Uae Property Report 2015

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cluttons.com

UNITED ARAB EMIRATES | 2015

THE PROPERTY REPORT


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LOW OIL PRICE ENVIRONMENT

TO CURTAIL ECONOMICGROWTH IN 2015

As expected, the persistence of a low oil price

environment which took hold last autumn

has begun to impact the ability of most

GCC states to deliver balanced budgets.

The UAE too has begun to feel the pressure

of diminishing hydrocarbon receipts, whichratings agency Moody’s estimates comprised

75% of the nation’s fiscal reserves during

2014. In fact, the Emirates Inter Bank Offered

Rate (EIBOR) surged to its highest level in 16

months during August, while deposit levels

have fallen, according to data compiled by

Bloomberg.

The 54% fall in oil prices from a high of

US$ 110 per barrel last summer to

approximately US$ 50 per barrel now is

starting to impact the nation’s finances. The

IMF estimates a price of US$ 75 is required for

a break-even budget for the UAE. As a result,

the IMF is now forecasting the UAE to post

a 2.3% budget deficit this year; the nation’s

first since the ‘great recession’ in 2009. As

a consequence of this, GDP expansion isexpected to slow to 3.2% in 2015, from 4.2%

last year.

ECONOMY

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PERFORMANCE OF OIL PRICES

While it is not unusual for a commodity

such as crude oil to experience periods of

exceptional volatility, the relative stability in

prices between early 2011 and late last year,

meant that many OPEC states were tempted

into engaging in a wide range of state backed

infrastructure and utility projects, many of

which are now at risk of being stalled or

perhaps even cancelled.

Source: OPEC


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In keeping with the government’s usual long-term thinking mantra, the UAE has begun to initiate

a series of fiscal measures to help shore up its financial position, while considering additional

measures to help cushion it from further oil price shocks. On August 1, the UAE became the

first gulf state to begin deregulating fuel prices, effectively removing government funded fuel

subsidies that have been in place since the country was formed in 1971. The IMF estimates that

petroleum subsidies in the UAE amount to AED 25.7 billion, which forms part of the larger AED

389 billion energy subsidy budget, equating to nearly 7% of GDP.

The fuel price reforms come in the wake of the decision by the emirates of Abu Dhabi and Dubaito hike water and electricity tariffs in recent years as the two emirates’ governments slowly chip

away at utility subsidies.

A monthly meeting of the newly formed Fuel Price Committee will set fuel prices each month,

based on global averages. For the month of August, the committee announced a 24% hike in

petrol prices, while diesel costs fell by nearly a third. Despite this step change, prices at the pump

remain about a third cheaper than they are in the USA and nearly four times cheaper than the

UK. This is likely to drive up consumer price inflation levels; however the rate of increase may

be offset to an extent by lower manufacturing and logistics costs as a result of the fall in diesel

prices, thus helping the country to retain a degree of its cost competitive edge, when compared

to the rest of the GCC. Moody’s has estimated that the change in petrol prices in August will

cost each UAE resident an extra AED 1,420 this year.

OIL PRICE PLUNGE

TRIGGERS POLICY CHANGES


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l i t r e

ECONOMY

GLOBAL GASOLINE COSTS PER LITRE

MORE ECONOMIC REFORMS EXPECTEDThe gradual dismantling of federal energy

subsidies has not gone unnoticed by the

investment community. In fact, Abu Dhabi,

which Moody’s estimates controls 94% of the

UAE’s total oil production, has already seen

its sovereign bond yields decline by 5 basis

points, reflecting the boost to the nationalcredit profile. Moody’s estimates that the

change in fuel subsidy policies will result in

savings of approximately AED 13.8 billion by

the Abu Dhabi government.

Aside from fuel subsidies, the government is

now also reportedly considering tackling the

sensitive issue of value added tax (VAT) and

corporation tax, something the federation has

taken great care to avoid since its formation.

In late July the Ministry of Finance announced

that a draft law for the introduction of VAT

and corporation tax is expected before theend of 2015; however implementation is

not expected this year. Further details on

whether or not free zone companies will be

exempt from a corporation tax are yet to be

announced.

The lack of VAT and corporation taxes has

allowed the UAE to emerge unchallenged

as the region’s business and commercial

nerve centre. The change in policy is however

unlikely to dent the UAE’s global reputation.

As the economy matures, a raft of economic

reforms to bolster government revenues was

inevitable and we are now experiencing aperiod of transition as the national economy

matures and the federal government works

to diversify its income base away from

hydrocarbon receipts.

UAE GDP GROWTH FORECAST

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Source: IMF

Source: GlobalPetrolPrices.com


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In the lead up to the historic mid-July

deal between six world powers and Iran in

Vienna, there was much speculation about

the potential boost to the UAE’s economic

activity. Prior to the introduction of trade

sanctions, Iran was the UAE’s biggest tradingpartner and tourist arrivals to the UAE from

the Iranian republic have fallen by 50%

since 2010 according to the IMF. However,

despite the sanctions, it has remained an

important trade partner for the emirates,

emerging as the UAE’s fourth largest trading

partner in 2014, according to the latest

figures from the Iranian government, which

translates into AED 62.4 billion of cross

border trade; up 8.3% on 2013.

Our view remains unchanged and we seethe landmark deal as a medium to long

term catalyst for the UAE’s growth, which

is expected to be centred on Dubai. Both

local and global businesses have in the past

hubbed any Iranian operations out of Dubai

and we expect this phenomenon to begin

in earnest once the US congress formally

agrees to the lifting of the debilitating six-

layered UN sponsored trade and economic

sanctions.

CAN THE IRAN DEAL BOLSTER

ECONOMIC GROWTH IN THE UAE?

In fact, the Iranian government has already

announced that estimated investment of

AED 734 billion is required over the next

five years by its oil and gas industry alone,

while the aviation sector requires just over

AED 18 billion in immediate investments.We expect to see the vast majority of

these funds funnelled through the UAE’s

financial system, which should aid in the

improvement of national liquidity levels.

The rippling outward of business activity as

global firms line up to service an economy

that has been starved of investment for over

a decade is not only likely to benefit other

emirates in the federation, but regional

states as well.

The downside to the lifting of trade

sanctions is of course the impact of a

resumption in Iranian hydrocarbon exports

on the fickle oil market. While Iran’s oil

export levels are unlikely to rise rapidly, it is

our view that further oil price falls are likely

once the sanctions are officially lifted. The

magnitude of any downward movement and

the duration for which the low oil price era

lingers very much hinges on how quickly the

EU can negotiate a Greek deal and return

to growth. At the same time, as the bloc

remains one of China’s most important

export markets, the country’s economic

performance and therefore demand for

oil remain in a holding pattern, which

highlights the risks faced by the wider global

economy.

