Q-o-Q Percentage Change Apartment Sales Villa Sales Office Sales Apartment Rentals Villa Rentals Office Rentals Mar-08 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Experience Expertise Excellence Customer Management: +971 4 403 7700 www.astecoreports.com Dubai Report Q22011 Rental Rates (AED/pa) Sales Prices (AED/m 2 ) Min Max Min Max Apartment Studio 15,000 60,000 2,700 17,200 1 BR 21,000 120,000 2 BR 33,000 175,000 3 BR 65,000 190,000 Villa 2 BR 40,000 170,000 4,300 32,300 3 BR 70,000 300,000 4 BR 90,000 350,000 5 BR 100,000 550,000 Office Per m 2 325 3,125 4,850 21,500 Over the last three months we have seen some positive developments such as the extension of the property visa period from six months to three years and the implementation of the International System of Units. Both are steps in the right direction and represent the government’s commitment to increasing transparency and confidence in the market, which in turn will encourage investment. Elaine Jones, CEO, Asteco Property Management LLC “ “ Property Market Summary Real Estate Monitor Highlights Rental rates and sales prices have seen minimal changes overthelastthreemonths,withapartment,villaandoffice salesdecliningby3,3and6%respectively,whilstrentsfor apartments,villasandofficeseasedby2,0and2%. Establishedvillacommunitieshaveseennochangesoverthe last three months; however, continuous handovers of new villadevelopmentswilleventuallyhaveadownwardeffecton currentrentlevels. Officerentalratesexperiencedminimaloveralldeclinesmainly duetotheincreasedavailability.Althoughenquirylevelsare ontherise,furthersofteningoftheofficemarketisexpected inlinewithincreasingsupply. Thelinegraphbelowdemonstratestheaveragepercentage salesandrentaltrendonaquarterlybasis.
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Q-o
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Average Apartment Sales Price and Percentage Change (Q1 – Q2 2011)
Sales Price (Q2) Percentage Change
Apartment Sales Villa Sales Office Sales Apartment Rentals Villa Rentals Office Rentals
Over the last three months we have seen some positive developments such as the extension of the property visa period from six months to three years and the implementation of the International System of Units. Both are steps in the right direction and represent the government’s commitment to increasing transparency and confidence in the market, which in turn will encourage investment.
05www.astecoreports.com For additional information call +971 4 403 7700 or email [email protected]
Overview
Project Focus
Deira Centre Residence Discovery Gardens
Location The residential complex is located in Al Muteena (Deira), near Muraqqabat, next to the police station and in proximity to Mövenpick Hotel. Close to Dubai International Airport, Bur Dubai and Sheikh Zayed Road.
Situated along Sheikh Zayed Road between interchanges five and six. Next to Ibn Battuta Mall and Ibn Battuta Gate, close to Jebel Ali Free Zone, Dubai Internet City and Media City.
Metro Station Abu Baker Al Siddiqui Station (Green Line – operational end of 2011)
Ibn Battuta Metro Station (Red Line)
Developer BSI Ltd. Nakheel
Completion December 2010 February 2008 - First Phase
Facilities and Amenities
� Spacious apartments with balcony
� Tiled flooring
� Built-in wardrobes
� Free chiller A/C
� Gym, roof top pool and deck area
� Basement car parking (main entry to the car park is located away from the main road)
� Landscaped public space, away from the main road
� Central lobby, onsite security and secure access controls
The number of locations in Dubai has increased from 16 to 22, with the majority of new areas added being affordable developments, which explains the above-average decline.
AED
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0s
AED
00
0s
AED
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0s
AED
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0s
Studio
3 BR
1 BR
2 BR
-8%
-2%
0%
-6%
0% 0% 0%
-10%
-6%
0%
-4%
0% 0% 0%
-11%
-9%
0%
-4%
0% 0% 0%
-4%
-9%
0% 0% 0% 0% 0%
Dubai
Dubai
Dubai
Dubai
Abu Dhabi
Abu Dhabi
Abu Dhabi
Abu Dhabi
Sharjah
Sharjah
Sharjah
Sharjah
Ajman
Ajman
Ajman
Ajman
Ras Al Khaimah
Ras Al Khaimah
Ras Al Khaimah
Ras Al Khaimah
Fujairah
Fujairah
Fujairah
Fujairah
Umm Al Quwain
Umm Al Quwain
Umm Al Quwain
34
52
73
112
44
68
96
128
19
24
31
42
17
24
27
40
17
23
31
40
19
22
30
41
15
19
27
37
Umm Al Quwain
07www.astecoreports.com
Overview
For additional information call +971 4 403 7700 or email [email protected]
Mortgage Market Update
LENDER (*)
CLIENT TYPEMAXAGE
MAX LOAN
TERM MAX LTVMAX DBR
INTEREST RATE
MIN SALARY INSURANCEPROCESSING
FEEPART
REPAYMENTCLOSURE
Yrs
(AED million)
Yrs % % % (AED/ pm) % % %
ADCBUAE Nationals & UAE Residents
65 salaried; 70 self
employed 10 25
<90 with salary transfer in Abu Dhabi;
<85 with salary transfer in Dubai
<60 6.5-9.5 12,000Not mandatory
for life insurance
1 (no caps)<2 (no fee after
5 years)
3 (if transferred to another lender; no fee after 3 years (if
own funds)
ABU DHABI FINANCE
UAE Nationals, UAE Residents & Non Residents
70 No Limit 30 <85 <55 5.75-8.5 10,000 Mandatory 1-1.25 (no caps)<2 (no fee after
3 years)
4 (if transferred to another lender; no fee after 3 years (if
Asteco’s Research Department provides investors and developers with essential real estate knowledge to ensure clients understand their com-petitors, target markets and their long-term strategies.
Sales
Asteco’s internationally qualified team has enjoyed over two decades of experience within the highly dynamic Middle East property market.
Consultancy
Asteco’s Consultancy Department provides comprehensive advice on market trends and solid solutions, from project concept to completion. Asteco’s consultancy reports stimulate initial investment to financial institutions and other private equity providers.
Leasing
Asteco is the leading leasing agent in the UAE and is the sole agent for a number of key developments in the region.
Valuations
The team is fully independent in its approach and adheres to the Royal Institution of Chartered Surveyors’ (RICS) valuation standards.
Property Management
Asteco manages some 45,000 leases or approximately 3,500 buildings throughout the UAE, which include corporate portfolios and local and international funds.
BAHRAIN
QATARKINGDOM OFSAUDI ARABIA
JORDAN
UNITED ARABEMIRATES
Regional Offices and Operations
UNITED ARAB EMIRATES
Abu Dhabi
Dubai
Sharjah
Ajman
Ras Al Khaimah
Al Ain
DISCLAIMER: The information contained in this report has been obtained from and is based upon sources that Asteco Property Management 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. Asteco Property Management will not be held responsible for any third-party contributions. All opinions and estimates included in this report constitute Asteco Property Management’s judgment, 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 Asteco Property Management’s control. For a full in-depth study of the market, please contact Asteco Property Management’s research team. Asteco Property Management LLC. Commercial Licence No. 218551. Paid-up Capital AED4,000,000.