DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016 REAL ESTATE SERVICES
DUBAI REAL ESTATE MARKET OVERVIEW
Q3 2016
REAL ESTATE SERVICES
2
During Q3 2016, c.3,900 residential units (apartments and villas) were added to the market, taking the total supply to around 491,000 units, an increase by 2.5% year-on-year.
During the quarter, off-plan market remained very active with the launch of 5,500 new units spread across 20 projects. Attractive payment plans and competitive pricing strategies remained catalyst in drawing end users towards owning properties rather than renting.
Average apartment rents dropped marginally by 1% quarter-on-quarter and 3% year-on-year while average apartment sales rates declined by 6% year-on-year.
Average villa sales and rental rates recorded a 5% decline year-on-year. During the quarter, much of the rental pressure was recorded across high-end properties while the mid-end market villa segment saw an increase in enquiries.
During the third quarter, c.350,000 sq.ft. of space entered the market, taking the total office stock to 93.2 million sq.ft. However, we are seeing a significant drop in strata office space as compared to the past two years.
Office rents remained stable during the quarter across prime and secondary locations. However, the market is witnessing an increase in landlord incentives. Prime office rents ranged from AED90-260 per sq.ft. per annum while in the secondary locations rents varying from as low as AED55 to AED200 per sq.ft. per annum.
Office sales rates declined by 1% in the quarter and 10% year-on-year. The main freehold locations of Jumeirah Lakes Towers and Business Bay recorded the highest yearly declines of 17% and 13% respectively.
The total retail stock of Dubai has reached 34.2 million sq.ft. of Gross Leasable Area (GLA) with the addition of GLA 430,000 sq.ft. spread across the Outlet Village, My City Centre Barsha and Community retail centre in Dubai International City.
Shopping mall rental revenues remained relatively unchanged during the quarter, with some pressure from larger retail groups applying cost management initiatives across the country.
Dubai’s hospitality stock rose by 1 % from the previous quarter, with an addition of 1,300 new hotel rooms and apartments during Q3 2016, surpassing the 100,000 mark.
Hotel performance indicators showed a drop in average ADR by 7+% year-on-year, while occupancy rates remained strong at over 75% which is still relatively high in comparison to hotel markets globally.
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 advisory�� Investment advisory�� Asset management�� Project management
�� Valuation�� Agency�� Market research�� Property management�� Facilities management
3
CONTENTSDemand Drivers 4
Macro Trends 6
Residential Sector 8
Project Focus 16
Office Sector 18
Retail Sector 22
Hospitality Sector 24
Definitions & Methodology 26
Contact Information 27
Supply - Photo Gallery 28
Development Location Map 30
MPM PROPERTIES FACTS AND FIGURES
TOTAL UAE STAFF PROPERTY MANAGEMENT STAFF ADVISORY STAFF
UNITS UNDER MANAGEMENT
LEASING & SALES STAFF LANDLORD CLIENTS
COMBINED MARKET VALUE OF PROPERTIES VALUED SINCE JANUARY 2012
MORTGAGE VALUATIONS SINCE JANUARY 2012
DEDICATED VALUATION PROFESSIONALS
OCCUPANCY RATE
LARGEST ABU DHABI MAINLAND PORTFOLIO
160+
7,600+
No.1
98.5%20+
30+
90bn
35+
23,500+
95+
1,700
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
4
DEMAND DRIVERS
REAL ESTATE AND CONSTRUCTIONHEALTHY INVESTOR INTEREST FOR LARGE AND SMALL ASSETS
�� Dubai Municipality approved Desert Rose City project, an eco-friendly master planned development occupying 14,000 hectares of land in Al Ruwayyah area, along the Dubai – Al Ain road. The project is to be built at a cost of AED30 billion and comprises of 30,000 residential units, of which 20,000 units will be allocated to UAE nationals and the rest 10,000 affordable units for expatriates. The project will also house schools, hospitals, shopping centres, clinics, mosques and other community services.
�� His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai
launched Jumeirah Central project along Sheikh Zayed Road. The mixed-use master planned development, being developed by Dubai Holding, will offer 47 million sq.ft. gross floor area across residential, retail, hospitality and office space. The development will have 9 million sq.ft. of retail space including three malls, 4.5 million sq.ft. of outdoor shopping area, 7,200 hotel rooms, 33 parks, schools, offices and parking space for 44,000 cars. The entire development is anticipated to be built at a cost of AED73.4 billion, with phase 1 expected to cost AED24 billion.
Q3 2016 KEY EVENTS�� Modesh World, 25th June – 2nd August, 2016.
�� Cityscape Exhibition and Conference, 06th – 08th September 2016
�� The Hotel Show, 17th – 19th September 2016
�� The Leisure Show, 17th – 19th September 2016
�� Intersolar Middle East, 19th – 21st September 2016
�� Dubai Music Week, 21st – 24th September 2016
GOVERNMENT INITIATIVESATTRACTING ENTREPRENEURS; IMPROVING EASE OF DOING BUSINESS
�� The UAE’s cabinet has approved the bankruptcy law which is expected to come into effect by early 2017. The law is expected to boost investor confidence and drive foreign investments. The law safeguards the rights of both creditors and debtors in liquidation situations and secures creditor rights and enables companies to restructure without unanimous creditor approval. The four main pathways of the new law include:
�� • Financial reorganisation, an initial solution available to financial entities regulated by the Central Bank and/or the Securities and Commodities Authority, overseen by experts appointed by the Committee of Financial Restructuring (CFR);
�� • A pre-emptive settlement, overseen by the courts, which allows a bonafide debtor to agree a settlement with creditors, which will be nullified if the debtor fails to abide by the settlement terms agreed;
�� • Financial restructuring, whereby the company’s debts are restructured to the satisfaction of a majority of creditors holding at least two-thirds of the outstanding debt, in a process overseen by the courts; and
�� • The raising of new funds, according to criteria determined by the courts.
