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Dubai Residential Market Report

Q22016 cavendishmaxwell.com

© Cavendish Maxwell 2016 2 cavendishmaxwell.com3

• Macro-economic factors

• Investment climate

• Price performance

Content

H2 2016 Pipel ine

34,475 scheduled units

Q2 2016 Complet ions

2,800 units

Dubai residential market highlights

Foreword

Q1 2016 - Q2 2016

-0.4% -0.3%

Q2 2015 - Q2 2016

-6% -6%

Average price movement Residential supply

Cavendish Maxwell is a highly respected independent firm of chartered surveyors and property consultants, focusing on property services throughout the Middle East and Africa. Established in 2008, Cavendish Maxwell has grown into one of the region’s largest and highest profile property companies, employing over 60 people across 8 departments.

Our experience covers property, land and business asset valuations; investment; asset management; fund management; disposals and acquisitions; rent reviews; lease renewals; development appraisals; advisory services; market research; feasibility studies; projectmanagement and building consultancy.

The Cavendish Maxwell Quarterly Residential Market Report for Dubai provides analysis and summary of the apartment and villa properties, highlighting the price movement, rent and yield scenario, residential supply as well as the macro-economic factors impacting this segment. The report also incorporates the Cavendish Maxwell Residential Market Survey conducted among agents operating within the UAE. The survey showcases how new enquiries, leasing activity and transactions, among other metrics, changed over the previous quarter and also provides an outlook on the following quarter, with predictions by professionals being studied against real performance.

• Rent performance

• Residential supply

• Cavendish Maxwell Residential Market Survey Q2 2016

Dubai Residential Market Report - Q2 2016

cavendishmaxwell.com


© Cavendish Maxwell 2016 cavendishmaxwell.com54

Annual inflation index of goods and services in the consumer basket in Dubai increased 1.94 per cent in April 2016.

As per revised IMF estimates in April, Dubai GDP is expected to grow at 3.7 per cent in 2016 compared to 3.6 per cent actual growth in 2015

In Q2 2016 the global oil price recovered to near USD50 from a twelve year low of USD27 per barrel in January.

Borrowing costs for companies have risen this year due to higher Emirates Interbank Offer Rate (EIBOR) (increased by approximately 35 basis points) compared to Q1 2015.

The Ministry of Energy increased fuel prices further for June with Super 98 at AED1.86/litre, Special 95 at AED1.75/litre and E Plus91 at AED1.68/litre. The diesel price was increased to AED1.77/litre for June.

• The increase in Consumer Price Index (CPI) for Dubai in April wasprimarily the result of an increase in school fees, which impacted theincrease in prices of the education group by 6.74 per cent.

• On an annual basis, prices in the food and beverage group increasedby 4.08 per cent while that of housing, water, electricity, gas and fuelgroup showed an increase of 3.99 per cent.

• The transport group increased by 3.98 per cent, due to a 9.17 percent increase in the prices of fuel and oils for means of transportationfollowing the decision of freeing the prices of fuel in the State issuedby the Ministry of Energy.

• As per International Monetary Fund (IMF) estimates in April, averageinflation in the UAE is expected to decline to 3.2 per cent in 2016from 4.1 per cent in 2015.

• In April 2016, the IMF revised their growth projections for the UAEwith the overall real GDP growth being moderated to 2.4 per cent in2016 from 3.9 per cent recorded in 2015.

• Non-hydrocarbon growth is projected to be 2.4 per cent “dueto sizeable fiscal consolidation, softer economic sentiment, andsomewhat tighter monetary and financial conditions”, according toIMF Advisor Zeine Zeidane who led a mission to the UAE in May.

• Despite policy measures in response to low oil prices, the IMFestimates the fiscal deficit in the UAE will widen in 2016 to about 7.2per cent of GDP, before improving over the medium-term.

• The current account surplus is projected to decline to 0.3 per centof GDP in 2016. Private sector credit growth is expected to remainmodest due to the slowing economy and rising fiscal financing needs.

