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OBSERVERDubai Residential ReportQ2 2020
OBSERVER - Dubai Residential Report Q2 2020 2 OBSERVER - Dubai Residential Report Q2 2020 3
Q2 HighlightsEconomic Snapshot
Dubai’s economy was impacted by measures introduced to counter Covid-19 over the second quarter, with a further decline in GDP expected to follow Q1’s 3.5% contraction. Tourism-related sectors and physical retailers were acutely affected by the suspension of tourist arrivals coupled with the temporary closure of hotels and malls. The proactive policy response from both UAE and Dubai authorities, however, eased the overall economic impact, with the UAE’s central bank (CBUAE) predicting a recovery in economic activity over the second half of 2020. The CBUAE specifically cited the Targeted Economic Support Scheme (TESS), along with economic stimulus packages announced by both local and federal governments, as likely to weigh in positively on growth once the pandemic subsides.
Sales Prices
Average apartment prices fell by 2.6% from Q1 2020, an increase in the rate of decline seen over Q1, with average villa prices seeing a more moderate fall of 1.2%. On an annual basis, average apartment prices declined by 9.8%, with villas falling by 7.1%. There was often a gap witnessed between buyer and seller price expectations over Q2 and average prices will likely decline further next quarter as transaction volume gains pace.
Rental Rates
Average apartment rents fell by 3.9% over Q2, following more moderate declines of 1.5% the previous quarter, leading to a 9.5% fall from Q2 2019. Average villa rents proved more resilient, falling by 2.6% and 7.2% on a quarterly and annual basis, respectively. Covid-19’s economic impact will continue to challenge rents over 2020, with falls in private sector salaries, rising unemployment and a reduced population set to place downward pressure on rates.
Off-plan Sales Launches
Developers refrained from launching new projects for sale over the second quarter, leaving total off-plan sales launches at 4,458 units for H1 2020. This compares to 12,222 in H1 2019 and 21,435 in H1 2018. The reduction in new sales launches is a welcome step towards more balanced supply and demand dynamics medium-term.
Transactions
Volumes. Overall residential transactions reached 5,233 units over the second quarter, representing a near 40% fall on an annual basis and a 45% fall q-o-q.
Values. The total value of residential transactions stood at AED 9.06 billion, a near 40% fall on a quarterly basis and a 37% fall y-o-y.
Key Indicators
ApartmentsPrices:Q-o-Q Change: –2.6%Y-o-Y Change: –9.8%Rents:Q-o-Q Change: –3.9%Y-o-Y Change: –9.5%
VillasPrices:Q-o-Q Change: –1.2%Y-o-Y Change: –7.1%Rents:Q-o-Q Change: –2.6%Y-o-Y Change: –7.2%
Off-plan Launches4,458 units (H1 2020)–63.5% Y-o-Y
Sales ValueAED 9.06 billion–39.9% Q-o-Q–36.6% Y-o-Y
Sales Volume5,233 units–45.4% Q-o-Q–39.6% Y-o-Y
Dubai’s residential sector faced a challenging second quarter, with social distancing measures, coupled with Covid-19’s economic impact, affecting market performance.
Average apartment rents fell by 3.9% quarter-on-quarter (q-o-q) and 9.5% year-on-year (y-o-y), with average villa rents seeing more moderate declines of 2.6% q-o-q and 7.2% y-o-y. While social distancing policies broadly restricted the rental market over April, activity recovered in May, driven by tenants looking to reduce rental costs or take advantage of lower rents to upsize.
The impact on residential prices was less pronounced, with the average price of recorded off-plan transactions seeing a slight uplift, while both new listing and completed unit prices fell. On average, Chestertons estimates that apartment and villa prices saw quarterly falls of 2.6% and 1.2%, respectively.
A total of 5,233 residential units were sold over Q2, representing a quarterly decline of 45%, with corresponding transaction value falling by 40% to AED 9.06 billion. When looked at on a monthly basis, June transaction figures were encouraging and point towards more typical sales volumes over the third quarter.
While clearly a testing period, there were also positives to draw from Q2. Developers held back new off-plan sales launches, a move that bodes well for more balanced supply and demand dynamics medium-term. Dubai also took a step towards greater market transparency, with the routine release of its official house price index, Mo’asher, likely to give rise to greater investor confidence.