�� Dubai Expo 2020 to allocate 20% of the Expo 2020 contracts valued at more than AED 5 billion to local and international SMEs. Of the 787 contracts awarded to date, 320 have been awarded to SMEs. The Bureau Expo Dubai 2020 has also relaxed the procurement process to allow SMEs to bid competitively by offering a proposal validity period of 60 days, exclusion of tender bonds and no advanced payment guarantee, 50% advanced payment for goods/materials, 25% advanced payment for services, and a 30 days payment from receipt of an approved invoice.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
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TOURISM INITIATIVES �� The quarter has seen the opening of multiple cultural and
leisure facilities, which are expected to enhance the hospitality and leisure offering of Dubai.
�� Dubai Opera, a multi-format performing arts centre opened on August 31 2016 with a performance by Placido Domingo. The dhow shaped structure has a seating capacity of 2,000 seats and can be converted into a traditional theatre, concert hall, banquet hall or exhibition space.
�� IMG Worlds of Adventure: The largest indoor theme park managed by IMG Worlds and owned by the Ilyas and Mustafa Galadari Group opened its door to the public on 31st August 2016. The theme park is spread over 1.5 million sq.ft. and features international brands of Marvel and Cartoon Network along with local brands of IMG Boulevard and Lost Valley (Dinosaur Adventure). Other attractions include roller coasters, kids rides, 12 screen Novo Cinema multiplex, 25 retail outlets along with 28 food and beverage outlets. The theme
park has a capacity to hold 30,000 people per day and the management expects to attract over 4.5 million people in the first year of its operation.
�� Dubai Aqua Park, the largest inflatable water park designed in the shape of Dubai’s official logo – the word Dubai in both English and Arabic opened on September 1, 2016. The inflatable park measures 77 metres by 33 metres and includes ramps, slides, bridges, curves and towers. The aqua park can hold up to 500 people at a time.
�� The construction award for the Mohammed bin Rashid Library in Al Jaddaf at a cost of AED 1 billion has been approved by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance, and Chairman of Dubai Municipality. Construction work on the 650,000 sq.ft. structure is expected to be completed by mid-2018 and is expected to attract 42 million visitors annually.
TRANSPORTATION IMPROVING ACCESSIBILITY AND REACH IN DUBAI; CREATING JOBS
�� RTA has awarded the Dubai Metro Redline, 15 kilometre extension from Nakheel Harbour station to the Expo 2020 site. The AED10.6 billion contract was awarded to a consortium led by French Alstom, Spanish Acciona and Turkish Gulermack. The Expo 2020 route will comprise of seven stations of which five will be above the ground and two underground and will serve areas of the Gardens, Al Furjan, Discovery Gardens, Jumeirah Golf Estates and DIP.
�� Dubai South has awarded AED300 million contract to Tristar Engineering and Construction company for infrastructure works
for phase 1 and 2 of the Residential district. The work is slated to complete by Q4 2017.
�� Dubai Metro passengers increased 9% year-on-year based on latest figures from RTA. The Dubai Metro (Red & Green lines) recorded 96.48 million passenger movements during H1 2016 compared to 88.25 million passenger movements during the same period last year. Of these, 61.2 million passenger movements were recorded at the Red line and 35.28 million across the Green line.
FREEZONES SIGNING UP NEW TENANTS; CREATING EMPLOYMENT OPPORTUNITIES
�� Terumo Medical Corporation, a medical products and equipment company opened its Middle East and Africa office in Dubai Airport Freezone to serve its customers in the GCC, Levant, Pakistan and Africa. The Middle East branch will market Terumo products in interventional cardiology, interventional oncology, peripheral intervention, pharmaceutical, cardiovascular, diabetes management and other medical products like syringe and infusion pumps, infusion sets, safety
hypodermic and dental needles etc.
