OBSERVERDubai Residential ReportQ1 2020

OBSERVER - Dubai Residential Report Q1 2020 2 OBSERVER - Dubai Residential Report Q1 2020 3

Q1 Highlights

Economic Snapshot

While Dubai started the year with its largest-ever budget, ready to meet ambitious policy commitments and support Expo 2020, Covid-19 refocused government priorities from March onwards. Both Dubai and UAE authorities have introduced significant economic support measures in response to the pandemic, aimed at mitigating the impact of Covid-19 on key sectors and shoring up the overall economy. The AED 1.5 billion stimulus package released in Dubai specifically aims to reduce the cost of doing business and simplify administrative procedures, with a focus on the Emirate’s tourism, retail, external trade and logistics sectors. The short-term economic impact of Covid-19 will likely be acute, with economists now widely predicting economic stagnation over the first half of 2020.

Sales Prices

Average apartment sales prices were down 1.8% from Q4 2019, a notable slowdown in the rate of decline year-on-year, with average values having fallen by 3% over Q1 2019. Villa prices fell by 0.8% over the first quarter, again showing a reduction in the pace of decline, although general oversupply continued to apply downward pressure across the board.

Rental Rates

Dubai apartment rents declined by 1.5% over the first quarter, with villa rents seeing a more moderate fall of 1.3%. This follows a period of greater stability over the previous quarter, with the short-term outlook for Dubai’s rental market hampered by ongoing efforts to counter Covid-19.

Transactions

Volumes. Overall residential transactions reached 9,591 units over the first quarter, representing a 13% rise on an annual basis, although a near 21.5% fall quarter-on-quarter.

Values. The total value of residential transactions stood at AED 15.07 billion, an over 25% fall on a quarterly basis, although rising by 5% year-on-year.

New Launches

The total number of units launched stood at 4,458, across freehold areas, over Q1. This represents a notable fall from the 6,328 units launched in Q1 2019 and the 12,000-plus units launched in Q1 2018. The drop in new launches is a welcome move forward for a sector where oversupply has long driven down values.

Key Indicators

ApartmentsValue:Q-o-Q Change: –1.8%Y-o-Y Change: –10.8%Rents:Q-o-Q Change: –1.5%Y-o-Y Change: –8.3%

VillasValue:Q-o-Q Change: –0.8%Y-o-Y Change: –9.5%Rents:Q-o-Q Change: –1.3%Y-o-Y Change: –9.9%

New Launches4,458 units–29% Y-o-Y

Sales ValueAED 15.07 billion+5% Y-o-Y–26.1% Q-o-Q

Sales Volume9,591 units+13% Y-o-Y–21.5% Q-o-Q

Dubai’s residential sector demonstrated a resilient start to 2020, with a year-on-year increase in sales volume reflecting more positive buyer sentiment. While residential values continued to fall over the first quarter, the rate of decline lowered on both an annual and quarterly basis, with average apartment values and rents falling by 1.8% and 1.5%, respectively. Villas also saw more moderate declines, with average values falling by 0.8% and rents 1.3% on a quarterly basis.

Q1 witnessed a notable slowdown in new project launches, with around 4,500 residential units launched for sale by developers, down from over 6,000 in Q1 2019 and 12,000-plus in Q1 2018. The fall in new projects bodes well for a market where oversupply has long suppressed values. The notable reduction in launches from government-backed developers also points to the early success of the Higher Committee for Real Estate Planning, a body mandated to shape several key areas of real estate policy, which first convened in November 2019.

While government measures introduced to combat coronavirus (Covid-19) came into effect in March, their immediate impact on Dubai’s residential sector was limited, with travel restrictions and social isolation policies most acutely affecting the Emirate’s hospitality and retail sectors. The broad economic support packages introduced by the Dubai government, complemented by various relief measures from private sector landlords, will go some way to shore up the real estate market and offer welcome support to residential tenants.

It is likely that the ongoing pandemic’s effects will be reflected in second quarter figures, with disruption to the transactional process itself, coupled with an overall economic contraction, likely to cause near-term challenges. While the overall impact of Covid-19 on Dubai real estate depends largely on the pandemic’s duration, and the nature of the public policy response, the residential sector will clearly face significant headwinds over coming months.

Market Overview

OBSERVER - Dubai Residential Report Q1 2020 5OBSERVER - Dubai Residential Report Q1 2020 4

Sharp fall in project launches suggests turning point in addressing residential oversupply

Reduced rates of decline across average values, coupled with a continued fall in new project launches, were welcome developments over the first quarter.