The outlook for Dubai’s residential market will be closely tied to the performance of the wider economy. Over the second half of 2020, we expect residential prices and rents to fall further, driven by a declining expatriate population and an overall private sector contraction. Assuming a return to economic growth next year, it is likely that residential prices will see greater stability over 2021.
Market Overview
OBSERVER - Dubai Residential Report Q2 2020 3
OBSERVER - Dubai Residential Report Q1 2020 5OBSERVER - Dubai Residential Report Q2 2020 4
Covid-19’s impact disrupted Dubai’s residential sector, affecting agency and developer activity over Q2
Measures introduced to combat Covid-19 restricted broad activity over the second quarter, significantly reducing transaction volumes, especially across April and May. Limited sales activity can make accurately assessing average prices challenging, with the market witnessing a divergence in trends between average off-plan transaction prices and average listing and completed property prices over Q2.
We estimate that average apartment prices fell 2.6% from Q1 2020, an increase in the rate of decline from the previous quarter, with average villa prices seeing a more moderate fall of 1.2%. On an annual basis, average apartment prices declined by 9.8%, with villas falling by 7.1%.
We expect prices to face further declines over the second half of 2020, with a subdued economy and a likely reduction of the emirate’s population, both key drivers of Dubai residential prices, set to hamper market performance.
A notable fall in new off-plan sales launches, which totalled 4,458 units over the first half of 2020, compared to 12,222 units in H1 2019 and 21,435 units in H1 2018, bodes well for supply and demand dynamics and should serve to support residential prices medium-term.
Apartments:Q-o-Q Change: –2.6%Y-o-Y Change: –9.8%
The largest price declines in the apartment segment were witnessed in Discovery Gardens, with average prices falling
from AED 558 to AED 524 per sq ft, representing a decline of 6.1% over Q2.
Motor City saw a 5.3% drop from the previous quarter, with prices decreasing from AED 565 to AED 535 per sq ft.
Locations which witnessed more moderate declines over Q2 included The Greens and Business Bay, with prices falling by just 0.5% and 1%, respectively. Average apartment prices across Dubai Marina also performed comparatively well, declining by 1.1% to AED 1,009 per sq ft, down from AED 1,020 over Q1.
On an annual basis, Business Bay and The Views saw the most moderate declines, at -1.4% and -3.7%, respectively, following Business Bay recording a minor uplift in first quarter prices, and having seen stable prices over the preceding two quarters. Motor City, Dubai Silicon Oasis and Jumeirah Village Circle (JVC) saw the highest declines on an annual basis, with average prices at Motor City falling from AED 700 per sq ft in Q2 2019 to AED 535.
Villas: Q-o-Q Change: –1.2% Y-o-Y Change: –7.1%
All areas saw declines in average prices over the second quarter, within a bracket of -0.4% to -2.2% q-o-q and -4.6% to -12.9% y-o-y.
Palm Jumeirah saw the steepest quarterly price fall, with average values reaching AED 1,820 per sq ft, down from AED 1,860, a decline of 2.2%. This follows a price decline of less than 1% over the previous quarter. The Meadows/The Springs prices saw a fall of 2% q-o-q, following a 1.2% rise the previous quarter, with average prices reaching AED 815 per sq ft.
The Lakes, Arabian Ranches and Jumeirah Park all witnessed quarterly declines of less than 1%, at -0.4%, -0.6% and -0.7%, respectively. Average prices at The Lakes stood at AED 980 per sq ft, down from AED 1,038 in Q2 2019, with average prices at Arabian Ranches and Jumeirah Park standing at AED 790 and AED 720, respectively.
The Meadows/The Springs saw the lowest annual decline, at -4.6%. Jumeirah Park was the only area to see a double-digit fall in average prices, falling from AED 827 per sq ft in Q2 2019, representing a decline of 12.9%.