�� KAMCO Investment Company, a subsidiary of United Gulf Bank BSC Bahrain, has opened its first international office in Dubai International Financial Centre (DIFC). KAMCO is the region’s largest private sector Assets Under Management firms with assets valued at around US$11.2 billion as of end 2015.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
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MACRO TRENDS
DUBAI POPULATION (GROWTH & HOUSEHOLD SIZE)
Population Growth Rate
2009
1.77
1.9
0
2.0
0
2.1
0
2.2
1
2.3
2
2.4
3
2.5
6
2010 2011 2012 2013 2014 Q3 20162015
3.0
2.5
2.0
1.5
1.0
0.5
0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0PO
PU
LA
TIO
N (
MIL
LIO
NS
)
GR
OW
TH
RA
TE
(%
PA
)
AN
D H
OU
SE
HO
LD
SIZ
E
Household Size
Source: Dubai Statistics Center
DUBAI CONSTRUCTIONACTIVITY %YoY
GDP Construction
%Y
oY
DUBAI CPI VS RENTALCONTRIBUTION TO CPI Q3 2016
CPIHousingContributionto CPISource: Dubai Statistics Center
Source: Dubai Statistics Center
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16e
115.00
110.00
105.00
100.00
95.00
90.00
85.00
JA
N 1
2
JU
N 1
2
JA
N 1
3
JU
N 1
3
JA
N 1
4
JU
N 1
4
JA
N 1
5
JU
N 1
5
JA
N 1
6
JU
N 1
6
SE
PT
16
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
Source: Dubai Statistics Center and MPM Properties Research
DUBAI GDP SHARE BREAKDOWN BY ECONOMIC SECTORS - 2016 YTD
6%
29%
22%15%
11%
12%
5%
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
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INVESTOR ANALYSIS
2012 2013 2014
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016
Q2 Q2 Q3 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Valu
e (
in M
illio
ns)
Sales Transactions
Tra
nsa
cti
on
s
DUBAI LAND TRANSACTIONSVOLUME vs VALUE
Sales Value
4,000
2,000
0
6,000
8,000
10,000
12,000
0
5,000
10,000
15,000
20,000
25,000
30,000
2012 2013 2014
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2016
Q2 Q2 Q3 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1
DUBAI LAND TRANSACTIONSQoQ% CHANGE
Sales Transactions
Source: DLD and MPM Properties Research
* Established Real estate
Source: DLD and MPM Properties Research
TOP NATIONALITIES INVESTING IN DUBAI PROPERTY IN H1 2016
Tra
nsa
cti
on
Valu
eA
ED
mill
ion
TOP LOCATIONS - RESIDENTIAL TRANSACTION VALUE
Q3 2016 Q2 2016
Source: DLD
0100200300400500600700800
Bu
sin
ess
Bay
Ju
meir
ah
Vill
ag
e
Du
bai
Sp
ort
s C
ity
Ju
meir
ah
Lakes
To
wers
Ara
bia
nR
an
ch
es
Palm
Ju
meir
ah
Ju
meir
ah
Beach
Resi
den
ce
Du
bai
Mari
na
Do
wn
tow
nD
ub
ai
Em
irate
sL
ivin
g
Valu
e (
AE
D' B
illio
ns)
0
3
6
9
12
15
KuwaitEgyptJordanCanadaIranPakistanUnitedKingdom
SaudiArabia
IndiaUAE
Source: DLD
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
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RESIDENTIAL SECTOR
RESIDENTIAL SUPPLY �� During Q3 2016, approximately 3,900 new
residential units (apartments and villas) were added to the market, taking the total supply to around 491,000 units. About 34% of the new supply comprised of villas and townhouses and the remainder was apartments.
�� Over the past 12 months c.12,000 new units entered the market, registering an increase of 2.5% year-on-year. Looking at the ongoing construction activity, we expect a further addition of 2,500-3,000 units during the course of 2016.
�� During the third quarter, off-plan market remained active and witnesse the launch of over 20 projects with a cumulative inventory of over 5,500 units comprising of villas, townhouses, apartments and serviced apartments.
�� Developers continue to launch off-plan properties targeted towards a new stream of investors entering the market. Attractive payment plans and competitive pricing strategies are acting as a catalyst in drawing end users towards owning properties rather than renting.
2014 2015 H1 2016 Q4 2016Q3 2016 2017
Source: MPM Properties Research
Supply Apartments
RESIDENTIAL SUPPLY BY UNITS 2013-2017
Existing Supply Villas +% Change
1.9% 2.7% 1.3% 0.8% 0.7% 3.6% YoY 3.1%
20130
100
200
300
400
500
600
444 452 469 481 488 492 495
8.5 14 11 5 3 3 143 1.2 1.2 1 1 4
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
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SAMPLE OF RESIDENTIAL UPCOMING PROJECTS
SAMPLE OF ANNOUNCED PROJECTS IN Q3 2016
NAME OF PROJECT TYPE DEVELOPER LOCATION
Akoya Imagine Townhouses Damac Akoya Oxygen
Acacia at Park Heights Apartments Emaar Dubai Hills Estate
The Galleries Apartments Rockweill Real Estate Meydan Avenue
Roy Mediterranean Serviced Apartments Azizi Developments Al Furjan
Azizi Mina Hotel Apartments Azizi Developments Al Furjan
Casa Dora Townhouses Dubai Properties Mudon
Urbana Townhouses Emaar Dubai South
Act One & Two Apartments Emaar Downtown Dubai
Creek Horizon 1 & 2 Apartments Emaar Dubai Creek
Safi Townhouses Townhouses Nshama Townsquare
Imperial Avenue Apartments Shapoorji Pallonji Downtown Dubai
Al Jawahara Residences Apartments Tiger Properties Jumeirah Village Triangle
Hartland Green - Building 3 Apartments Sobha Sobha Hartland - Meydan
Hartland Green - Building 4 Apartments Sobha Sobha Hartland - Meydan
Casa Familia Townhouses National Bonds Motor City
Sobha Hartland Townhouses
Townhouses Sobha Sobha Hartland - Meydan
Bloom Heights Apartments Bloom Properties Jumeirah Village Circle
Montrell Serviced Apartments Azizi Developments Al Furjan
Cassia at the Fields Townhouses G&Co District 11, MBRC
LOCATION PROPERTY NAME
District 1, MBRC Sobha Meydan Villas
Palm Jumeirah Muraba Residences
Al Qusais Emirates Airlines Accommodation
Dubai Marina Escan Marina Tower
Business Bay Shafar Tower
Living Legends, Dubailand Hercules Tower
Jumeirah Village Circle Spica Residences
Dubai Studio City Glitz 1
Al Furjan Iris Residence
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
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RESIDENTIAL SECTOR
Th
eG
reen
s
Ju
meir
ah
Beach
Resi
den
ce
Bu
sin
ess
Bay
Du
bai
Mari
na
Th
eV
iew
s
Palm
Ju
meir
ah
DIF
C
Old
To
wn
Do
wn
tow
nD
ub
ai
APARTMENT AVERAGE SALES PRICES (Q3 2016)AND PERCENTAGE CHANGE
AE
D/s
q.ft.