Average apartment sales prices fell 1.8% from Q4 2019, a notable slowdown in the rate of decline from the previous quarter, with average villa prices decreasing by just 0.8%.

Apartment rents declined by 1.5% on a quarterly basis, with villas witnessing average declines of 1.3%. Declines in rents across both property types follows a period of comparative stability over the fourth quarter, with disruption caused by the ongoing Covid-19 pandemic likely set to further challenge rents over the second quarter.

A notable fall in new project launches, which totaled 4,458 units over Q1 2020, compared to 6,328 units in Q1 2019 and 12,369 units in Q1 2018, suggests a commitment to addressing the long-standing issue of oversupply in Dubai’s residential sector. A reduction in future residential supply is a crucial step towards more balanced supply and demand dynamics and will go some way to support long-term investor confidence.

Apartments:Q-o-Q Change: –1.8%Y-o-Y Change: –10.8%

The largest price declines in the apartment segment were witnessed in Dubai Sports City, with average prices falling from AED 692 to AED 670 per sq ft, representing a decline of 3.2% over Q1.

Discovery Gardens saw a 3.1% drop from the previous quarter, with prices decreasing from AED 576 to AED 558 per sq ft.

Locations which witnessed minimal declines from the previous quarter included The Greens and International City, with prices falling by just 0.8% and 0.9%, respectively. Average apartment prices across Dubai Land were stable, standing atAED 700 per sq ft.

The only area to witness a rise in average prices over Q1 was Business Bay, where sales prices increased from AED 1,000 to AED 1,007 per sq ft, a rise of 0.7%. The moderate uplift in average values follows two consecutive quarters of stable pricing, with year-on-year values across Business Bay declining by just 3%, 7.8 percentage points (ppt) above the market-wide average.

Dubai Land and International City also performed comparatively well on an annual basis, seeing declines of only 3% and 3.4%, respectively, year-on-year. The Greens and Dubai Sports City were only other districts to see single-digit annual decline rates, with values falling by 9.2% and 9%, respectively, from Q1 2019.

Villas:Q-o-Q Change: –0.8%Y-o-Y Change: –9.5%

The average decline in villa values reduced by 2.2 ppt on a quarterly basis, standing at 0.8%, from 3% over Q4 2019.

Jumeirah Park saw the steepest quarterly price fall, with average values reaching AED 725 per sq ft from AED 740, a decline of 2%. This follows a price decline of 8% the previous quarter. Arabian Ranches saw a fall of 1.6%, following a moderate rise the previous quarter, with average prices reachingAED 795 per sq ft.

Both Palm Jumeirah and The Lakes witnessed quarterly declines of less than 1%, at 0.7% and 0.9%, respectively.

The only area to see an average rise was The Meadows/The Springs, where average prices reached AED 832 per sq ft,a quarterly rise of 1.2%.

The average year-on-year price decline for villas was a 9.5%, 0.5 ppt higher than the rate of decline witnessed the previous quarter. The strongest performing location on an annual basis was Palm Jumeirah, where values have fallen from AED 1,984 in Q1 2019 to AED 1,860 over last quarter, representing a yearly decline of 6.3%.

0

2000

4000

6000

8000

10000

12000

14000

-70%

-50%

-60%

-30%

-40%

-10%

-20%

0%

10%

20%

30%

Q1 2017 Q1 2018 Q1 2019 Q1 2020

Volume(No of Units) Y-o-Y ChangeSource:

REIDIN & Chestertons

New Project Launches by Quarter and Y-o-Y Change

HOT TOPIC

The first quarter saw a notable slowdown in new project launches, largely driven by a significant reduction from government-backed developers. While this is partly a result of developers responding to rising levels of built but unsold inventory, against a backdrop of weaker 2019 sales, it also the first full quarter since the inauguration of the Higher Committee for Real Estate Planning. The Committee, a body chiefly mandated with regulating Dubai real estate supply and demand dynamics, began operating in November 2019, and the fall in new launches from Dubai’s larger developers is likely a testament to the Committee’s early efforts. With oversupply long placing downward pressure on values, the reduction in early 2020 launches is a welcome step towards sustainable levels of development.

