REAL ESTATE SERVICES
DUBAI REAL ESTATE
MARKET OVERVIEW
Q2 2016
FOREWORD
ADIB Real Estate Services comprises a comprehensive real estate banking and advisory platform
providing the full range of professional services from a single provider. Our services include:„„ Real
estate financing
„„ Strategic development
„„ Investment
„„ Asset
„„ Valuation
advisory
advisory
management
„„ Project
management
Residential sale prices in Dubai remained stable
during the second quarter of 2016.
Average residential rents (apartments and villas) dropped
marginally by 1%, with an equivalent year-on-year
fall of 4%. Overall, the decline in apartment rents was
comparatively higher in non-freehold areas at 5%, while
freehold areas showed a 3% decline year-on-year.
The buoyant off-plan residential market saw the launch
of over 4,000 new units (villas and apartments) across 20
projects. Approximately 70% of this new supply is priced
in the range of AED850 - 1,100 per sq.ft. with developers
continuing to offer incentives, including post-handover
payment plans to induce investor and end-user demand.
„„ Market
research
„„ Property
management
„„ Facilities
management
Strata office space owners are now accepting rents as low
as AED 55 per sq. ft. per annum (all inclusive) in secondary
areas such as Business Bay and Jumeirah Lakes Towers due
to the rise in supply and prevailing high vacancy rates.
The prime office market remained stable throughout the
last quarter, with no major changes from the previous
quarter. However, ageing properties saw a marginal drop
in rental rates with the lower benchmark level dropping to
AED90 per sq.ft per annum as compared to AED100 per
sq.ft. per annum.
Approximately 3,450 new residential units (apartments and
villas) were completed and handed over during the quarter,
taking the total residential stock to circa 487,900 units.
Retail rental and occupancy levels remained stable across
the Emirate during the quarter. However, retailers have
started renegotiating lease terms with mall operators,
reflecting a decline in sales turnover which in turn is
reducing profitability for retailers.
Though interest levels are high, buyers are choosing to
exercise caution, opting for off-plan projects offered
by reputed developers with a proven track record
of successful and timely delivery of properties.
During the quarter, 300,000 sq.ft. of new retail space was
added to the retail stock, as the expansion at Ibn Battuta
Mall commenced trading. The total retail stock in Dubai
now stands at 35.9 million sq.ft.
1 million sq. ft. of office space was added across Dubai
during Q2 2016 and the total office stock currently stands
at 93 million sq. ft.
During Q2 2016, Dubai saw the addition of 1,494 hotel
rooms and apartments, with the total YTD addition being at
2,931 keys. The total hospitality supply in Dubai now stands
at 99,640 keys.
Weak demand and low yields are resulting in conversion of
some office space to residential or hospitality use. Approx.
355,000 sq.ft. of existing office space has been converted
into residential use in the Dubai Silicon Oasis area which is
slated for delivery during the course of 2016.
2
„„ Agency
Hotel performance indicators showed a drop in average
daily rates by 16% quarter-on-quarter, whilst occupancy
rates remained relatively stable at above 80%, which is high
in comparison to other international markets.
MPM PROPERTIES FACTS AND FIGURES
160+
TOTAL UAE STAFF
35+
LEASING & SALES STAFF
95+
30+
PROPERTY MANAGEMENT STAFF
No.1
LARGEST ABU DHABI
MAINLAND PORTFOLIO
23,500+
UNITS UNDER MANAGEMENT
90bn
COMBINED MARKET VALUE OF PROPERTIES
VALUED SINCE JANUARY 2012
ADVISORY STAFF
1,700
LANDLORD CLIENTS
20+ 98.5%
DEDICATED VALUATION
PROFESSIONALS
OCCUPANCY RATE
7,600+
MORTGAGE VALUATIONS
SINCE JANUARY 2012
CONTENTS
Demand Drivers
4
Macro Trends 6
Residential Sector
8
Project Focus16
Office Sector18
Retail Sector22
Hospitality Sector24
Definitions & Methodology
26
Contact Information27
Supply - Photo Gallery
28
Development Location Map
30
3
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
DEMAND DRIVERS
GOVERNMENT INITIATIVES
ATTRACTING ENTREPRENEURS; IMPROVING EASE OF DOING BUSINESS
„„
Dubai is to build a new convention centre for an
estimated cost of AED1. Billion in the Al Jaddaf area
overlooking Dubai Creek. The Sheikh Rashid Hall
conference venue will have a capacity of 10,000
seated attendees and will occupy 55,000 sq.m. of
land area. The hall will be divided into three levels
and will have cinema screens and high-tech video
conferencing facilities. Other components of the
development include a three and four star hotel
along with an office tower covering an area of
29,000 sq.m., 4,700 sq.m. of dedicated retail and
F&B, while providing parking facility for 1,800 cars.
„„
Sheikh Mohammed bin Rashid, Vice President
and Ruler of Dubai launched the Dubai Industrial
Strategy. The strategy focusses on six sectors of
aerospace, maritime, pharmaceuticals and medical
equipment, food and beverages, aluminum and
fabricated metals and machinery and equipment.
According to the Industrial Strategy, the industrial
sector is expected to grow by AED18 billion by 2030,
creating 27,000 jobs, with exports forecasted to rise
by AED16 billion.
REAL ESTATE AND CONSTRUCTION
HEALTHY INVESTOR INTEREST FOR LARGE AND SMALL ASSETS
„„
„„
His Highness Sheikh Mohammed bin Rashid al
Maktoum, Vice President and Prime Minister of
the UAE, and Ruler of Dubai, issued Resolution No
(8) of 2016, granting foreigners rights to absolute
ownership for land and properties located in plots
numbered 205, 206, and 207 of Dubai World
Central area (521). The Resolution also grants
owners the right to benefit from the option to
lease lands and properties in these areas for a
period not exceeding 99 years.
constructed (‘printed’) at a lower cost and faster
speed than traditional construction methods. As
per the Dubai government, the labor cost was half
of what it would have been if the building was
built using traditional methods.
„„
The world’s first 3D-printed office building was
completed in Dubai recently. The 3D printing
technology is set to revolutionize architecture
in the near-future, allowing buildings to be
Dubai Holding, through its real estate subsidiary
Dubai Properties, unveiled plans for Marasi
Business Bay, the UAE’s first ‘water homes’.
The 12km waterfront scheme comprises shops,
restaurants, a 1,250-berth marina and a park. The
AED 1 billion ($270 million) project will comprise
up to 200 two and three-bedroom water homes
constructed on the marina.
Q2 2016 KEY EVENTS
4
„„
GITEX, 30th March – 2nd April, 2016.
