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DUBAI REAL ESTATE MARKET OVERVIEW
Q1 2015
REAL ESTATE SERVICES
2 3
CONTENTSSector Summary 4
Demand Drivers 6
Macro Trends 8
Residential Sector 10
Project Focus 18
Office Sector 20
Retail Sector 23
Hospitality Sector 25
Definitions & Methodology 27
Contact Information 28
Supply - Photo Gallery 29
Development Location Map 30
REPORT HIGHLIGHTS Residential
Property values decreased on average by 4% during Q1 2015, with Year-on-Year still showing an increase of 7%. Rental values grew on average by 1% across Dubai during Q1 2015 and 5% over the same period last year.
Q1 2015 saw 2,000 new apartments and villas being added to the market, taking the overall residential (villas and apartments) supply to 471,000. The residential market is currently inundated with new projects and off-plan projects are challenging the existing price bands while targeting the affordability sector.
Many developers are now guaranteeing returns of up to 10% on furnished properties to attract buyers and simultaneously offering attractive payment plans. We expect this trend to continue during 2015 and buyers will benefit from the continuation of various incentives on offer.
Office
The market is witnessing a steady supply of new stock coming on stream which is satisfying different levels of tenant enquiries, although demand is typically for offices ranging between 2,500 to 4,000 sq. ft. On the other hand demand for full floors is limited.
1.6 million sq. ft. of new office space entered the market during Q1 2015, taking the total supply to 85.3 million sq. ft. An additional 9 million sq. ft. of new office spaces is forecast to enter the market by the end of 2015 with the majority of this supply being delivered by a small number of developers / investors.
Capital values for office accommodation have remained broadly stable across most of the Emirate during Q1 2015, with the exception of Dubai Marina and Tecom C that have seen drops of 10% and 7% respectively quarter on quarter.
Retail Sector
Prime retail mall space continues to be in high demand which has seen strong rental growth of up to 10% during Q1 2015. Malls are a prime driver of tourist spending with mall managers focusing on enhancing overall customer experience leading to healthy tourist footfalls from GCC countries, China and India.
Continuing development of convenience, community and strip retail – using Jumeirah (Al Wasl and Jumeirah Beach Roads) as examples – is proving popular with Dubai’s resident population.
Hospitality Sector
Over 1,100 hotel rooms were added to the Dubai market during Q1 2015 with 70%+ being in the 5 star category. The increase in 5 star rooms and a drop in Russian tourists has contributed to a 9% decline in RevPar in comparison with the same period last year.
Investor interest for hotel acquisitions continues to be healthy with a focus on 3 and 4 star properties in good locations with experienced and reputable operators in place.
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
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
150+
7,600+
No.1
98.5%20+
28+
90bn
25+
23,500+
67+
1,700+
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
4
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
5
SECTOR SUMMARY - ABU DHABI & DUBAI COMPARISON
RETAIL
ABU DHABI
ABU DHABI DUBAI
HOSPITALITY
DUBAI
Q1 2015 New Supply(GLA)
2K Sq.m.(21K Sq.ft)
Supply Pipeline(Announced
Projects GLA)+1m Sq.m.
(10.7m Sq.ft.)
Q1 2015 New Supply(GLA)
11k Sq.m.(118k Sq.ft)
Supply Pipeline(Announced
Projects GLA)1.3m Sq.m.
(13.9m Sq.ft.)
AveragePrime Mall Rents AED3,750psm
Prime RentalChange Q.o.Q
+1.5%
Prime RentsChange Y.o.Y
+8.5%
AveragePrime MallRents AED4,700psm Prime Rents
Q.o.Q Change+10.6%
Prime RentsY.o.Y Change
+17.8%
TOTAL SUPPLY (GLA) 1.33m Sq.m.(13.9m Sq.ft.)
TOTAL MALLSUPPLY (GLA)
3m Sq.m(32.2m Sq.ft)
Q1 2015 New RoomsAdded (H & HA)
0.3k
ARR (AED)497
YTD Occupancy80%
Total Guests(2015 YTD)
647K
RevPAR (AED)397
TOTAL ROOMS (HOTEL & HOTEL APARTMENTS)
21.9k
Q2-Q4 2015 FutureSupply (H & HA)
2.9k
Q1 2015 New RoomsAdded (H & HA)
0.6k
ARR (AED)1020
YTD Occupancy85%
Total Guests(2015 YTD)
1.8m
RevPAR (AED)867
TOTAL ROOMS (HOTEL & HOTEL APARTMENTS)
92k
Q2-Q4 2015 FutureSupply (H & HA)
4.4k
RESIDENTIAL
ABU DHABI DUBAI
OFFICE
TOTAL SUPPLY(GLA)
3.2m Sq.m.
Average Grade A Y.o.YRental Change
+10.4%
Average Grade A RentsAED 1,850psm
Q2-Q4 2015 Future Supply (GLA)327k Sq.m.
Q1 2015 New Supply(GLA)
6.3k Sq.m.
Grade A Average ServiceCharge (per Sq.m)
172-325
Grade AAverage Gross Yield
8.5%
Overall Vacancy %17%
Average Grade AQ.o.Q
Rental Change+2%
TOTAL SUPPLY(GLA)
7.86m Sq.m.
Average Grade A Y.o.YRental Change
+15.5%
Average Grade A RentsAED 2,500psm
Q2-Q4 2015 Future Supply (GLA)834k Sq.m.
Q1 2015 New Supply(GLA)
150k Sq.m.