REAL ESTATE BOOST LIKELY TOBE FELT IN DUBAI FIRSTFor the real estate landscape, the return

of an Iranian variable to the national

real estate equation will be particularly

momentous.

It is our view that Iranian nationals will seize

the opportunity to make significant real

estate investments in Dubai, allowing them

to climb up the buyer nationality league

table. In 2010, Iranian nationals accountedfor 12% of Dubai’s real estate transactions,

positioning them in fourth place behind

Indian, British and Pakistani nationals.

However with the onset of trade sanctions,

investment volumes from Iranian nationals

dwindled and stood at a low of just 3%

during the first quarter of 2015 according

to data from the Dubai Land Department.

This is expected to be amongst the first

lead indicators of the benefits to the UAE

from the lifting of Iranian trade sanctions;

however an exact date for this is yet to beconfirmed.

AED

62.4 bnUAE-Iran cross border trade in 2014

AED

18 bnEstimated investment required byIran’s aviation sector

Source: Government of Iran

AED

734 bnEstimated investment needed byIran’s oil and gas sector over thenext 5 years


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ABU DHABI

Sheikh Zayed Grand Mosque


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HOUSE PRICE GROWTH STALLSAfter growing by 0.5% in Q1, house prices

across the capital slipped by 0.2% in the

second quarter, the first contraction since

Q3 2012. The shrinking in average house

prices across Abu Dhabi’s investment zones

has reduced the annual rate of increase

from just over 15% at the end of March to

around 3% at the end of June. This equates

to a current average house price of AED1,336 psf.

RESIDENTIAL MARKET

PERFORMANCE OF ABU DHABI RESIDENTIAL VALUES

APARTMENT VALUES STABLE

While the performance of the market sofar this year certainly suggests furtherdownward adjustments are likely asthe economy absorbs the impact of thesharp fall in oil prices, apartment valueshave remained largely stable, with theexception of high-end apartments onReem Island, where prices slipped by 1.6%

during the first half of the year.

BUYER DEMAND POLARISED AT THEEXTREMITIES OF THE MARKET

The nature of demand being stablefor the top end, luxury market and themore affordable, sub AED 1,000 psfproperties mirrors our own experiencein the market. On one hand you havean affluent segment of the population,predominantly comprised of Emirati andGCC buyers, who continue to home in on

schemes such as those on Saadiyat due tothe perceived exclusivity.

At the other end of the spectrum, youhave a large expat population, who arebeing squeezed out of the rental marketdue to the rampant rental growth overthe past 18 months, which has remainedwell ahead of inflation and wage growthrates. This group continues to target

schemes that offer the best perceivedvalue for money, which is helping moreaffordable submarkets such as Ghadeer,weather the downward pressures in themarket for the time being.

Furthermore, the strong capital valuegrowth also means some aspiringhouseholds are left with little option

but to rent for longer while they amassdeposits to overcome the strictly enforcedFederal Mortgage Caps. It was inevitablethat demand would become polarised,with a renewed focus on what isperceived to be more affordable property.

This also creates a clear opportunity fordevelopers to focus on this relativelyuntapped portion of the market.While Dubai has made strides to beginaddressing the affordable housing

challenges it faces, Abu Dhabi still lagsits northern neighbour to an extent. Thatsaid, in order for any affordable housinginitiatives to take hold, interventionat a federal level is required to ensurethat the entire nation benefits from theintroduction of a new affordable housingclass, or affordable housing quotas.

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Average annual rent in Abu Dhabi

AED

204,000Source: Cluttons, IMF, UAE Ministry of Economy

Average annual expat income

AED

199,000

Source: Cluttons

ABU DHABI


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ABU DHABI

RENTAL MARKET GAINS MOMENTUMAfter rents stagnated during the first quarter

of the year, a 1.5% rise in average rents

was registered during the second quarter,

pushing annual growth up to 3.9%. This

does however mask the fact villas (2.6%)

outperformed apartments (0.3%), which

continued to see rents stagnate, mirroring

the pattern that began in Q1.

Echoing the sentiment from the sales

market, it is not surprising that Hydra

Village was the strongest performing market

in the capital, with rents for three-bedroomvillas surging by almost 32% during the

first six months of the year to AED 125,000

per annum, while two-bedroom villas (AED

110,000 per annum) registered a near 30%

increase in rents. This reflects the increased

focus by tenants on properties they perceive

to be affordable.

RENTS SLIP ON SAADIYAT ISLANDThe weakest performing apartment market

during H1 was on Saadiyat Island. While

two-bedroom apartments managed torecord a near 3% increase in rents, three-

and four-bedroom apartments registered

falls of 10.2% and 11.9%, respectively.

While tenants continue to cite the

exclusivity factor as the underlying appeal

of the capital ’s emerging cultural hub, rents

here appear to have risen ahead of the

market. And with other submarkets such as

Reem Island, which is in closer proximity to

central Abu Dhabi, tenants are being lured

here as rents are still largely below those on

Saadiyat Island.

RESIDENTIAL SALES AND LETTINGSMARKETS SHARE MUTE OUTLOOK

The outlook for the capital’s residentialmarket has deteriorated since the start ofthe year, underpinned by the prolongedweakness in oil prices and the cascadingimpact this has had on the strength ofdemand in Abu Dhabi’s commercial andresidential sectors. While the residentialmarket has experienced average pricerises of 34% since 2010, the rate ofchange over the past four quarters hasbeen far more subdued. Several factors

may influence the behaviour of theresidential market in the medium toshort term, but with anecdotal evidencepointing to a growing number of stalledinfrastructure projects as governmentspending eases, the subsequent rate of job creation and residential demand isalso expected to stabilise, or weakenslightly, therefore denting demand.

For now however, bulk residential lettingsdeals are still common and are beingdriven predominantly by the hospitalityand education sectors, which oftenremoves stock from the delivery pipelinebefore it is released onto the market.However, with the rate of job creationlikely to slow in the coming months, thistrend is likely to subside to an extent.

With this in mind, it is our view that theresidential market will see further slightto moderate price falls over the remainder

of 2015; however there will continue tobe markets, such as Hydra Village, whichare expected to outperform for thereasons outlined above. Overall, quarterlyhouse price declines of between 0.5% and1% can be expected in both Q3 and Q4,while rents are expected to remain largelyflat during H2.

THE OUTLOOK FOR THE CAPITAL’S

RESIDENTIAL MARKET HASDETERIORATED SINCE THE STARTOF THE YEAR, UNDERPINNED BYTHE PROLONGED WEAKNESS INOIL PRICES AND THE CASCADING

IMPACT THIS HAS HAD ON THESTRENGTH OF DEMAND


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During June, the government ofAbu Dhabi announced a range ofnew regulatory measures, aimed atshoring up confidence in the market.The key highlights of the new rules,which fall under the jurisdiction of theDepartment of Municipal Affairs, includethe creation of a real estate register,

the requirement for developers to setup escrow accounts, an off-plan salesregister and the licensing of real estatebrokers.

