Cavendish Maxwell_Abu Dhabi Residential Market Report_Q4 2015
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Transcript of Cavendish Maxwell_Abu Dhabi Residential Market Report_Q4 2015
Abu Dhabi Residential Market Report - Q4 2015
© Cavendish Maxwell 2016 | www.cavendishmaxwell.com 2
• Price performance • Rent performance • Residential supply
Content
Sale price movement
Q3 2015 - Q4 2015
-1% -1%
Q4 2014 - Q4 2015
-3% -4%
Abu Dhabi Residential Market Report - Q4 2015
© Cavendish Maxwell 2016 | www.cavendishmaxwell.com 3
-5%
-4%
-3%
-2%
-1%
0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Al Ghadeer Al Raha Beach
Al Reef Downtown
Al Reem Island
Saadiyat Beach
Residences %
cha
nge
Aver
age
pric
e A
ED
/ sq
ft
Q3 2015 Q4 2015 QoQ % change 12 month change
-6%
-5%
-4%
-3%
-2%
-1%
0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Al Raha Gardens Al Reef Saadiyat Beach Villas
% c
hang
e
Aver
age
pric
e
AED
/ sq
ft
Q3 2015 Q4 2015 QoQ % Change 12 month change
Price performance
Apartments price performance Villas price performance
Figure 1 Figure 2
Source: Property Monitor IndexQoQ % change Q3 2015 - Q4 2015Q4 2015Q3 2015 12 month % change Q4 2014 - Q4 2015
Villas
• Villa prices have also slightly declined at a rate of 1% during Q4 2015.
• During a 12 month period, villa prices declined by an average of 4%.
-1%
-3%
-4%
-3% -3%
-4%
-4%
-5%
-3%
-1% -1% -1% -1%-1% -1% -1%
Apartments
• Apartment prices have marginally declined by 1% in Q4 2015 across the investment zones covered within our report.
• In the last 12 months, apartment prices have dropped an average of 3%, a slower rate than that in Dubai.
Abu Dhabi Residential Market Report - Q4 2015
© Cavendish Maxwell 2016 | www.cavendishmaxwell.com 4
Villas
• Average villa rents have remained stable in both Al Raha Gardens and Al Reef, whilst Saadiyat Beach Villa rents slightly increased by 1% as supply remains limited on the island.
• Four and five bedroom villa rents have increased whilst three bedroom villas have decreased.
Rent performance
Al Ghadeer
Al Raha Beach
Al Reef Downtown
Al Reem Island
Saadiyat Beach Residences
Al Raha Gardens
Al Reef
Saadiyat Beach Villas
2 bed 5 bed1 bed 4 bedStudio 3 bedRental rate
AED/sq ft/annum Q4 2015
Rental rate AED/sq ft/annum
Q4 2015
75
-
78
127
-
66
55
83
76
118
73
111
122
64
56
75
63
99
70
103
100
61
48
72
Figure 3 Figure 4 Source: Property Monitor IndexSource: Property Monitor Index
Apartments rent performance Villas rent performance
Apartments
• The change in apartment rents varied across different areas as average rents in locations such as Al Raha Beach and Al Reem Island remained stable in Q4 2015.
• Al Ghadeer rents have slightly increased by 1%, where rents in Al Reef Downtown and Saadiyat Beach Residences have dropped by approximately 1% and 2% respectively in Q4 2015.
Abu Dhabi Residential Market Report - Q4 2015
© Cavendish Maxwell 2016 | www.cavendishmaxwell.com 5
• Approximately 2,700 units delivered in investment zones during 2015, mainly on Al Reem Island and Saadiyat Island.
2015 Completions
• 14,600 residential units scheduled to enter the Abu Dhabi investment zones from 2016 - 2018.
• Over 60% of that supply is scheduled to be delivered in 2017.
Pipeline
Residential supply
Miles Phillips BSc (Hons) MRICS ACIArbPartnerHead of Operations - UAE
M: +971 56 604 2750 E: [email protected]
Sofia Underabi BPropEc AAPI PartnerHead of Residential Valuation M: +971 50 435 6527 E: [email protected]
Dima Isshak BScResearch Manager
M: +971 50 482 7938 E: [email protected]
PROPERTY SERVICESMIDDLE EAST & AFRICA
Jay Grant MSc IRRV (Hons) Managing Partner
M: +971 50 192 1658 E: [email protected]
T: +971 (0) 4 453 9525 E: [email protected]
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Jonathan Brown BSc (Hons) FRICSHead of Abu Dhabi Office M: +971 50 940 3540 E: [email protected]