Grade A AverageService Charge (per Sq.m)
161-215
Grade AAverage Gross Yield
6.7%
Overall Vacancy %+32%
Average Grade AQ.o.Q
Rental Change+2.8%
ABU DHABI DUBAI
TOTAL SUPPLY227k Units
Q1 2015 NewSupply Added
0.75k Units
Y.o.Y AverageSale Value Change
+6.1%
Q2-Q4 2015Future Supply
5.8k Units
Y.o.Y AverageRental Change
+7%
Q.o.Q Sale Value Change
-6%
Q.o.QRental Change
+4%
Prime AverageGross Yield
6%
Q1 2015 Off-Plan(Launched Projects)
126 Units(1 Project)
TOTAL SUPPLY471k Units
Q1 2015 NewSupply Added
2k Units
Y.o.Y AverageSale Value Change
+7%
Q2-Q4 2015Future Supply
19.4k Units
Y.o.Y AverageRental Change
+5%
Q.o.Q Sale Value Change
-4.1%
Q.o.QRental Change
+1%
Prime AverageGross Yield
5%
Q1 2015 Off-Plan(Launched Projects)
3207 units(8 Projects)
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
6
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
7
DEMAND DRIVERS
REAL ESTATE AND CONSTRUCTIONSTRONG INVESTOR INTEREST FOR LARGE AND SMALL ASSETS
�� Nakheel launched approximately 400,000 square feet of office and retail space (70 outlets) at Golden Mile
�� Cayan Group bought two plots (residential and hospitality) on Umm Suqeim Road in Dubai, in addition to a plot for an office building along King Fahed Road in Riyadh. The combined investment value was AED1.2 billion
�� Arabtec Holding won two contracts worth 375 million dirhams ($102 million) from developer Emaar Properties . Both contracts are for
construction of residential villas in Dubai to be delivered in 2016
�� Sobha LLC, is opening five overseas sales and marketing offices to attract wealthy investors’ to the Dubai real estate market. The new offices will be in London, Singapore, as well as in Kuwait City, Doha and Riyadh.
�� Dubai Parks & Resorts will be signing off on project contracts totalling AED7.5 billion this year, according to the CEO, Raeed Al Nuaimi
TOURISM INITIATIVES �� Emaar Properties and Meraas Holding signed a
new joint venture creating a mid-market hotel brand, Rove Hotels, with 10 locations to open across Dubai and the region by 2020
�� Yotel, known for its pocket-sized but luxurious rooms at airports, expects to open its first Middle East property in 2018 in Dubai’s Business Bay
TRANSPORTATION IMPROVING ACCESSIBILITY AND REACH TO DUBAI; CREATING JOBS
�� Passenger traffic at Dubai International airport reached 5,973,727 in February, up 5.3% compared to 5,675,246 recorded during the same month in 2014. Year to date passenger traffic rose 6.6% to 12,869,395 passengers, up from 12,075,952 during the first two months of 2014
�� Dubai airports revenue grew 11% during 2014 due to strong support and increase in revenue contribution from food & beverage and retail
�� Emirates Group will recruit 11,000 new staff by March 2016 as it adds 20 aircraft to its fleet and expands other operations. Nearly half will be recruits for Dubai-based cabin crew jobs while it will also fill positions in flight operations, engineering, airport services and corporate roles
Q1 2015 KEY EVENTS�� Dubai Shopping Festival, 1-31 January
�� Standard Chartered Dubai Marathon 2015, 23rd January
�� Omega Dubai Desert Classics 2015, 29th January to 1st February
�� Gulf Food 2015, 8-12 February
�� Emirates Airline Dubai Jazz Festival 2015, 25th to 27th February
�� Dubai International Boat Show, 3rd to 7th March
FREEZONES SIGNING UP NEW TENANTS; CREATING EMPLOYMENT OPPORTUNITIES
�� Dubai’s financial free zone has recorded 2014 as its best year since 2008. DIFC is home to 1,225 companies, 18% more than in 2013 and employs 17,860 people, 14% more than in 2013
�� SDV-UAE LLC has opened a new corporate and warehousing facility in Dubai Airport Free Zone on a 5,000 sq.m. plot
�� TVM Capital Healthcare Partners became the first company to register a private equity fund under the new Qualified Investors Fund (QIF) regime introduced by the Dubai International Financial Centre (DIFC)
GOVERNMENT INITIATIVESATTRACTING ENTREPRENEURS; IMPROVE EASE OF DOING BUSINESS
�� The President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued Commercial Companies Law (Federal Law) No. 02 for the year 2015 containing 378 articles which will bring significant improvements to corporate governance, encourage financial markets and new IPO activity into the UAE. The new legislation also allows companies to float 30% equity vs. the previous requirement of 55%
�� The Dubai Government has proposed developing affordable housing for people earning between AED10,000 to AED25,000 per month
�� Core focus of Dubai’s 2020 strategy will be to attract families as tourists through projects in the pipeline focused towards theme parks, safaris and holiday homes