Source: MPM Properties Research
0.0% -1.3% 0.0% 0.0% 0.0% -2.7% 0.0% 0.0%-3.0% QoQ
YoY -8% -8% -4% -2% -10% -7% -3% -9%-4%
0
500
1,000
1,5002,000
2,500
2,1
50
1,9
25
1,8
00
1,6
00
1,6
00
1,4
00
1,25
0
1.3
85
1,225
APARTMENT SALE PRICES �� During Q3 2016, a total of 2,147 residential
apartments were transacted with a cumulative value of AED2.75 billion. The highest number of transactions in value and volume terms were recorded in Dubai Marina wherein 309 transactions were recorded with a total value of AED524 million. Other active areas were Palm Jumeirah recording residential apartment transactions worth AED308 million followed by Downtown Dubai with AED261 million.
�� On average apartment sales rates for ready properties declined marginally by 1% in the quarter and 6% year-on-year. The drop was largely fragmented with few areas recording above the average drop.
�� Despite Q3 being a historically weak period for the real estate sector, the market witnessed the launch of over 4,000 off-plan apartments. Affordability and payment plans remained key selling points for the new launches. Properties with a ticket size of AED700,000 to AED 1.0 million, targeted towards mid-income households, recorded relatively high absorption.
�� As inventories continue to rise from completed as well as off-plan properties, we foresee a further decline in sale rates and transaction volumes. However, much of the impact is likely to be towards luxury and high-end segments of the market while affordable properties are expected to perform better over the short term.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
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APARTMENT RENTS�� Apartment leasing performance remained
subdued during Q3 2016 as compared to the previous quarter. Historically, the third quarter recorded lower activity due to the peak summer and vacation period.
�� During Q3 2016, average apartment rents dropped marginally by 1% and 3% year-on-year. Established residential locations of Downtown Dubai, Sheikh Zayed road and Bur Dubai have been able to retain high occupancy while emerging new master communities of Sports City, Silicon Oasis and Al Furjan have recorded rental deflation of 5%, which is marginally above the average decline.
�� The pressure on retaining existing tenants remained high on most landlords radar. Even though the RERA Rental matrix permits rent increases, most landlords have chosen to continue with previous rents.
�� New properties entering the market are taking a longer time to lease, with a few landlords offering tenant incentives in the form of rent free period or relaxed payment terms of 6-8 cheques, while waiving of commission and chiller charges for one year.
LOCATION STUDIO 1BR 2BR 3BR Q-ON-Q Y-ON-Y
Business Bay 66 85 118 165 0.00% -3.96%
DIFC 80 110 155 215 -1.41% -3.79%
Discovery Gardens 49 70 93 - -0.00% -1.07%
Downtown Dubai 75 110 155 220 -0.88% -2.31%
Dubai Marina 63 93 138 195 -2.50% -5.34%
Greens 68 88 130 160 0.00% -2.50%
International City 36 48 70 - -0.90% -3.16%
Jumeirah Beach Residence
78 105 130 175 -0.82% -1.89%
Jumeirah Lakes Towers 60 85 118 155 -2.08% -5.75%
Palm Jumeirah 88 123 165 195 -0.63% -1.78%
Barsha Heights 60 82 105 140 -0.88% -3.25%
AVERAGE APARTMENT ANNUAL RENTS Q3 2016 (AED‘000)
Source: MPM Properties Research
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
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RESIDENTIAL SECTOR
0
500
1,000
1,500
2,000
2,500
Al F
urj
an
Ju
meir
ah
Vill
ag
e
Sp
rin
gs
& M
ead
ow
s
Ju
meir
ah
Park
Ara
bia
nR
an
ch
es
Du
bai
Sp
ort
s C
ity
Th
eL
akes
Palm
Ju
meir
ah
AVERAGE VILLA SALE PRICE AED/ sq.ft. Q3 2016
AE
D/s
q.ft
Source: MPM Properties Research
0.0%
+5%
-2.0%
-8.0%
0.0%
-6.0%
0.0%
-6.0%
-2.0%
-8.0%
-2.0%
-5.0%
-5.0%
-9.0%
0.0%
-4.0%
QoQ
YoY
2,5
00
1,3
25
1,15
0
1,12
5
1,10
0
1,0
50
1,0
00
1,0
00
VILLA SALE PRICES �� According to the data sourced from the
Dubai Land Department, a total of 279 villas were transacted with a total value of AED1.1 billion during Q3 2016. About 60% of these transactions, in value terms, were across Emirates Living and Arabian Ranches. The total value of transactions recorded in Emirates Living was AED 344.8 million followed by Arabian Ranches at AED 300.3 million, highlighting healthy demand in established communities.
�� C.900 villas/townhouses were launched during the third quarter, achieving an overall absorption rate of 52% which is a healthy indicator for the market. It has been noticed that properties with an affordable ticket size were comparatively more attractive among investors and occupiers than high end properties during Q3.
�� Examples can be drawn from Safi townhouses in Town Square development wherein all the units launched by the developer were taken up by investors, within a record time primarily due to attractive pricing and payment strategy adopted by the developer.