0
5000
10000
15000
20000
25000
30000
-70%
-50%
-60%
-30%
-40%
-10%
-20%
0%
10%
20%
H1 2016 H1 2017 H1 2018 H1 2019 H1 2020
Units launchedfor sale (O -plan) H-o-H ChangeSource:
REIDIN & Chestertons
Units Launched for Sale Off-plan and % Change
HOT TOPIC Dubai embraces greater market transparency
Q2 saw the release of the second and third editions of Mo’asher, Dubai’s official house price index, marking a further step towards greater transparency within the emirate’s residential sector. The index, which is jointly produced by the Dubai Land Department (DLD) and listings portal Property Finder, tracks property prices from a base year of 2012.
In May 2020, the sales index increased 12.1% compared to 2012 and 0.5% compared to April 2020. Over April and May, the index saw an increase of 1.54%. Mo’asher provides separate apartment and villa/townhouse indices, which saw monthly rises of 0.59% and 0.95%, respectively, in May 2020.
The routine release of the index, which was first announced last year, should serve to bolster investor confidence and enhances Dubai’s standing as the region’s most transparent property market.
OBSERVER - Dubai Residential Report Q2 2020 6 OBSERVER - Dubai Residential Report Q2 2020 7
Apartments and Villas − Residential Sales Prices and Quarterly Change
SharjahAbu Dhabi
The Palm Deira
DubaiMaritime
City
Bur Dubai
Deira
Hamriya
WuheidaMamzar
Hor Al Anz
Al Nahda
AirportFree Zone
Karama
Garhoud
Twar Qusais
Muhaisnah
Mirdif
Mizar
Khwaneej
Ghoroob
Shorooq
Warqaa
ZabeelOud
Metha
CultureVillage
UmmRamool
NaddShamma
DubaiFestival City
MeydanCity
Ras Al Khor
Bu Kadra
NaddAl Hammar
InternationalCity
AcademicCity
DubaiSilicon Oasis
Al WahaCommunity
MotorCity
SportsCity
Layan
Nad Al Sheba
Al BarariLiving Legends
ArabianRanches
Dubiotech
Awir
UmmHurairTrade
CentreDIFC
Dubai Mall
Mirdif CityCentre
Dragon Mart
Deira CityCentre
Al KhailGate
MediaCity
JumeirahIslands
JumeirahGolf
Estates
GreenCommunity
DowntownJebel Ali
Technology Park
DubaiInvestment
Park
DubaiWorld
Central
InternationalMedia
ProductionZone(IMPZ)
JumeirahHeights
TheGardens
DiscoveryGardens
Ibn BattutaMall
Jebel AliVillage
Jebel Ali Freezone EmiratesHills
InternetCity
Greens
Meadows/Springs
The Lakes
Al FurjanThe SpringsJumeirah
Park
JumeirahVillage Circle
TECOM
The Views
JLT
Al Quoz
Barsha
Mall of the Emirates
Dubai Pearl
Palm Jumeirah
Dubai MarinaBurjuman
Centre
Satwa
Badaa
Jumeirah
Al WaslSafa
Umm Suqeim
ManaraSufouh
The World
Arabian Gulf
Jumeirah BeachResidence
BluewaterIslands
The PalmJebel AliDubai
Waterfront
Barsha
MOTOR CITY
AED565MOTOR CITYAED535
DISCOVERYGARDENS
AED558
-5.3%Q-o-Q
Change
DISCOVERYGARDENS
AED524
-6.1%Q-o-Q
Change DOWNTOWNAED1,343 DOWNTOWN
AED1,322
-1.6%Q-o-Q
Change
BUSINESS BAYAED1,007
BUSINESS BAYAED997-1.0%
Q-o-QChange
DUBAILANDAED700
DUBAILANDAED665
-5.0%Q-o-Q
Change
DUBAIMARINA
AED1,020
DUBAIMARINA
AED1,009
-1.1%Q-o-Q
Change
DUBAI SILICONOASIS
AED580DUBAI SILICON
OASIS
AED570-1.7%
Q-o-QChange
SPORTS CITYAED670
SPORTS CITYAED657
-2.0%Q-o-Q
Change
JUMEIRAHLAKE TOWERS
AED790JUMEIRAH
LAKE TOWERS
AED768-2.8%
Q-o-QChange
THE VIEWS
AED1,065THE VIEWS
AED1,050
-1.4%Q-o-Q
Change
JUMEIRAHVILLAGECIRCLE
AED610JUMEIRAHVILLAGECIRCLE
AED600
-1.6%Q-o-Q
Change
THE GREENSAED840 THE GREENS
AED836
-0.5%Q-o-Q
Change
INTERNATIONALCITY
AED465INTERNATIONAL
CITY
AED445
-4.2%Q-o-Q
Change
Apartment Sales Q1 2020 Apartment Sales Q2 2020Villa Sales Q1 2020 Villa Sales Q2 2020 Q-o-Q ChangeFigures in AED/Sq FtSource: Chestertons Research
ARABIANRANCHES
AED795
THE LAKESAED984
ARABIANRANCHES
AED790
JUMEIRAHPARK
AED725
-0.6%Q-o-Q
Change