While the raft of new laws will offerinvestors a greater sense of comfortas the authorities work to improvethe market’s transparency, there wasno mention of the much anticipatedintroduction of a rent-index, similarto that used in Dubai. For a market

like Abu Dhabi where rents have risenby 16% since 2013, well above wage

growth, which we estimate to havegrown by just 4.8% over the sameperiod, a rent-index will go a long wayin helping to give landlords and tenantsa barometer from which they can gaugemarket performance.

The removal of the rent cap has

allowed the market to behave in a moredynamic manner, mirroring real-timemarket conditions; however the benefitof a rent-index will offer tenants someprotection while educating landlords,particularly those of an international,buy-to-let flavour.

It is worth noting that any index willalways lag real-time conditions by twoto three months and will be unableto capture nuances of variables such

as unit size, views, proximity to publictransport nodes, etc.

REGULATORY CHANGES ARE ASTEP IN THE RIGHT DIRECTION


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ABU DHABI

OFFICE MARKET

Secondary office rents

AED

1,300 psm

Tertiary office rents

AED

900 psm

Prime office rents

AED

1,850 psm

RENTS STAGNATE AS DEMAND TAILS OFFRents across the capital continued to

hold steady through the second quarter,

with prime, secondary and tertiary rents

all remaining unchanged for the fourth

consecutive quarter. Prime rents, which

stand at AED 1,850 psm, have remained

stable for 14 quarters now.

The office market’s recent stagnation is inlarge part linked to the slowdown in public

spending, which has translated into a drop

in demand for new office space. However,

due to a general lack of supply, particularly

at the Grade A end of the market, rents have

held steady and are expected to remain

stable over the course of 2015 in our central

scenario.

RENT DECLINES LIKELY IN 2016As outlined above, Abu Dhabi’s heavy

dependence on hydrocarbon revenues hasmeant that the rate of office take up, which

is traditionally dominated by oil and gas

companies, has cooled significantly.

This is likely to put increased downward

pressure on more secondary and tertiary

locations in the first instance, with prime

rents likely to face headwinds shortly

thereafter. We do not expect to see this

chain of events play out in quick succession,

but think it likely that rents will begin to

weaken towards the tail end of this year,

or at the beginning of 2016 should theemirate’s economy slow further.

Source: Cluttons


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SIGNATURE TOWERS’ RATESREMAIN UNCHANGEDFor now however, mirroring the behaviour in

the city’s prime office market segment, Abu

Dhabi’s ‘signature’ office towers recorded

no change in rents during Q2, which means

that rents for the most part have remained

stable for three consecutive quarters.

Etihad Towers (AED 2,250 psm),International Tower (AED 2,050 psm) and

Nation Towers and the World Trade Centre

Office Tower (both at AED 2,000 psm)

remain the city’s most expensive (aside

from Abu Dhabi Global Market). And with

occupancy levels remaining at or close to

100%, we are unlikely to see any upward

movement in signature towers’ rents until

space is returned to the market.

Q2 RENTS IN ‘SIGNATURE’ OFFICE TOWERS

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Aldar HQ

World Trade Centre Office Tower

Nation Towers

International Tower

Capital Gate

Capital Tower

Addax Tower

Abu Dhabi Global Market Square

AED psm

Source: Cluttons

Away from this cohort of super-prime

buildings, the newly established Abu Dhabi

Global Market financial free zone on Maryah

Island continues to cement its position as

the city’s new ultra-prime office benchmark,

with asking rents standing at approximately

AED 3,700 psm.

While this still sits above its nearest

comparable at the Dubai InternationalFinancial Centre (circa. AED 2,400 psm),

demand for space here remains stable

as international businesses home in,

attracted by the international regulatory

framework. Still, the vast majority of global

organisations continue to headquarter in

Dubai, with Abu Dhabi often the location for

satellite offices.


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DUBAI

Dubai Creek


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VILLA PRICE DECLINES ACCELERATE

As we previously forecast, the villa marketcontinues to bear the brunt of the FederalMortgage Cap restrictions, which havemade affordability a central issue forpotential buyers who are now requiredto hold significant equity to fund upfrontcosts (see example). Furthermore, risingvilla supply levels are dampening the

prospect of any immediate turn around inthe performance of this segment of theresidential market.

During the second quarter, villa values onaverage declined by 3.4%, dragging theannual rate of change down to -7%. It isworth noting that the first six months of2015 alone have registered a 5.1% fall inaverage villa prices, which now stand atAED 1,421 psf.

The Springs (-7%) was the weakestperforming submarket during H1, whilevillas in the Green Community (-2.2%)registered the smallest fall.

RESIDENTIAL MARKET

CAPITAL VALUE PERFORMANCE IN KEY VILLA SUBMARKETS

BUYING A AED 5.5 MILLION VILLA

400

500

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700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

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p s f

The Springs

The Lakes

Arabian Ranches

The Meadows

Jumeirah Islands

Jumeirah Village

Costs % AED

Minimum deposit size 35 1,925,000

Property registration fee 4 220,000

Agency fee 2 110,000

Bank fee 1 55,000

Total upfront cost 42% AED 2,310,000

Source: Cluttons

Source: Cluttons

DUBAI


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RESIDENTIAL MARKET PERFORMANCE: CAPITAL VALUE GROWTH RATES

DUBAI

APARTMENT CAPITAL VALUESSHOW GREATER RESILIENCE

Apartments on the other hand have

performed slightly better, with averagevalues moderating by -0.4% to AED 1,471during Q2, which translates into a 0.6%fall between January and June this year.Overall, there has been almost no changein average apartment values during H1.

High end apartments in Dubai Marina(-2.6%), mid-range apartments on the Palm Jumeirah (-1.9%) and high-end apartmentson the Palm Jumeirah (-1.7%) have beenthe three weakest performing submarkets,reflecting a combination of previously

stubborn vendors reducing prices to reflectmarket reality and those gradually loweringasking prices below prevailing rates toentice buyers.

Overall, house prices in Dubai’s residentialmarket now stand 3.1% below this time last year and 21% below the Q3 2008 marketpeak.

TOTAL NUMBER OF RESIDENTIALTRANSACTIONS FAIRLY STABLE

Looking specifically at buildings and units,

there was a 7% dip in the number ofdeals recorded, while the value of all realestate transactions slipped by nearly aquarter (Dubai Land Department).

Drilling down further into the residentialmarket, the picture is fairly stable, withdata from Reidin showing that transactionsduring H1 were down 2.3% on the sameperiod last year. The number of apartmenttransactions dipped by 1.1%, while thenumber of villas that changed handsdecreased by 13.1% when compared to H1

2014, reflecting the affordability challengesoutlined above.