�� Average villa sales rates across villa communities declined by 5% year-on-year. However, a few developments which were handed over the past two quarters recorded an increase in the range of 3-5%. The increase was mainly noticed across smaller unit sizes of three to four bedrooms units in Arabian Ranches and Jumeirah Park developments.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
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PROJECT 2 BEDROOM 3 BEDROOM 4 BEDROOM 5 BEDROOM Q.O.Q Y.O.Y
Al Furjan - 160 - 215 -0.76% -6.83%
Arabian Ranches 150 185 250 295 -1.81% -5.15%
Dubai Sports City - 180 200 285 -0.57% -2.03%
Jumeirah Park - - 250 285 -0.98% -6.65%
Jumeirah Village 140 155 180 - -0.34% -1.37%
Meadows - 225 250 285 -0.86% -5.07%
Palm Jumeirah - 335 430 495 -1.43% -6.18%
Springs 130 175 - - 0.00% -3.00%
Jumeirah Islands - - 300 370 -1.61% -5.69%
Jumeirah Golf Estates - 275 320 390 -1.02% -4.10%
AVERAGE VILLA ANNUAL RENTS Q3 2016 (AED’000)
Source: MPM Properties Research
VILLA RENTS �� Average villa rents during Q3 2016 recorded
a marginal drop of 1% and 5% year-on-year. During the quarter, much of the rental pressure was recorded across high-end properties while the mid-end market villa segment saw an increase in enquiries.
�� Rental decline remains fragmented with areas such as Palm Jumeirah, Jumeirah Islands, Meadows and Arabian Ranches recording rental deflation of 5%+ year-on-year. Rental decline in Arabian Ranches was largely linked to 600 villas being handed over during the Q3.
�� In order to avoid any issues related to rental payments, a few landlords have started requesting for bank statements / salary letters, etc to check tenant’s financial status before signing on the tenancy agreement.
�� Completion of community facilities in Jumeirah Park development is aiding towards rental stablisation after a sharp drop in rental values during 2015 to H1 2016. During Q3 2016, rents remained stable with five bedroom villas renting in the range of AED250,000-320,000 per annum per unit.
�� Looking at the pipeline supply, we expect villa rents to remain under stress during the course of this year; however, much of the impact is likely to be towards luxury and high-end segments.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
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350
500
425
350
500425
600
950
775
275350
313
GCC FREEHOLD LAND VALUES Q3 2016
1,000900800700600500400300200100
0
AE
D /
Sq
.ft.
Source: MPM Properties Research
Mirdif Al Barsha Umm Suqeim Al Warqa
HighLow Average
GCC FREEHOLD VILLA RENTS Q3 2016
AE
D (
Th
ou
san
ds)
Source: MPM Properties Research
4 Bed3 Bed 5 Bed
0
50
100
150
200
250
300
Al WarqaUmm SuqeimAl BarshaMirdif
155180
215210235
280
180
218
270
135155
170
3.8
8.05.9
7.5
15.0
11.310.0
24.0
17.0
4.5
7.56.0
GCC FREEHOLD VILLA VALUES Q3 2016
25.0
20.0
15.0
10.0
5.0
0
AE
D (
Mill
ion
)
Source: MPM Properties Research
Mirdif Al Barsha Umm Suqeim Al Warqa
HighLow Average
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
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REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q2 2015
15
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
16
Q2 2015
PROJECT FOCUS ZEN BY INDIGO - DUBAI GOLF CITY
ZEN BY INDIGO FACT SHEET
The Zen project is situated within Dubai Golf City, a master-planned community in an upcoming residential location. The project is strategically located at the junction of Hessa and Academic City roads and can be easily accessed via major road networks of Mohammed Bin Zayed Road and Emirates Road.
The project offers 389 villas and townhouses within a gated community. It offers 3, 4, 5 and 6 bedroom villas and townhouses with plot sizes ranging from
2,300 – 9,900 sq.ft and built-up areas ranging from 2,800 – 8,000 sq.ft. The project is developed and marketed by Indigo Properties which has been in UAE’s real estate foray since 2004. The developer has a good track record of delivering projects on time with successful project delivery of ‘Orange Lakes’ in Jumeirah Golf Estates, Indigo and Indigo Icon towers in Jumeirah Lakes Towers and Indigo Ville in Jumeirah Village Circle.
“Despite some negative sentiments regarding a market slowdown, the rental yields in Dubai continues to be the highest amongst the top cities worldwide. The real estate market decline is largely due to a significant fall in global oil prices, along with wider global economic factors, such as the sluggish growth in the Eurozone economies. It is likely that the real estate market specifically in Dubai will outperform the UAE on an aggregate basis over the next year, mainly because Dubai’s economy is considerably less dependent on oil revenue compared to other Emirates. We expect more buyers to come out of the “wait and watch” mode.
We have been seeing a gradual shift from investors towards more end-users accounting for the bulk of current transactions. With the current real estate market for buyers being slow, we have decided to simultaneously cater to a more reasonably priced niche market. We have done so by introducing townhouses of 2,900 sq ft in Indigo Zen, with the objective of catering to a wider range of end users.”
Dev MitraCEO, Indigo Properties LLC
�� 4.5 million square feet of prime freehold land;
�� Nature theme with over 600,000 exotic plants;
�� 20 uniquely themed community parks;
�� 6.5 kilometers of nature trail;
� Over 75,000 sq.ft. of flowing water bodies;
� Over 80,000 sq.ft. of retail community centre;
� 2 clubhouses and multipurpose halls;
� Gated residential community featuring townhouses and villas;
� A varied mix of residential offerings from three to six bedroom villas catering to a diverse profile of investors and end-users;
� Each villa comprises of a designer swimming pool and panoramic glass elevators.
The show villas are currently under construction and expected to be ready by end of 2016 while the entire development is scheduled for completion by 2018.
17
PAYMENT PLAN
�� Payment Plan� 15% booking amount� 10% start of construction� 10% on completion of 20% construction
� 10% on completion of 40% construction� 15% on completion of 60% construction� 40% on handover
17
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
18
OFFICE SUMMARY �� Limited availability of quality office space
with large floor plates is driving several large occupiers towards custom built space with longer lease commitments mainly in the CBD and freezone areas.