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
8
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
9
INVESTOR ANALYSISMACRO TRENDS
Real Estate & Construction
Transportation
Manufacturing
Financial Sector
Government Sector
Trade
Hotels & Restaurants
Other
UAE
Asia
GCC
Europe
Arab (non GCC)
DUBAI POPULATION (GROWTH & HOUSEHOLD SIZE)
Population Growth Rate
2008 2009 2010 2011 2012 2013 2015E2014E0
0.5
1
1.5
2
2.5
0
12345678
PO
PU
LA
TIO
N (
MIL
LIO
NS
)
GR
OW
TH
RA
TE
(%
)
AN
D H
OU
SE
HO
LD
SIZ
E
Household Size
Source: DED & Dubai Statistics
DUBAI CONSTRUCTIONACTIVITY %YOY
GDP Construction
%Y
oY
DUBAI CPI VS RENTALCONTRIBUTION TO CPI Q1 2015
CPI Housing CPI
Source: DED, Dubai Statistics, IMF & MPM Properties Research Source: Dubai Statistics
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14e
20
15e
98.0-20
-15
-10
-5
0
5
10
15
20
25
99
101
103
105
107
97
109
Jan
-12
Jan
-14
Jan
-15
Jan
-13
Sales Transactions
Tra
nsa
cti
on
s
Valu
e (
in M
illio
ns)
DUBAI LAND TRANSACTIONSVOLUME vs VALUE
DUBAI LAND TRANSACTIONSQoQ% CHANGE
Sales Value (BnAED)
Sales Transactions
Q1-
20
12
Q1-
20
13
Q1-
20
14
Q1-
20
15
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
Q1-
15
Q4
-14
Q3
-14
Q2-1
4
Q1-
14
Q4
-13
Q3
-13
Q2-1
3
Q1-
13
Q4
-12
Q3
-12
Q2-1
2
Q1-
12
-50
-30
-100
20
40
60
80
27%
18%
13%
11%
31%
25%
12%
11%10%
4%
28%
6%4%
TOP NATIONALITIES INVESTING IN DUBAI PROPERTY BY REGION 2015 Q1
Source: DLD
Source: Dubai Chamber of Commerce,
Dubai Statistics Center, and IMFSource: DLD, DED and MPM Properties Research Source: DLD, DED and MPM Properties Research
DUBAI GDP SHARE BREAKDOWN BY ECONOMIC SECTOR - AS AT Q1 2015
Q1 2014 Q1 2015
Source: DLD
AE
D B
illio
ns
TOP NATIONALITIES INVESTING IN DUBAI PROPERTY 2015 Q1
0
1
2
3
4
5
6
7
8
Om
an
i
Bah
rain
i
Iraq
i
Eg
yp
tian
Ku
wait
i
Leb
an
ese
Ru
ssia
Qata
ri
Iran
ian
Jo
rdan
ian
Pakis
tan
i
Sau
di
Bri
tish
Ind
ian
UA
E
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
10
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
11
RESIDENTIAL SECTOR
RESIDENTIAL SUPPLY �� Q1 2015 saw 2,000 new apartments and
villas being added to the market, taking the overall residential (villas and apartments) supply to 471,000. The delivery pipeline for Q2-Q4 is estimated to be 19,400 units handed over, which will put pressure on sales and rental prices
�� The residential market is currently inundated with new projects and off-plan projects are challenging the existing price bands while targeting the affordability sector. Town Square by Nashma, Akoya by Damac, fresh releases by GIGICO in Silicon Oasis are prime
examples, where residential apartments and townhouses have been introduced either at a low price point or payment plans extended to post completion
�� Going forward, a shift is expected towards affordable properties, particularly on plots in proximity to the expo 2020 site. Luxury properties therefore need to offer unique selling points to attract potential buyers: i.e. having superior finishes that exceed buyers expectations will be critical for high end projects to perform to the required levels
2014 Q1 2015 Q2-Q4 2015
2016
Source: MPM Properties Research
Supply Apartments
RESIDENTIAL SUPPLY BY UNITS 2013-2015
Existing Supply Villas +% YoY
1.9% 0.4% 3.3% 2.7% YoY
8.5
1.6 15.4
13
0.3
3.1%
14
3
4
2.5
0
2013400
500
443 452469 471
490
SAMPLE OF RESIDENTIAL UPCOMING PROJECTS
SAMPLE OF ANNOUNCED PROJECTS IN Q1 2015
LOCATION PROPERTY NAME
Arabian Ranches Arabian Ranches - Casa Villas
Culture Village D1 Tower
Downtown Dubai Burjside Terraces
Dubai International City Indigo Spectrum 2
Dubai Marina Dream Towers / KPM Tower / Marina Wharf Towers
Dubai Silicon Oasis Aswan Building / Binghatti Palace / La Vista 3
Dubai Sports CityChampions 1 Tower / Champions 2 Tower / Champions 3 Tower / Frankfurt Sports Tower 1Giovanni Boutique Suites / Kensington Royale
IMPZ Lakeside
Palm Jumeirah Palm Views
NAME OF PROJECT TYPE DEVELOPER LOCATION
Acacia at Park Heights Apartments Emaar Properties Dubai Hills Estate
Hyatt Townhouses Townhouses Nshama Town Square
Grand Horizon 1 Apartments Gulf General Investments (GGICO) Dubai Sports City
Reef Residence Apartments Reef Real Estate Jumeirah Village Circle
Downtown Views Apartments Emaar Properties Dubai Mall
Akoya Oxygen Villas Damac Properties Umm Suqeim
Monaco Island – Kleindienst Group World Islands
The Muraba, Palm Jumeirah
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
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REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
13
RESIDENTIAL SECTOR
APARTMENT AVERAGE SALES PRICES (Q1 2015)AND PERCENTAGE CHANGE
AE
D/s
q.ft.