JUMEIRAHPARK
AED720
-0.7%Q-o-Q
Change
PALMJUMEIRAH
AED1,860PALM
JUMEIRAH
AED1,820
-2.2%Q-o-Q
Change
THE MEADOWS/SPRINGS
AED832
THE MEADOWS/SPRINGS
AED815 -2.0%Q-o-Q
Change
THE LAKESAED980
-0.4%Q-o-Q
Change
Dubailand
–
OBSERVER - Dubai Residential Report Q2 2020 7
OBSERVER - Dubai Residential Report Q2 2020 8 OBSERVER - Dubai Residential Report Q2 2020 9
Q2 saw market-wide declines in average rents, with villas proving more resilient
Dubai’s rental market saw broad declines over the second quarter, as the economic impact of Covid-19 placed pressure on rates. Average apartment rents fell by 3.9% over Q2, following more moderate declines of 1.5% over the previous quarter, contributing to a 9.5% fall from Q2 2019.
Average villa rents proved more resilient, falling by 2.6% and 7.2% on a quarterly and annual basis, respectively. The more moderate decline in villa rents is largely due to a rise in tenant interest in landed property, with agents reporting a clear increase in villa enquires following the easing of social distancing measures in May.
All areas saw declines in average rents over Q2, although the rate of decrease varied by unit type and location, with areas with higher volumes of new supply, and smaller unit-types, typically seeing larger average falls.
With the ongoing economic impact of Covid-19 taking effect, Dubai landlords have continued to offer discounts and more flexible payment terms to both attract and retain tenants. Multiple rental cheques, already increasingly common, are now widely expected by tenants, with payment through four to six cheques becoming typical market practice over the second quarter. Landlords also offered extended rent-free periods and increasingly listed units with the option of shorter lease terms.
While social distancing measures largely restricted leasing activity during April, the market has seen a notable rise in activity since May. Tenants looking to relocate have typically sort to reduce rental costs, following a fall in income, or take advantage
of lower rents to upsize and upgrade their accommodation. The most significant ongoing threats to the rental sector come from a fall in demand driven by rising unemployment and declining income levels for private sector workers. The second quarter witnessed significant job losses, especially across travel-related sectors, and a further fall in Dubai’s expatriate population presents a clear risk moving forward.
Landlords will likely need to demonstrate continued flexibility on both rents and payment terms, focusing on taking steps to retain tenants, over the second half of 2020.
Apartments:Q-o-Q Change: –3.9%Y-o-Y Change: –9.5%
All areas saw declines in average rents over the second quarter, within a bracket of -1.4% to -6.6%.
Studio units saw the sharpest falls on average, declining 5.8% q-o-q and 12.6% y-o-y, followed by one bedroom units at 3.9% and 11%, respectively.
Motor City witnessed the sharpest quarterly fall in average rents, at -6.6%, followed by Sports City at -6.4%. On an individual unit-type basis, rents for three bedroom units at Dubailand saw the steepest quarterly decline, at -10%. Conversely, three bedroom rents at International City and DIFC held steady for the second consecutive quarter, as did three bedroom units within Jumeirah Lake Towers.
On an annual basis, average rents across Motor City and The Views saw the highest average declines, at -14.8% and -13.2%, respectively, with The Greens, Dubai Silicon Oasis, Dubai Sports City and Discovery Gardens all seeing double-digit falls since Q2 2019.
