observer dubai market report q4 / 2019 - … dubai...market outlook what will 2020 bring for...

OBSERVERDubai Market ReportQ4 / 2019

Report Highlights

Economic snapshot

According to Standard & Poor’s, Dubai’s economy is currently rated as stable. The UAE is expected to remain politically stable in 2020 despite rising regional tensions centred on the situation in Iran. Real GDP growth, which was registered at 2.1% in H1 2019, is predicted to experience an uptick this year with the hosting of Expo 2020. Following the Expo, economic growth is likely to slow to below 2% as its impact fades. Economic diversification, as well as improving the business environment, will be the major policy priorities going forward. Government revenues will, however, remain dependent on the hydrocarbons sector. Real estate currently accounts for circa 6.8%* of Dubai’s GDP.*Dubai Economics Report

Sales prices

Average apartment sales prices were down 2% from Q3 2019, which is a notable slowdown from the previous quarter and villa prices decreased 3% from Q3. Oversupply continues to contribute to declining capital values which resulted in further price declines in Q4 2019. Nevertheless, there was some positive market sentiment in Q4 as the overall value of transactions rose, mainly driven by the off-plan sector, which suggests there is growing confidence in Dubai’s real estate market.

Rental rates

Dubai’s rental market showed signs of stablising in Q4 2019 with no average rental rate movement from Q3, signalling that perhaps the rental market has levelled out. In 2020, landlords will have to be realistic in the face of tough market conditions. To ensure high occupancy levels, incentives will need to be continued to be offered and properties will need to be well-maintained through the employment of professional management and maintenance services.

Transactions

Volumes. Transaction volumes maintained pace over the fourth quarter, with a total of 4,548 completed units transferred. This represents a year-on-year increase of 39%, although a decline of 5% from the record high of 4,764 units achieved over Q3. The volume of off-plan transactions was up 2% on the previous quarter, from 7,465 units to 7,596.

Values. Transaction values involving completed properties rose marginally by 1% from AED 8.52 billion in Q3 to AED 8.62 billion in Q4. There was also an increase in the value of off-plan properties of 11% from AED 10.48 billion in Q3 to AED 11.61 billion in Q4 suggesting an increased appetite for higher value units.

Market outlook

What will 2020 bring for Dubai’s real estate market?

Whilst capital values softened throughout 2019, green shoots are visible. Dubai’s real estate market has grown 56% from 2018 to 2019 and 260% in the past 11 years (by volume of transactions); the impact of the Higher Committee for Real Estate Planning has already been seen with Dubai witnessing a 134% rise in sales transactions within days of the Committee’s establishment in September 2019. And, in the same month, Dubai registered a 135% increase in FDI.

Having said that, supply is still the single biggest contributor to declining residential prices in the Emirate. Across the whole of 2019, 45,000 units were completed, which is the highest number of units in the last five years, with a further 90,000 residential units scheduled to be delivered in 2020. Whilst it is likely that a significant minority of planned projects will overrun their scheduled completion, the volume of units, by any measure, is clearly out of step with current market-wide sales performance. It is this context that makes a short-term recovery of Dubai residential prices unlikely.

Services

ValuationsMortgage and Secured LendingPortfolio Valuations

Advisory and ResearchFinancial FeasibilitiesHighest and Best Use StudiesMarket ResearchConceptual Advisory and Project Positioning Studies Project Redevelopment/Repositioning Advisory Investment Strategies – Acquisition and Disposal

Sales and LeasingCommercialIndustrialResidentialRetail

Property/Facilities Management CommercialMixed-UseResidential

International Properties London Off-Plan ResidentialInternational Homes and Investments International Relocations

Price Movements

Apartments

Apartments

Volumes

Volumes

Villas

Villas

Values

Values

Rental Movements

Completed Unit Transactions

Off-Plan Unit Transactions

Residential Market Q4 2019 Snapshot

QoQ −2%YoY −12%

QoQ 0%YoY −9%

QoQ −5%YoY +39%

QoQ +2%YoY +68%

QoQ −3%YoY −10%

QoQ 0%YoY −13%

QoQ +1%YoY +60%

QoQ +11%YoY +99%

The overall value of transactions increased by 6% in Q4, suggesting a demand for higher-value units

Average apartment sales prices were down 2% from Q3 2019, which is a notable slowdown from the previous quarter and villa prices decreased 3% from Q3.