Source: MPM Properties Research
-1.9% -2.0% -5.0% +4.5% -1.9% +3.3% -12.1% -2.0%-11.9% QoQ
YoY +4.3% +15.8% +1.0% +19.3% -1.1% +20.8% -9.4% +19.5%-7.5%
0
500
1,000
1,5002,000
2,500
Th
e G
reen
s
Ju
meir
ah
Beach
Resi
den
ce
Bu
sin
ess
Bay
Du
bai
Mari
na
Th
e V
iew
s
Palm
Ju
meir
ah
DIF
C
Old
To
wn
Do
wn
tow
nD
ub
ai
2,4
00
2,2
00
1,9
00
1,78
6
1,73
0
1,6
32
1,4
50
1,4
50
1,4
34
PROJECT STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOMOVERALL QoQ
CHANGEOVERALL YoY
CHANGE
Business Bay 65 85 125 155 3.4% 9.6%
DIFC 85 115 140 175 -0.2% 8.3%
Discovery Gardens 50 70 95 – 5.4% -0.5%
Downtown Dubai 75 90 140 200 2.6% 8.8%
Dubai Marina 65 80 110 160 0.5% 6.0%
Greens 70 85 125 160 0.0% 1.3%
International City 35 47 70 – -0.7% -1.6%
Jumeirah Beach Residence 85 90 120 155 -2.5% 6.5%
Jumeirah Lake Towers 60 75 100 150 0.3% 4.4%
Palm Jumeirah 90 100 150 175 -0.2% 9.7%
TECOM 70 80 110 160 0.0% 2.6%
(AED thousands per annum)
Source: MPM Properties Research
APARTMENT SALE PRICES �� The apartment sales market has seen supply
increase in Q1 with a number of new projects coming to the market
�� Interestingly most of the newly completed projects have challenged the existing price band while targeting the affordability sector. Town square by Nashma, Akoya by Damac and releases by GIGICO in Silicon Oasis are examples of residential apartments and townhouses that have been introduced to the market at either low price points or with attractive payment plans
�� Mortgage interest rates continue to be very attractive for buyers and projects offering finance upon completion are selling at a faster pace compared to projects that do not have a mortgage partnership in place. Some developers, without a mortgage partner in place, are offsetting this shortcoming by offering extended payment plans to attract buyers
�� The availability / launch of multiple off plan projects is directly impacting the transaction volume of finished properties. High quality apartments within prime locations are still in demand, with healthy interest being witnessed during Q1 2015 as asking prices have stabilized over the last half year and in some cases have declined slightly
�� Performance of older residential properties within freehold areas reflects how well, or otherwise these properties are managed and maintained. Projects within Dubai Marina master-plan are a prime example, where well maintained buildings are out performing the average or poorly maintained buildings
�� Many developers are now guaranteeing returns of up to 10% on furnished properties to attract buyers and simultaneously offering attractive payment plans. We expect this trend to continue during 2015 and buyers will benefit from the continuation of various incentives on offer
�� Muraba released Muraba Residence, a high end luxury project for sale on the Palm Jumeirah, offering only 50 units. We have witnessed strong demand for unique properties with low density and high quality from HNI buyers. The HNI buyers are looking for properties that are either ‘exclusive’ or provide good rental returns
�� Currently investors are seeking properties that offer a minimum gross yield of 7% to 7.5% per annum. Prospective buyers have a preference for vacant properties or properties that are leased at current prevailing market rents
APARTMENT RENTS Residential apartment rents have grown 1% quarter-on-quarter and 5% year-on-year on average across Dubai. In Q1 we have witnessed a stabilization of rents across the Emirate as tenants continue to consider new options as significant new supply enters the market.
Locations with the highest quarter-on-quarter rental increases include Discovery Gardens (5.4%), Business Bay (3.4%) and Downtown Dubai (2.6%), while Jumeirah Beach Residence witnessed a rental drop of -2.5%. Average rents, when compared to same period last year, have performed remarkably well, led by prime locations including Palm Jumeirah (up 9.7%), Business Bay (up 9.6%) and Downtown Dubai (up 8.8%).
Occupancy levels continue to be high for quality developments with the majority of Landlords retaining existing tenants. Even though rents are softening, MPM is witnessing strong demand for smaller apartments of 1 and 2 bedroom sizes.
Downtown Dubai, Sheikh Zayed Road and Dubai Marina continue to be the most popular residential locations, especially for tenants moving into the UAE for the first time.
APARTMENT AVERAGE ANNUAL RENT (Q1 2015)
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
14
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
15
RESIDENTIAL SECTOR
PROJECT 2 BEDROOM 3 BEDROOM 4 BEDROOM 5 BEDROOM AVERAGE QOQ YOY
Al Furjan – 160 185 225 190 -5% 1%
Arabian Ranches 150 175 270 320 229 0% 14%
Dubai Sports City – 190 250 285 242 -3% 6%
Jumeirah Park – 215 275 325 272 -5% 14%
Jumeirah Village 130 140 150 – 140 -2% 6%
Meadows – 230 245 260 245 0% 10%
Palm Jumeirah – 320 350 420 363 0% -8%
Springs 135 170 – – 153 0% 20%
The Lakes – 200 280 500 327 0% 15%
VILLA RENTS Average rents across the majority of villa developments stabilized in Q1 2015, with some developments, including Al Furjan and Jumeirah Park, witnessing a 5% drop in rents quarter on quarter.
Villas in the more established areas, including Jumeirah and Umm Sequim, have seen increased availability and rents have dropped in these areas by 2% during Q1 2015.
Year-on-year rental change has witnessed high double digit increases with the Springs and the Lakes increasing at 20% and 15% respectively. Jumeirah Park and Arabian Ranches both increased year on year by 14%.
As villa communities continue to establish themselves across Dubai the market is seeing a preference for secured, gated communities, which has led to an increase in vacancy levels within some older development.
VILLA SALE PRICES The villa market witnessed a reduction in sales values during Q1 2015 after steady gains achieved during 2014.