• Global ratings agency Moody’s noted in May that the UAEgovernment’s debt-to-GDP ratio is low, at around 18 per cent of GDPin 2015, and is expected to remain moderate. The agency also saidthat the debt of Dubai government-owned entities has remainedstable. The agency expects the UAE’s fiscal reserves to remain above130 per cent of the GDP over the next few years.

• The April Summit in Doha between some of the largest oil producingeconomies failed to reach a deal on setting output. A follow-upsummit in Vienna in June involving OPEC nations also focused onavoiding a production quota, with member countries asserting thattheir strategy of reaching a balance was working.

• The dirham peg to the dollar has remained a subject of speculationfollowing the oil price drop over the last two years. However, theUAE Central Bank has reiterated the country’s commitment to thedollar peg. The appreciation in the dollar has made the emirate moreexpensive for tourists but FDI inflows and real estate transactionvolumes have registered a growth.

• The ‘leave’ vote in UK on 23 June 2016 shocked global markets,including the UAE, and has created uncertainty in a region alreadygrappling with oil price instability.

• In May, the UAE Central Bank announced a change in the way EIBORis calculated. The rate previously reflected the cost of banks lendingto each other and now includes costs of deposits from large clients.

• Any interest rate increase in the United States is expected to tightenmonetary policy in the UAE and other GCC countries, though giventhe result of the vote in UK, it may be delayed.

• Petrol prices in the UAE for May 2016 increased by an average of 11per cent in comparison to April and by 6 per cent from January 2016.

• Among the policies to diversify the economy away from oil, the UAEhas endorsed a target to draw 24 per cent of its primary energyconsumption from renewable sources by 2021.

• The UAE has faced the oil price slide from a comparatively strongerposition than other oil exporters as a result of past macro-economicpolicies, which have ensured large fiscal buffers. The economy is morediversified and the country continues to attract investments due to itssafe haven status. An improvement in oil prices is expected to supportgrowth in the economy in the medium term, which will also beboosted by increased investment ahead of Expo 2020 being hostedby Dubai.

Macro-economic factors

15

10

5

0

-5

-10

Consumer Prices (annual % change)Real GDP

2008

Jun-

15M

ay-1

4

2009

Jul-1

5Au

g-14

2010

Aug-

15N

ov-1

4

2011

Sep-

15Fe

b-15

2012

Oct

-15

May

-15

2013

Nov

-15

Aug-

15

2014

Dec

-15

Nov

-15

2015

Jan-

16

Feb-

16

2016P

Feb-

16

May

-16

2017

P

Mar

-16

2021

P

Apr-1

6

May

-16

%

Source: IMF, April 2016

Figure 3

Figure 2

Figure 1

Figure 6

UAE - Real GDP and Consumer Prices

130

125

120

1.2

1.0

0.8

0.6

0.4

0.2

0

3

2

1

0

70

65

60

55

50

Inflation rateCPI

MarFebJan Apr May

CPI

Ind

ex*

Infla

tion

rate

%

USD

/IN

R

Source: Dubai Statistics Centre

*2007 = 100

Source: Cavendish Maxwell research

Source: Dubai Statistics Centre

Dubai Annual Inflation - 2016

Currency Movement

Main Expenditure Groups - 2016Alcoholic beverages and tobacco

Health

Furnishings, household equipment and routine household maintenance

Education

Recreation and culture

Restaurants and hotels

Clothing and footwear

Communication

Miscellaneous goods and services

Transport

Food and non-alcoholic beverages

Housing, water, electricity, gas and other fuels

0.24% 1.08%

3.34

%

4.09

%4.

24%

5.48%

5.52%

6.00%

6.15%

9.08%

11.0

8%

43.70%

2.4

2.2

2

1.8

1.6

1.4

1.2

1

80

60

40

20

0

Unleaded petrol 98

Brent

USD/EUR

Unleaded petrol 95

West Texas

USD/GBP

Unleaded petrol 91 Diesel

OPEC

USD/INR

Jan16

Feb16

Mar16

Apr16

May16

Oct15

Sep15

Aug15

Nov15

Dec15

AE

D /

litr

eU

SD /

bar

rel

USD

/GB

P - U

SD/E

uro

Source: UAE Ministry of Energy


Figure 4

Figure 5

UAE petrol prices

Global Oil Prices



Of the total investors in Dubai real estate in 2015, over 55 per cent were foreign investors, accounting for more than AED74 billion.