„„
Airport Show and Global Airport Leaders Forum,
09th -11th May 2016
„„
Dubai International Property Show, 11th – 13th
April 2016
„„
Index, 23rd – 26th May 2016
„„
Dubai Entertainment, Amusement & Leisure
Expo, 19th – 21st April 2016
„„
Building Healthcare Exhibition & Conference ,
30th May – 1st June 2016
„„
Arabian Travel Market, 25th – 28th April 2016
„„
The Retail Show Middle East, 31st May – 01st
June 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
FREEZONES
SIGNING UP NEW TENANTS; CREATING EMPLOYMENT OPPORTUNITIES
„„
„„
Japan has emerged as a key trade partner to the
Jebel Ali Free Zone (Jafza). As per latest figures, it
was revealed that trade between the Jebel Ali Free
Zones (JAFZA) and Japan grew 36% in the past five
years to reach AED 2.7 billion in 2015.
– have been instrumental in boosting trade and
foreign direct investment (FDI) in the emirate.
„„
As per statistics revealed by the CEO of Dubai
International Financial Centre (DIFC), Dubai’s free
zones together represent more than AED500 billion
($136 billion) of trade and host 20,000 companies.
Dubai’s free zones – which include Jebel Ali Free
Zone, Dubai Airport Free Zone, Dubai Media City,
Dubai Internet City and the DIFC, among others
German bank Fidor opened an office in Silicon
Oasis, Dubai. The new office is a base for the bank’s
expansion of its services to companies in Asia,
Africa and the Middle East. The Munich based Fidor
Bank was founded in 2009 and has established
a reputation in European banking circles as a
disruptive innovator, utilising a full range of social
media, crowd funding and P2P lending techniques
and digital currency services to build its business.
TRANSPORTATION
IMPROVING ACCESSIBILITY AND REACH IN DUBAI; CREATING JOBS
„„
„„
Dubai International Airport handled 6.72 million
passengers in May 2016, up by 7.2% as compared
to 6.26 million passengers in May 2015. During the
first five months, passenger traffic increased by 7%
to 34.65 million passengers, up from 32.38 million
passengers during the same period last year.
The RTA has awarded contracts worth AED335
million ($91.2 million) to upgrade roads in Business
Bay. Scheduled for completion in 2018, the project
comprises two bridges and three underpasses
intended to ease congestion on Sheikh Zayed Road.
The bridges will span 295 metres and 240 metres
respectively, close to the junction of Al Meydan and
Al Saada streets. Each bridge will have three lanes
in either direction. The first underpass will allow for
left-hand turns from Al Saada Street in the direction
of Al Meydan Street to ease traffic during peak
periods. The second underpass, at Al Saada Street,
will reportedly have two lanes in either direction,
while the third is designed for the crossing of horses
at Godolphin Stables.
„„
The RTA has awarded a contract to commence works
on the second phase of the AED178 million ($48.4
million) Seih Assalam Road Project. The expansion
work covers a 21 km-long stretch from Al Qudra
roundabout to the Dubai–Al Ain Road intersection. The
dual carriageway road will pass through Al Lisaili and Al
Marmoom, with two lanes in either direction.
„„
The RTA has implemented new parking fees across
the emirate from May 28. The revised structure will
address the problem of the decreasing number of
vacant parking slots in highly congested parts of the
city. It involves a parking fee hike in 23% of total
parking slot locations across Dubai, while 77% of
parking slots will not be affected by this revision.
TOURISM INITIATIVES
„„
Etisalat will commence its involvement in
creating the infrastructure for the Expo site –
enabling Expo 2020 Dubai to provide visitors and
participants with a cutting edge digital experience.
The group has a vision to make the Expo one of
the fastest, smartest, and best connected places
in the world during the global mega event. The
Expo is expected to attract 25 million visitors.
Etisalat will also provide on-site Wi-Fi capable to
handling up to 300,000 people a day.
„„
Dubai will host the 69th World Real Estate
Congress in 2018. The annual event organized by
the International Real Estate Federation, FIABCI,
will make its Middle East debut and is expected to
attract more than 1,000 real estate professionals
from 60 nations to explore the ‘Future of Cities’.
5
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
MACRO TRENDS
DUBAI GDP SHARE BREAKDOWN BY ECONOMIC
SECTORS - 2016 YTD
Source: Dubai Statistics Center, IMF and MPM Properties Research
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0
2.5
2.0
1.5
2,003
2,105
2,213
2,327
2,439
0
2009
2010
2011
2012
2013
2014
2015
Population
Growth Rate
2,523
1,905
1.0
0.5
GROWTH RATE (%PA)
AND HOUSEHOLD SIZE
3.0
1,770
POPULATION (MILLIONS)
DUBAI POPULATION (GROWTH & HOUSEHOLD SIZE)
Q2 2016
Household Size
Source: Dubai Statistics Center
DUBAI CONSTRUCTION
ACTIVITY %YoY
DUBAI CPI VS RENTAL
CONTRIBUTION TO CPI Q2 2016
115.00
20.0%
110.00
10.0%
105.00
0.0%
100.00
-10.0%
95.00
-20.0%
Construction
Source: Dubai Statistics Center, IMF
CPI
JUN 16
JAN 16
Housing
Contribution
to CPI
Source: Dubai Statistics Center
6
JUN 15
JAN 15
JUN 14
JAN 14
JUN 13
JUN 12
85.00
JAN 13
2016e
2015
2014
2012
2013
2011
2010
2009
2007
GDP
2008
2006
-30.0%
90.00
JAN 12
%YoY
30.0%
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
INVESTOR ANALYSIS
DUBAI LAND TRANSACTIONS
QoQ% CHANGE
12,000
30,000
10,000
25,000
8,000
20,000
6,000
15,000
4,000
10,000
2,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2012
2013
2014
2015
80%
Value (in Millions)
Transactions
DUBAI LAND TRANSACTIONS
VOLUME vs VALUE
60%
40%
20%
0%
-20%
-40%
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2012
2016
2013
2014
2015
2016
Sales Transactions
Sales Value
Sales Transactions
Source: DLD and MPM Properties Research
Source: DLD and MPM Properties Research
Value (AED' Billions)
TOP NATIONALITIES INVESTING IN DUBAI PROPERTY IN 2016
30
25
20
15
10
5
0
UAE
India
United
Kingdom
Saudi
Arabia
Pakistan
Iran
Canada
Kuwait
Jordan
Qatar
Source: DLD
TOP LOCATIONS - RESIDENTIAL TRANSACTION VALUE
1,200
Transaction Value
AED million
1,000
800
600
400
200
0
Q2 2016
Q1 2016
Source: DLD
7
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
RESIDENTIAL SECTOR
RESIDENTIAL SUPPLY
„„
„„
The off-plan residential market remains
buoyant with the launch of c.20 new projects,
offering over 4,000 new units (villas and
apartments) to the market. Of the new
supply, approximately 65% is located within
the Dubailand, Al Furjan, Jumeirah Village
Circle, International Media Production Zone
and Town Square developments which are
positioned in the affordable price segment.