OBSERVER - Dubai Residential Report Q1 2020 6 OBSERVER - Dubai Residential Report Q1 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

AED585MOTOR CITYAED565

DISCOVERYGARDENS

AED576

-3.4%Q-o-Q

Change

DISCOVERYGARDENS

AED558

-3.1%Q-o-Q

Change DOWNTOWNAED1,371 DOWNTOWN

AED1,343

-2.0%Q-o-Q

Change

BUSINESS BAYAED1,000

BUSINESS BAYAED1,0070.7%

Q-o-QChange

DUBAILANDAED700

DUBAILANDAED700

0.0%Q-o-Q

Change

DUBAIMARINA

AED1,030

DUBAIMARINA

AED1,020

-1%Q-o-Q

Change

DUBAI SILICONOASIS

AED591DUBAI SILICON

OASIS

AED580-1.9%

Q-o-QChange

SPORTS CITYAED692

SPORTS CITYAED670

-3.2%Q-o-Q

Change

JUMEIRAHLAKE TOWERS

AED814JUMEIRAH

LAKE TOWERS

AED790-2.9%

Q-o-QChange

THE VIEWS

AED1,089THE VIEWS

AED1,065

-2.2%Q-o-Q

Change

JUMEIRAHVILLAGECIRCLE

AED623JUMEIRAHVILLAGECIRCLE

AED610

-2.1%Q-o-Q

Change

THE GREENSAED847 THE GREENS

AED840

-0.8%Q-o-Q

Change

INTERNATIONALCITY

AED469INTERNATIONAL

CITY

AED465

-0.9%Q-o-Q

Change

Apartment Sales Q4 2019 Apartment Sales Q1 2020Villa Sales Q4 2019 Villa Sales Q1 2020 Q-o-Q ChangeFigures in AED/Sq FtSource: Chestertons Research

ARABIANRANCHES

AED808

THE LAKESAED993

ARABIANRANCHES

AED795

JUMEIRAHPARK

AED740

-1.6%Q-o-Q

Change

JUMEIRAHPARK

AED725

-2.0%Q-o-Q

Change

PALMJUMEIRAH

AED1,874PALM

JUMEIRAH

AED1,860

-0.7%Q-o-Q

Change

THE MEADOWS/SPRINGS

AED822

THE MEADOWS/SPRINGS

AED832 1.2%Q-o-Q

Change

THE LAKESAED984

-0.9%Q-o-Q

Change

Dubailand

–

OBSERVER - Dubai Residential Report Q1 2020 8 OBSERVER - Dubai Residential Report Q1 2020 9

Q1 saw moderate falls in rents almost across the board, albeit at a lower annual rate, with further challenges ahead over Q2

Dubai’s rental market saw moderate declines in rents over the first quarter, following a period of stability in Q4 2019. Average apartment rents declined by 1.5% quarter-on-quarter and 8.3% year-on-year. Villa rents declined by 1.3% quarter-on-quarter and 9.9% year-on-year over Q1.

With ongoing oversupply placing downward pressure on rents, Dubai landlords have continued to offer discounts and more flexible payment terms to both attract and retain tenants. These include rent-free periods, offering multiple rent cheques, shorter-term leases and the inclusion of maintenance costs within rent.

Covid-19 prevention measures started to impact the rental market over the latter half of March, with Dubai authorities announcing the suspension of evictions, applicable to both residential and commercial sectors, over March and April. Early reports from property management companies suggest residential landlords have typically been willing to accept more lenient payment terms to assist tenants, with several major landlords announcing tenant relief packages, including short-term rent free-periods.

Several leading UAE residential agencies, while reporting disruption to the agency process itself, sustained reasonable enquiry levels over March and generally remain confident of an uptick in transactional activity once the pandemic subsides.

The greatest immediate threat to the rental market comes from a fall in demand driven by a rise in unemployment and a fall in income levels for private sector workers. Authorities have announced several policies aimed at economically supporting

the private sector, including permitting companies to reduce salaries on both a temporary and long-term basis, for expatriate workers. Early reports suggest that several major employers have cut both salaries and allowances, in response to recent falls in income. The corresponding effect on available income for living costs could place sharp downward pressure on rents, with a fall in private sector employment levels an additional risk.

It is likely that landlords will need to demonstrate further flexibility on both rents and payment terms, focusing on taking steps to retain tenants, over the second quarter.

Apartments:Q-o-Q Change: –1.5%Y-o-Y Change: –8.3%

All areas saw moderate declines in average rents over the first quarter, within a bracket of -0.4% to -2.3%.