Oversupply continues to contribute to declining capital values in the Emirate which resulted in further price declines in Q4 2019. That said, there was some positive sentiment in Q4 as the overall value of transactions rose, mainly driven by the off-plan sector, which does suggest there is growing confidence in Dubai’s real estate market.

In Q3, there was a 45% increase in transaction volumes in the completed units market and a 16% increase in values, indicating a higher proportion of lower-value completed housing had been purchased. However, in Q4, the overall value of transactions for completed properties rose marginally by 1% and volumes decreased by 5% suggesting a renewed demand for higher-value units in this sector.

In the off-plan market, sales volumes and values maintained pace in Q4 rising by 2% and 11% respectively over the previous quarter. Again, this suggests a greater demand for higher-value units and supports the theory that post-handover payment plans have been successful at attracting buyers and making purchased property more accessible across the board.

Apartments:Quarter-on-Quarter Movement: –2%Year-on-Year Movement: –12%

The largest price declines in the apartment segment were witnessed in JVC with a 9% decrease from the previous quarter. Average apartment prices decreased from AED 685 per sqft to AED 623 per sqft. Other significant price declines were seen in Dubai Motor City with a 7% drop from the previous quarter with prices decreasing from AED 630 per sqft to AED 585 per sqft.

Locations which witnessed no price movement from the previous quarter include Business Bay, Dubailand, Dubai Marina and The Greens with prices holding at AED 1,000 per sqft, AED 700 per sqft, AED 1,030 per sqft and AED 847 per sqft respectively.

The only community which witnessed a price increase in Q4 was The Views, where sales prices increased from AED 1,044 per sqft to AED 1,089 per sqft, returning to second quarter levels following a dip over Q3.

The average year-on-year price decline for apartments saw a 12% drop from 2018. The most resilient apartment location was Dubailand with a 3% decline from the previous year and the largest price declines were seen in JVC and Dubai Motor City with an 18% drop from 2018.

Villas:Quarter-on-Quarter Movement: –3%Year-on-Year Movement: –10%

Arabian Ranches was the most resilient location in Q4 2019 witnessing a price increase from AED 793 per sqft to AED 808 per sqft.

The communities which witnessed modest price declines in Q4 included The Lakes at a 2% decrease from Q3 with prices dropping from AED 1,010 per sqft to AED 993 per sqft, followed by The Meadows at a 3% drop from AED 850 per sqft in Q3 to AED 822 per sqft in Q4.

The highest price decline was witnessed at Jumeirah Park where prices fell by 8% from Q3 from AED 804 per sqft to AED 740 per sqft.

The average year-on-year price decline for villas saw a 10% drop from 2018. The most resilient villa location was Arabian Ranches with a 4% drop from the previous year and the largest price decline was seen in Jumeirah Park with a 15% downward correction from last year.

HOT TOPIC In October 2019, the UAE Central Bank issued a directive to local banks to reduce the early settlement fee on mortgages to a maximum of 1% of the outstanding balance or AED 10,000 – whichever is less. Previously borrowers had to pay a 3% early settlement fee. This new directive will benefit both buyers and sellers in that sellers can remortgage or sell without the high exit fees and buyers can feel more confident knowing that in the future they will have the freedom to sell or shop around for a better deal without the high penalties. This marks yet another positive Government initiative to ensure sustained growth in the Emirate’s real estate sector.