Source: Cluttons


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FURTHER WEAKENING EXPECTED INTHE RESIDENTIAL MARKET THIS YEAR

Stiff headwinds in the form of FederalMortgage Caps and general affordabilitychallenges have been exacerbated by a risein the number of project announcements;41,000 units have been announced so farthis year. The surge in the number of projectannouncements over the last two years,

which has been a direct result of confidenceinjected into the market by the 15% risein average residential values over the sameperiod, has translated into a strengtheningsupply pipeline through to 2017. In fact,we expect just over 20,000 units to bedelivered by the end of 2017, with villasaccounting for almost 70% of the total.

This of course is against a backdrop of analready weak villa market, suggesting thata sudden turnaround in values is unlikely.

With average villa prices already down byover 5% during H1, we anticipate a further5% to 7% fall in the second half of the yearas values adjust to market conditions andmore importantly, buyers’ budgets.

Apartments on the other hand still continueto be viewed favourably by ‘buy-to-let’ and‘buy-to-leave’ investors, particularly thosefrom the region looking for a safe haven.In addition, the success of recent off-planproject sales, which continue to come tomarket approximately 10% to 20% below

prevailing rates for completed properties,underscores the affordability challengesfaced by the domestic market.

However the propensity for developers topromote balloon payment plans, which seebuyers paying the majority of the purchaseprice upon handover, is allowing thismarket to be accessed by a wider segmentof buyers who may have previously beenpriced out.

RENTAL MARKET TO STAY WEAK

Despite falling to 4.2% in July, from a six- year high of 4.7% in May, inflation rates inthe emirate are expected to come underincreased upward domestic pressure ashouseholds adjust to the removal of federalfuel and utility subsidies, which, togetherwith housing costs, account for 44% ofthe consumer price inflation basket. Still,households can take some comfort in thefact that the strength of the US dollar, towhich the dirham maintains a fixed peg, willcontinue to hold back the level of imported

inflation, which to an extent will ease theburden on household finances.

With this in mind, it is our view that therental market will remain weak, with furtherslight declines in the region of 1.5% to 2%likely during the second half of the year.

BRIGHT MEDIUM TERMOUTLOOK SCENARIO

While the continuation of price moderationin the sales market is likely to persist, therental market is expected to fare slightly

better. The Expo 2020 event has movedfrom being on the medium-term eventhorizon, to being on the short-term event

horizon and with associated public spendingon supporting infrastructure likely to gainfurther momentum as the event drawscloser, job creation levels are unlikely to bedented in the near term.

If anything, the pace at which new jobsare created is expected to rise, which toan extent will go some way to help in

absorbing the strengthening supply pipeline,particularly as we expect the population toexpand by a further 400,000 to 2.8 millionby 2020. This will mitigate the risk of asupply glut and therefore help to sustainrents and stabilise house price growth.

In addition, any weakening in regionaldemand for Dubai residential assets as aresult of continuing oil price declines isexpected to be countered to an extentby Iranian funds, which are waiting in the

wings as outlined earlier.

However as the Dubai Land Department’sbuyer nationality league tables continueto show GCC buyers dominating overalltransaction activity, a weakening in longterm demand from this cohort does notcurrently sit in our central forecast scenario.Furthermore, strengthening yields as aresult of falling residential values andrelatively stable rents will continue to boostDubai’s overall investment appeal.

DUBAI

APARTMENTS STILL CONTINUE TO BE VIEWEDFAVOURABLY BY ‘BUY-TO-LET’ AND ‘BUY-TO-LEAVE’INVESTORS, PARTICULARLY THOSE FROM THE REGIONLOOKING FOR A SAFE HAVEN.


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WITH THE WORLD EXPO IN 2020 LOOMING

AND WITH TRADE SANCTIONS ON IRAN ONTHE VERGE OF BEING LIFTED, THE OUTLOOKFOR THE OFFICE MARKET SUGGESTS A STABLEPIPELINE OF TAKE-UP ACTIVITY


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TAKE UP UNLIKELY TO WANE IN THEMEDIUM TERM AS EXPO 2020 LOOMS

Overall market confidence continues toedge up as international and domesticoffice take up activity continues to rise,albeit at a slightly slower pace than last year. Our experience mirrors the sentimentof the Q2 Emirates NBD Dubai EconomyTracker, which signalled that optimism infuture business activity reached a 19-monthhigh in June, despite a slight softening innew orders.

However respondents from all key sectorsof the emirate’s economy indicated an

anticipated expansion of business activityover the course of 2015. This was in largepart underpinned by planned companyexpansion through recruitment and anexpected rise in new orders.

That said, we have recorded instancesof downsizing, or consolidation of officespace by oil and gas companies, reflectingheadcount reductions and budgetarypressures by hydrocarbon linked firms; apattern we are observing in other global

markets as well.

This aside, with the World Expo in 2020looming and with trade sanctions on Iranon the verge of being lifted, the outlook forthe office market suggests a stable pipelineof take-up activity.

As we previously mentioned, we havealready noted an upturn in speculativerequirements from Dubai-based Iranianbusinesses looking to expand their premisesin anticipation of a resumption in normaltrade with Iran. Furthermore, we have alsoalready noted several instances of Iranianbusinesses in the emirate approachingbanks for loans to fund planned expansion.

In addition, we anticipate an upturn ininternational businesses looking to serviceany Iranian operations out of Dubai, whichwill once again place upward pressure onGrade A rents in sought after submarkets,

particularly the city’s primary free zonessuch as the DIFC, the Internet & MediaCities, D3 and Dubai Airport Free Zone.

This, combined with the pipeline ofgovernment backed mega-infrastructureprojects, such as the AED 117 billion AlMaktoum International Airport expansion,Dubai Metro extension and Jebel Ali Portexpansion, in addition to the vast pipelineof leisure, retail and hospitality projectspoints to a steady, but significant pace of

job creation over the short to medium term,which will translate into a steady stream ofrequirements.

DUBAI

0

10

20

30

40

50

60

70

80

90

Wider Economy Travel & Tourism Construction Wholesale & retail

I n d e x

v a l u e

( > 5 0

i n d i c a t e s e x p a n s i o n

)

May 15 June 15

SECTORAL BREAKDOWN OF ENBD DUBAIECONOMY TRACKER CONFIDENCE INDEX

Source: Emirates NBD, Markit


20/56

SHARJAH

Al Qasba Canal


21/56

RENTS SUCCUMB TO WIDERMARKET DYNAMICS

As expected, the lettings market inSharjah has continued to gradually slowin response to rent declines in Dubai andthe introduction of what is perceivedto be high-quality accommodation inneighbouring Ajman.