International City and Dubai International Financial Centre (DIFC) both saw quarterly rent declines of below 1%, at -0.4% and -0.9%, respectively, with three bedroom rents in both locations holding steady over Q1.

The Views witnessed the sharpest quarterly fall in average rents, at -2.3%, followed by Dubai Land at -1.9%. On an individual unit-type basis, rents for three bedroom units at The Views saw the steepest decline, at -3.4%. Conversely, three bedroom rents at International City and DIFC held steady over the first quarter, as did studio and two bedroom rents in the former.

There was a broadly consistent rate of decline across unit types,

with Studio rents seeing marginally lower average declines, at -1.3%, and one bedroom units seeing the steepest fall at -1.6%, quarter-on-quarter.

On an annual basis, average rents within Downtown Dubai remained broadly stable, seeing a moderate decline of only 0.2% y-o-y. The stability in average rents in Downtown Dubai largely reflects the addition of new high-end units over Q4 2019, offsetting declines recorded in the first half of last year. The steepest annual declines in average rents were seen across Dubai Silicon Oasis and Dubai Land, at -12.7% and -10.7%, respectively.

Villas:Q-o-Q Change: –1.3%Y-o-Y Change: –9.9%

In the villa sector, the sharpest rental rate falls were witnessed in Jumeirah Golf Estates and Arabian Ranches, where there were average declines of 2.2% and 2.3% respectively, compared

to Q4 2019. Average rents for three bedroom villas in Jumeirah Golf Estates and Jumeirah Islands saw the sharpest quarterly declines on a unit-type basis, both falling by 3.4%. Average three bedroom villas rents in Jumeirah Golf Estates fell from AED 175,000 per annum to AED 169,000, with Jumeirah Islands’ three bedroom units falling from AED 145,000 per annum to AED 140,000, from Q4 2019.

Over Q1, there were a number of villa communities where rental rates remained more resilient, including Palm Jumeirah and Jumeirah Village Triangle (JVT), which both saw no average declines in rents on a quarterly basis. Average rents at The Lakes declined by only 0.7% over Q1, with rents for five bedroom villas remaining stable at AED 300,000 per annum.

The average year-on-year rental rate decline for villas was -9.9% from Q1 2019. The most resilient villa location was Palm Jumeirah with a 3.2% decline from the previous year, with the largest rental rate decline seen in Jumeirah Golf Estates, where rents fell by 14% from first quarter 2019.

HOT TOPIC

Government measures to combat Covid-19 came into effect towards the end of the first quarter. While social isolation policies disrupted the transactional process itself, the initial impact on the residential sector appears to have been limited, although the crisis will likely pose significant short-term challenges moving forward. While government measures to ban evictions overMarch and April offered welcome reassurance to tenants, landlords may have to brace themselves for a fall in income overcoming months.

OBSERVER - Dubai Residential Report Q1 2020 10 OBSERVER - Dubai Residential Report Q1 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 ChangeFigures in AED/Sq FtSource: Chestertons Research

2BR 3BR 4BR 5BR QoQ ChangeFigures in AED/Sq FtSource: 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 ChangeFigures in AED/Sq FtSource: Chestertons Research

2BR 3BR 4BR 5BR QoQ ChangeFigures in AED/Sq FtSource: 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 Q1 2020 12

Completed Properties O�-PlanSource: REIDIN & Chestertons

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Q1 2019 Q4 2019 Q1 20200

2000

1000

3000

4000

5000

6000

7000

8000

Q1 2019 Q4 2019 Q1 2020

Completed property sales volume increased 20% annually over Q1, with total transaction volume rising 13% year-on-year

Overall residential transactions reached 9,591 units over the first quarter, representing a 13% rise on an annual basis, although a 21.5% fall quarter-on-quarter. The annual rise was supported by a 20% increase in the transfer of existing properties, with off-plan sales volume rising by 9% year-on-year. On a quarterly basis, the transfer of off-plan properties fell by almost one third, from 7,597 in Q4 2019 to 5,387 units in Q1 2020. The quarterly drop in completed unit sales activity was less steep, declining from 4,621 in Q4 2019 to 4,204 units in Q1 2020, a fall of just over 9%.

The total value of residential transactions stood at AED 15.07 billion, a quarterly fall of 26.1%, although increasing by around 5% from Q1 2019 where transactions totaled AED 14.35 billion.