�� During the third quarter of 2016, average lease rates remained unchanged across the board. However, we have noticed a rise in landlord incentives, viz offering rent free periods and relaxed payment terms or in few instances, the landlords are willing to absorb fit out costs to secure a long term tenant contract with a large occupier.
�� Office properties across freezone locations such as Dubai International Financial Centre (DIFC), Tecom and Dubai Airport Freezone (DAFZA) are recording over 90% occupancy rate and are anticipated to remain in high demand due to limited new stock completing in near future, while tenant demand stays high.
�� While demand for office space from SME’s remains strong, the demand is largely limited to smaller office space of less than 2,500 sq.ft. The government initiatives of allocating AED5 billion of Dubai Expo contracts to SME’s will further boost the sector.
OFFICE SECTOR
0
20
40
60
80
100
DUBAI OFFICE STOCK (2008 - 2017)
Mill
ion
sq
.ft.
20092008 2010 2011 2012 2013 2014 2015 H12016
Q32016
Stock Expected
Source: MPM Properties Research
2017
4.21.70.32.36.8
2.50.26.06.0
10.0
8.06.0
95939391848181756959
5145
Q42016
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
19
OFFICE SALES �� According to the data sourced from the Dubai Land
Department, circa 343,000 sq.ft. of office space transacted during the quarter with a total value of AED396.9 million as compared to AED490.1 million in Q2, 2016, registering a decline of 19% quarter-on-quarter.
�� The freehold developments of Business Bay and Jumeirah Lakes Towers accounted for 76% of the total value of transaction in Q3 2016. Business Bay registered AED181.9 million worth of transactions across 155,650 sq.ft. of space, averaging at AED1,170 per sq.ft. Whilst in Jumeirah Lakes Towers 125,500 sq.ft. of office space was transacted at a total value of AED121.1 million, averaging at AED965 per sq.ft.
�� Across major freehold office locations, average office sale rates dropped by 1% quarter-on- quarter and 10% year- on- year. The main freehold locations of Jumeirah Lakes Towers and Business Bay recorded the highest year-on-year declines of 17% and 13% respectively.
�� Despite the substantial drop in supply of strata space, capital values across freehold office locations are likely to decline further due to demand and supply imbalance.
0
500
1,000
1,500
2,000
2,500
BarshaHeights
JumeirahLake Towers
BusinessBay
DubaiMarina
DIFCDowntownDubai
OFFICE AVERAGE SALE PRICES Q3 2016
AE
D /
sq
.ft.
-2.0%
-7.0%
0.0%
-8.0%
0.0%
-13.0%
-2.0%
-13.0%
0.0%
-17.0%
0.0%
-5.0%
QoQ YoY
2,2001,800
1,4751,050 1,000 950
OFFICE SUPPLY �� During the third quarter, c.350,000 sq.ft. of space
entered the market, taking the total office stock to 93.2 million sq.ft. The entire space added during the quarter emerged from single owned assets, which reflects a shift in the market from the past two years, when the majority of the new office space was strata owned by multiple owners.
�� The headline vacancy rates are expected to widen further with an addition of one million sq.ft. of office space expected during the course of the year. Locations like Business Bay, Jumeirah Lakes Towers and Dubai Silicon Oasis which have a large proportion of strata space are likely to receive the maximum brunt.
Sheikh Mohamed Bin Zayed Rd.
Sheikh Mohamed Bin Zayed Rd.
Sheikh Mohamed Bin Zayed Rd.
Al Khail Road
Al Khail Road
daoR mi equS
mm
U
Sheikh Zayed Rd.
Sheikh Zayed Rd.
Sheikh Zayed Rd.
Arabian RanchesDubai
Land
DubaiLand
DubaiLand
DubaiLand
DubaiLand
Nad AlSheba 2
Nad Al Sheba
DubaiSilicon Oasis
InternationalCity
DragonMark
MushrifNational Park
Murdif
FestivalCity
TOSHARJAH
TOHATTA & OMAN
TOAL AIN
TOABU DHABI
TheLagoons
Business Bay Za’abeel
Garhoud
Al Qusais
Port Saeed
Rigga
Ras Al Khor
Al Marqadh
LegendsAl Barari
City of ArabiaGlobal Village
MotorCity
DubaiSport City
DubaiInvestment
Park 1
Jumeirah GolfEstates
Jumeirah GolfEstates
IMPZ
DubaiInvestment
Park 2
JumeirahVillage
JumeirahVillage South
The Meadows
Emirates Hills
The Springs
TheGardens
Jebel Ali Village
Jebel Ali Port
Jebel Ali Freezone
Jebel AliIndustrial Area
Dubai World Central Airport
DiscoveryGardens
JumeirahPark
JumeirahIslands
BarshaHeightsThe
Lakes
TheGreens
Naif
Al Raffa
SatwaJumeirah
Al WaslAl Safa
Umm Suqeim
The PalmJumeirah
Al SufouhMedia / Internet
CityJumeirah Lake
Towers
Dubai Marina
Burj Al Arab
The World
The Palm Deira
Al QuozIndustrial Area
Al Barsha
Al Quoz
Emirates Towers
DIFCBurj Khalifa
Karama
OudMetha
Al Mamzar
Port Rashid
DubaiInternational
Airport
OFFICE SECTOR
0
50
100
150
200
250
300
350
DIC
& D
MC
Bars
ha
Heig
hts
Ju
meir
ah
Lake T
ow
ers
Bu
sin
ess
Bay
Sh
eik
hZ
ayed
Rd
Do
wn
tow
nD
ub
ai
DIF
C
OFFICE RENTS AED/sq.ft. Q3 2016
AE
D/s
q.ft.