Approximately 3,450 new residential units
(apartments and villas) were completed and
handed over during the quarter, taking total
residential stock to circa 487,900 units. The
majority of this new supply emerged from
Dubai Sports City, Dubai Silicon Oasis and
Arjan (Dubailand), which together accounted
for 43% of this quarter’s supply.
„„
The Meydan South villa project located
in District 11 of Mohammed bin Rashid
Al Maktoum City welcomed its first 300
residents. Once completed, it will provide
1,500 residential units. The majority of
infrastructure work has been completed,
and further phased handovers of villas are
expected during the course of the year.
RESIDENTIAL SUPPLY BY UNITS 2013-2017
YoY
1.9%
3.1%
2.4%
0.5%
1.7%
520
4
500
1.2
480
3
460
0
440
8.5
420
2.7%
444
1.2
5
2
5
14
488
495
11
14
469
452
481
400
2013
Existing
2014
2015
Supply Apartments
Source: MPM Properties Research
8
H1 2016
Supply Villas
H2 2016
+% Change
2017
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
SAMPLE OF RESIDENTIAL UPCOMING PROJECTS
LOCATION
PROPERTY NAME
Palm Jumeirah
The Muraba Residences
Palm Jumeirah
Azure Residence
Barsha Heights
Al Fahad 2
Arjan
Syann Park 1
Dubai Marina
Escan Marina Tower
Business Bay
Shafar Tower
Arjan
Al Salam Residence
Dubai Silicon Oasis
Le Presidium
Dubai Silicon Oasis
Silicon Gates IV
SAMPLE OF ANNOUNCED PROJECTS IN Q2 2016
NAME OF PROJECT
TYPE
DEVELOPER
LOCATION
Serviced Apartments
Azizi Developments
Al Furjan
Riah Towers
Apartments
Radiant Star
Culture Village
Glamz Residence
Apartments
Danube Properties
Al Furjan
Villas
Emaar Properties
Dubai Estate Hills
5242 Towers
Apartments
Emaar Properties
Dubai Marina
Orion
Apartments
Bonyan International Investment Group
Arjan - Dubailand
Belgravia
Apartments
Ellington Properties Development
Jumeirah Village Circle
Al Cove
Apartments
Grovy Real Estate Development LLC
Jumeirah Village Circle
Vincitore Palacio
Apartments
Vincitore Real Estate Development
Arjan - Dubailand
Sobha Hartland Greens Building 4
Apartments
Sobha Dubai
Meydaan
Zahra Breeze
Apartments
Nshama
Town Square
Warda II
Apartments
Nshama
Town Square
Bellevue Towers
Apartments
Dubai Properties
Downtown Dubai
Crystal Residences
Apartments
Myra Properties
Jumeirah Village Circle
Langham Place Hotel &
Residences
Apartments
Omniyat
Business Bay
Dezire Residences
Apartments
Eastern Sun Holdings
Jumeirah Village Circle
Candace Aster
Fairway Vistas
9
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
RESIDENTIAL SECTOR
APARTMENT SALE PRICES
„„
During Q2 2016, apartment sales transactions
registered an increase in both value and volume,
as compared to the previous quarter. A total of
2,677 apartments were transacted as compared
to 2,506 apartments in Q1 2016, an increase
of 6.8% quarter-on-quarter. In value terms, the
increase was 6.3%, increasing from AED3.2 billion
in Q1 2016 to AED3.4 billion in Q2 2016.
„„
Residential off-plan sales during the quarter were
at a similar volume as compared to the previous
quarter. The market saw a continued launch
of new off-plan properties with those priced
competitively meeting more success than the
others.
„„
„„
Attractive payment plans continue to entice
investors and occupiers alike. However, it is
the competitively priced properties that are
drawing interest from investors and achieving
high absorption rates. Examples can be drawn
from projects including Danube Properties’
Glamz project in Al Furjan which was successfully
marketed in a short timeframe with its attractive
price points and payment plans.
„„
Buyer interest is more prevalent for properties
which offer relaxed payment terms and are
competitively priced, coupled with the reputation
and credibility of the developer. Buyers are
preferring developers with an established
track record of successful completion and
timely delivery of properties in the past. This
is the reason why a number of well-respected
developers are able to record strong absorption
rates than others in the same locations.
During the quarter, circa 70% of new residential
offerings launched were offered to the market
between AED850 to 1,100 per sq.ft. along with
developer incentives, including post-handover
payment plans which to a large extent helped in
achieving healthy absorption rates.
-2.0%
-12%
1,225
-3%
The Greens
-1.1%
1.385
1,285
-7%
Business Bay
1,400
-1.2%
Jumeirah Beach
Residence
Source: MPM Properties Research
Dubai
Marina
1,600
500
0
10
-10%
The Views
1,000
0.0%
-3%
1,650
2,500
2,000
1,500
0.0%
Palm
Jumeirah
-3%
1,800
0.0%
-5%
DIFC
0.0%
-7%
1,950
0.0%
-9%
Old Town
0.0%
YoY
2,150
QoQ
Downtown
Dubai
AED/sq.ft.
APARTMENT AVERAGE SALES PRICES (Q2 2016)
AND PERCENTAGE CHANGE
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
APARTMENT RENTS
„„
„„
„„
During Q2 2016, average apartment rents in
Dubai dropped marginally by 1%, while the
year-on-year drop averaged at 4%. However,
the year-on-year decline in rents was more
pronounced in non-freehold areas at 5% while
freehold areas showed a 3% decline.
a further 198 units are in its final stages and
expected to enter the market during the course
of 2016.
However, within freehold areas, Dubai Silicon
Oasis, Jumeirah Lakes Towers, Business Bay
and high-end properties on the Palm Jumeirah
registered a decline of over 5% year-on-year.
Weak demand and low yields resulted in a
number of office towers being converted into
residential use in Dubai Silicon Oasis, a trend
that was earlier noticed in the Business Bay
development. The latest office conversion
saw addition of 143 residential units, whilst
„„
Analyzing price falls by unit size saw studio
and one bedroom units recording significantly
higher drops compared to two bedroom and
larger units.
