OBSERVER Dubai Market Report Q3 / 2019 · Values. Services. Report Highlights. Economic snapshot. According to a recent report by Standard & Poor, Dubai’s . economic growth will

OBSERVERDubai Market ReportQ3 / 2019

Values

Report HighlightsServices

Economic snapshot

According to a recent report by Standard & Poor, Dubai’s economic growth will reach 2.4% by the end of 2019, with support coming largely from the construction and real estate sectors. This will be followed by stronger growth as a result of tourism and related spending linked to the Expo in 2020. After the Expo, economic growth is expected to ease to around 2% in 2022, sustained by traditional growth engines such as trade and transportation.

Sales prices

As predicted, there were further price declines in Q3 2019 due to excess supply and sluggish economic growth. Average apartment sales prices were down 4% from Q2 2019 and villas down 3% from the previous quarter. Over 20,000 new residential units were delivered in 2018 and the projections for the remainder of 2019 are looking significantly higher, close to 50,000 units, as developers work towards delivering units before Expo 2020. As such, we predict another 2.5% - 5% drop in prices by the end of 2019.

Rental rates

As expected, rents continued to soften in Q3 2019. This was a direct consequence of additional supply being added to the market, thus offering more choice to potential tenants, however, Q3 saw a marked slowing down of declines totaling an average of 1% in the apartment and villa sectors when compared with Q2 2019.

Transactions

Volumes. The market for completed units witnessed an increase in transactional volumes in Q3 2019 with a 45% increase compared with Q2 2019, from 3,280 to 4,764 units. The volume of off-plan transactions was also up 45% on Q2 2019 from 5,158 units to 7,465 units. However, this significant increase could partly be a result of developers registering units on mass as they near handover, as opposed to them actually making those sales in that quarter.

Values. Transactions involving completed properties increased in value by 16% from AED 7.37 billion in Q2 to AED 8.52 billion in Q3. There was also an increase in the value of off-plan transactions of 46% from AED 7.19 billion in Q2 to AED 10.48 billion in Q3. As above, this marked increase could be a result of developers registering units on mass.

Market outlook

The question everyone still seems to be asking is when will Dubai’s real estate market recover? Whilst we expect prices and rentals to drop another 2.5% - 5% across the remainder of 2019, the extent to which the market will recover from 2020 onwards will be dependent upon the success of recently announced initiatives to boost demand and control supply. These include the 10-year residency visa, the economic stimulus package and the new Real Estate Committee. The good news for investors, in the short term, is that Dubai’s residential market remains highly buyer-friendly due to the wide variety of options available at competitive prices.

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/Facilities Management CommercialMixed-UseResidential

International Properties London Off-Plan ResidentialInternational Homes and Investments International Relocations

Price Movements

Apartments

Apartments

Volumes

Volumes

Villas

Villas Values

Rental Movements

Completed Unit Transactions

Off-Plan Unit Transactions

Dubai Residential Market Q3 2019 Snapshot

QoQ −4%

QoQ −1%

QoQ +45%

QoQ +45%

QoQ −3%

QoQ −1%

QoQ +16%

QoQ +46%

The Observer - Dubai Residential Q3 2019 1

Values

Amidst further capital declines, the Government announced another initiative to support the real estate sector

As predicted, there have been further price declines in Q3 2019 due to excess supply and sluggish economic growth. Average apartment sales prices were down 4% from Q2 2019 and villas 3% down from the previous quarter. Over 20,000 new residential units were delivered in 2018 and the projections for the remainder of 2019 are looking significantly higher as developers work towards delivering units before Expo 2020. As such, we predict another 2.5% - 5% drop in prices by the end of 2019. However, whilst capital values continue to soften, transaction activity displayed some positive sentiment in Q3 in the completed unit and off-plan sectors.