Jumeirah Lake Towers and International City saw declines of 6.9% and 5.6%, respectively, with Dubailand, Dubai Marina, Business Bay and DIFC witnessing annual declines of below 8%.
Villas:Q-o-Q Change: –2.6%Y-o-Y Change: –7.2%
On a quarterly basis, Jumeirah Islands was the only location to see a quarterly decline of below 1%, at -0.8%, with Victory Heights and The Meadows both seeing a comparatively moderate decline of 1.6% q-o-q.
On an annual basis, the sharpest rental rate falls were witnessed across The Springs and The Meadows, with annual rents falling
by 12.2% and 12.7% respectively, compared to Q2 2019. Average rents at Arabian Ranches also saw a double-digit annual decline, at -10.2%, with other locations monitored seeing annual falls of below 10%.
Jumeirah Islands, Palm Jumeirah and The Lakes saw the lowest annual declines in average rents, at -2.9%, -3.1% and -5%, respectively.
On a unit-type basis, four bedroom villas at The Meadows saw the sharpest annual declines, reaching AED 175,000 per annum, a decline of 16.7%. Conversely, five bedroom villas at Jumeirah Islands witnessed the lowest annual fall, standing at AED 236,500 per annum, a decline of just 1.5% from Q2 2019.
Smaller villa units showed steeper average declines, with two and three bedroom units seeing annual rates fall by 13.7% and 8.4%, respectively, compared to declines of 7.2% across four bedroom villas and 5% for five bedroom units.
HOT TOPIC Tenants adjust their priorities after lockdown
While Covid-19 counter measures impacted second quarter leasing activity, Dubai residential agencies reported a sharp rise in enquires as restrictions eased over May. Agents also reported a change in requirements, with tenants increasingly looking for shorter lease lengths and properties offering more flexible payment terms. With ongoing market uncertainty, it is likely that demand for properties offering greater flexibility will continue.
Listings portal Property Finder also noted a spike in searches for Dubai villas and townhouses, with more tenants searching for properties with private gardens, large balconies and private swimming pools following April’s lockdown.
OBSERVER - Dubai Residential Report Q2 2020 9
OBSERVER - Dubai Residential Report Q2 2020 10 OBSERVER - Dubai Residential Report Q2 2020 11
Apartments - Average Rents by District/Unit Type and Quarterly Change
-14%
-12%
-10%
-8%
-6%
-4%
0%
-2%
-
100,000
150,000
50,000
200,000
250,000
Business Bay DIFC DiscoveryGardens
DowntownDubai
Dubai Marina DubaiSilicon Oasis
Dubai Sports City
Dubailand InternationalCity
JLT JVC The Greens The Views DubaiMotor City
PERCENTAG
E CHAN
GEAE
D R
ENTA
L RA
TES
Studio 1BR 2BR 3BR QoQ Change YoY ChangeSource: Chestertons Research
2BR 3BR 4BR 5BR QoQ ChangeSource: Chestertons Research YoY Change
-12%
-14%
-16%
0%
-2%
-4%
-6%
-8%
-10%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
ArabianRanches
TheSprings
TheMeadows
The Lakes VictoryHeights
Al Furjan JVT JumeirahIslands
JumeirahGolf Estates
PalmJumeirah
AED
REN
TAL
RATE
SPERCEN
TAGE CH
ANG
E
Villas - Average Rents by District/Unit Type and Quarterly Change
-14%
-12%
-10%
-8%
-6%
-4%
0%
-2%
-
100,000
150,000
50,000
200,000
250,000
Business Bay DIFC DiscoveryGardens
DowntownDubai
Dubai Marina DubaiSilicon Oasis
Dubai Sports City
Dubailand InternationalCity
JLT JVC The Greens The Views DubaiMotor City
PERCENTAG
E CHAN
GEAE
D R
ENTA
L RA
TES
Studio 1BR 2BR 3BR QoQ Change YoY ChangeSource: Chestertons Research
2BR 3BR 4BR 5BR QoQ ChangeSource: Chestertons Research YoY Change
-12%
-14%
-16%
0%
-2%
-4%
-6%
-8%
-10%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
ArabianRanches
TheSprings
TheMeadows
The Lakes VictoryHeights
Al Furjan JVT JumeirahIslands
JumeirahGolf Estates
PalmJumeirah
AED
REN
TAL
RATE
SPERCEN
TAGE CH
ANG
E
OBSERVER - Dubai Residential Report Q2 2020 11
OBSERVER - Dubai Residential Report Q2 2020 12
Completed Properties O�-PlanSource: REIDIN & Chestertons
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
Q2 2019 Q1 2020 Q2 20200
1000
2000
3000
4000
5000
6000
Q2 2019 Q1 2020 Q2 2020
Sales transactions fell sharply over Q2, although June figures point to recovery
Residential transactions totalled 5,233 units over the second quarter, representing a near 40% fall on an annual basis and a quarterly fall of 45%.