„„
During the quarter, prime residential areas of
Dubai Marina, Downtown Dubai and Palm
Jumeirah have seen reduced leasing activity.
MPM forecasts rental values in these areas
to decline further during the next quarter
as a fall in leasing enquiries is creating more
competition amongst landlords.
AVERAGE APARTMENT ANNUAL RENTS Q2 2016
LOCATION
STUDIO
1BR
2BR
3BR
Q-ON-Q
Y-ON-Y
Business Bay
66
84
118
165
-1.70%
-5.93%
DIFC
80
110
160
220
-1.09%
-4.38%
Discovery Gardens
49
70
93
-
-0.67%
-0.67%
Downtown Dubai
76
113
155
220
-1.55%
-2.36%
Dubai Marina
65
95
143
195
-1.88%
-2.92%
Greens
68
88
130
160
-0.89%
-4.76%
International City
37
48
70
-
-0.84%
-2.61%
Jumeirah Beach
Residence
78
105
133
178
-1.92%
-3.89%
Jumeirah Lakes Towers
64
85
120
155
-1.24%
-5.69%
Palm Jumeirah
88
123
165
200
-1.19%
-2.74%
Barsha Heights
60
83
108
143
-0.44%
-4.09%
Source: MPM Properties Research
11
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
RESIDENTIAL SECTOR
VILLA SALE PRICES
„„
„„
„„
According to data sourced from the Dubai Land
Department, the quarter witnessed 312 villa
sales transactions with a total value of AED1.44
billion as compared to AED1.58 billion in Q1
2016, a drop of 8.8% quarter-on-quarter.
The Emirates Living development (the Springs,
Meadows and Emirates Hills) remained most
active with a total of 124 villa transactions
at a value of AED538.7 million, followed by
Arabian Ranches with 77 transactions valued
at AED324 million. Palm Jumeirah recorded
villa sales transactions worth AED174 million
across 13 villas, averaging at AED13.4 million
per transaction.
Off-plan villa launches remained relatively
subdued with less than 200 units being
launched. Notable launches during the quarter
were Fairway Vista in Dubai Hills Estate
development by Emaar Properties. Around
65 villas of 6 to 7 bedroom configuration
were offered to the market at a starting price
of AED11 million per villa, with 40% posthandover payment plans spread over 2 years.
„„
Almost all developers offered subsidised
property charges as part of Ramadan
promotions whilst others, such as Jumeirah
Golf Estate have been bold enough to offer
discounts of up to 20% on the sale prices for
a limited period which has met with great
success.
„„
Average villa sales rates across freehold
villa communities declined by 3% quarteron-quarter and 9% year-on-year. Projects
nearing completion and existing surplus stock
is exerting pressure on prices. Villas that are
nearing completion are currently available
at a negative premium as investors are
faced with meeting imminent final payment
commitments.
AVERAGE VILLA SALE PRICE AED/ sq.ft. Q2 2016
QoQ
YoY
0.0%
-5%
-2%
-5%
0.0%
-6%
0.0%
-2%
+5%
-12%
-12%
-9%
-12%
-8%
-9%
+5%
2,500
1,150
1,180
1,100
1,100
1,050
1,000
Arabian
Ranches
Jumeirah
Park
Springs &
Meadows
Jumeirah
Village
Al Furjan
500
Dubai
Sports City
1,000
1,325
1,500
The Lakes
2,000
2,575
AED/sq.ft
3,000
Palm
Jumeirah
0
Source: MPM Properties Research
12
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
VILLA RENTS
„„
During the quarter, villa rents followed the
same trend as apartment rents, with average
rents across villa properties dropping by 1%
quarter-on-quarter and 4% year-on-year.
„„
However, increased availability has seen rents
dropping by more than the average in areas
such as Al Warqa and Jumeirah Park which
have each seen rents fall by 8% year-on-year.
For example, rental rates for a four bedroom
villa in Jumeirah Park in Q2 2015 ranged
between AED250,000-300,000 per unit per
annum as compared to AED230,000-280,000
per unit per annum in Q2 2016.
„„
With over 1,200 villa units handed over
during H1 2016 and a further c.2,000 villa/
townhouses expected to enter the market
during
the course of the year, we
expect further deflationary pressure on rental
rates across new areas which currently lack
community facilities and amenities.
„„
Looking at the historic rental trends,
developments with completed / established
community facilities and amenities continue
to demand a premium over newer similar
developments.
AVERAGE VILLA ANNUAL RENTS Q2 2016
PROJECT
2 BEDROOM
3 BEDROOM
4 BEDROOM
5 BEDROOM
Q.O.Q
Y.O.Y
-
163
-
215
-0.76%
-6.83%
Arabian Ranches
150
190
255
298
-1.51%
-4.57%
Dubai Sports City
-
180
200
290
-1.02%
-2.28%
Jumeirah Park
-
-
255
285
0.00%
-8.04%
140
155
183
-
0.00%
-1.60%
Meadows
-
225
250
290
-0.56%
-4.94%
Palm Jumeirah
-
340
443
495
-1.13%
-5.93%
130
175
-
-
-0.70%
-4.55%
Jumeirah Islands
-
-
310
370
-1.46%
-6.19%
Jumeirah Golf Estates
-
280
320
395
-0.93%
-3.84%
Al Furjan
Jumeirah Village
Springs
Source: MPM Properties Research
13
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
GCC FREEHOLD VILLA VALUES Q2 2016
24.0
AED (Million)
25.0
20.0
17.0
15.0
15.0
11.3
10.0
8.0
3.8
5.0
0
5.9
8.0
4.5
Mirdif
Al Barsha
High
Low
10.0
7.5
Umm Suqeim
6.3
Al Warqa
Average
Source: MPM Properties Research
AED (Thousands)
GCC FREEHOLD VILLA RENTS Q2 2016
350
300
250
200
150
100
50
0
280
270
225
155
135
170
210
215
180
180
150
Mirdif
Al Barsha
3 Bedroom
240
Umm Suqeim
4 Bedroom
Al Warqa
5 Bedroom
Source: MPM Properties Research
AED / Sq.ft.
GCC FREEHOLD LAND VALUES Q2 2016
1,000
900
800
700
600
500
400
300
200
100
0
950
788
625
500
500
438
425
350
375
350
275
Mirdif
Low
Al Barsha
High
Average
Source: MPM Properties Research
14
Umm Suqeim
313
Al Warqa
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
2015
15
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEWQ2 2015
PROJECT FOCUS
DISTRICT ONE OF MOHAMMED BIN RASHID AL MAKTOUM CITY
District One of Mohammed Bin Rashid Al Maktoum City
is spread over a land area of 45 million square feet and
is jointly developed by the Meydan Group and Sobha
Group under the joint venture – Meydan Sobha LLC FZ.