The Observer - Dubai Residential Q4 2019 2

Apartments and Villas − Residential Sales Prices and Quarterly Change

SharjahAbu Dhabi

The Palm Deira

DubaiMaritime

City

Bur Dubai

Deira

Hamriya

WuheidaMamzar

Hor Al Anz

Al Nahda

AirportFree Zone

Karama

Garhoud

Twar Qusais

Muhaisnah

Mirdif

Mizar

Khwaneej

Ghoroob

Shorooq

Warqaa

ZabeelOud

Metha

CultureVillage

UmmRamool

NaddShamma

DubaiFestival City

MeydanCity

Ras Al Khor

Bu Kadra

NaddAl Hammar

InternationalCity

AcademicCity

DubaiSilicon Oasis

Al WahaCommunity

MotorCity

SportsCity

Layan

Nad Al Sheba

Al BarariLiving Legends

ArabianRanches

Dubiotech

Awir

UmmHurairTrade

CentreDIFC

Dubai Mall

Mirdif CityCentre

Dragon Mart

Deira CityCentre

Al KhailGate

MediaCity

JumeirahIslands

JumeirahGolf

Estates

GreenCommunity

DowntownJebel Ali

Technology Park

DubaiInvestment

Park

DubaiWorld

Central

InternationalMedia

ProductionZone(IMPZ)

JumeirahHeights

TheGardens

DiscoveryGardens

Ibn BattutaMall

Jebel AliVillage

Jebel Ali Freezone EmiratesHills

InternetCity

Greens

Meadows/Springs

The Lakes

Al FurjanThe SpringsJumeirah

Park

JumeirahVillage Circle

TECOM

The Views

JLT

Al Quoz

Barsha

Mall of the Emirates

Dubai Pearl

Palm Jumeirah

Dubai MarinaBurjuman

Centre

Satwa

Badaa

Jumeirah

Al WaslSafa

Umm Suqeim

ManaraSufouh

The World

Arabian Gulf

Jumeirah BeachResidence

BluewaterIslands

The PalmJebel AliDubai

Waterfront

Barsha

MOTOR CITY

AED630MOTOR CITYAED585

DISCOVERYGARDENS

AED592

-7%Q-o-Q

Movement

DISCOVERYGARDENS

AED576

-3%Q-o-Q

Movement DOWNTOWNAED1,391

-1%Q-o-Q

Movement

DOWNTOWNAED1,371

BUSINESS BAYAED1,000

BUSINESS BAYAED1,0000%

Q-o-QMovement

DUBAILANDAED700

DUBAILANDAED700

0%Q-o-Q

Movement

DUBAIMARINA

AED1,030

DUBAIMARINA

AED1,030

0%Q-o-Q

Movement

DUBAI SILICONOASIS

AED612DUBAI SILICON

OASIS

AED591-3%

Q-o-QMovement

SPORTS CITYAED703

SPORTS CITYAED692

-2%Q-o-Q

Movement

JUMEIRAHLAKE TOWERS

AED858JUMEIRAH

LAKE TOWERS

AED814-5%

Q-o-QMovement

THE VIEWS

AED1,044THE VIEWS

AED1,089

+4%Q-o-Q

Movement

JUMEIRAHVILLAGECIRCLE

AED685JUMEIRAHVILLAGECIRCLE

AED623

-9%Q-o-Q

Movement

THE GREENSAED849 THE GREENS

AED847

0%Q-o-Q

Movement

INTERNATIONALCITY

AED478INTERNATIONAL

CITY

AED469

-2%Q-o-Q

Movement

Apartment Sales Q3 2019 Apartment Sales Q4 2019Villa Sales Q3 2019 Villa Sales Q4 2019 QoQ MovementFigures in AED/Sq FtSource: REIDIN & Chestertons

ARABIANRANCHES

AED793

THE LAKESAED1,010

ARABIANRANCHES

AED808

JUMEIRAHPARK

AED804

+2%Q-o-Q

Movement

JUMEIRAHPARK

AED740

-8%Q-o-Q

Movement

PALMJUMEIRAH

AED1,927PALM

JUMEIRAH

AED1,874

-3%Q-o-Q

Movement

THE MEADOWS/SPRINGS

AED850

THE MEADOWS/SPRINGS

AED822 -3%Q-o-Q

Movement

THE LAKESAED993

-2%Q-o-Q

Movement

Dubailand

–

The Observer - Dubai Residential Q4 2019 4 The Observer - Dubai Q4 2019 5

No rate movement in Q4 2019, potentially signaling that the long-term rental market has levelled out

Dubai’s rental market showed signs of stablising in Q4 2019 with no average rental rate movement from Q3 2019, signalling that perhaps the rental market has levelled out.