During Phase 1 of the Value Added Tax (VAT) rollout in the UAE, companies with annual revenues over AED3.75 million will be required to register under the VAT system and will accordingly be taxed.

Dubai’s non-oil foreign trade reached

AED319 billion at the end of March 2016.

Imports contributed AED196 billion, exports

AED36 billion, and re-exports AED87 billion.

Resolution No (8) of 2016 was introduced in

June adding new land plots to the freehold

area in Dubai World Central for non-UAE

nationals.

As per World Bank’s Doing Business Report

2016, the UAE was ranked 31 among 189

economies for ease of doing business.

Market value of the Real Estate and

Construction sector index within the Dubai

Financial Markets (DFM) declined from

36.4 per cent in Q1 2015 to 34.6 per cent

in Q1 2016.

• The sum of real estate investment transactions for 2015 exceeded AED135 billion, with 55,928 investors of 150 nationalities making real estate investments in Dubai’s property sector last year. The number of investors represented a 33 per cent increase from the 41,475 investors reported for 2014.

• There has been a 28 per cent decline in total value of transactions in the first five months of 2016, compared to the same period last year.

• In June Dubai won the bid to host the World Real Estate Congress in 2018. The annual event, organised by the International Real Estate Federation, FIABCI, will make its debut in the Middle East with the 2018 event. It is expected to attract more than 1,000 real estate professionals from over 60 countries.

• The VAT and excise tax introduction in the region is aimed at generating additional revenues and reducing reliance on hydrocarbon.

• Finance ministers of GCC member states held an extraordinary meeting in June in Jeddah to approve in principle the treaties for the collection of excise tax and VAT on 1 January 2017 and 1 January 2018, respectively. The common treaties are expected to be announced in Q4 2016.

CountryBahrainKuwaitOmanQatarSaudi ArabiaUAE

VAT rate of 3%0.9%0.8%0.9%0.5%1.0%0.9%

Expected VAT revenue generated as a per centage of GDP

VAT rate of 5%1.6%1.4%1.4%0.8%1.6%1.5%

• China topped Dubai’s trading partners with trade worth AED39 billion in Q1 2016. India was second with AED24 billion worth of trade, followed by USA at third place with AED22 billion.

• The annual Dubai FDI Monitor released by Dubai Investment Development Agency shows the largest capital investment in 2015 came from KSA, US, UK, India, and Kuwait generating AED15 billion together. Top sectors by capital investment in 2015 were power generation and distribution, management offices, accommodation and food services, construction and logistics services, generating AED12.8 billion.

• Non-UAE nationals will have the right to absolute ownership, without a specific time frame, of lands and properties located in plots 205, 206 and 207 in the Dubai World Central area.

• Owners can also benefit from leasing lands and properties in these plots for a period not exceeding 99 years.

• The decision aims to promote Dubai Aviation City’s objectives to cater to the continuous growth of the aviation sector in Dubai and to further promote the city as an aviation and logistics hub.

• The report highlighted that in 2016 the UAE made certain business reforms that improved rankings such as streamlining the process for obtaining civil defense approval for construction permits, implementing electronic service of process for enforcing contracts, introducing a new case management office within the “Smart Petitions” service allowing litigants to file and track motions online.

• While trade volume for real estate securities registered an increase of nearly 60 per cent in Q1 2016 over the same period last year, the trade value declined by 10 per cent.

• Share price movement of real estate stocks mirrored the DFM General Index over the last six months with the period high and lows being largely concurrent between the two.