These constantly evolving market drivershave meant that tenants are now firmlyin the driving seat, with many in aposition to cherry pick from a range ofoptions both in and out of Sharjah. Infact, our experience points to the trendof reverse migration to Dubai gainingmomentum, mirroring previous propertycycles, while tenants from other northernEmirates eye a return to Sharjah as itsperceived affordability improves.

RESIDENTIAL MARKET

-2.3%Decline in averagerents during H1

1.4%Annual change inaverage villa rents

AED

90,000Average rent for a three-bedroom villa

Source: Cluttons

This constant ebb and flow of tenantrequirements in the face of rising supplyin Dubai, Sharjah itself and Ajman hasundermined the emirate’s rental market,which recorded a 2.3% dip in average rentsduring Q2, following no change in thefirst quarter. This now leaves average rentsacross the city’s main central submarkets just 3.3% ahead of the same time last year.

Apartments registered a 4.2% decline duringthe second quarter, while villa rents edgedup slightly by 1.4%.

On a submarket level, Al Majaz was theweakest performing area in the six monthsto June, with annual rents for three-bedroom flats slipping by almost 12% toAED 75,000. One-bedroom properties alsorecorded a near 4% decrease in averageannual rents and stood at AED 50,000 atthe end of Q2. On the villa front, with the

exception of three-bedroom properties,which have seen rents rise by just under 6%between January and June to an average ofAED 90,000 per annum, there has been nomovement in rents.

SHARJAH


22/56

SHARJAH

RESIDENTIAL MARKET PERFORMANCE:RENTAL VALUE GROWTH RATES

Q 1 2 0 1 2

Q 2 2 0 1 2

Q 3 2 0 1 2

Q 4 2 0 1 2

Q 1 2 0 1 3

Q 2 2 0 1 3

Q 3 2 0 1 3

Q 4 2 0 1 3

Q 1 2 0 1 4

Q 2 2 0 1 4

Q 3 2 0 1 4

Q 4 2 0 1 4

Q 1 2 0 1 5

Q 2 2 0 1 5

-4.0

-2.0

0

2.0

4.0

6.0

8.0

10.0

12.0

% c

h a n g e

RESIDENTIAL MARKET OUTLOOKHINGED ON MACROECONOMICCONDITIONSThe turnaround in the strong rental value

growth in 2014 (24.1%) has all but been

erased by the anaemic performance during

the first six months of 2015. This was

largely anticipated, particularly as incomes

failed to keep pace with this magnitude of

change. While there is no doubt that thishas influenced the lettings market heavily,

so has the macroeconomic picture that

has dented the performance of Dubai’s

lettings market, which as always, has direct

ramifications for Sharjah.

While authorities are clearly driving a shift

away from a reliance on the hydrocarbon

sector, the process was always going to be a

slow burn.

The catalysing of the real estate market

through the introduction of residential

sales to the UAE’s expat community will

no doubt help to bolster economic growth;

further policy changes are likely to emerge

to help foster and cement the emirate’s

core sectors of manufacturing, small &

medium enterprises and aviation.

While these industries continue to benurtured, it is unlikely that home grown

domestic tenant requirements will be

sufficient to drive strong rental growth in

the second half of this year. Instead, it is our

view that rents will slip by another 2% to

4% on average before the end of 2015.

Source: Cluttons

The medium term outlook is however

slightly better, with one off factors such

as the lifting of trade sanctions on Iran

expected to drive residential demand

in Dubai up significantly, which will no

doubt spill over into Sharjah. This is in turn

anticipated to support a gradual return to

strong growth as demand starts to overtake

supply.

On the supply front, clearly developers

have rushed to develop green-field sites

throughout the city, but as with any scheme

in Sharjah, securing SEWA connections and

permits can often delay handover for up to

six months, which will help to offset any

rapid fall in rents in the short term as the

market meanders through a challenging

period.


23/56

Despite this, Sharjah’s residential landscape

continues to experience a phenomenalsea change. The pace at which world-

class master planned communities such

as Al Zahia and Tilal City are emerging is

phenomenal and these developments are

setting the benchmark for future master

planned communities. These are growing

in popularity and we are already seeing

developers rush to meet this demand.

And while the scale and pace of development

is slower than that of Dubai, or Abu Dhabi,

the emirate is blazing a trail in the creation

of affordable upscale developments that aredesigned around the emirate’s rich Islamic

culture and heritage.

This in itself is allowing for the emergence

of a niche residential market that caters to

families who have been priced out of other

UAE markets and those that have been

waiting for more affordable communities in

surroundings that echo their more traditional

lifestyles. Sharjah is taking ‘place making’

back to basics and developing communities

that people want to be a part of. There

has been a tremendous level of appetite

in Sharjah’s first family friendly gatedcommunities.

The government is spearheading the creation

of family friendly enclaves on the fringes

of the city that are supported with all the

necessary community amenities. There is a

strong underlying desire to ensure facilities

such as mosques, schools, clinics and

community shopping centres, along with

adequate transportation infrastructure, are in

place long before the first residents move in.

At Tilal City for instance, we have beenoverwhelmed by the demand from the

local resident expat community. While UAE

nationals account for just over 50% of all

transactions to date, we have seen a huge

amount of demand from UAE residents who

are native to the wider Middle East. While

some of them have been motivated to invest

in the project to escape the political unrest

in their home countries, many are genuinely

singling out Tilal City as somewhere they

wish to live and raise their families.

COMMUNITY LIVING GAINING TRACTION


24/56

SHARJAH

OFFICE MARKET

RENTS REMAIN STEADYOffice rents in Sharjah’s main submarkets

held steady during the second quarter,

following no change in Q1. The prime areas

of Al Majaz retained their position as the

city’s most expensive space (AED 75 psf),

while Al Soor remained the most affordable

centrally located submarket, with rents

standing at AED 60 psf.

The flat performance of the office

market reflects a scaling back in overall

requirements and take up levels while the

dominant oil and gas occupiers assess their

expansion plans.

PERFORMANCE OF OFFICE RENTS IN KEY SUBMARKETS

0

10

20

30

40

50

60

70

80

90

A E D p s f

Al Soor Al Majaz fringe areas Al Majaz prime

Q 1 2 0 1 1

Q 2 2 0 1 1

Q 3 2 0 1 1

Q 4 2 0 1 1

Q 1 2 0 1 2

Q 2 2 0 1 2

Q 3 2 0 1 2

Q 4 2 0 1 2

Q 1 2 0 1 3

Q 2 2 0 1 3

Q 3 2 0 1 3

Q 4 2 0 1 3

Q 1 2 0 1 4

Q 2 2 0 1 4

Q 3 2 0 1 4

Q 4 2 0 1 4

Q 1 2 0 1 5

Q 2 2 0 1 5

IN MORE SECONDARY AND TERTIARY LOCATIONSWE HAVE ALREADY SEEN LANDLORDS ADJUST RENTS

DOWNWARDS IN AN EFFORT TO GENERATE DEMAND.