Looking at the year-on-year picture, rental rates have seen an average 9% decline for apartments and 13% for villas from 2018 to 2019. However, in 2019 there was a marked slowing down of rates towards the back end of the year.

Amid increasing market supply, landlords have had to become highly competitive. This includes offering a range of incentives to attract tenants to include rent-free periods, multiple rent cheques, the waiver of security deposits, multiple cheques to cover utility bills, shorter-term leases and the inclusion of maintenance within the rent. Going forward, some of the major threats to the long-term rental market include:

• Increased accessibility to finance in the form of new mortgage products which are aimed at minimising deposits. This means that significant numbers of long-term tenants will be able to get a foothold on the property ladder. Furthermore, redemption penalties applied to settling loans, once prohibitively expensive, have now become nominal charges.

• The introduction of post-handover payment plans currently being offered by developers, which in some cases extend to 10 years and require a deposit as low

as 5% with admin and DLD fees waived, mean that purchasing property is now far more accessible. Similarly, the increased proliferation of rent-to-own schemes will support a pool of buyers without the cash reserves to afford the 25% down payment, plus associated fees.

• Short-term lettings have rapidly increased in popularity as these types of lets are achieving between 25% and 40% higher returns when compared with traditional longer-term leases. With the imminent commencement of Expo 2020, there is likely to be a surge of short-term rentals coming on to the market and with this, the possibility that investors see this as more lucrative than long-term renting – particularly given Dubai’s growing tourism sector.

In 2020, landlords will have to be realistic in the face of tough market conditions. To ensure high occupancy levels, incentives will need to be continued to be offered and properties will need to be well-maintained through the employment of professional management and maintenance services. In addition, easy rental payment schedules may need to be considered, perhaps even moving to monthly direct debits. The good news for tenants is there will be ongoing opportunity for social mobility as rents are likely to continue to soften. As such, families will be able to move to communities once deemed beyond their budget. This includes properties with more bedrooms, better locations and improved facilities.

HOT TOPIC In our last issue of the Observer, we reported that a new draft law had been developed proposing that apartment rents in Dubai should be fixed for the first three years of signing the contract and could not be increased under any circumstances. We can confirm this new draft law now also proposes that the owner or his representatives cannot receive commission or any other fees from the tenant to cover administrative or any other costs while signing or renewing the contract. This law has yet to be formalised.


Despite the fact it has been a challenging environment for landlords as a result of falling rents, the UAE is still seen as providing decent yields in the long-term rental market with the 10 most popular communities in Dubai offering returns of between 6% and 9.5%. These communities include; Dubai Silicon Oasis, JBR, Dubai Sports City, Business Bay, Palm Jumeriah to name a few. To put this into context, prime rental yields in other major global cities, such as London or Hong Kong, are currently below 5%.

Apartments:Quarter-on-Quarter Movement: 0%Year-on-Year Movement: –9%

In the apartment sector, the biggest (and only) average rental increase was witnessed in Downtown Dubai with an 8% rise when compared with Q3 2019. This significant upturn largely reflects the inclusion of new high-end units in this community. A typical 3 bedroom apartment rented for AED 170,000 per annum in Q3, rising to AED 200,000 per annum in Q4, representing an 18% increase for that format. The largest average rental decreases of 3% were seen in The Greens and Dubai Sports City, with the smaller units witnessing the highest declines. Typical one bedroom units in The Greens rented for AED 64,900 per annum in Q3, dropping toAED 60,000 in Q4, reflecting an 8% decline. Whilst one bedroom units in Dubai Sports City rented for AED 48,000 in Q3 dropping to AED 45,000 in Q4, representing a 6% decline.

Business Bay, Dubai Marina and Dubai Motor City were the next most affected locations in terms of rental rate declines in Q4 with an average 2% drop in rates. DIFC, Discovery Gardens, Dubai Silicon Oasis, Dubailand, International City and

The Views all remained resilient in Q4 with no rental rate movement when compared with Q3.

The average year-on-year rental rate decline for apartments witnessed a 9% drop from 2018. The most resilient apartment location was Downtown Dubai with a 2% decline from the previous year and the largest rental rate decline was seen in Dubai Silicon Oasis with a 16% downward correction from 2018.