Investment climate

Resolving Insolvency

Enforcing Contracts

Trading Across Borders

Paying Taxes

Protecting Minority Investors

Getting Credit

Registering Property

Getting Electricity

Dealing with Construction Permits

Starting a business

UAEMENA Average

0 20 40 60 80 100

Source: World BankThe distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each doing business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier.


Source: Tax Policy Reform in the GCC Countries: Now and How? – IMF

Figure 9

Figure 8

Figure 7

5,000,000,000

4,000,000,000

3,000,000,000

2,000,000,000

1,000,000,000

0

0%

-10%

-20%

-30%

-40%

-50%

Land Building Unit YoY % Change in Total Value

Mar-16Feb-16Jan-16 Apr-16 May-16

Tran

sact

ion

Valu

e

Cha

nge

%

Source: Dubai Land Department


Real Estate Transactions in Dubai

Real Estate Investments in Dubai - 2015GCC investors • UAE – 26 billion • KSA – 9 billion • Kuwait – 3 billion

Non GCC Arab investors • Jordan – 3.5 billion • Egypt – 2.55 billion • Lebanon – 2.53 billion

Foreign investors • India – 20 billion • UK – 10 billion • Pakistan – 8 billion

33%

12%

55%

Doing Business Frontier Score - 2016

-23%

-38%

-43%

-13%

-20%

Nov

-15

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Figure 10

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

Share Price Performance - Real Estate Equities

Arabtec Holding

Emaar

Deyaar

United Properties

Drake & Scull

Damac

Real

Est

ate

Equi

ties

(AED

)

DFM period low – Jan 21

DFM period high – Apr 24


cavendishmaxwell.com© Cavendish Maxwell 2016 8 9



• The number of transactions for apartments have registered a growth of 21 per cent in May as compared to January this year as per Dubai Land Department (DLD) data.

• Prices have declined nearly 12 per cent since highs in Q2 2014, with market direction largely imitating oil price drop. Even as crude prices reached near USD50 per barrel levels in Q2 2016, uncertainties still remain over low oil prices and will continue to impact residential sale prices in the medium term.

• Transaction activity is expected to remain muted during the third quarter in line with past trends. Developers are promoting Ramadan linked payment plans and the ‘affordable’ tag continues to be aimed at first time buyers. However, it is unlikely to ramp up buying activity in the short term among this target segment given the restrictive mortgage-lending requirements and overall liquidity in the market.

• Prices in established communities such as Arabian Ranches, The Springs and Meadows have registered the highest 12 month declines averaging nearly 9 per cent.

• Compared to Q1 2016, villa prices have witnessed marginal declines ranging from zero to 0.8 per cent.

• Data from Dubai Land Department (DLD) revealed a 43 per cent rise in the number of villa transactions in May, compared to January. It is however at a 29 per cent lower level than 12 month highs witnessed in June 2015.

• Developer profile and track record has become a significant factor in buyer interest and is likely to continue to be a key determinant.

ApartmentsApartment prices in Dubai declined up to 1 per cent during Q2 2016 and declined an average 6 per cent over the last 12 months.

Figure 12

Price performance

VillasVilla prices decreased marginally in Q2 2016, with an overall average drop of 0.3 per cent. 12 month performance of villa prices in Dubai witnessed a 6.4 per cent decline on average, marginally higher than that for apartments during the same period.

Figure 14

Source: Property Monitor Index

Apartment pr ice performance

Business Bay

The Views and Greens

Discovery Gardens

International City (Clusters)

Downtown Burj Khalifa(excluding

Burj Khalifa)

Jumeirah Beach

Residences

Dubai Marina

Uptown Motor City

Dubai Sports City

Palm Jumeirah

2,500

2,000

1,500

1,000

500

0

Ave

rag

e p

rice

(AED

/ s

q. f

t.)