In terms of transaction volumes in the completed units market, there was a 45% increase between Q2 and Q3 2019 and a 16% increase in values. This indicates a higher proportion of lower-

value completed housing has been purchased; representing a marked shift in preference from luxury to affordable housing. However, the significant increase in volumes could be a result of developers registering units on mass as they near handover, as opposed to them actually making those sales in that quarter.

In the off-plan sector, there was a 45% increase in volumes in Q3 and a 46% increase in values. As above, this increase could be a result of developers registering units on mass. However, it may also suggest that the post-handover payment plans have been successful at attracting buyers and making purchased property more accessible across the board.

HOT TOPIC In September, it was announced that Dubai would form a Higher Committee for Real Estate Planning to set the strategic charter for property in the Emirate. As part of its remit, the committee will be tasked with achieving a more sustainable balance between supply and demand whilst ensuring there is no duplication in the sector as well as tempering the competition between large government-backed developers and smaller private developers. The committee, made up of various government departments and developers, will be chaired by Sheikh Mohammed and will ultimately ensure real estate projects add value to Dubai’s economy.


Apartments: Quarter-on-Quarter Movement: (–4%)

The most resilient apartment location in Q3 was Discovery Gardens, which saw no price movement when compared with Q2 with prices holding firm at AED 592 per sqft.

Modest price declines were seen in the apartment segment in Business Bay, Downtown, Dubailand, Dubai Sports City and International City with a 1% decrease from the previous quarter. Average apartment prices decreased from AED 1,011 per sqft to AED 1,000 per sqft, AED 1,401 per sqft to AED 1,391 per sqft, from AED 706 per sqft to AED 700 per sqft, AED 713 per sqft to AED 703 per sqft and AED 481 per sqft to AED 478 per sqft respectively.

The highest price declines were witnessed in Dubai Silicon Oasis at a 12% decrease from Q2 from AED 697 per sqft to AED 612 per sqft and Dubai Motor City with a 10% decrease from Q2, from AED 700 per sqft to AED 630 per sqft.

Villas: Quarter-on-Quarter Movement: (–3%)

In contrast to the previous quarter, The Meadows and Springs were the most resilient locations with no price movement since Q2 where prices remained at AED 850 per sqft.

The highest price decline was witnessed in Arabian Ranches where prices fell by 5% in Q3 from AED 833 per sqft to AED 793 per sqft.

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

AED700MOTOR CITYAED630

DISCOVERYGARDENS

AED592

-10%Q-o-Q

Movement

DISCOVERYGARDENS

AED592

0%Q-o-Q

Movement DOWNTOWNAED1,401

-1%Q-o-Q

Movement

DOWNTOWNAED1,391

BUSINESS BAYAED1,011

BUSINESS BAYAED1,000-1%

Q-o-QMovement

DUBAILANDAED706

DUBAILANDAED700

-1%Q-o-Q

Movement

DUBAIMARINA

AED1,090

DUBAIMARINA

AED1,030

-6%Q-o-Q

Movement

DUBAI SILICONOASIS

AED697DUBAI SILICON

OASIS

AED612-12%

Q-o-QMovement

SPORTS CITYAED713

SPORTS CITYAED703

-1%Q-o-Q

Movement

JUMEIRAHLAKE TOWERS

AED872JUMEIRAH

LAKE TOWERS

AED858-2%

Q-o-QMovement

THE VIEWS

AED1,090THE VIEWS

AED1,044

-4%Q-o-Q

Movement

JUMEIRAHVILLAGECIRCLE

AED708JUMEIRAHVILLAGECIRCLE

AED685

-3%Q-o-Q

Movement

THE GREENSAED907 THE GREENS

AED849

-6%Q-o-Q

Movement

INTERNATIONALCITY

AED481INTERNATIONAL

CITY

AED478

-1%Q-o-Q

Movement

Apartment Sales Q2 2019 Apartment Sales Q3 2019Villa Sales Q2 2019 Villa Sales Q3 2019 QoQ MovementFigures in AED/Sq FtSource: REIDIN & Chestertons