Villas:Quarter-on-Quarter Movement: 0%Year-on-Year Movement: –13%

In the villa sector, the biggest rental declines were witnessed in The Springs and Victory Heights where there was an average 2% drop in rates when compared to Q3. A typical three bedroom villa in The Springs rented for AED 145,000 per annum in Q3 2019 and dropped to AED 140,000 in Q4, reflecting a 3% decline. In Victory Heights, a typical three bedroom villa rented for AED 130,000 in Q3 2019 and dropped to AED 125,000 in Q4 representing a 4% drop in rates.

In Q4, there were a number of villa communities where rental rates remained resilient, these include Arabian Ranches, The Meadows, The Lakes, Al Furjan, JVT, Jumeirah Islands, Jumeirah Golf Estates and Palm Jumeriah. All of which had no rental rate movement from Q3.

The average year-on-year rental rate decline for villas witnessed a 13% drop from 2018. The most resilient villa location was Palm Jumeriah with a 6% decline from the previous year and the largest rental rate decline was seen in Jumeriah Islands with a 27% drop from last year.


Apartments − Residential Market Rent and Quarterly Change

-4%

-2%

0%

2%

4%

6%

10%

8%

-

100,000

150,000

50,000

200,000

250,000

Business Bay DIFC DiscoveryGardens

DowntownDubai

Dubai Marina DubaiSilicon Oasis

Dubai Sports City

Dubailand InternationalCity

JLT JVC The Greens The Views DubaiMotor City

PERCENTAG

E CHAN

GEAE

D R

ENTA

L RA

TES

Studio 1BR 2BR 3BR QoQ ChangeFigures in AED/Sq FtSource: Propertyfinder & Chestertons

2BR 3BR 4BR 5BR QoQ ChangeFigures in AED/Sq FtSource: Propertyfinder & Chestertons

-2%

0%

-1%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ArabianRanches

TheSprings

TheMeadows

The Lakes VictoryHeights

Al Furjan JVT JumeirahIslands

JumeirahGolf Estates

PalmJumeirah

AED

REN

TAL

RATE

S

PERCENTAG

E CHAN

GE

The Observer - Dubai Residential Q4 2019 8 The Observer - Dubai Residential Q4 2019 9

Villas − Residential Market Rent and Quarterly Change

-4%

-2%

0%

2%

4%

6%

10%

8%

-

100,000

150,000

50,000

200,000

250,000

Business Bay DIFC DiscoveryGardens

DowntownDubai

Dubai Marina DubaiSilicon Oasis

Dubai Sports City

Dubailand InternationalCity

JLT JVC The Greens The Views DubaiMotor City

PERCENTAG

E CHAN

GEAE

D R

ENTA

L RA

TES

Studio 1BR 2BR 3BR QoQ ChangeFigures in AED/Sq FtSource: Propertyfinder & Chestertons

2BR 3BR 4BR 5BR QoQ ChangeFigures in AED/Sq FtSource: Propertyfinder & Chestertons

-2%

0%

-1%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ArabianRanches

TheSprings

TheMeadows

The Lakes VictoryHeights

Al Furjan JVT JumeirahIslands

JumeirahGolf Estates

PalmJumeirah

AED

REN

TAL

RATE

SPERCEN

TAGE CH

ANG

E

The off-plan sector is still dominating Dubai’s residential market, making up 61% of transactions in 2019

HOT TOPIC 2019 has perhaps marked a turning point for Dubai’s property market. The volume of registered property sales transactions rose 20% from 34,961 transactions in 2018 to 41,988 in 2019*. To put this into context, there were 11,662 property sales transactions registered in Dubai in 2008. The Dubai real estate market has, therefore, grown by 260% in the past 11 years in terms of the volume of transactions. The second highest number of property sales transactions registered in Dubai since 2008 was in 2017 (40,649). Whilst a proportion of this increase can be attributed to a rise in population, it is perhaps a combination of the establishment of the Real Estate Committee, formed to rebalance supply and demand, as well as a raft of other government polices that has potentially helped inspire renewed market confidence.