District One presents one of the lowest density residential
developments in the heart of Dubai offering exclusive
destination of luxury villas and mansions surrounded by
expansive green parks and lagoons.
Set to redefine upscale community living, District One is
located just four kilometres away from the Burj Khalifa.
The prime location provides an aspirational lifestyle to all
owners who are close to all the major routes into the city,
providing quick access to the Dubai International Financial
Centre, Burj Khalifa, Dubai World Trade Center and Dubai
International Airport. The prime location will also benefit
from a plethora of leisure activities, including the world’s
finest Racecourse and Grandstand, a 9-hole floodlit golf
course, a tennis academy and a 5-star luxury hotel, The
Meydan.
District One is also situated adjacent to the spectacular
Meydan One- leisure, commercial, and entertainment
destination in Mohammed Bin Rashid Al Maktoum City.
Meydan One will host the world’s tallest residential tower,
the tallest observation deck, longest indoor ski slope and
the largest dancing fountain.
DISTRICT ONE FACT SHEET
�
45 million square feet of prime freehold land
�
Three unique architectural designs:
�
First landmark project to be announced within
Mohammed Bin Rashid Al Maktoum City
*
Contemporary
*
Mediterranean
*
Modern Arabic
�
One of the lowest density villa developments in
the heart of Dubai
�
Unrivalled location, just four kilometers from
Downtown Dubai
�
The community will feature a 7km Crystal Lagoon
with a 14km boardwalk to create a waterfront living
�
Exclusive residential community featuring villas
and mansions
�
Upon completion, set to become the world’s
largest man-made Crystal lagoon
�
Array of floorplans ranging from 4 to 8 bedrooms
�
Over 8km of cycling and running tracks that run
the entire periphery of the master development
VILLAS
•
•
•
4 Bedroom: AED 15,890,000
5 Bedroom: AED 18,887,700
6 Bedroom: AED 22,702,080
PAYMENT PLAN
•
•
•
•
MANSIONS
•
•
•
16
7 Bedroom: AED 44,180,100
7+ Bedroom: AED 72,003,600
8 Bedroom: AED 93,401,100
10% booking amount
20% based on number of days from booking
50% during construction period and subsequent milestone associated with construction
20% on completion
PAYMENT PLAN
•
•
•
•
10% booking amount
30% based on number of days from booking
40% during construction period and subsequent milestone associated with construction
20% on completion
17
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
OFFICE SECTOR
OFFICE SUMMARY
„„
„„
The office market in Dubai was largely stable
during Q2 as compared to Q1. There was a
marginal drop in average asking rents across
ageing properties, where the lower benchmark
level dropped to AED90 per sq.ft. per annum
as compared to AED100 per sq.ft. per annum.
Strata office space owners are now accepting
rents as low as AED55 per sq.ft. per annum (all
inclusive) in secondary areas such as Business
Bay and Jumeirah Lakes Towers due to the rise
in supply and high vacancy rates.
hospitality use, we are now seeing a decline in
supply of strata office space which is a healthy
indicator for the office market as strata towers
over the years have struggled to achieve decent
occupancy and rental rates.
„„
With the majority of the strata office towers
already handed over and some of the strata
office towers converting to residential or
Umm Al Sheif area along Sheikh Zayed road is
witnessing increased construction activity with
several new low rise office tower developments
offering floor plates ranging between 7,00025,000 sq.ft. being built. The Tecom area has
at least six office towers which are at various
stages of development.
DUBAI OFFICE STOCK (2008 - 2017)
100
Million sq.ft.
80
60
10.0
0
2.0
91
93
6.0
0.2
2.5
75
81
81
84
2012
2013
2014
2015
4.2
6.0
45
51
2008
2009
Stock
59
69
2010
2011
Expected
Source: MPM Properties Research
18
2.3
8.0
40
20
6.0
6.8
H1 2016 H2 2016
95
2017
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
OFFICE SUPPLY
„„
The total office stock in Dubai rose by 1%
quarter-on-quarter with the addition of five
office towers offering 1.0 million sq. ft. of space.
With this addition, total office stock across
Dubai currently stands at 93 million sq. ft. Strata
office space supply continues to grow albeit at a
reduced rate. During the quarter, 28% of office
space remained strata titled, with the rest being
held under single ownership.
„„
Weak demand and low rental returns are
resulting in conversion of office space to
residential or hospitality use. Approximately
355,000 sq.ft. of office space has been converted
into residential use in the Dubai Silicon Oasis
development across two towers. Strata office
space in the area has struggled to achieve
sustainable rental and occupancy rates, forcing
landlords to pursue this option. The office rental
rates for strata space in Silicon Oasis currently
range between AED40-70 per sq.ft. per annum
(all inclusive) which is resulting in developers
changing the use on stalled projects.
OFFICE SALES
„„
„„
„„
According to data sourced from the Dubai Land
Department, circa 431,566 sq.ft. office space
was transacted in Q2 2016 with a total value of
AED490.1 million, equating to an average sale price
of AED1,137 per sq.ft.
Business Bay remained the most active
neighborhood with 185,400 sq.ft. of office space
being transacted at a value of AED217 million, a drop
of 24% quarter-on-quarter. This was followed by
Jumeirah Lake Towers which recorded transactions
worth AED119.5 million as compared to AED128.3
million in the previous quarter.
The new and upcoming supply in the market is
causing some investors to offload their inventory at
their purchase price or below the purchase price. In
Jumeirah Lakes Towers, we are aware of office space
being transacted for as low as AED550 per sq.ft.
as a small percentage of sellers seek to exit and
capitalize on the currency fluctuations.
„„
Across major freehold office locations, average
office sale prices dropped by 1% quarter-onquarter and 11% year- on- year. The main freehold
locations of Jumeirah Lakes Towers and Business
Bay recorded highest year-on-year declines of 17%
and 14% respectively.
„„
Amongst the freehold office locations, the Barsha
Heights neighborhood is performing relatively better
than Jumeirah Lakes Towers, Business Bay, and Dubai
Silicon Oasis, predominantly due to limited supply, as
evidenced by their occupancy rates which have been
rising over the past six months.
OFFICE AVERAGE SALE PRICES Q2 2016
QoQ
YoY
0%
0%
-2%
0%
-5%
0%
-5%
-8%
-14%
-14%
-17%
-6%
1,075
1,000
950
AED / sq.ft.