The sharp fall in transactions is largely a result of social distancing measures restricting sales activity over April and May, where total sales stood at 1,739 and 1,373 units, respectively. Eased restrictions over June had a notable impact on sales volumes, with monthly sales increasing to 2,121 units.
While off-plan sales accounted for 64% of the total number of units sold over Q2, total transaction value was more evenly divided between off-plan and completed property sales, standing at 51% and 49%, respectively.
42% of apartments sold over Q2 were one bedroom units, followed by studios at 27%, with two and three bedroom and above units accounting for 22% and 9% of sales, respectively. Three bedroom villas accounted for 43% of second quarter sales, followed by four bedroom villas at 31%. Two bedroom, five bedroom and six bedroom and above villas accounted for 6%, 13% and 7% of total sales, respectively.
Transaction Volumes Q-o-Q Movement (Completed Units): –54.8%Q-o-Q Movement (Off-Plan Units): –38.2%Y-o-Y Movement (Completed Units): –45.6%Y-o-Y Movement (Off-Plan Units): –35.6%
Off-plan sales totalled 3,331 units over Q2, down from 5,387 the previous quarter and the 5,171 units sold over Q2 2019. Completed sales stood at 1,902 units over Q2, a near 55% fall from the 4,204 sold over Q1 and down from the 3,499 units sold over Q2 2019.
Dubai Marina saw the highest volume of completed units transfer over Q2, at 146, followed by Dubai Hills Estate at 120 units.
Transaction ValuesQ-o-Q Movement (Completed Units): –41.1%Q-o-Q Movement (Off-Plan Units): –38.7%Y-o-Y Movement (Completed Units): –37.4%Y-o-Y Movement (Off-Plan Units): –35.8%
Transaction values for completed properties fell by over 40% from Q1, from AED 7.53 billion to AED 4.43 billion. On an annual basis, the total transaction value of completed properties declined by 37.4%, from AED 7.08 billion in Q2 2019.
Off-plan transfers followed a similar trend, falling by 38.7% on a quarterly basis, from AED 7.54 billion in Q1 2020 to AED 4.62 billion, with total transaction value declining by 35.8% annually.
District One saw the highest total value of completed properties transfer over the second quarter, with transactions totalling AED 630 million, followed by Dubai Hills Estate at AED 534 million.
Quarterly Transactions by Volume (No of Units) Quarterly Transactions by Value (AED Billion)
HOT TOPIC What does the future hold for Dubai real estate?
The ongoing pandemic has taken its toll on Dubai’s residential sector, affecting performance at a point when the market was starting to see more stable prices and even, across several communities, a modest rise in first quarter rents. The performance of the UAE’s residential sector is closely tied to that of the wider economy, with UAE non-oil private sector growth showing a broad correlation with sales price movements over recent years. With Dubai expected to see an economic contraction over 2020, and with the emirate’s expatriate population likely to decline, we expect both rents and sales prices to fall over the second half of 2020.
Current economic projections see a return to growth next year, with Dubai Expo also set to drive tourist arrivals and provide a platform for the emirate to showcase market opportunities. While the longer-term outlook is less clear, assuming a broad economic recovery, we expect the market to see greater price stability over 2021.