% c

hang

e

% c

hang

e

Q1 2016 Q2 2016 QoQ % change Q1 2016 - Q2 2016 12 Month % change Q2 2015 - Q2 2016

-0.2%

-6.2%

5.2% -5.1%

10.1%

-0.2%0.8%

-0.2% -0.2% -0.4% -0.3% -0.4% -0.2%

-1%

Source: Property Monitor Index

Vi l la pr ice performance

Al Furjan Villas

Jumeirah Village Triangle

Arabian Ranches

The LakesJumeirahGolf Estates

The MeadowsJumeirah Islands

The SpringsJumeirah Park

Victory Heights

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

Ave

rag

e p

rice

(AED

/ s

q. f

t.)

Q1 2016 Q2 2016 QoQ % change Q1 2016 - Q2 2016 12 Month % change Q2 2015 - Q2 2016

-0.2%-0% -0%

-0.4% -0.3%-0.8%

-0.3% -0.3% -0.2% -0.4%

0.0%

-2.0%

-4.0%

-6.0%

-8.0%

-10.0%

-12.0%

1.0%

0.0%

-1.0%

-2.0%

-3.0%

-4.0%

-5.0%

-6.0%

-7.0%

-8.0%

-9.0%

-10.0%

Q1-

14

May

-15Q

2-14

Jul-1

5Q3-

14

Sep-

15Q4-

14

Nov

-15Q

1-15

Jan-

16Q2-

15

Mar

-16Q

3-15

May

-16Q

4-15

Q1-

16

Q2-

16

120

100

80

60

40

20

0

1500

1000

500

0

1,450

1,400

1,350

1,300

1,250

1,200

1,150

350

300

250

200

150

100

50

0

Apartment Villa

Oil

(USD

/ b

arre

l)

No

. of A

par

tmen

ts

AED

per

sq.

ft.

No.

of V

illas



Figure 11 Figure 13

Dubai Residential Prices vs. Oil Number of Transactions

OPEC Basket Crude Oil Price USD/barrelWTI Crude Oil USD/barrelBrent Crude Oil Price USD/barrel

Dubai Average Residential Sales Rate (AED psf)

-4.9% -5.0% -4.7%-5.2%

-7.5%

-5.3%

-5.3%

-3.8%

-4.8%

-8.3%

-5.1%

-8.7%

-6.0%

9.0%

-4.8%

-7.7%



Apartments: Apartment rents declined 0.7 per cent on average in Q2 2016. With similar declines in both sales prices and rents over this period, investment yields have remained largely unchanged this quarter. Renters have been able to negotiate discounts on new leases, while tenants have found it harder to negotiate lower rents at renewal.

Rent performance

Villas:Villa rents in Dubai have declined 1 per cent on average in Q2 2016

Figure 15 Figure 16

Apartment Rent Performance - Q2 2016 Vi l la Rent Performance - Q2 2016

200,000

150,000

100,000

50,000

-

500,000

400,000

300,000

200,000

100,000

-

AED

per

ann

um

AED

per

ann

um

% c

hang

e

% c

hang

e

Source: Property Monitor Index Source: Property Monitor Index

*Excluding Burj Khalifa

0.4%

0.0%

-0.4%

-0.8%

-1.2%

-1.6%

0.0%

-0.5%

-1.0%

-1.5%

-2.0%

-2.5%

Jumeira

h Lake

s Towers

The La

kes

Downto

wn Burj

Khalifa*

The Mead

ows

DIFC

The Sp

rings

The Vie

ws

Arabian

Ranch

es

Dubai M

arina

Victor

y Heig

hts

Busine

ss Bay

Al Furjan

Villas

Dubai Sp

orts C

ity

Motor C

ity

Interna

tional C

ity (clu

sters)

Dubailan

d

The Gree

ns

Jumeira

h Islan

ds

Jumeira

h Park

Jumeira

h Beac

h Resid

ences

Jumeira

h Golf

Estate

s

-0.5%

-1.5%

-0.4% -0.6%

-0.5%

0.1%

0.0%

-0.3%

-0.8% -0.8%

-1.0%

-0.4%

-1.5%

-0.8%-0.6%

Studio 3 BR1 BR 4 BR2 BR 5 BRAverage QoQ % change Average QoQ % change

-2.1%

-0.8%

-1.6%

-1.3%-1.6%

-1.4%



• Nearly 71 per cent of the total number of units initially scheduled for second quarter have been delayed.