As previously mentioned, the small &

medium enterprises, aviation and finance &

banking sectors remain the main occupiers

in the market, however there have been

notable declines in the level of requirements

from these groups so far this year as well.

Still, the steady, but weaker level of activity

from this cohort has gone some way to

keep rents stable during the first six months

of this year.

Source: Cluttons

Earlier on in the year, the market appeared

to be gearing up for an extended period of

low oil prices and the subsequent impact

on the emirate’s economy. With this

phenomenon now taking centre stage, rents

in most centrally located office buildings

which have remained frozen and unchanged

are in danger of weakening. The ability of

the market to weather the continued low oil

price environment, or weakening demand,is expected to put rents under pressure,

particularly at the top of the market.


25/56

MODERATE FALL IN RENTS EXPECTEDIn more secondary and tertiary locations

we have already seen landlords adjust rents

downwards in an effort to generate demand.

This widening gap between the two tiers

of the market is unlikely to be sustainable,

with Grade A rents likely to slip later on in

the year. Overall, rent declines of up to 5%

are likely across the board before the end of

the year.

Furthermore, the strong rental growth over

the past two years in Al Soor (30.4%) and

the fringe areas of Al Majaz (18.2%) resulted

in several developers and land owners

rushing to not only complete office schemes

that had previously been on hold, but also

speculatively develop new space. This means

that we are now at the cusp of a spate of

deliveries, which will also hold back any

strong return to positive growth.

That said, with a potential boost to the

UAE economy likely to begin materialising

once trade sanctions are lifted on Iran,

Sharjah may feel the benefit in the form of

an upturn in requirements from domestic

and international occupiers who expand

operations to service the Iranian economy.

Although any Iran-linked boost is likely

to have a slow-motion impact, the office

market can take comfort in the fact that,

like the residential market, deliveries

and completions are subject to SEWAconnection delays, which has in the past

prevented a sudden flood of office space

onto the market and we expect this to

persist in the short to medium term, which

should shield the market to an extent.


26/56

UAE REAL ESTATE MARKET

There are a number of headwinds facing

growth across the nation’s biggest real

estate markets. The continued and

prolonged slump in oil prices is one of our

chief concerns, particularly as there is a

direct correlation between hydrocarbon

revenues and state spending. A further

reduction in oil prices is more than likely

once Iran receives the green light to begin

oil exports.

This is expected to put further pressure on

the rate of job creation and therefore the

appetite and rate of office space take up

and subsequently, the rate of creation of

households and overall residential demand

at least in the short term.

The nervousness of employers in the event

of such a scenario is already materialising

in the tapering of the total number of

vacancies across the UAE. During Q2,Morgan McKinley reported a 1.2% dip in

available jobs, with a marked decline in

permanent positions in the oil and gas

sector as global oil companies brace for a

prolonged era of low oil prices.

The impact of this will be variable across

the UAE with Abu Dhabi likely to feel

the impact most, given its heavy reliance

on oil exports. Still, with Saadiyat Island

moving closer to realising some of its

flagship projects, the appeal of Abu Dhabi’s

upmarket communities is rising amongstboth domestic and international investors,

particularly those looking to diversify their

UAE portfolios or those that have been

priced out of Dubai.

In Dubai, weaker oil prices may stem the

pace of government backed projects;

however with tourism showing no signs of

abating and with the Expo 2020 just over

four years away, the level of job creation in

the emirate’s highly diversified economy, is

expected to remain stable, if not strengthenas the city gears up for the World Expo.

Furthermore, with sentiment continuing to

be buoyed through mega projects such as

Meydan One and its record breaking 1.2 km

ski-slope and 711m residential tower, Emaar

and Dubai Properties’ plans for the former

Dubai Lagoons site, the AED 117 billion

development of Al Maktoum International

Airport, the AED 5 billion expansion of

Jebel Ali Port and the planned Dubai Metro

extensions will ensure a steady stream ofnew jobs, which will help to support growth

in the real estate sector.

For Sharjah, the lower oil price effect

will be slightly more tempered, with the

emirate’s drive to diversify into real estate

unlikely to wane in the near term primarily

due to the price advantage it offers over

neighbouring Dubai and Abu Dhabi .

Furthermore, government incentives to

improve transportation infrastructure and

build on the emirate’s reputation as theregion’s leading Islamic cultural hub will

ensure its continued appeal to the region’s

investors, particularly those from the Levant

region looking for an affordable regional

safe haven.

LEADING JOBS GROWTH INDICATORS

1.89 %growth in the UAE’s total workforce overthe last 12 months.

LinkedIn

-1.2 %drop in the number of full time jobsduring Q2 in the UAE.

Morgan McKinley

1stDubai was the most searched global jobdestination by US expats; London wassecond.

Aetna International

OUTLOOK MIXED


27/56

Source: Cluttons

THE PROPERTY REPORTIN NUMBERS

ABU DHABI

AED 75 psf office rents in Al Soor

-2.3%decline in averageresidential rents duringH1

AED 90,000Average rent for 3bedroom villa

DUBAI

SHARJAH

AED 250 psf Headline office rentsstay flat

Residential house prices

-3.1%down on summer 2014

41,000residential units havebeen announced this year

Prime office rents haveremained stable for

14 quarters

1.5%Rise in averageresidential rents

3%House price growth

UAE GDP Expansion

3.2%

Source: IMF


28/56

© Cluttons LLC. 2015. This publication is the soleproperty of Cluttons LLC. and must not be copied,reproduced or transmitted in any form or by anymeans, either in whole or in part, without the prior written consent of Cluttons LLP. The informationcontained in this publication has been obtainedfrom sources generally regarded to be reliable.However, no representation is made or warrantygiven, in respect of the accuracy of this information.We would like to be informed of any inaccuraciesso that we may correct them. 0768

For further details contactSteve MorganCEO of Middle [email protected]

Faisal DurraniHead of [email protected]

Richard PaulHead of residential [email protected]

Murray StrangHead of investment & agency,[email protected]

Paula WalsheHead of international [email protected]

Krystyna MawbyAssociate director, valuations,Abu [email protected]

Suzanne Eveleigh Head of [email protected]

Shane Breen Associate director commercialvaluations, [email protected]