*Data Finder

Green shoots are evident from transactional performance in 2019. Investors and end-users took advantage of lower property prices as was seen by the number of transactions which jumped 20%, reaching 41,988 in 2019 when compared to 34,961 transactions in 2018.

We have already mentioned earlier in this report that in September 2019 Dubai registered a 135% increase in FDI, possibly a result of the announcement of the new Real Estate Committee. We predict healthy FDI volumes are likely to continue in 2020 as at current pricing levels, the UAE offers an excellent opportunity to purchase income-generating real estate with good yields, without capital gains and property tax, particularly when compared to other international markets.

The off-plan sector made up the majority of sales in 2019 accounting for 25,184 transactions or 61% of the total. This is likely attributed to attractive prices and incentives such as the post-handover payment plans, discounts on registration charges and commission, guaranteed rental returns, waiver of service fees etc.

Transaction Volumes

Quarter-on-Quarter Movement (Completed Units): –5% Quarter-on-Quarter Movement (Off-Plan Units): +2% Year-on-Year Movement (Completed Units): +39%Year-on-Year Movement (Off-Plan Units): +68%

In a reversal from Q3, where there was an increase in transactional volumes in the completed units market of 45%; Q4 saw a 5% decline in volumes over the previous quarter from 4,764 to 4,548 units.

The volume of off-plan transactions was up 2% on the previous quarter from 7,465 units to 7,596 units which represents a marked slowdown from Q3. The increase in volume in this sector in Q4 was largely attributed to transfers in Business Bay and Dubai Creek Harbour (*the latter was previously called the ‘The Lagoon’).

Dubailand was the most popular community in terms of completed unit transaction volumes in Q4 with a total of 810 transactions. It was also the most popular off-plan location, as in Q3, with a total of 1,412 transactions.

Transaction Values

Quarter-on-Quarter Movement (Completed Units): +1% Quarter-on-Quarter Movement (Off-Plan Units): +11% Year-on-Year Movement (Completed Units): +60%Year-on-Year Movement (Off-Plan Units): +99%

Transaction values involving completed properties rose marginally by 1% from AED 8.52 billion in Q3 to AED 8.62 billion in Q4. There was also an increase in the value of off-plan properties of 11% from AED 10.48 billion in Q3 to AED 11.61 billion in Q4 suggesting an increased appetite for higher value properties.

Dubailand was the most popular location in terms of completed unit transaction values at AED 1.39 billon and Dubai Creek Harbour for off-plan units at AED 1.7 billion.

The Observer - Dubai Residential Q4 2019 10 The Observer - Dubai Residential Q4 2019 11

Value of Residential Transactions Q4 2019 (AED Billions)

Volume of Residential Transactions Q4 2019 (Number of Units)


Completed Properties O�-PlanFigures in AED/Sq FtSource: REIDIN & Chestertons


1,000

0

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q3 2019 Q4 2019

4,548

7,596

4,764

7,465

8.62

11.61



1,000

0

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q3 2019 Q4 2019

4,548

7,596

4,764

7,465

8.62

11.61

Q4 2019 Sales TransactionsCompleted Units

Top 10 Areas Based on Transaction Volumes (Number of Units) Top 10 Areas Based on Transaction Volumes (Number of Units)

Q4 2019 Sales TransactionsOff-plan Units

Top 10 Areas Based on Transaction Values (in million AED) Top 10 Areas Based on Transaction Values (in million AED)