ARABIANRANCHES

AED833

THE LAKESAED1,038

ARABIANRANCHES

AED793

JUMEIRAHPARK

AED827

-5%Q-o-Q

Movement

JUMEIRAHPARK

AED804

-3%Q-o-Q

Movement

PALMJUMEIRAH

AED1,967PALM

JUMEIRAH

AED1,927

-2%Q-o-Q

Movement

THE MEADOWS/SPRINGS

AED854

THE MEADOWS/SPRINGS

AED850 -0%Q-o-Q

Movement

THE LAKESAED1,010

-3%Q-o-Q

Movement

Dubailand

The Observer - Dubai Residential Q3 2019 4 The Observer - Dubai Q3 2019 5

Dubai’s rental market poised for change

Rents continued to soften in Q3 2019. This was a consequence of additional supply being added to the market, thus offering more choice to potential tenants. However, Q3 saw a marked slowing down of declines with an average 1% decrease in the apartment and villa sectors when compared with Q2 2019.

However, the Emirate’s rental sector is evolving to adapt to market conditions:

In May, the Dubai Land Department confirmed it was studying a proposal to freeze residential rents for three years. This could have a positive impact on people’s decision to move to the UAE as rentals are the biggest item of expenditure and under this new proposal they would be able to fix their costs for a designated period of time, however, the downside is it could remove some of the incentive for residents to become property buyers.

Due to challenging market conditions, landlords have become highly competitive as those who are still paying off mortgages cannot afford for their property to be vacant for long periods of time, particularly amid increasing market supply. These incentives include rent-free periods, multiple rent cheques, waiver of security deposits, multiple cheques to cover utility bills, shorter term leases and the inclusion of maintenance within the rent.

Since the change in UAE regulations, short-term lettings have rapidly increased in popularity with single and portfolio landlords alike. These types of lets are achieving between 25% and 40% higher returns when compared with traditional longer-term leases. Whilst there are some seasonal variances in achievable rents and there is the issue of wear and tear and overheads such as cleaning and laundry, the associated costs are far outweighed by the significant upside in ROI. In an unprecedented move, Emaar issued a directive requiring all holiday rentals to cease with effect from 19th September in Downtown Dubai, a popular location for holiday lets. The question now is whether Emaar and other master-developers in Dubai will follow the same practice at other developments. If they do, it would cease momentum behind short-term stays fairly rapidly and a complete ban on all holiday homes would

issue the wrong signal to investors. Going forward, guidelines should be developed that benefit both the community, investors and operators if short-term rentals continue to be a fixture in the Emirate.

Apartments: Quarter-on-Quarter Movement: (– 1%)

In the apartment sector, the biggest average rental decline was witnessed in The Views with a 5% decrease when compared with Q2 2019. A typical 3 bedroom apartment rented forAED 165,000 per annum in Q2, dropping to AED 155,000 per annum in Q3, representing a 6% decline for that format.

DIFC and The Greens were the next most affected locations with an average 2% decline from the previous quarter with the smaller units witnessing the highest declines. Typical one bedroom units in DIFC rented for AED 103,000 per annum in Q2, dropping to AED 95,000 in Q3, reflecting an 8% decline. Whilst studio units in The Greens rented for AED 55,000 in Q2 dropping to AED 50,000 in Q3, representing a 9% decline.

Business Bay, Discovery Gardens, Dubai Silicon Oasis, JVC and Dubai Motor City were the most resilient communities in Q3 with no rental rate movement when compared with Q2.

Villas: Quarter-on-Quarter Movement: (– 1%)

In the villa sector, the biggest rental declines were witnessed in JVT and Victory Heights where there were average 3% declines when compared to Q2.

Jumeirah Golf Estates saw an average 2% decline from the previous quarter. Typical four bedroom villas saw no rental rate movement from Q2, however, the three bedroom and five bedroom formats saw declines of 3% with a 5 bedroom villa renting for AED 310,000 in Q2 dropping to AED 300,000 in Q3.