Abu DhabiThird Floor EMC buildingAirport RoadPO Box 95246

+971 2 441 1225

DubaiLevel 22Arenco Tower Dubai Internet CityPO Box 3087

+971 4 365 7700

SharjahBehind Nova Park HotelKing Faisal StreetPO Box 3615

+ 971 6 572 3794


29/56

cluttons.com

٢٠١٥ دح ل ارت ع ة

اــــ ـعـ ـ ـر ــر


30/56


31/56

اتخاذ

املتحدة

العربية

امارات

دولة

شرعت

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املالية

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امارات

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امارات

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عشي ط ن ه و أ عار

ر غت ا ة


32/56

تكاليف الوقود العاملية لل الواحد

العربية املتحدة ارا ا ةلود لامج ا يلحملا جتانلا ومن توقعا

ودلا دقنلا قودنص :ردصملا

Source: GlobalPetrolPrices.com

لقتصاد

االقتصادية ن ا صالحا مبزيد توقعا

بشكل

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،ةدحتملا

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ضر بة

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امارات

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إ رادات

عن

بعيد


33/56

نمو لي ة ص ة ه ك أ عز

حد؟ ل ارت ع ة اص ق

درهم

مليار

١٨

القيمة املقدرة لالستثمارات التي حتاجها قطاع

الطان إ ران

درهم

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٦٢٫٤

2014 قيمة التبادل التجاري بني امارات و إ ران عام

درهم

مليار

٧٣٤

القيمة املقدرة لالستثمارات التي حتاجها قطاع

ا ران خالل السنوات ا مس القادمة النفط والغاز

منتصف

صفقة

تسبق

التي

الفة

ساد

وإ ران

الست

العاملية

القوى

بني

التار خية

وليو

ز ادة

حدوث

حول

التكهنات

من

الكث

فيينا

دولة

االقتصادي

النشاط

تملة

قبيل

إ ران

وكانت

.املتحدة

العربية

توقيع العقوبات التجار ة عليها أك شر ك امارات

عدد

وانخفض

املتحدة

العربية

امارات

لدولة

امارات

إ

ا رانية

اجلمهور ة

من

السائحني

وفق

2010عام

منذ

50٪

بنسبة

املتحدة

العربية

إ ران

تزال

ال

،كلذ

ومع

.ودلا

النقد

لصندوق

مهم

جتار

شر ك

العقوبات

من

الرغم

على

أك

رابع

باعتبارها

،ةدحتملا

العربية

لمارات

املتحدة

العربية

امارات

لدولة

جتاري

شر ك

عن

الصادرة

ارقام

حدث

وفقا

،

2014عام

جتار ة

أعمال

إ

ما جم

وهو

،ةينار ا

احلكومة

8.3٪

نسبتها

بز ادة

درهم

مليار

62.4بقيمة

.2013عام

عن

نرى

ونحن

،ددصلا

هذا

راسخ

رأ نا

وال زال

النمو

لتحقيق

حافز

التار خي

االتفاق

هذا

من

والذي

الطو ل

املدى

على

امارات

دولة

من

كل

ركزت

وقد

.دبي

أن رتكز

املتوقع

الشركات احمللية والعاملية عملياتها ا رانية

هذه

بدء

نتوقع

ونحن

،قباسلا

دبي

خارج

موافقة

حال

العاجل

القر ب

الظاهرة

العقوبات

رفع

على

رسمي

امر كي

الكوجنرس

ترعاها

التي

السداسية

واالقتصاد ة

التجار ة

.إ ران

عن

املتحدة

امم

بالفعل

ا رانية

احلكومة

أعلنت

،عقاولا

و

734بقيمة

مقدرة

استثمارات

إ

احلاجة

عن

املقبلة

ا مس

السنوات

مدى

على

درهم

مليار

حني تطلب

،هدحو

والغاز

النفط

قطاع

من

درهم

مليار

18من

أك

فقط

ان

الط

كاستثمارات مباشرة. ونحن نتوقع مرور الغالبية قطاع

املا

النظام

ع

اموال

هذه

من

العظمى

امر

وهو

،ةدحتملا

العربية

امارات

دولة

مستو ات

حتسني

أن ساعد

الذي نبغي

.الوطنية

السيولة

على

املتب

التجار ة

انشطة

توسع

ولن عود

قائم

اقتصاد

العاملية دمة

الشركات

سعي

بالفائدة

الزمن

من

عقد

من

ك

االستثمار

على

بل

فحسب؛

االحتاد

اخرى

امارات

على

.أ ض

املنطقة

دول

صالح

سيصب

بالطبع

التجار ة

العقوبات

رفع

مساوئ

وتتمثل

اال رانية

والغاز

النفط

صادرات

استئناف

تأث

غ

من

أنه

فرغم

.املتقلب

النفط

سوق

على

ار ا

النفط

تصد ر

مستو ات

ترتفع

أن

املرجح

مز د

حدوث

املرجح

من

أنه

نرى

أننا

إال

،ةعرسب

رفع

مبجرد

النفط

أسعار

االنخفاض

من

أي

حجم

و عتمد

.رسمي

إ ران

عن

العقوبات

حركة انخفاض اسعار ومدة هذا االنخفاض

لالحتاد

ميكن

التي

السرعة

مدى

على

كب

حد

إ

إ

والعودة

انو قافتا

إ

الوصول

بها

اوروبي

لكونها

ونظر

،تقولا

نفس

و

.النمو

مسار

ال

،نيصلل

أهمية

اك

التصد ر

أسواق

أحد

على

الطلب

ثم

ومن

للبالد

االقتصادي

اداء

زال

الذي سلط

امر

،راظتناو

ترقب

حالة

النفط

االقتصاد

التي واجهها

ااطر

على

الضوء

.أوسع

نطاق

على

العاملي

ن املرجح أن يؤتي الزخم العقاري ثماره

دبي أوال

غتملا ةدوع نوكيس ،ة راقعلا قوسلل ةبسنلاب

بالغ

أمر

العقار ة

الوطنية

املعادلة

إ

ار ا

.خاص

بشكل

اهمية

إ

سيسعون

ا رانيني

املواطنني

بأن

ونرى

ى

ك

عقار ة

استثمارات

قامة

الفرصة

اغتنام

أبرز

قائمة

صدارة

تبوء

لهم

سيتيح

ما

،يبد

،

2010عام

و

.دبي

العقار ني

املش ن

من

12٪

على

ا رانيني

املواطنون

استحوذ

املرتبة

واحتلوا

،يبد

العقار ة

املعامالت

بعد

العقار ني