Whilst values have fallen quarter-on-quarter, they are still positive year-on-year with developments including The Lakes and Palm Jumeirah achieving year on year gains of 16% and 12% respectively.
Q1 2015 saw developers shift away from traditional high-end luxury villas to relatively smaller villas in order to target buyers with lower purchasing power. For example, Al Barari introduced smaller villas starting at AED7 million and Jumeirah golf estates introduced townhouses starting at AED3 million.
The lowering of entry prices for luxury villas is a response to a slowdown in the market in Q1 2015.
The Dubai residential market is also witnessing a disconnect between asking prices and realistic current values, with many villa owners not willing to sell below their quoted prices and buyers looking to benefit from the slowdown in the market. Positive infrastructure improvements are also aiding the disconnect as owners wait to see if improved connectivity provides value enhancements to their investments.
AVERAGE VILLA SALES PRICE AED/sq.ft. Q1 2015
AE
D/s
q.ft
Source: MPM Properties Research
-12.0%
-3.0%
0.0%
+5.0%
-5.0%
+2.0%
-3.0%
+5.0%
-4.0%
-7.0%
-1.0%
+12.0%
-3.0%
+2.0%
-2.0%
+16.0%
QoQ
YoY
0
500
1,000
1,500
2,000
2,500
3,000A
l 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
e L
akes
Palm
Ju
meir
ah
2,7
00
1,5
00
1,3
00
1,29
4
1,25
0
1,20
0
1,15
0
95
0 (AED thousands per annum)
Source: MPM Properties Research
AVERAGE VILLA ANNUAL RENT Q1 2015
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
16
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
17
4.0
10.08.0
5.7
9.07.0
12.0
25.0
15.0
9.012.0 10.5
NON-FREEHOLD VILLA VALUES Q1 2015
30.0
25.0
20.0
15.0
10.0
5.0
0
AE
D (
Mill
ion
)
Source: MPM Properties Research
Mirdif Al Jafliya Umm Suqeim Garhoud
HighLow Average
350
550500
350
560
450
625
950
750
500
700
600
NON-FREEHOLD LAND VALUES Q1 2015
1,000900800700600500400300200100
0
AE
D /
Sq
.ft.
Source: MPM Properties Research
Mirdif Al Jafliya Umm Suqeim Garhoud
HighLow Average
250
475
350 350
600450
525
1,000
650
400
600500
NON-FREEHOLD VILLA RENTS Q1 2015
1,200
1,000
800
600
400
200
0
AE
D (
Th
ou
san
ds)
Source: MPM Properties Research
Mirdif Al Jafliya Umm Suqeim Garhoud
HighLow Average
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
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REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
18
PROJECT FOCUS THE MURABA, PALM JUMEIRAH
Ibrahim Al Ghurair launched Muraba in 2014, drawing on his experience to offer distinctive accommodation that reflects three key values:
No. of apartments 46 residences; 4 penthouses
No. of floors 10 + basement parking
No. of layout types 14 different types
Price Starting from US$1.3M
APARTMENT SIZES
2 bedroom 1,740.09 - 2,171.62 ft2
3 bedroom 2,386.69 - 2,387.12 ft2
4 bedroom (PH) 6,610.55 - 6,652.85 ft2
AMENITIES Swimming pool
Landscaped gardens
Secure parking
Spa & gym
The company’s current project, Muraba Residence, Palm Jumeirah, entails the development of 50 luxury apartments on one of the world’s most famous manmade locations – Palm Jumeirah.
MR. GHURAIR’S INSIGHT:
“UAE is the perfect destination and we’re lucky to be here because it’s the window to a wider region. Within a four-hour flight radius you can cover almost one-third of the world’s population, including different continents and cultures. It’s fascinating to be exposed to that number of people, cultures and backgrounds. Also, many people come here on visits, so being able to develop something here and take it to those clients is very interesting.
We started Muraba Residence, Palm Jumeirah project, scheduled for completion in April 2016, without any preconceptions or
visions of what we wanted to look at. The starting point was finding the right location and understanding what the market wanted. This was a collaboration between our team and the architects. The guiding principle was always ‘how do we create something that is an exceptional space and delivers an enjoyable experience?’ Wherever you are in Muraba Residence apartment, you feel you are in the sea. Whether you’re in the dining room or the kitchen, you always feel the sea present.
In respect of future plans, we are currently focused on realizing Muraba Residence, Palm Jumeirah. We will definitely be looking at more projects but we are very careful in terms of selection and location. The same principle drives what our next development will be and that will be to deliver an exceptional experience. Once we have identified the location. We will probably move on to the next one.”
