1 2020 19
About Us
Chestertons, a founding member of the Royal Institution of Chartered Surveyors, has been delivering leading-edge property advice to clients for over 200 years.
From our origins in 1805 to today’s global operation spanning over 120 offices in 20 countries, Chestertons has enjoyed a longheld reputation for providing expert property insight and on-the-ground delivery to investors, developers, corporate occupiers and financial institutions.
We support our clients across the breadth of their real estate needs and pride ourselves on taking an interest in their goals and challenges. Our ‘old service values’ means we are passionate about the success of our clients and our focus is always on consistently delivering value at every stage in the project lifecycle.
While Chestertons is a global company, we understand our clients’ interests are tied to the local market in which they operate. As such, we employ the most suitably qualified people on the ground, while sharing global best practices to support each and every client project. We have unparalleled knowledge of the Middle East and North Africa market with a team of 70 specialists across the region.
Core Services
ValuationsMortgage and Secured LendingPortfolio Valuations
Advisory and ResearchFinancial FeasibilitiesHighest and Best Use StudiesMarket ResearchConceptual Advisory and Project Positioning Studies Project Redevelopment/Repositioning Advisory Investment Strategies – Acquisition and Disposal
Sales and LeasingCommercialIndustrialResidentialRetail
Property Management CommercialMixed-UseResidential
International Properties London Off-Plan ResidentialInternational Homes and Investments International Relocations
Nick Witty, BSc (Hons) MRICSManaging [email protected]
Adam Wilson, BSc (Hons) MRICS ACIArbHead of [email protected]
Chris Hobden, BA (Hons) MSc MRICSHead of Strategic [email protected]
Ellen SleutjesHead of [email protected]
Disclaimer:
All articles and data presented herein is intended for information purposes and has been compiled from sources deemed reliable including the Valuations and Research De-partment of Chestertons, sales and leasing staff, published data, and secondary sources. Though information is believed to be correct, material presented is subject to errors, omissions, changes, or withdrawal without notice.
Mena Head Office2503, Marina Plaza, Dubai MarinaPO Box 283361, DubaiUnited Arab EmiratesOffice: +9714 381 0200Fax: +9714 325 3359Email: [email protected]
Abu Dhabi OfficeOffice No. 802, Tamouh Tower,Building 12, Marina Square,Al Reem Island, PO Box 128983,Abu Dhabi, United Arab EmiratesOffice: +9712 447 3100Fax: +9712 441 6200Email: [email protected]
Bahrain OfficeMaz Business Centre,The Lagoon,Amwaj Island,BahrainOffice: +973 1603 0646Email: [email protected]
Global Headquarters40 Connaught Street,London, W2 2ABUnited Kingdom
Further offices across the UK, Europe,Asia Pacific, Africa and the Caribbean.
Contact Us
www.chestertons-mena.com