In Q3, the most resilient locations in the villa rental market were Arabian Ranches, The Springs, The Meadows, The Lakes, Al Furjan and Jumeirah Islands with no rental rate movement from Q2.

The Observer - Dubai Residential Q3 2019 6 The Observer - Dubai Residential Q3 2019 7

HOT TOPIC A new property price index that will allow residents and potential residents to compare prices for renting and buying across an array of Dubai communities was announced in late July. Called Mo’asher, it is a joint venture between Dubai Land Department (DLD) and Property Finder. This index will show real prices for properties sold and rented across Dubai. The information, which will date back to as early as 2008, will include the average price per sale, average price per square foot per sale and average annual rent for freehold, non-freehold and leasehold properties. It will bring much needed transparency to the Emirate’s real estate market which will help to attract further confidence from local, regional and global investors.

Apartments − Residential Market Rent and Quarterly Change

-6%

-5%

-4%

-3%

-2%

-1%

0%

-

40,000

60,000

20,000

80,000

100,000

140,000

160,000

120,000

180,000

200,000

Studio 1BR 2BR 3BR QoQ Change

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

Figures in AED/Sq FtSource: Propertyfinder & Chestertons

-4%

-3%

-2%

-1%

0%

-

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

2BR 3BR 4BR 5BR QoQ MovementFigures in AED/Sq FtSource: Propertyfinder & Chestertons

AED

REN

TAL

RATE

S

PERCENTAG

E CHAN

GE

-6%

-5%

-4%

-3%

-2%

-1%

0%

-

40,000

60,000

20,000

80,000

100,000

140,000

160,000

120,000

180,000

200,000



DowntownDubai


Dubai Sports City



PERCENTAG

E CHAN

GEAE

D R

ENTA

L RA

TES


-4%

-3%

-2%

-1%

0%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ArabianRanches

TheSprings

TheMeadows




PalmJumeirah


AED

REN

TAL

RATE

S

PERCENTAG

E CHAN

GE

The Observer - Dubai Residential Q3 2019 8 The Observer - Dubai Residential Q3 2019 9

Villas − Residential Market Rent and Quarterly Change

-6%

-5%

-4%

-3%

-2%

-1%

0%

-

40,000

60,000

20,000

80,000

100,000

140,000

160,000

120,000

180,000

200,000



DowntownDubai


Dubai Sports City



PERCENTAG

E CHAN

GEAE

D R

ENTA

L RA

TES


-4%

-3%

-2%

-1%

0%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ArabianRanches

TheSprings

TheMeadows




PalmJumeirah


AED

REN

TAL

RATE

S

PERCENTAG

E CHAN

GE

Value of Residential Transactions Q3 2019 (AED Billions)

Transaction volumes for both completed and off-plan units increased 45% in Q3

Volume of Residential Transactions Q3 2019 (Number of Units)

Transactional activity saw a significant rise in the third quarter of 2019 (detailed figures below). This could be due to a combination of factors.

Dubai Land Department announced a 134 percent increase in real estate transactions when it announced it was setting up its planning committee in early September. Similarly, other Government initiatives such as the retirement visa, foreign company ownership and long-term residency visas are likely to ensure expats are retained in-market for a longer period of time – hence providing a much needed boost to the economy.

Finance is currently at a record low. As the Dirham is pegged to the US dollar, news in August that the US Federal Reserve decided to cut interest rates by 0.25% would have been a welcome announcement for buyers in the UAE as it suggests the current unprecedented low-rate environment is likely to remain for some time to come.

Developer innovation is fast becoming a key characteristic of the UAE’s real estate market as it moves away from the ‘build it and they will come’ approach of the past and instead looks to meet market demand. Flexible payment plans and innovation-led design are now common place. Perhaps one of the more innovative payment plans that has been announced recently is by MAG Property Development who are offering a payment plan over a period of 20 years at AED 120 per day - without any additional terms or fees. The MAG campaign will extend to three of its key projects — MAG City Meydan, Al Furjan Villas, and MBL Tower in Jumeirah Lakes Towers.