High Low
Source: MPM Properties Research
175
34
0
140
26
5
90
180
65 15
0 190
60
70 11
0
120 17
5
SHEIKH ZAYED RD.RENT = AED 90 - AED 180 /sq.ft.
DIC & DMCRENT = AED 120 - AED 175 /sq.ft.
BARSHA HEIGHTSRENT = AED 70 - AED 110 /sq.ft.AVG. SALE = AED 950 /sq.ft.
JUMEIRAH LAKES TOWERSRENT = AED 60 - AED 190 /sq.ft.AVG. SALE = AED 1,000 /sq.ft.
DOWNTOWN DUBAIRENT = AED 140 - AED 265 /sq.ft.AVG. SALE = AED 2,200 /sq.ft.
DIFCRENT = AED 175 - AED 340 /sq.ft.AVG. SALE = AED 1,800 /sq.ft.
BUSINESS BAYRENT = AED 65 - AED 150 /sq.ft.AVG. SALE = AED 1,050 /sq.ft.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
20 21
OFFICE RENTS �� During Q3 2016, majority of the office
leasing enquiries were for smaller sized offices measuring less than 3,000 sq.ft. and primarily from new start-ups and tenants migrating from ageing properties and older business districts.
�� Office rents in the CBD area remained stable for the sixth consecutive quarter, with average rents in Downtown Dubai and along Sheikh Zayed road ranging between AED90-260 per sq.ft. per annum.
�� Office towers which have entered the market over the past 12-18 months across major freehold locations are struggling to achieve desired occupancy levels despite offering attractive rents, ranging between AED 60-190 per sq.ft. per annum.
�� Due to weak demand and high vacancy rates, landlords in the secondary locations are increasingly willing to absorb fit-out charges for tenants with long term commitments.
�� Buildings offering high quality amenities and facilities, good accessibility to public transportation, and strong property management continue to be in high demand from tenants. These office towers are recording healthy occupancy rates despite overall high vacancy rates being witnessed in the strata owned towers.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
21
RETAIL SECTOR
PRIME SHOPPING MALL AVERAGE RENTS – Q3 2016
An
ch
ors
Cin
em
a
Hyp
erm
ark
et
Min
i M
ajo
rs
Fla
gsh
ips
Rest
au
ran
ts
Fo
od
Co
urt
Lin
e S
ho
ps
1,2001,1001000900800700600500400300200100
0
AE
D/s
q.ft.
Source: MPM Properties Research
�� The total retail stock of Dubai has reached 34.2 million sq.ft. of Gross Leasable Area (GLA). During the quarter, 430,000 sq.ft. of GLA was added through the opening of the Outlet Village (Meraas), My City Centre Barsha (MAF) and Community retail centre (Nakheel) in Dubai International City.
�� During the quarter, Meraas opened the first of its 10 F&B drive - thru concept ‘Last Exit’, located near to Dubai Parks and Resorts ‘last Exit’ offers 17 food truck outlets with a various mix of hot and cold menus and a sit down diner.
�� Dubai’s leisure offering experience is enhanced with the opening of IMG in Q3 and Legoland shortly, leading to major shopping malls looking to improve their leisure offerings by introducing new brands / experience such as Green Planet and Hub Zero in City Walk, Faby Land in Festival City and refurbishments of magic planets across
MAF Properties. Given the importance of shopping malls in this region, we expect various retail mall operators to evolve and grow their leisure offerings over the next 6-12 months to attract the foot-falls and revenue spend.
�� Shopping mall rental revenues remained relatively unchanged during the quarter, with some pressure from larger retail groups applying cost management initiatives across the country. However, with the winter months expected to see an uplift in retail sales, shopping mall rentals are expected to remain stable into the early quarters of 2017.
�� Whilst retail properties continue to provide stable returns, there are increasing signs of property management depriving operational and capital expenditure to improve returns which if continued over time is only going to drive property value and returns down.
RETAIL SUMMARY
22
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
22
Source: MPM Properties Research
0
10
20
30
40
24.5 27.1 27.9 28.4 28.7 30.0 32.6 33.7 34.2
2.1
36.2
2.7
Dubai Retail Mall Stock Q3 2016
GL
A s
q.ft.
(Mill
ion
s)
Stock Expected - *Includes all retail malls with a GLA greater than 25,000 sq.ft.
Source: MPM Properties Research
2010 2011 2012 2013 2014 2015 H1 2016 Q3 2016 Q4 2016 2017
2.6
2.6 0.7 0.5 0.3 1.31.1 0.4
23
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
23
HOSPITALITY SECTOR
HOTEL SUMMARY �� Supply continues to grow: With the addition
of 1,300 rooms in Q3 2016, the hospitality stock of Dubai has surpassed the 100,000 mark, taking the total hotel supply to 100,929 rooms and apartments. Provided construction delays are minimal, we expect an addition 1,500 rooms during the remainder of the year.
�� Dubai hospitality sector continues to be a strong performing market globally: Whilst we expect occupancy rates to remain around 75% to 80% for the remainder of the year, the room rates are anticipated to further
soften over the short to medium term, with major operators competing for occupancy and growth in F&B revenue. Although the room rates have dropped by 7+% year-on-year, Dubai room rates are still performing well in comparison to hotel markets globally.