The 13% annual rise in transaction volume, and more moderate increase in corresponding transaction value, largely reflects the annual fall in average prices, coupled with an uptick in demand for smaller villa units.

Transaction Volumes Q-o-Q Movement (Completed Units): –9%Q-o-Q Movement (Off-Plan Units): -29.1%Y-o-Y Movement (Completed Units): +20%Y-o-Y Movement (Off-Plan Units): +9%

Both completed and off-plan transaction volume saw a sharp fall on a quarterly basis, following a near-record high over Q4 2019. Off-plan sales totaled 5,387 units over Q1, down from 7,597 the previous quarter, although increasing from the 4,964 units sold over Q1 2019. Completed sales fared better over Q1,

with unit transfers falling by 9%, to 4,204 units, on a quarterly basis. Annually, the volume of completed units transferred rose by 20%, up from 3,490 units in Q1 2019.

Dubai Marina saw the highest volume of completed units transfer over Q1, at 375, closely followed by Jumeirah Village Circle (JVC) at 315 units.

Transaction ValuesQ-o-Q Movement (Completed Units): -14%Q-o-Q Movement (Off-Plan Units): -35.1%Y-o-Y Movement (Completed Units): +16%Y-o-Y Movement (Off-Plan Units): -4%

Transaction values for off-plan properties fell by over 35% from Q4 2019, from AED 11.61 billion to AED 7.54 billion in Q1 2020. On an annual basis, the total transaction value of off-plan properties declined by 4%, from AED 7.85 billion in Q1 2019.

While the total value of completed unit transfers fell by 14% on a quarterly basis, from AED 8.76 billion to AED 7.53 billion, the value increased by 16% annually, up from AED 6.51 billion in Q1 2019.

Downtown Dubai saw the highest sales volume of completed properties transfer over the first quarter, with transactions totaling AED 569 million, closely followed by Dubai Marina at AED 565 million.

Quarterly Transactions by Volume (No of Units) Quarterly Transactions by Value (AED Billion)

HOT TOPIC

In March, the UAE Central Bank announced a series of measures to support the economy, including an increase in the loan to value (LTV) ratio for first time buyers and permitting banks to increase their real estate market exposure, from 20% to 30%, across their loan portfolios. With sizable upfront payments often a considerable barrier for first-time buyers, and more flexible developer payment plans proving successful where the initial cost is reduced, the rise in first time buyer LTV ratio should help to shore up transactional volumes during an increasingly challenging operating environment.

OBSERVER - Dubai Residential Report Q1 2020 14 OBSERVER - Dubai Residential Report Q1 2020 15

Transactions Dashboard Q1 2020

Completed Properties O�-PlanSource: REIDIN & Chestertons

ApartmentsQ1 2020 Sales Volume

by No of Bedrooms

One Studio Two Three + Three Four Five Two Six +

VillasQ1 2020 Sales Volume

by No of Bedrooms

ApartmentsQ1 2020 Sales Volumeby Construction Status

4,0102,707

VillasQ1 2020 Sales Volumeby Construction Status

903790

39%

30%

22%

9%

50%

30%

9%

7%4%

OBSERVER - Dubai Residential Report Q1 2020 16 OBSERVER - Dubai Residential Report Q1 2020 17

Q1 2020 Sales TransactionsCompleted Units

Top 10 Areas Based on Transaction Volumes (Number of Units) Top 10 Areas Based on Transaction Volumes (Number of Units)

Q1 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)

10050- 200150 300 400350250

Dubai Marina

Jumeirah Village Circle

Downtown Dubai

International City

Business Bay

Arjan

Jumeirah Beach Residence

Palm Jumeirah

Al Furjan

Dubai Hills Estate

- 200 100 400300 500 600

Downtown Dubai

Dubai Marina

Palm Jumeirah

Dubai Hills Estate

Jumeirah Beach Residence

Business Bay

Bluewaters Island

Jumeirah Village Circle

Emirates Hills

District One

200100- 300 500400 600

Business Bay

Downtown Dubai

Jumeirah Village Circle

The Lagoons (Dubai Creek Harbour)

Liwan

Arabian Ranches Phase 3

Emaar South

Meydan City

Arjan

Villanova

400200- 800600 1,2001,000 1,400

Downtown Dubai

Business Bay

The Lagoons (Dubai Creek Harbour)