OBSERVER - Dubai Residential Report Q2 2020 14 OBSERVER - Dubai Residential Report Q2 2020 15
Transactions Dashboard Q2 2020
Completed Properties O�-PlanSource: REIDIN & Chestertons
ApartmentsQ2 2020 Sales Volume
by No of Bedrooms
One Studio Two Three + Three Four Five Six + Two
VillasQ2 2020 Sales Volume
by No of Bedrooms
ApartmentsQ2 2020 Sales Volumeby Construction Status
VillasQ2 2020 Sales Volumeby Construction Status
42%
27%
22%
9%
43%
31%
13%
7%6%
59%
41%42%
58%
OBSERVER - Dubai Residential Report Q2 2020 15
OBSERVER - Dubai Residential Report Q2 2020 16 OBSERVER - Dubai Residential Report Q2 2020 17
Q2 2020 Sales TransactionsCompleted Units
Top 10 Areas Based on Transaction Volumes (Number of Units) Top 10 Areas Based on Transaction Volumes (Number of Units)
Q2 2020 Sales TransactionsOff-plan Units
Top 10 Areas Based on Transaction Values (in million AED) Top 10 Areas Based on Transaction Values (in million AED)
4020- 8060 120 160140100
Dubai Marina
Dubai Hills Estate
Business Bay
Town Square
Downtown Dubai
Palm Jumeirah
Dubai Sports City
Jumeirah Village Circle
Dubailand Residence Complex
International City
- 200 100 400300 500 700600
District One
Dubai Hills Estate
Palm Jumeirah
Downtown Dubai
Business Bay
Dubai Marina
Arabian Ranches
Jumeirah Bay Island
Bluewaters Island
Jumeirah Beach Residence
20015010050- 250 350300 400
District One
Jumeirah Village Circle
Business Bay
Sobha Hartland
The Lagoons (Dubai Creek Harbour)
Downtown Dubai
International City
Emaar South
Villanova
Umm Suqeim Third
300200100- 500400 600 700
District One
Downtown Dubai
The Lagoons (Dubai Creek Harbour)
Business Bay
Jumeirah Beach Residence
Jumeirah First
Umm Suqeim Third
Sobha Hartland
Dubai Harbour
Jumeirah Village Circle
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
4020- 8060 120 160140100
Dubai Marina
Dubai Hills Estate
Business Bay
Town Square
Downtown Dubai
Palm Jumeirah
Dubai Sports City
Jumeirah Village Circle
Dubailand Residence Complex
International City
- 200 100 400300 500 700600
District One
Dubai Hills Estate
Palm Jumeirah
Downtown Dubai
Business Bay
Dubai Marina
Arabian Ranches
Jumeirah Bay Island
Bluewaters Island
Jumeirah Beach Residence
20015010050- 250 350300 400
District One
Jumeirah Village Circle
Business Bay
Sobha Hartland
The Lagoons (Dubai Creek Harbour)
Downtown Dubai
International City
Emaar South
Villanova
Umm Suqeim Third
300200100- 500400 600 700
District One
Downtown Dubai
The Lagoons (Dubai Creek Harbour)
Business Bay
Jumeirah Beach Residence
Jumeirah First
Umm Suqeim Third
Sobha Hartland
Dubai Harbour
Jumeirah Village Circle
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
4020- 8060 120 160140100
Dubai Marina
Dubai Hills Estate
Business Bay
Town Square
Downtown Dubai
Palm Jumeirah
Dubai Sports City
Jumeirah Village Circle
Dubailand Residence Complex
International City
- 200 100 400300 500 700600
District One
Dubai Hills Estate
Palm Jumeirah
Downtown Dubai
Business Bay
Dubai Marina
Arabian Ranches
Jumeirah Bay Island
Bluewaters Island
Jumeirah Beach Residence
20015010050- 250 350300 400
District One
Jumeirah Village Circle
Business Bay
Sobha Hartland
The Lagoons (Dubai Creek Harbour)
Downtown Dubai
International City
Emaar South
Villanova
Umm Suqeim Third
300200100- 500400 600 700
District One
Downtown Dubai
The Lagoons (Dubai Creek Harbour)
Business Bay
Jumeirah Beach Residence
Jumeirah First
Umm Suqeim Third
Sobha Hartland
Dubai Harbour
Jumeirah Village Circle
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
4020- 8060 120 160140100
Dubai Marina
Dubai Hills Estate
Business Bay
Town Square
Downtown Dubai
Palm Jumeirah
Dubai Sports City
Jumeirah Village Circle
Dubailand Residence Complex
International City
- 200 100 400300 500 700600
District One
Dubai Hills Estate
Palm Jumeirah
Downtown Dubai