• During the second quarter approximately 12 per cent of initially scheduled projects were placed on hold with no definitive completion date.

• 22 per cent of the units delivered in the second quarter of 2016 were projects delayed from the first quarter of 2016 and mainly located in International City and Arjan.

• Majority of the completed developments in Q2 2016 were apartment units, with less than 4 per cent being villas and townhouses.

• New launches during Q2 2016 were apartment projects located in Al Furjan, Business Bay and Jumeirah Village Circle.

Q2 2016 Completions:Approximately 2,800 residential units have been completed in Q2 2016.

Figure 17

Residential supply

21

5

1

10

3

7

6

5

4

3

2

1

9

2

4

7

6

8

1. Dubailand2. Dubai Silicon Oasis3. Arjan4. International City5. Karama

6. Meydan City7. Dubai Sports City8. Al Barsha9. Barsha Heights10. Jumeirah Village Circle

1. Dubailand2. Dubai Silicon Oasis3. Meydan City4. International City5. Dubai Marina

6. Jumeirah Village Circle7. Reem8. Al Furjan9. Dubai Sports City10. Jumeirah

200 - 400

401 - 600

601 - 800

801 - 1,000

1,001 - 1,200

1,201 - 1,400

Units Delivered

21

8

5

4

7

6

2

10

1

9

8

7

6

5

4

3

2

1

9

3

1,001 - 1,500

1,501 - 2,000

2,001 - 2,500

2,501 - 3,000

3,001 - 3,500

3,501 - 4,000

4,001 - 4,500

4,501 - 5,000

> - 5,001

Units Delivered

• At the end of 2015, there were approximately 38,000 units initially scheduled for delivery in 2016. This figure, in addition to the 7,734 units delayed from 2015, had brought the total of additional units potentially to be delivered to 46,000.

• As Q2 2016 came to an end, many developers delayed the delivery of their projects from 2016 to 2017 for several reasons, including tightening liquidity conditions and oil price instability.

• As the map below highlights, the majority of additional residential units set to be delivered in second half of 2016 are located primarily in Dubailand followed by Dubai Silicon Oasis and Meydan City.

• Approximately 70 per cent of the market wide pipeline supply for the second half of 2016 are apartments and 30 per cent are villas and townhouses.

Pipeline H2 2016:There are 34,475 units scheduled to enter the market in the second half of 2016, though delays are likely to greatly reduce actual delivery.

Figure 18

H1 2016 Completions - Top 10 locations H2 2016 Pipeline - Top 10 locations

Source: Cavendish Maxwell research Source: Cavendish Maxwell research



Q3 2016 pr ice out look Q3 2016 rents out lookApartmentsPercentage of agents who predicted apartment prices would:

ApartmentsPercentage of agents who predicted apartment rents would:

VillasPercentage of agents who predicted villa rents would:

Q3 2016 transact ion out lookApartmentsPercentage of agents who predicted new buyer enquiries would:

VillasPercentage of agents who predicted new seller instructions would:

increase by more than 5% increase by up to 5% not change

decrease by up to 5% decrease by more than 5%

increase by more than 5% increase by up to 5% not change

decrease by up to 5% decrease by more than 5%

increase decrease not change

Figure 19 Figure 20

Figure 21

Source: Cavendish Maxwell Residential Market Survey

21%

21%

58%

37%

21%

42%

Looking back - Q2 2016Cavendish Maxwell Residential Market Survey

Looking forward - Q3 2016

The majority of agents surveyed had predicted apartment and villa prices to remain unchanged

The majority of agents had predicted that apartment rents would remain the same during Q2 2016 while for villas, an equal number of agents predicted either stable rents or a decrease of up to 5 per cent

Majority of agents had predicted new buyer enquiries, seller instructions and agreed sales would increase in Q2

Apartment and villa rents have remained largely unchanged with declines of less than 1 per cent on average.