�� Family entertainment offerings expanding package tour opportunities: With the new era of theme parks now starting to open in Dubai, we expect to see selective hotels adapting pricing and offerings towards a greater family focus and increase in children friendly
DUBAI HOTEL ROOMS SUPPLY (2012 - 2017)
No
. o
f R
oo
ms
('0
00
s)
Existing Supply New Supply
Source: MPM Properties Research
Q3 2016 Q4 2016 2017H1 201620152012 2013 2014
120
100
80
60
40
20
0
41
84.7 2.9 1.29 1.8
79 80 8492 97 100 101
8.0
103
24
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
24
DUBAI HOTELS PERFORMANCE - 2016 YTD
ADR RevPAR
Source: MPM Properties Research
Occupancy
100.0%90.0%80.0%70.0%60.0%50.0%40.0%30.0%20.0%10.0%0%
1,400
1,200
1,000
800
600
400
200
0
Jan
-14
Feb
Mar
Ap
rM
ay
Ju
nJu
lA
ug
Sep
Oct
No
vD
ec
Jan
-15
Feb
Mar
Ap
rM
ay
Ju
nJu
lA
ug
Sep
Oct
No
vD
ec
Jan
-16
Feb
Mar
Ap
ril
May
Ju
ne
Ju
lyA
ug
ust
Sep
tem
ber
AE
D
Occu
pan
cy
HOTEL NAME LOCATION STAR DATE NUMBER OF KEYS
The Westin Sheikh Zayed Road 5 star Q3 2016 1004
Al Khoory Atrium Hotel Al Barsha 3 star Q3 2016 227
White Sand Hotel Deira 1 star Q3 2016 58
HOTEL NAME LOCATION STAR DATE NUMBER OF KEYS
Jumeirah Al Naseem Jumeirah 5 star Q4 2016 430
Rove City Centre Port Saeed 4 star Q4 2016 270
Nikki Beach & Resort Pearl Jumeirah 5 star Q4 2016 132
The Address Boulevard Downtown Dubai 5 star Q1 2017 196
HOTELS - NEW SUPPLY Q3 2016
SAMPLE OF UPCOMING SUPPLY
25
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
25
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 INTERESTSThe 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
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.
26
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q3 2016
26
A collaborative team providing our integrated services
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]
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]
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]
FRANK O’DWYER MBA (Hons); BEng.COO T: +971 (0)2 610 0402 M: +971 (0)50 812 1070 [email protected]
DOMINIC BARLOW Head of Retail, Hospitality & Leisure T: +971 (0)2 510 0655 M: +971 (0)56 288 1458 [email protected]
JUBRAN AL HASHMI Head of Property Services T: +971 (0)2 610 0232 M: +971 (0)50 122 0041 [email protected]
VINEET KUMAR Director of Agency – Dubai T: +971 (0)4 371 9462 M: +971 (0)50 651 6491 [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]
ALI ABDULLAH ABDUL RAHMAN Acting Regional Head – Northern Emirates T: 971 (0)6 597 2514 M: +971 (0)50 656 2486 [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]
YOUSEF AL ZAROONI Regional Head – Al Ain T: +971 (0)3 708 8636 M: +971 (0)50 600 1002 [email protected]
VIDHI SHAH MBA (FINANCE) Commercial Valuations Manager T: +971 (0)4 371 9461 M: +971 (0)50 459 2609 [email protected]
27
SAMPLE OF UPCOMING PROJECTS – Q3 2016RESIDENTIAL
RETAIL
HOTEL
3 ESCAN TOWER DUBAI MARINA
1 MURABA PALM JUMEIRAH
2 AL SHAFAR RESIDENCES BUSINESS BAY
4 EMIRATES AIRLINE STAFF ACCOM.
OFFICE
4 TAMANI ART OFFICE TOWER BUSINESS BAY
1 FIRST AVENUE MALL MOTOR CITY
2 THE RIBBON MOTOR CITY
3 THE POINTE PALM JUMEIRAH
4 DUBAI MALL EXPANSION ZABEEL
1 THE ADDRESS BLVD. DOWNTOWN
2 DUSIT EMIRATES SARAY PALM JUMEIRAH
3 JUMEIRAH AL NASEEM JUMEIRAH
4 ROVE CITY CENTRE PORT SAEED
1 PALAZZO VENEZIA MAJAN
2 THE COURT BUSINESS BAY
3 THE OPUS BUSINESS BAY
SUPPLY - PHOTO GALLERY
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ3 2016
28 29
NEW SUPPLY – Q3 2016RESIDENTIAL
RETAIL
HOTEL
3 SILICON GATE DUBAI SILICON OASIS
4 WINDSOR RESIDENCE DUBAILAND
2 AZIZI YASAMINE AL FURJAN
1 AZIZI FEIROUZ AL FURJAN
OFFICE
1 THE EDGE TECOM
3 OFFICE BUILDING UM AL SHEIF
1 MY CITY CENTRE AL BARSHA
2 THE OUTLET VILLAGE JEBEL ALI
2 COMMUNITY CENTRE INTERNATIONAL CITY
1 AL KHOORY HOTEL APARTMENTS AL BARSHA
2 WESTIN AL HABTOOR CITY
3 WHITE SAND DEIRA
2 BUTTERFLY TECOM
4 OFFICE BUILDING UM AL SHEIF
TOABU DHABI
Jebel Ali Port
Jebel Ali FreezoneBarshaHeights
Al Mamzar
Al Qusais
12
3
4
23
1
3
3
4
1
2
3
3
1
4
2
2
1
1
42
3
4
2
1
1
2
3
4
Residential
Offices
Retail
Hotels
Q3 2016 NEW SUPPLY
Residential
Offices
Retail
Hotels
UNDER CONSTRUCTION
Q3 2016
30 31
INTEGRATED SERVICES COVERING THE FULL PROPERTY LIFECYCLE
Property Management
Investment Advisory
Project Management and ESCROW
Research & Strategic AdvisoryAgency (Sales & Leasing)
Valuation
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]
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Tel. +971 (0)3 703 9521
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