2,500
2,000
1,500
1,000
2,250
1,800
500
0
Downtown
Dubai
DIFC
1,475
Dubai
Marina
Business
Jumeirah
Barsha
Bay
Lakes Towers Heights
19
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
OFFICE SECTOR
OFFICE RENTS
High
175
120
DIC & DMC
Barsha
Heights
120
75
200
60
150
180
265
Approximately 2.0 million sq.ft. of new office
supply is scheduled for delivery during H2
2016. Looking at expected new supply, existing
vacant space and challenging economic
conditions, we expect office rents to remain
under stress during the remainder of the year.
340
350
300
250
200
150
100
50
0
70
Within Business Bay, newer towers in
proximity to the metro station are achieving
healthy occupancy and rental rates as
compared to other towers. Average rents
across these towers range between AED 85120 per sq.ft. per annum as compared to AED
60-80 per sq.ft. per annum in other towers.
OFFICE RENTS AED/sq.ft. Q2 2016
140
„„
Tenants have already started to weigh on the
revised parking charges introduced by the RTA
and are looking at office options that offer
better off-street (private) parking facilities
as on-street parking is limited and becoming
more expensive.
175
„„
100
„„
Office rents in the CBD area remained stable
for the fifth consecutive quarter, with average
rents in Downtown Dubai and along Sheikh
Zayed road ranging between AED90-260 per
sq.ft. per annum. However, we have noticed a
marginal drop in the lower benchmark rental
level, which dropped to AED90 per sq.ft. as
compared to AED100 per sq.ft. during Q2.
AED/sq.ft.
„„
Low
Source: MPM Properties Research
The World
The Palm Deira
Port Rashid
DIC & DMC
ikh Z
ayed
Rd.
TO
ABU DHABI
ikh
She
S
RENT = AED 75 - AED 120 /sq.ft.
Barsha
AVG. SALE = AED Al
950
/sq.ft.
Dubai
Investment
Park 1
Al Quoz
IndustrialRENT
Area = AED 100 - AED 180 /sq.ft.
IMPZ
Al Khail Road
Jumeirah Golf
Estates
Sh
eik
Dubai
Sport City
hM
oh
Oud
Metha
RENT = AED 175 - AED 340 /sq.ft.
Za’abeelAVG. SALE = AED 1,800 /sq.ft.
DIFC
Business Bay
Port Saeed
Al Qusais
Dubai
Garhoud International
Airport
ed
Ras Al Khor
Nad Al Sheba
am
Bin
Za
ye
d
Rd
.
TO
SHARJAH
ail
a
Ro
d
Al Barari
Legends
Dubai
DIFC
Festival
City
Motor
City
Dubai
Investment
Park 2
Burj Khalifa
Rigga
Emirates Towers
The
BUSINESS BAY
Lagoons
RENT = AED 70 - AED 150 /sq.ft.
AVG. SALE = AED 1,075 /sq.ft.
Al Marqadh
Jumeirah
Village South
Jumeirah Golf
Estates
Karama
SHEIKH ZAYED
AlRD.
Quoz
Al Mamzar
Naif
Kh
Dubai World Central Airport
Al Safa
ed Rd.
heikh Zay
Jumeirah
Village
d.
ed R
Zay
Al Raffa
Jumeirah
RENT = AED 140 - AED 265 /sq.ft.
Satwa
AlAVG.
WaslSALE = AED 2,250 /sq.ft.
Al
20
in
dB
me
ha
Mo
Umm Suqeim
Al Sufouh
BARSHA HEIGHTS
AVG. SALE = AED 1,050 /sq.ft.
Jumeirah
Park
The Springs
Jebel Ali
Industrial Area
Burj Al Arab
DOWNTOWN DUBAI
Dubai Marina
RENT = AED 120 - AED 175 /sq.ft.
Sheikh Zayed Rd.
Media / Internet
City
Jumeirah Lake
Jebel Ali Village
The
The
Towers
Barsha
Greens
Gardens
Heights
The Meadows
The
Discovery
Lakes
Gardens
JUMEIRAH
LAKESJumeirah
TOWERS
Islands
RENT = AED 60 - AED 200 /sq.ft. Emirates Hills
Jebel Ali Freezone
She
The Palm
Jumeirah
Umm Suqeim Road
Jebel Ali Port
Arabian
Ranches
Nad Al
Sheba 2
21
Murdif
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
RETAIL SECTOR
RETAIL SUMMARY
„„
During the quarter, 300,000 sq.ft. of
new retail space was added to the retail
stock, as the expansion at Ibn Battuta Mall
commenced trading. The total retail stock in
Dubai now stands at 35.9 million sq.ft.
„„
Rents across prime centres remained largely
unchanged during the quarter. However,
secondary centres were under pressure to
renegotiate lease terms as retailers faced
lower sales and reduced profitability.
„„
There are various macroeconomic factors
affecting domestic and international visitor
spend and behavior, including low oil prices,
tightening of government budgets and
currency exchange rate volatility. Despite this,
the overall retail spend in Dubai continues to
grow steadily allowing for a stable outlook for
the remaining of the year.
„„
Non store retail is anticipated to grow rapidly,
from a relatively small base, over the next
few years as large retailers are focused on
establishing their online presence.
Source: MPM Properties Research
22
21
Line Shops
Food Court
Restaurants
Flagships
Mini Majors
Hypermarket
Cinema
1,200
1,100
1000
900
800
700
600
500
400
300
200
100
0
Anchors
AED/sq.ft.
PRIME SHOPPING MALL AVERAGE RENTS – Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
DUBAI RETAIL MALLS GLA BY AREA H1 2016
10%
10%
Q2 2016
DUBAI RETAIL SUPPLY (PRE-2010)
4% 5% 4%
3%
6%
3%
%11
8%
3%
13%
21%
10%
6%
11%
14%
34%
35%
DUBAI RETAIL SUPPLY (2010 - H1 2016)
DUBAI RETAIL SUPPLY H1 2016
%14
26%
30%
28%
22%
%22
24%
28%
24%
22%
26%
30%
Source: MPM Properties Research
GLA sq.ft. (Millions)
DUBAI RETAIL MALL STOCK (2010 – 2017)
40
2.6
1.1
2.2
2.7
2.1
0.2
0.1
0.0
0.3
29.5
31.6
31.8
31.9
31.9
32.2
34.8
35.9
38.1
2010
2011
2012
2013
2014
2015
H1 2016
H2 2016
2017
30
20
10
0
Stock
Expected - *Includes all retail malls with a GLA greater than 25,000 sq.ft.