املش ن

أبرز

قائمة

الرابعة

.والباكستانيني

طانيني

وال

الهنود

تضاءل

،ة راجتلا

العقوبات

تطبيق

بدا ة

ومع

لكن

وانخفض

ا رانيني

الرعا ا

من

االستثمارات

حجم

وفقا

2015عام

من

اول

الربع

خالل

فقط

3٪

إ

وامالك

اراضي

دائرة

عن

الصادرة

للبيانات

املؤشرات

أحد

ذلك

أن كون

املتوقع

ومن

،يبد

دولة

على

ستعود

التي

الفوائد

على

الرئيسية

العقوبات

رفع

من

املتحدة

العربية

امارات

حتى

موعد

له

حدد

والذي

إ ران

على

التجار ة

.ان

املصدر: احلكومة ا رانية


34/56

ي ـ ـظو بـ

بكلا دياز خيشلا ع اج


35/56

و ع ارت كن ة

أبوظبي

السكنية

العقارا

قيم

أداء

زانملا راعسأ ومنلا فقوت

0.2٪

بنسبة

العاصمة

املنازل

أسعار

تراجعت

البالد

تشهده

انكماش

أول

وهو

،اثلا

الربع

ارتفاع

تسجيل

بعد

،

2012عام

من

الثالث

الربع

منذ

تراجع

وأدى

.العام

من

اول

الربع

0.5٪

بنسبة

االستثمار ة

املناطق

املنازل

أسعار

متوسط

السنو ة

الز ادة

معدل

انخفاض

إ

أبوظبي

إ

ليصل

مارس

نها ة

15٪

عن

قليال

ملا ز د

املنازل

سعر

متوسط

وسجل

.نها ة ونيو

3٪

.املربع

للقدم

درهم

1336 حالي

أبوظبي بلغ متوسط قيم ا جارات السنو ة

درهم

٢٠٤،٠٠٠

بلغ متوسط الدخل السنوي للوافد ن

درهم

١٩٩،٠٠٠

املصدر: كالتونز

دولة امارات املصدر: كالتونز ،صندوق النقد الدو ،وزارة االقتصاد

العربية املتحدة

بوظ ي

استقرار أسعار الشقق

من

احلا

الوقت

حتى

السوق

أداء

أن

حني

مز د

حدوث

احتمالية

إ

بالتأكيد

تش

العام

هذا

االقتصاد

قيام

ظل

الهبوطية

التعد الت

من

،طفنلا

أسعار

احلاد

االنخفاض

أثر

باستيعاب

،

كب

حد

إ

مستقرة

الشقق

أسعار

ظلت

حيث

،ميرلا

جز رة

الفاخرة

الشقق

باستثناء

اول

النصف

خالل

1.6٪

بنسبة

اسعار

تراجعت

.العام

من

تركز الطلب ن املش ين على اجلانب اعلى

ن السوق

عقارات

على

الطلب

استقرار

طبيعة

تعكس

ذات

الفرعية

السوق

وعقارات

الفاخرة

السوق

للقدم

درهم

1000قيمتها

البالغة

امليسورة

اسعار

السوق

تضم

،ةيحان

فمن

.السوق

تنا

خ

املربع

شر حة من السكان اثر اء ،تتألف الغالب من

ودول

املتحدة

العربية

امارات

دولة

من

مش ن

الذ ن واصلون

،ىرخا

ا ليجي

التعاون

لس

جز رة

املوجودة

كتلك

مشار ع

على

االستحواذ

.املتصور

ومتيزها

تفردها

بسبب

السعد ات

من

كب

عدد

السوق

حتتوي

،رخا

اجلانب

وعلى

سوق

من

للطرد

الذ ن تعرضون

الوافد ن

السكان

مدار

على

السائد

ا جارات

لنمو

نتيجة

ا جارات

أعلى

ظل

والذي

،ةيضاملا

شهر

عشر

الثمانية

وتستمر

.اجور

ومنو

التضخم

معدالت

من

بكث

هذه الفئة استهداف املشار ع التي توفر

اسواق

تساعد

والتي

للمال

متصورة

قيمة

أفضل

الغد ر

مثل

أك

معقولة

أسعار

توفر

التي

الفرعية

الهبوطية

الضغوط

وجه

الصمود

.الراهن

الوقت

السوق

القوي

النمو

على

ذلك ،تب

على

وعالوة

أمام

خيارات

أي

ترك

عدم

أ ض

املال

رأس

قيم

املدى

على

التأج

سوى

الطموحة

اسر

بعض

اسر

تلك

فيه

جتمع

الذي

الوقت

الطو ل

االحتاد ة

العقاري

الرهن

قيود

على

للتغلب

الودائع

الطلب

تركز

عن

أن سفر

لذلك

بد

ال

وكان

.الصارمة

الكيز

جتدد

مع

،قوسلا

دد

قطاع

على

ميسورة

عقارات

باعتبارها

إليها

ما نظر

على

.أك

بدرجة

للكيز

للمطور ن

سانحة

فرصة

أ ض

هذا

و خلق

.السوق

من

نسبي

املستغل

غ

اجلزء

هذا

على

و حني خطت دبي خطوات للشروع التصدي

تزال

ال

،اههجاوت

التي

امليسور

اسكان

لتحد ات

حد

إ

الشمالية

جارتها

من

النقيض

على

أبوظبي

مبادرات

أي

لتدشني

وسعي

،قلطنملا

هذا

ومن

.ما

الدولة

تتدخل

أن

من

بد

فال

،روسيملا

لسكان

طرح

من

السكان

فئات

جميع

استفادة

لضمان

.ميسورة

جد دة

منازل


36/56

بوظ ي

مخز بسكي سوق ا يجارا

من

اول

الربع

خالل

ا جارات

ركود

أعقاب

متوسط

1.5٪

بنسبة

ارتفاع

سجلنا

،ماعلا

السنوي

النمو

ليصل

،اثلا

الربع

خالل

اال جارات

أن

حقيقة

هذا

ذلك ،خفي

ومع

.3.9٪

إ

السكنية

الشقق

أداؤها

جتاوز

(2.6٪

)الفيالت

انخفاض

تسجيل

استمرت

والتي

(0.3٪

)

شهدناه

الذي

النمط

ما عكس

،تاراج ا

.العام

من

اول

الربع

السائدة

النظر

وجهة

االعتبار

اخذ

ومع

املستغرب

من

ليس

فإنه

،تاعيبملا

سوق

أداء

اسواق

أقوى

هيدرا

قر ة

تكون

أن

املكونة

الفيالت

إ جارات

ارتفعت

حيث

،ةمصاعلا

الستة

اشهر

خالل

32٪

بنسبة

غرف

ثالث

من

او من العام احلا لتصل إ 125ألف درهم

حني سجلت الفيالت املكونة من ، ونس

من

تقب

ز ادة

(سنو

درهم

ألف

110)غرفتني

الكيز

ز ادة

وهذا عكس

،تاراج ا

30٪

التي

العقارات

على

املستأجر ن

قبل

من

.ميسورة

أسعار

ذات

باعتبارها

إليها

نظرون

السعديا

جزيرة

يجارا

ا

تراجع

النصف

خالل

أداء

الشقق

أسواق

أضعف

متثلت

ففي

.السعد ات

جز رة

العام

من

اول

ز ادة

غرفتني

من

املكونة

الشقق

سجلت

حني

الشقق

تراجعت

،تاراج ا

3٪

Uae Property Report 2015

Documents

Transcript of Uae Property Report 2015