Transaction Volumes

Quarter-on-Quarter Movement (Completed Units): +45% Quarter-on-Quarter Movement (Off-Plan Units): +45%

The market for completed units witnessed an increase in transactional volumes in Q3 2019 with a 45% increase compared with Q2 2019, from 3,280 to 4,764 units.

The volume of off-plan transactions was also up 45% on Q2 2019 from 5,158 units to 7,465 units. This could be a result of the attractive incentives offered to entice buyers, coupled with the fact that inventories are mostly focused on mid-market, affordable properties. Nevertheless, this figure may be skewed as actual sales may have occurred a long time ago as developers register off-plan sales with the DLD in bulk (completed phases or buildings at one time), usually as it nears handover.

Al Furjan was the most popular community in terms of completed unit transaction volumes in Q3 with a total of 697 transactions. Dubiland was the most popular off-plan location with a total of 1,423 transactions.

Transaction Values

Quarter-on-Quarter Movement (Completed Units): +16% Quarter-on-Quarter Movement (Off-Plan Units): +46%

Transactions involving completed properties increased in value by 16% from AED 7.37 billion in Q2 2019, to AED 8.52 billion in Q3. There was also an increase in the value of off-plan properties of 46% from AED 7.19 billion in Q2 2019 to AED 10.48 billion in Q3.

Palm Jumeirah was the most popular location in terms of completed unit transaction values at AED 845 million and Downtown Dubai for off-plan units at AED 1.81 billion.

HOT TOPIC One area which has not yet been fully explored in Dubai is the buy-to-let finance market. With lenders requiring deposits of 30 per cent to 50 per cent for investment properties, it is no surprise the buy-to-let market has not been buoyant in recent years. In a country with a high demand for rental properties and solid returns of 6-8 per cent on buy-to-let investments, this could be a missed opportunity. Foreign investment would be an obvious upside. An early adopter in this sector is Amlak Finance which has recently launched a product to support buy-to-let investors, called Istithmari, designed for investors looking to invest in completed residential and commercial units. It is the first-of-its-kind finance product that offers up to 65% financing for completed properties along with property management and leasing services. It will be interesting to see whether other financial institutions follow suit in the future.


1,000

0

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q2 2019 Q3 2019

Completed Properties O�-planFigures in AED/Sq FtSource: REIDIN & Chestertons

Completed Properties

O�-plan

4,764

7,465

Figures in AED/Sq FtSource: REIDIN & Chestertons

3,280

5,158

8.52 10.48

1,000

0

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q2 2019 Q3 2019



O�-plan

4,764

7,465


3,280

5,158

8.52 10.48

1,000

0

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q2 2019 Q3 2019



O�-plan

4,764

7,465


3,280

5,158

8.52 10.48


Q3 2019 Sales TransactionsCompleted Units

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

Q3 2019 Sales TransactionsOff-plan Units

Top 10 Areas Based on Transaction Values (in million AED) Top 10 Areas Based on Transaction Values (in million AED)