Source: MPM Properties Research
23
22
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
HOSPITALITY SECTOR
HOTEL SUMMARY
„„
During Q2 2016, Dubai saw the addition of
1,494 hotel rooms and apartments, with the
total YTD addition being at 2,931 keys. The
total hospitality supply in Dubai stands at
99,640 keys.
„„
With several new completions scheduled
for Q3 2016, the hospitality stock will soon
surpass the 100,000 key mark, steadily
heading towards the targeted 140,000160,000 rooms by 2020 as laid down in the
Dubai Tourism Vision 2020.
„„
Major hotels expected to open during Q3
2016 are the Westin – Al Habtoor City with
a total of 1,004 rooms and the Address
Boulevard (196 rooms) in Downtown Dubai.
„„
The occupancy levels across Dubai were
over 80% during the quarter, as hoteliers
compromised on average daily rates (ADRs)
to sustain high occupancy levels.
„„
ADRs dropped by 16% quarter-on-quarter.
With close to 5,000 new rooms expected to
enter the market during second half of the
year, ADRs are expected to remain under
pressure during the course of the year.
DUBAI HOTEL ROOMS SUPPLY (2012 - 2017)
No. of Rooms ('000s)
120
100
80
8
2.9
4.6
4
97
104
84
100
80
92
79
2012
2013
2014
2015
H1 2016
H2 2016
2017
60
40
8.0
1
20
0
Existing Supply
New Supply
Source: MPM Properties Research
23
24
4.7
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
DUBAI HOTELS PERFORMANCE - 2016 YTD
1,400
1,000
AED
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0%
Occupancy
1,200
800
600
400
200
Jan-14
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-15
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan-16
Feb
Mar
April
May
June
0
ADR
RevPAR
Occupancy
Source: MPM Properties Research
HOTELS - NEW SUPPLY Q2 2016
HOTEL NAME
LOCATION
STAR
DATE
NUMBER OF KEYS
Downtown Dubai
4 star
Q2 2016
420
Al Habtoor City
5 star
Q2 2016
384
Roda Metha Suites
Oud Metha
4 star
Q2 2016
122
Somewhere Hotel
Barsha Heights
4 star
Q2 2016
306
Intercity Hotel
Apartment
Barsha Heights
3 star
Q2 2016
70
Bur Dubai
4 star
Q2 2016
192
Rove Hotel
W Hotel
City Season Towers
Hotel
SAMPLE OF UPCOMING SUPPLY
HOTEL NAME
LOCATION
STAR
DATE
NUMBER OF KEYS
The Address Boulevard
Downtown Dubai
5 star
Q3 2016
196
Al Khoory Atrium Hotel
Al Barsha
3 star
Q3 2016
227
Al Habtoor City
5 star
Q3 2016
1004
Jumeirah
5 star
Q4 2016
430
The Westin
Jumeirah Al Naseem
25
24
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
DEFINITIONS & METHODOLOGY
RESEARCH STUDY AREA
The geographic extent of the study area covers the
key districts in Dubai.
RESIDENTIAL
New residential developments are classified as
delivered and thus entered into the new supply
category when they are made available for
occupation. This is verified via a combination of
site inspections and discussion with the developer
and hence our supply numbers do take into
consideration the phased release of large projects.
Rental and sales trend analysis is based on
transactional data derived from the MPM
Properties Agency team and data sourced from
developers and owners.
OFFICES
New office developments are classified as delivered
and thus entered into the new supply category
when they are available for tenant fit-outs.
Given the general lack of transparency in the
local market rents quoted are headline rents, thus
exclude any rent free period of other financial
incentives that may have been negotiated between
the parties. The rents quoted are also exclusive of
service charges.
RETAIL
New retail developments are classified as delivered
and thus entered into the new supply category
when the first units are open and trading.
Our classification of malls is based on our
own assessment having regard to size and
the catchment area which the mall typically
penetrates.
HOSPITALITY
New hotels are classified as delivered and thus
entered into the new supply category when they
are opened and trading. All trading performance
data is provided by DTCM.
FUTURE SUPPLY PROJECTIONS
Our future supply projections across all sectors are
based on a combination of regular site inspections
and discussions with developers.
BESPOKE CLIENT RESEARCH
ADDING VALUE TO YOUR PROPERTY INTERESTS
The ADIB Real Estate Services team covers all
sectors of the real estate market. We provide
bespoke market research to our valued clients to
meet their specific requirements.
We provide reports, information and presentations
derived from primary market data that directly assist
our clients to save or make money from real estate
and shape strategies to enhance value.
DISCLAIMER:
The information contained in this report has been obtained
from and is based upon sources that MPM Properties believes
to be reliable, however, no warranty or representation,
expressed or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted
subject to errors, omissions, change of price, rental or other
conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals. MPM Properties
will not be held responsible for any third-party contributions.
All opinions and estimates included in this report constitute
MPM Properties, as of the date of this report and are subject
26
25
to change without notice. Figures contained in this report are
derived from a basket of locations highlighted in this report
and therefore represent a snapshot of the Dubai market.
Due care and attention has been used in the preparation
of forecast information. However, actual results may vary
from forecasts and any variation may be materially positive
or negative. Forecasts, by their very nature, involve risk
and uncertainty because they relate to future events and
circumstances which are beyond MPM Properties’ control.
For a full in-depth study of the market, please contact MPM
Properties team.
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
Q2 2016
A collaborative team providing
our integrated services
PAUL MAISFIELD BSC (HONS) MRICS
CEO
T: +971 (0)2 610 0545
M: +971 (0)50 660 9437
[email protected]
ABDULLAH SAID AL KUWEITI
Business Development Director
T: +971 (0)2 610 1554
M: +971 (0)50 623 5854
[email protected]
FRANK O’DWYER MBA (Hons); BEng.