200- 400 800 1000600

Al Furjan

Jumeirah Lake Towers

Palm Jumeirah

Dubai Sports City

MBR City

Downtown Dubai

Jumeirah Village Circle

International City

Dubai Marina

Dubailand

- 400 800 1,200 1,600

Al Furjan

Arabian Ranches


The Springs and Meadows

Business Bay

Downtown Dubai

Palm Jumeirah

Dubai Marina

MBR City

Dubailand

400200 600 1000800 14001200 1600

Dubiotech


Dubai Harbor

Jumeirah

Downtown Dubai

MBR City

Dubai South

Business Bay

Dubai Creek Harbor

Dubailand

400200 800600 1200 14001000 1600 1800

Jumeirah Bay Island

Dubai Marina

Dubai Harbour

Dubai South

MBR City

Business Bay

Jumeirah

Downtown Dubai

Dubailand

Dubai Creek Harbor

Source: REIDIN & Chestertons Source: REIDIN & Chestertons


200- 400 800 1000600

Al Furjan


Palm Jumeirah

Dubai Sports City

MBR City

Downtown Dubai


International City

Dubai Marina

Dubailand

- 400 800 1,200 1,600

Al Furjan

Arabian Ranches



Business Bay

Downtown Dubai

Palm Jumeirah

Dubai Marina

MBR City

Dubailand

400200 600 1000800 14001200 1600

Dubiotech


Dubai Harbor

Jumeirah

Downtown Dubai

MBR City

Dubai South

Business Bay

Dubai Creek Harbor

Dubailand

400200 800600 1200 14001000 1600 1800

Jumeirah Bay Island

Dubai Marina

Dubai Harbour

Dubai South

MBR City

Business Bay

Jumeirah

Downtown Dubai

Dubailand

Dubai Creek Harbor



200- 400 800 1000600

Al Furjan


Palm Jumeirah

Dubai Sports City

MBR City

Downtown Dubai


International City

Dubai Marina

Dubailand

- 400 800 1,200 1,600

Al Furjan

Arabian Ranches



Business Bay

Downtown Dubai

Palm Jumeirah

Dubai Marina

MBR City

Dubailand

400200 600 1000800 14001200 1600

Dubiotech


Dubai Harbor

Jumeirah

Downtown Dubai

MBR City

Dubai South

Business Bay

Dubai Creek Harbor

Dubailand

400200 800600 1200 14001000 1600 1800

Jumeirah Bay Island

Dubai Marina

Dubai Harbour

Dubai South

MBR City

Business Bay

Jumeirah

Downtown Dubai

Dubailand

Dubai Creek Harbor



200- 400 800 1000600

Al Furjan


Palm Jumeirah

Dubai Sports City

MBR City

Downtown Dubai


International City

Dubai Marina

Dubailand

- 400 800 1,200 1,600

Al Furjan

Arabian Ranches



Business Bay

Downtown Dubai

Palm Jumeirah

Dubai Marina

MBR City

Dubailand

400200 600 1000800 14001200 1600

Dubiotech


Dubai Harbor

Jumeirah

Downtown Dubai

MBR City

Dubai South

Business Bay

Dubai Creek Harbor

Dubailand

400200 800600 1200 14001000 1600 1800

Jumeirah Bay Island

Dubai Marina

Dubai Harbour

Dubai South

MBR City

Business Bay

Jumeirah

Downtown Dubai

Dubailand

Dubai Creek Harbor



The Observer - Dubai Residential Q4 2019 15The Observer - Dubai Residential Q4 2019 14

Contact Us Nick Witty, BSc (Hons) MRICSManaging [email protected]

Adam Wilson, BSc (Hons) MRICS ACIArbHead of [email protected]

Chris Hobden, BA (Hons) MSc MRICSHead of Strategic [email protected]

Ellen SleutjesHead of [email protected]

Mena Head Office1802, Blvd. Plaza Tower 1Sheikh Mohammed Bin Rashid Blvd. Downtown DubaiPO Box 28336, Dubai United Arab Emirates Office: +9714 381 0200 Fax: +9714 325 3359 Email: [email protected]

Abu Dhabi OfficeOffice M01, Mezzanine FloorAl Ghazal Building (Above Al Hilal Bank) Khalifa Park PO Box 128983, Abu Dhabi United Arab EmiratesOffice: +9712 447 3100 Fax: +9712 441 6200 Email: [email protected]

Bahrain OfficeMaz Business CentreThe LagoonAmwaj IslandOffice: +973 1603 0646Email: [email protected]

Disclaimer:All articles and data presented herein is intended for information purposes and has been compiled from sources deemed reliable including the Valu-ations and Research Department of Chestertons, sales and leasing staff, published data, and secondary sources. Though information is believed to be correct, materials presented is subject to errors, omissions, changes, or withdrawal without notice.

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observer dubai market report q4 / 2019 - … dubai...market outlook what will 2020 bring for...

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