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
�� Location�� Architecture �� Enjoyment
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
20
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
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OFFICE SUMMARY �� The market is witnessing a steady supply of
new stock coming on stream which is satisfying different levels of tenant enquiries, although demand is typically for offices ranging between 2,500 to 4,000 sq. ft. On the other hand demand for full floors is limited
�� The office sector has witnessed a strong start to the year with a number of developments completing during Q1 2015 which have achieved pre-lets. This has not been witnessed since the 2008 crisis and has resulted in falling vacancy rates and stabilised sales and rental prices which in turn is benefitting investors and tenants alike, especially start-ups and SMEs
�� 2015 will witness various office developments in single ownership being handed over. This is in contrast to the last 4-5 years where the majority of new office developments delivered were sold on a strata basis and thus owned by multiple small investors, which in turn precluded large corporate tenants from leasing offices
�� Developments that are in close proximity to the metro, getting fit-out contribution from landlord, having a healthy car parking ratio, quality specifications, good lay-outs, access to F&B and restaurants are seeing high tenant demand which in turn will lead to high occupancies and growing rental rates during the course of 2015
�� Off-plan office projects being built by established developers are witnessing strong interest from investors and tenants, for whom trust in the quality and expected completion dates are key considerations
�� Established business hubs such as prime Sheikh Zayed Road (close to DIFC and Emirates Towers) benefit from high occupancy rates and therefore limited options for companies looking for office accommodation. Hence the new emerging commercial areas, such as Barsha and Tecom, are benefiting from this demand and Tenants willing to move into emerging locations are in a superior negotiating position than in the established areas
OFFICE SALES �� Capital values for office accommodation have
remained broadly stable across most of the Emirate during Q1 2015, with the exception of Dubai Marina and Tecom C that have seen drops of 10% and 7% respectively quarter on quarter
�� Tecom C has seen an upward yield shift as rental prices have remained stable against a drop in sales prices (service charges have reduced slightly). This has resulted in improving net yields and higher investor interest as compared to other mid-market areas
�� Downtown Dubai and DIFC continue to be the most expensive locations in Dubai with average sales rates of AED2,450 and AED2,100 per sq.ft. respectively. Sales prices have been broadly stable quarter-on-quarter in these two locations
�� Business Bay continues to be a popular location with its close proximity to DIFC and Downtown Dubai. Capital values in Business Bay are currently circa 55% lower than DIFC which is attracting interest from investors. Prices are expected to increase as the occupancy levels improve across office towers in Business Bay
OFFICE SECTOR
0
20
40
60
80
100
DUBAI OFFICE STOCK Q1 2015
Mill
ion
sq
.ft.
2008 2009 2010 2011 2012 2013 2014 2015Q1
2015Q2-Q4
2016
Stock Expected *More office projects with handover dates delayed
Source: MPM Properties Research
3.791.62.50.26
610
86
9485848181756959
5145
OFFICE AVERAGE SALE PRICES Q1 2015
AE
D /
sq
.ft.
0%
+11%
0%
+17%
-9%
+10%
0%
+35%
0%
+26%
-6.0%
+15%
QoQ
YoY
0
500
1,000
1,500
2,000
2,500
TECOM CJumeirahLake Towers
BusinessBay
DubaiMarina
DIFCDowntownDubai
2,4502,100
1,7251,350 1,260
1,015
OFFICE SUPPLY �� 1.6 million sq. ft. of new office space entered
the market during Q1 2015, taking the total supply to 85.3 million sq. ft.
�� An additional 9 million sq. ft. of new office space is forecast to enter the market by the end of 2015 with the majority of this supply being delivered by a small number of developers / investors
�� Dubai Design district saw 430,556 sq. ft. of office space being delivered during Q1 2015, creating a new office location hub to meet demand for mid-size as well as large office spaces
Sheikh Mohamed Bin Zayed Rd.
Sheikh Mohamed Bin Zayed Rd.
Sheikh Mohamed Bin Zayed Rd.
Al Khail Road
Al Khail Road
Um
m S
uqei
m R
oad
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
TECOMThe
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 RENTS �� Commercial leasing has maintained a
consistent performance during Q1 2015, unlike residential, which has witnessed price fluctuations in recent months
�� Dubai’s office market occupancy rates are improving as rent and sales prices remain stable in the short term
�� Stable rents and reducing vacancy levels are a positive sign for the office market, highlighting limited impact from lower oil prices
�� DIFC continues to achieve the highest rents in Dubai, closely followed by Downtown Dubai and Jumeirah Lake Towers
�� Secondary office locations, including Tecom C, continue to offer the lowest rents within newly built office developments
�� Average rents in Tecom C are currently between AED80 to AED120 per sq.ft. per annum. Rents at these levels are attracting SME’s to this location, complimented with cheap residential accommodation
�� Occupancy levels in Jumeirah Lakes Towers and Media City are consistently improving, signaling these two locations are becoming established commercial hubs in Dubai
OFFICE SECTOR
OFFICE RENTS AED/sq.ft. Q1 2015
AE
D/s
q.ft.
High Low
350
300
250
200
150
100
50
0
Source: MPM Properties Research
150 20
026
5
140
120 18
0
70
175
320
80 12
0
65
TE
CO
M C
120 17
5
DIC
& D
MC
SHEIKH ZAYED RD.RENT = AED 120 - AED 180 /sq.ft.AVG. SALE = AED 1,600 /sq.ft.
DIC & DMCRENT = AED 120 - AED 175 /sq.ft.AVG. SALE = AED 1,600 /sq.ft.
TECOM CRENT = AED 80 - AED 120 /sq.ft.AVG. SALE = AED 1,015 /sq.ft.
JUMEIRAH LAKE TOWERSRENT = AED 65 - AED 200 /sq.ft.AVG. SALE = AED 1,260 /sq.ft.
DOWNTOWN DUBAIRENT = AED 140 - AED 265 /sq.ft.AVG. SALE = AED 2,450 /sq.ft.
DIFCRENT = AED 175 - AED 320 /sq.ft.AVG. SALE = AED 2,100 /sq.ft.
BUSINESS BAYRENT = AED 70 - AED 150 /sq.ft.AVG. SALE = AED 1,350 /sq.ft.
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
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REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
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REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
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RETAIL SECTOR
PRIME SHOPPING MALL AVERAGE RENTS - Q1 2015
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
1,2001,100
1,000900800700600500400300200100
0
AE
D/s
q.ft.