COO
T: +971 (0)2 610 0402
M: +971 (0)50 812 1070
[email protected]
VAIBHAV SHARMA MCOM; MDBA
Director of Strategic Advisory and Research
T: +971 (0)2 412 8914
M: +971 (0)50 660 9295
[email protected]
YOUSEF AL ZAROONI
Regional Head – Al Ain
T: +971 (0)3 708 8636
M: +971 (0)50 600 1002
[email protected]
VINEET KUMAR
Director of Agency – Dubai
T: +971 (0)4 371 9462
M: +971 (0)50 651 6491
[email protected]
VIDHI SHAH MBA (FINANCE)
Commercial Valuations Manager T: +971 (0)4 371 9461
M: +971 (0)50 459 2609
[email protected]
ALI ABDULLAH ABDUL RAHMAN
Acting Regional Head – Northern Emirates
T: 971 (0)6 597 2514
M: +971 (0)50 656 2486
[email protected]
DOMINIC BARLOW
Head of Retail, Hospitality & Leisure
T: +971 (0)2 510 0655
M: +971 (0)56 288 1458
[email protected]
MOHAMMED FAHEEM
Manager Strategic Advisory & Research
T: +971 (0)4 371 9471
M: +971 (0)50 384 5220
[email protected]
WAHIDA KARAMA
Head of Property Operations
T: +971 (02) 610 0435
M: +971 (0)50 765 7679
[email protected]
JUBRAN AL HASHMI
Head of Property Services
T: +971 (0)2 610 0232
M: +971 (0)50 122 0041
[email protected]
BALAJI NAGARAJ MSC MRICS
Head of Residential Valuation
Dubai & Northern Emirates T: +971 (0)4 371 9463
M: +971 (0)55 196 2396 [email protected]
MOHAMED AL ZOUBI
Head of Development Advisory
BSc Civil Engineering
T: +971 (0)2 610 0564
M: +971 (0)50 310 3570
[email protected]
27
26
Q2 2016
REAL ESTATE SERVICES
| DUBAI REAL ESTATE MARKET OVERVIEW
SUPPLY - PHOTO GALLERY
NEW SUPPLY – Q2 2016
SAMPLE OF UPCOMING PROJECTS – Q2 2016
RESIDENTIAL
RESIDENTIAL
1
NOVA TOWER
DUBAI SILICON OASIS
2
HILIANA TOWER ACACIA AVENUES
3
MEYDAN HEIGHTS
DISTRICT 11, MBRC
4
SIRAJ TOWER
ARJAN
OFFICE
1
OFFICE TOWER
UM AL SHEIF
2
PARKLANE
BUSINESS BAY
3
LANDMARK HQ
DUBAI MARINA
4
TECHNO HUB 2
DUBAI SILICON OASIS
IBN BATTUTA MALL (EXPANSION)
JEBEL ALI
28
THE ROVE
DOWNTOWN
AL TELAL 11
AL BARSHA
3
AL SALAM RESIDENCE
ARJAAN
4
SILICON GATES 4
DUBAI SILICON OASIS
1
TAMANI ARTS OFFICE
BUSINESS BAY
3
THE EDGE
BARSHA HEIGHTS
2
COMMUNITY CENTRE
INTERNATIONAL CITY
4
1 PALAZZO VENEZIA MAJAN
THE OPUS
BUSINESS BAY
RETAIL
1
MY CITY CENTER
DUBAI SCIENCE PARK
3
SOUK EXTRA
DUBAI SILICON OASIS
4
THE RIBBON
MOTOR CITY
HOTEL
HOTEL
1
AL SHAFAR RESIDENCES 2
BUSINESS BAY
OFFICE
RETAIL
1
1
2
W HOTEL
AL HABTOOR CITY
3 RODA METHA SUITES
OUD METHA
4
CITY SEASONS TOWERS BUR DUBAI
1
AL KHOORY HOTEL APP 2
AL BARSHA
JUMEIRAH AL NASEEM
JUMEIRAH
3
THE ADDRESS BOULEVARD DOWNTOWN DUBAI
4
THE WESTIN AL HABTOOR CITY
29
Q2 2016
Q2 2016 NEW SUPPLY
UNDER CONSTRUCTION
Residential
Residential
Offices
Offices
Retail
Retail
Hotels
Hotels
Jebel Ali Port
Al Mamzar
3
1
Jebel Ali Freezone
4
4
1
4
Barsha
Heights
2
4
2
2
1
1
2
1
3
4
Al Qusais
1
2
TO
ABU DHABI
3
3
3
4
3
1
1
2
3 4 2
30
31
INTEGRATED SERVICES COVERING THE FULL PROPERTY LIFECYCLE
Property Management
Valuation
Enhancing value for individual
& institutional property owners:
Project Management and ESCROW
Valuation reports for:
„„
Mortgage & Loan Security
Complete Project Management services
at planning & construction stage:
„„
Prompt leasing & debt collection
„„
Securing Project Funding
„„
Engineering Review & Scheduling
„„
Effectively market & lease vacant
units
„„
Internal Accounting
„„
Cost Estimate & Procurement
„„
„„
Physical & technical maintenance
of asset
Mergers & Acquisitions
Project Monitoring
„„
„„
Investment appraisal
„„
Cost Control & Accounting
„„
Litigation
„„
Assist with Permits & Licensing
„„
Inheritance
„„
Ensure appropriate fund movement for
Escrow based on Project Assessment
„„
Maintain tenant satisfaction
„„
Timely lease renewals
„„
Manage risk, insurance & litigation
„„
Protect your interests and enhance
value
We cover all asset classes. Our reports
are in compliance with the International
Valuation Standards (IVS) and the RICS
Professional Valuation Standards.
Agency (Sales & Leasing)
Research & Strategic Advisory
We work with developers,
commercial tenants, retailers
and individuals, offering:
Bankable studies for your
real estate and business needs:
Investment Advisory
Aiding developers and investors
to maximize value:
„„
Highest & Best Use
„„
Investment Advisory & Due Diligence
„„
Launch Strategy
„„
Market & Financial Feasibility
„„
Investment Management
„„
Project Launch Handling
„„
Development Strategy
„„
Disposal Strategy
„„
Project Marketing Events
„„
Market Research
„„
Portfolio Review & Optimization
„„
Acquisitions
„„
Corporate Real Estate Strategy
„„
Deal Structuring & Capital Sourcing
„„
Leasing
„„
Master-plan and design review
„„
Investment Sale
„„
Sales
We cover all sectors, including residential,
commercial, industrial, retail, and land.
PAUL MAISFIELD BSC (HONS) MRICS
CEO
T: +971 (0)2 610 0545
M: +971 (0)50 660 9437
[email protected]
VAIBHAV SHARMA MCOM; MDBA
Director of Strategic Advisory and Research
T: +971 (0)2 412 8914
M: +971 (0)50 660 9295
[email protected]
ABU DHABI HEAD OFFICE
DUBAI OFFICE
AL AIN OFFICE
SHARJAH OFFICE
6th Floor, Al Wahda Tower
P.O Box 114686
Abu Dhabi
Office 2301,2303,2305 - Level 123
Arenco Tower, Dubai Internet City
Dubai
201-204 ADIB Ladies Branch Building
Oud Touba Street
Al Ain
AL Ikhlas Tower
AL Khan
Shajrah
Tel. +971 2 610 0252
Fax. +971 2 610 0514
Tel. +971 (0)4 371 9462
Tel. +971 (0)3 703 9521
Tel. +971 (0)6 597 2555
www.mpmproperties.ae