Jumeirah Beach Residence

Jumeirah First

Dubai Harbour

Arabian Ranches Phase 3

Villanova

Meydan City

Emaar South

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

10050- 200150 300 400350250

Dubai Marina

Jumeirah Village Circle

Downtown Dubai

International City

Business Bay

Arjan

Jumeirah Beach Residence

Palm Jumeirah

Al Furjan

Dubai Hills Estate

- 200 100 400300 500 600

Downtown Dubai

Dubai Marina

Palm Jumeirah

Dubai Hills Estate

Jumeirah Beach Residence

Business Bay

Bluewaters Island

Jumeirah Village Circle

Emirates Hills

District One

200100- 300 500400 600

Business Bay

Downtown Dubai

Jumeirah Village Circle

The Lagoons (Dubai Creek Harbour)

Liwan

Arabian Ranches Phase 3

Emaar South

Meydan City

Arjan

Villanova

400200- 800600 1,2001,000 1,400

Downtown Dubai

Business Bay

The Lagoons (Dubai Creek Harbour)

Jumeirah Beach Residence

Jumeirah First

Dubai Harbour

Arabian Ranches Phase 3

Villanova

Meydan City

Emaar South

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

10050- 200150 300 400350250

Dubai Marina

Jumeirah Village Circle

Downtown Dubai

International City

Business Bay

Arjan

Jumeirah Beach Residence

Palm Jumeirah

Al Furjan

Dubai Hills Estate

- 200 100 400300 500 600

Downtown Dubai

Dubai Marina

Palm Jumeirah

Dubai Hills Estate

Jumeirah Beach Residence

Business Bay

Bluewaters Island

Jumeirah Village Circle

Emirates Hills

District One

200100- 300 500400 600

Business Bay

Downtown Dubai

Jumeirah Village Circle

The Lagoons (Dubai Creek Harbour)

Liwan

Arabian Ranches Phase 3

Emaar South

Meydan City

Arjan

Villanova

400200- 800600 1,2001,000 1,400

Downtown Dubai

Business Bay

The Lagoons (Dubai Creek Harbour)

Jumeirah Beach Residence

Jumeirah First

Dubai Harbour

Arabian Ranches Phase 3

Villanova

Meydan City

Emaar South

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

10050- 200150 300 400350250

Dubai Marina

Jumeirah Village Circle

Downtown Dubai

International City

Business Bay

Arjan

Jumeirah Beach Residence

Palm Jumeirah

Al Furjan

Dubai Hills Estate

- 200 100 400300 500 600

Downtown Dubai

Dubai Marina

Palm Jumeirah

Dubai Hills Estate

Jumeirah Beach Residence

Business Bay

Bluewaters Island

Jumeirah Village Circle

Emirates Hills

District One

200100- 300 500400 600

Business Bay

Downtown Dubai

Jumeirah Village Circle

The Lagoons (Dubai Creek Harbour)

Liwan

Arabian Ranches Phase 3

Emaar South

Meydan City

Arjan

Villanova

400200- 800600 1,2001,000 1,400

Downtown Dubai

Business Bay

The Lagoons (Dubai Creek Harbour)

Jumeirah Beach Residence

Jumeirah First

Dubai Harbour

Arabian Ranches Phase 3

Villanova

Meydan City

Emaar South

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

Source: REIDIN & Chestertons Source: REIDIN & Chestertons

OBSERVER - Dubai Residential Report Q1 2020 18 OBSERVER - Dubai Residential Report Q1 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

Advisory and 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 DirectorMENAnick.witty@chestertons.com

Adam Wilson, BSc (Hons) MRICS ACIArbHead of ValuationsMENAadam.wilson@chestertons.com

Chris Hobden, BA (Hons) MSc MRICSHead of Strategic ConsultancyMENAchris.hobden@chestertons.com

Ellen SleutjesHead of AgencyMENAellen.sleutjes@chestertons.com

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: uae.enquiry@chestertons.com

Abu Dhabi OfficeOffice No. 802, Tamouh Tower,Building 12, Marina Square,Al Reem Island, PO Box 128983,Abu Dhabi, United Arab EmiratesOffice: +9712 447 3100Fax: +9712 441 6200Email: abudhabi@chestertons.com

Bahrain OfficeMaz Business Centre,The Lagoon,Amwaj Island,BahrainOffice: +973 1603 0646Email: bahrain@chestertons.com

Global Headquarters40 Connaught Street,London, W2 2ABUnited Kingdom

Further offices across the UK, Europe,Asia Pacific, Africa and the Caribbean.

Contact Us

www.chestertons-mena.com