Source: MPM Properties Research
Deira - 25%
Mirdif - 16%
Business Bay - 16%
Bur Dubai - 14%
Barsha - 9%
Dubailand - 8%
Dubai Marina - 4%
Jebel Ali - 4%
Jumeirah - 3%
Jumeirah Park - 1%
Community - 11.3%
Neighborhood - 6.2%
Regional - 14.1%
Sub-Regional - 33.6%
Super Regional - 34.8%
Community - 3.34 million sq.ft.
Neighborhood - 1.8 million sq.ft.
Regional - 4.2 million sq.ft.
Sub-Regional - 9.9 million sq.ft.
Super Regional - 10.2 million sq.ft.
Super Regional - 0.59 million sq.ft.
Neighborhood - 2.1 million sq.ft.
DUBAI RETAIL MALLS GLA BY AREA Q1 2015 RETAIL SUPPLY PRE-2010
NEW SUPPLY DELIVERED 2010-2015DUBAI RETAIL MALLS CLASSIFICATION
Q1 2015
Source: MPM Properties Research
Prime retail mall space continues to be in high demand which has seen strong rental growth of up to 10% during Q1 2015. Malls are a prime driver of tourist spending with mall managers focusing on enhancing overall customer experience leading to healthy tourist footfalls from GCC countries, China and India.
The retail sector is benefiting from various Dubai Government initiatives aimed increasing tourist numbers and tourism anchors as Dubai becomes
a hub for leisure, variety in shopping and cultural experiences.
Continuing development of convenience, community and strip retail – using Jumeirah (Al Wasl and Jumeirah Beach Roads) as examples – is proving popular with Dubai’s resident population and we expect this segment of the market to remain a focus for developers as they seek to enhance the overall offering of their projects to drive demand and value.
NEW BRANDSIconic fashion labels, Nicole Fahri and Supertrash, may be considering securing footholds in the region, with reported talks in progress with some of Dubai’s largest retail owners and operators, to open regional flagship stores in Dubai. Nicole Fahri currently has dedicated stores in London and is also stocked in both Harvey Nichols and House
of Fraser. Supertrash has a current network of c.2,000 boutiques and 15 brand stores in locations around the globe, including London, Amsterdam and New York. Opening stores in Dubai will add to the strength of Dubai’s already significant retail offerings.
Community - 22% - 200 - 0.5 million sq.ft.
Neighborhood - 32% - 0 - 0.2 million sq.ft.
Regional - 11% - 1m - 2 million sq.ft. +
Sub-Regional - 21% - 500 - 1 million sq.ft.
Super Regional - 14% - 2 million sq.ft.
29.531.6 31.8 31.9 31.9 32.2 33.2 34.6 38.5
2.5
DUBAI RETAIL MALL STOCK Q1 2015
GL
A s
q.ft.
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 Q1 2015 Q2-Q4 2016 2017
0
10
20
30
40
50
1.12.1 0.1 0.1 0.03 0.32.3
3.9
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
25
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
26
HOTEL SECTOR
DUBAI HOTELS PERFORMANCE - 2014 & YTD 2015
ADR RevPAR
Source: MPM Properties Research
Occupancy
40%
0%
60%
100%
0
200
400
600
800
1,000
1,200
Marc
h
Feb
Jan
-15
Dec
No
v
Oct
Sep
t
Au
g
Ju
ly
Ju
ne
May
Ap
ril
Marc
h
Feb
Jan
-14
AE
D
Occu
pan
cy
HOTEL SUMMARY FOCUS ON ISLAMIC AND FILM TOURISM TO HELP GROW TOURIST NUMBERS OVER THE SHORT TO MEDIUM TERM
�� Over 1,100 hotel rooms were added to the Dubai market during Q1 2015 with 70%+ being in the 5 star category. The increase in 5 star rooms and a drop in Russian tourists has contributed to a 9% decline in RevPar in comparison with the same period last year
�� Hotel apartments continue to perform well, assisted by longer term stays (4-7 days), which has helped in maintaining high occupancy and stable RevPar during Q1 2015. Adagio is the latest hotel apartment establishment to enter the market during Q1 2015 with 198 keys
�� The Dubai Government is maintaining its support of the tourism sector with the focus now being on expanding into new segments including Islamic and film tourism. These strategic initiatives will assist in growing
tourist numbers and support the increasing hotel room supply
�� Chinese tourists are the fastest growing nationality in Dubai and are expected to become a significant proportion of total guest arrivals over the next 4-5 years. Some hotels are already recruiting more mandarin speaking staff to cater for this growing segment of the market
�� Investor interest for hotel acquisitions continues to be healthy with a focus on 3 and 4 star properties in good locations with experienced and reputable operators in place. The majority of properties available for sale however are those that have a local operator which has impacted the potential to increase ADR’s
HOTEL NAME LOCATION STAR DATE NUMBER OF KEYS
Hyatt Regency Dubai Creek Heights
Bur Dubai 5 Star Q1 2015 464
Pullman Dubai Jumeirah Lakes Towers
Jumeirah Lakes Towers 5 Star Q1 2015 354
Lapaz Hotel Old Dubai 1 Star Q1 2015 31
Manhattan Hotel Bur Dubai 1 Star Q1 2015 66
Adagio Premium Dubai Al Barsha
Al Barsha Hotel Apartment Q1 2015 198
HOTEL NAME LOCATION STAR DATE NUMBER OF KEYS
Emirates Hotel Deira 1 Star Q2 2015 43
Taj Dubai Burj Khalifa 5 Star Q2 2015 296
InterContinental Dubai Marina
Marina 5 Star Q2 2015 328
Palazzo Versace Dubai Culture Village 5 Star Q2 2015204 rooms +
169 residences
St. Regis Dubai Sheikh Zayed Road 5 Star Q4 2015 233
Milestone Hotel Apartment
Bur Dubai 3 Star Q2 2015 56
HOTELS - NEW SUPPLY Q1
SAMPLE OF UPCOMING SUPPLY
DUBAI HOTEL ROOMS SUPPLY (2012 - 2016)
No
. o
f R
oo
ms
('0
00
s)
Existing Supply New Supply
Source: MPM Properties Research
1 3 81.1
4.4
20162015 Q2-Q42015 Q12012 2013 2014 Q1-Q3
0
20
40
60
80
100
79 80 8391 92.1
96
18
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
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REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW Q1 2015
28
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.