As per data from Dubai Land Department, transaction levels for villas and apartments increased in Q2 compared to Q1

Predictions vs Reality

Apartment and villa prices have remained largely stable in Q2 2016 with declines of less than 1 per cent on average

1%

60%

6% 9%

23%

Methodology

Development Advisory and Real Estate Research

Disclaimer

• Sale Prices and rents are derived from Property Monitor, acomprehensive real estate platform established in 2014 to providereal-time, market-wide access to transactions and trends. Workingwith agencies, banks, developers and corporate investors, itprovides a deeper insight into real estate advisory, investment,and lending activities. The average sales price per sq. ft. is basedon the Property Monitor Index that incorporates signed contracts,registered transactions, valuations and listings verified byCavendish Maxwell valuation department.

• Cavendish Maxwell Residential Market Survey is a quarterly surveyaimed at agents operating in the UAE and is designed to identifythe sentiment of the residential market in the region. Forming

Cavendish Maxwell Advisory and Research team uses its in-depth knowledge of the real estate sector and extensive network to support our clients through the development process, providing strategic consultancy and advice to guide and support investment decisions from concept to delivery.

We have advised on schemes with a gross development value of over AED 3 billion in the last year. Our reports are used internally for business planning purposes and to satisfy the criteria of external financiers and auditors.

Our name is trusted by all major banks across the UAE, supported by our presence on over 30 bank panels across the region.

© Cavendish Maxwell Real Estate Consulting 2016. The information and analysis contained in this report has been obtained from or is based on information from a variety of sources generally regarded to be reliable and assumptions which are considered reasonable, and which was current at the time of undertaking market research. However, no representation is made, or responsibility accepted by Cavendish Maxwell Real Estate Consulting, in respect of the accuracy or currency of this information. Cavendish Maxwell Real Estate Consulting does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.

a part of the Quarterly Residential Market Report released by Cavendish Maxwell, the research showcases how new enquiries, leasing activity and transactions, among other metrics, changed over the previous quarter as per information from agents. The survey also provides an outlook on the following quarter, with predictions by key market players being studied against real performance.

• Supply projections for residential projects are based on regulartracking of construction status, new launches, delays, etc. Thisis carried out through site inspections as well as discussion withdevelopers, contractors, in-house building consultancy team andrelated government entities.

Our documents and advice meet banking and audit criteria,

proven by our presence on over 30 bank panels across

the UAE

Core services

Asset Management Property Data

Feasibility Studies

Market Research

Joint Venture Structuring

Buyer Profiling

Highest & Best Use Studies

Due Diligence for Land Acquisition

Site AnalysisAdvisory Services

26%

VillasPercentage of agents who predicted villa prices would:

1% 1%

52%

10% 10%

30%

58%

8%3%

29%53%

12% 6%

Miles Phillips BSc (Hons) MRICS ACIArbPartnerHead of Operations - UAE

M: +971 56 604 2750 E: [email protected]

Amit Shukla Senior AssociateDevelopment Advisory and Real Estate ResearchM: +971 56 360 3540E: [email protected]

Sofia Underabi MRICS AAPI PartnerHead of Residential Valuation M: +971 50 435 6527 E: [email protected]

Manika Dhama BA (Hons), MBAResearch Manager


PROPERTY SERVICESMIDDLE EAST & AFRICA

Nigel Armstrong FMAAT Chief Executive Officer


Jay Grant MSc IRRV (Hons) Chairman


Residential Valuation

Commercial Valuation

Machinery and Business Assets

Valuation

Investment and Commercial Agency

Project and Building Consultancy

Development Advisory and Real Estate Research

Hotels, Hospitality and Leisure

Property Monitor

Also contact us for:

T: +971 4 453 9525 E: [email protected]

2205 Marina Plaza, Dubai Marina, P.O. Box 118624, Dubai, United Arab Emirates1006 Corniche Bakery Building, Al Firdous Street, Tourist Club Area, Abu Dhabi, United Arab Emirates

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