Business Bay
Dubai Marina
Arabian Ranches
Jumeirah Bay Island
Bluewaters Island
Jumeirah Beach Residence
20015010050- 250 350300 400
District One
Jumeirah Village Circle
Business Bay
Sobha Hartland
The Lagoons (Dubai Creek Harbour)
Downtown Dubai
International City
Emaar South
Villanova
Umm Suqeim Third
300200100- 500400 600 700
District One
Downtown Dubai
The Lagoons (Dubai Creek Harbour)
Business Bay
Jumeirah Beach Residence
Jumeirah First
Umm Suqeim Third
Sobha Hartland
Dubai Harbour
Jumeirah Village Circle
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
Source: REIDIN & Chestertons Source: REIDIN & Chestertons
OBSERVER - Dubai Residential Report Q2 2020 17
OBSERVER - Dubai Residential Report Q2 2020 18 OBSERVER - Dubai Residential Report Q2 2020 19
About Us
Chestertons, a founding member of the Royal Institution of Chartered Surveyors, has been delivering leading-edge property advice to clients for over 200 years.
From our origins in 1805 to today’s global operation spanning over 120 offices in 20 countries, Chestertons has enjoyed a longheld reputation for providing expert property insight and on-the-ground delivery to investors, developers, corporate occupiers and financial institutions.
We support our clients across the breadth of their real estate needs and pride ourselves on taking an interest in their goals and challenges. Our ‘old service values’ means we are passionate about the success of our clients and our focus is always on consistently delivering value at every stage in the project lifecycle.
While Chestertons is a global company, we understand our clients’ interests are tied to the local market in which they operate. As such, we employ the most suitably qualified people on the ground, while sharing global best practices to support each and every client project. We have unparalleled knowledge of the Middle East and North Africa market with a team of 70 specialists across the region.
Core Services
ValuationsMortgage and Secured LendingPortfolio Valuations
Strategic Consultancy & ResearchFinancial FeasibilitiesHighest and Best Use StudiesMarket ResearchConceptual Advisory and Project Positioning Studies Project Redevelopment/Repositioning Advisory Investment Strategies – Acquisition and Disposal
Sales and LeasingCommercialIndustrialResidentialRetail
Property Management CommercialMixed-UseResidential
International Properties London Off-Plan ResidentialInternational Homes and Investments International Relocations
Nick Witty, BSc (Hons) MRICSManaging [email protected]
Adam Wilson, BSc (Hons) MRICS ACIArbHead of [email protected]
Chris Hobden, BA (Hons) MSc MRICSHead of Strategic [email protected]
Ellen SleutjesHead of [email protected]
OBSERVER - Dubai Residential Report Q2 2020 19
Disclaimer:
All articles and data presented herein is intended for information purposes and has been compiled from sources deemed reliable including the Valuations and Research De-partment of Chestertons, sales and leasing staff, published data, and secondary sources. Though information is believed to be correct, material presented is subject to errors, omissions, changes, or withdrawal without notice.
Mena Head Office2503, Marina Plaza, Dubai MarinaPO Box 283361, DubaiUnited Arab EmiratesOffice: +9714 381 0200Fax: +9714 325 3359Email: [email protected]
Abu Dhabi OfficeOffice No. 802, Tamouh TowerBuilding 12, Marina SquareAl Reem Island, PO Box 128983Abu Dhabi, United Arab EmiratesOffice: +9712 447 3100Fax: +9712 441 6200Email: [email protected]
Bahrain OfficeMaz Business CentreThe LagoonAmwaj IslandBahrainOffice: +973 1603 0646Email: [email protected]
Global Headquarters40 Connaught StreetLondon, W2 2ABUnited Kingdom
Further offices across the UK, EuropeAsia Pacific, Africa and the Caribbean.
Contact Us
www.chestertons-mena.com