A collaborative team providing our integrated services
PAUL MAISFIELD BSC (HONS) MRICS CEO T: +971 (0)2 610 0545 M: +971 (0)50 660 9437 [email protected]
YOUSEF AL ZAROONI Regional Head – Al Ain T: +971 (0)3 708 8636 M: +971 (0)50 600 1002 [email protected]
ABDULLAH SAID AL KUWEITI Business Development Director T: +971 (0)2 610 1554 M: +971 (0)50 623 5854 [email protected]
KHALED AL SOLH BSC MRICS Head of Valuation – Abu Dhabi T: +971 (0)2 610 0085 M: +971 (0)50 722 9718 [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]
SAMUEL MORRIS BSC (HONS) FRICSHead of Valuation & Acting Regional Head - Dubai T: +971 (0)4 371 9466 M: +971 (0)50 107 1704 [email protected]
WAHIDA KARAMA Head of Property Operations T: +971 (02) 610 0435 M: +971 (0)50 765 7679 [email protected]
KHALED CHAHAL Head of Agency – Abu Dhabi T: +971 (0)2 412 8402 M: +971 (0)50 110 2929 [email protected]
FRANK O’DWYER MBA (Hons); BEng.Director of Property Management T: +971 (0)2 610 0402 M: +971 (0)50 812 1070 [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 Head of Agency – Dubai T: +971 (0)4 371 9462 M: +971 (0)50 651 6491 [email protected]
ABDELAZIZ AMAROUAYACHE Regional Head – Northern Emirates T: 971 (0)6 597 2514 M: +971 (0)50 656 2486 [email protected]
VAIBHAV SHARMA MCOM; MDBA Head of Strategic Advisory and Research T: +971 (0)2 412 8914 M: +971 (0)50 660 9295 [email protected]
NEW SUPPLY – Q1 2015 SAMPLE OF UPCOMING PROJECTS ffvvc
ffvvc
RESIDENTIAL RESIDENTIAL
OFFICE
RETAIL
HOTEL
HOTEL
3 JVC NAKHEEL VILLAS
3 BAY GATE
1
5
4
8
3
7
2
6
2 DREAM TOWER
2 PRIME BUSINESS CENTER - ARJAAN
5 LAKESIDE- IMPZ 6 LINCOLN PARK - DAMAC 7 FUTURE TOWER 8 THE VOGUE
OFFICE
5 OPUS
1 BURJUMAN EXTENSION
6 LILIAN TOWER
2 FESTIVAL CITY
7 ONYX
3 MALL OF THE EMIRATES EXPANSION
8 THE EXCHANGE
4 CITY WALK (PHASE 2 & PHASE 3)
SUPPLY - PHOTO GALLERY
1
1
4
4
CENTRAL PARK - DIFC
DESIGN DISTRICT
RABIA TOWER MAJAN
REGAL TOWER
HYATT REGENCY
VICEROY
ADAGIO HOTEL
HILTON GARDEN INN
MANHATTAN HOTEL
W HOTEL
PULLMANN
ONE AT PALM JUMEIRAH
REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEWQ1 2015
29
Residential
Offices
Retail
Hotels
Residential
Offices
Retail
Hotels
Q2 2014 NEW SUPPLY UNDER CONSTRUCTION
Sheikh Mohamed Bin Zayed Rd.
Sheikh Mohamed Bin Zayed Rd.
Sheikh Mohamed Bin Zayed Rd.
Al Khail Road
Al Khail Road
Um
m S
uqei
m R
oad
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
TECOMThe
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
5
6
8
58
7
7
6
5
1
3
4
2
1
4
3
2
1
4
3
2
1
4
1
3
7
6
15
2
3
8
Residential
Offices
Retail
Hotels
Q1 2015 NEW SUPPLY
Residential
Offices
Retail
Hotels
UNDER CONSTRUCTION
Q1 2015 REAL ESTATE SERVICES | DUBAI REAL ESTATE MARKET OVERVIEW
DUBAI OFFICE CONTACT DETAILS Office 004 - Level 100 Arenco Tower, Dubai Internet City Dubai
Tel. +971 (0)4 371 9462 Email. [email protected] www.mpmproperties.ae
PAUL MAISFIELD BSC (HONS) MRICS CEO T: +971 (0)2 610 0545 M: +971 (0)50 660 9437 [email protected]
VAIBHAV SHARMA MCOM; MDBA Head of Strategic Advisory and Research T: +971 (0)2 412 8914 M: +971 (0)50 660 9295 [email protected]
SAMUEL MORRIS BSC (HONS) FRICSHead of Commercial Valuation & Acting Regional Head - Dubai T: +971 (0)4 371 9466 M: +971 (0)50 107 1704 [email protected]
VINEET KUMAR Head of Agency – Dubai T: +971 (0)4 371 9462 M: +971 (0)50 651 6491 [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.Director of Property Management T: +971 (0)2 610 0402 M: +971 (0)50 812 1070 [email protected]