200100 300 400 500 700 800600

Jumeirah Lake Towers

Business Bay

Palm Jumeirah

Dubai Sports City

Downtown Dubai

Jumeirah Village Circle

International City

Dubailand

Dubai Marina

Al Furjan

200 400 600 800 1,000

The Springs and Meadows


Arabian Ranches

Business Bay

Downtown Dubai

Dubai Marina

Al Furjan

MBR City

Dubailand

Palm Jumeirah

400200 600 1000800 14001200 1600


Jumeirah


Dubai Harbour

Business Bay

Downtown Dubai

Dubai South

The Lagoons

MBR City

Dubailand

400200 800600 1200 14001000 1600 1800 2000

Palm Jumeirah

Dubai Marina

Jumeirah

Business Bay

Dubai South

Dubai Harbour

The Lagoons

MBR City

Dubailand

Downtown Dubai

Source: REIDIN & Chestertons Source: REIDIN & Chestertons


200100 300 400 500 700 800600


Business Bay

Palm Jumeirah

Dubai Sports City

Downtown Dubai


International City

Dubailand

Dubai Marina

Al Furjan

200 400 600 800 1,000



Arabian Ranches

Business Bay

Downtown Dubai

Dubai Marina

Al Furjan

MBR City

Dubailand

Palm Jumeirah

400200 600 1000800 14001200 1600


Jumeirah


Dubai Harbour

Business Bay

Downtown Dubai

Dubai South

The Lagoons

MBR City

Dubailand

400200 800600 1200 14001000 1600 1800 2000

Palm Jumeirah

Dubai Marina

Jumeirah

Business Bay

Dubai South

Dubai Harbour

The Lagoons

MBR City

Dubailand

Downtown Dubai



200100 300 400 500 700 800600


Business Bay

Palm Jumeirah

Dubai Sports City

Downtown Dubai


International City

Dubailand

Dubai Marina

Al Furjan

200 400 600 800 1,000



Arabian Ranches

Business Bay

Downtown Dubai

Dubai Marina

Al Furjan

MBR City

Dubailand

Palm Jumeirah

400200 600 1000800 14001200 1600


Jumeirah


Dubai Harbour

Business Bay

Downtown Dubai

Dubai South

The Lagoons

MBR City

Dubailand

400200 800600 1200 14001000 1600 1800 2000

Palm Jumeirah

Dubai Marina

Jumeirah

Business Bay

Dubai South

Dubai Harbour

The Lagoons

MBR City

Dubailand

Downtown Dubai



200100 300 400 500 700 800600


Business Bay

Palm Jumeirah

Dubai Sports City

Downtown Dubai


International City

Dubailand

Dubai Marina

Al Furjan

200 400 600 800 1,000



Arabian Ranches

Business Bay

Downtown Dubai

Dubai Marina

Al Furjan

MBR City

Dubailand

Palm Jumeirah

400200 600 1000800 14001200 1600


Jumeirah


Dubai Harbour

Business Bay

Downtown Dubai

Dubai South

The Lagoons

MBR City

Dubailand

400200 800600 1200 14001000 1600 1800 2000

Palm Jumeirah

Dubai Marina

Jumeirah

Business Bay

Dubai South

Dubai Harbour

The Lagoons

MBR City

Dubailand

Downtown Dubai



The Observer - Dubai Residential Q3 2019 13The Observer - Dubai Residential Q3 2019 12

Contact Us Nick Witty, BSc (Hons) MRICSManaging [email protected]

Adam Wilson, BSc (Hons) MRICS ACIArbHead of [email protected]

Ellen SleutjesHead of Property Management - [email protected]

Mena Head Office1802, Blvd. Plaza Tower 1Sheikh Mohammed Bin Rashid Blvd. Downtown DubaiPO Box 28336, Dubai United Arab Emirates Office: +9714 381 0200 Fax: +9714 325 3359 Email: [email protected]

Abu Dhabi OfficeOffice M01, Mezzanine FloorAl Ghazal Building (Above Al Hilal Bank) Khalifa Park PO Box 128983, Abu Dhabi United Arab EmiratesOffice: +9712 447 3100 Fax: +9712 441 6200 Email: [email protected]

Bahrain OfficeMaz Business CentreThe LagoonAmwaj IslandOffice: +973 1603 0646Email: [email protected]

Disclaimer:All articles and data presented herein is intended for information purposes and has been compiled from sources deemed reliable including the Valu-ations and Research Department of Chestertons, sales and leasing staff, published data, and secondary sources. Though information is believed to be correct, materials presented is subject to errors, omissions, changes, or withdrawal without notice.

www.chestertons-mena.com

Documents

OBSERVER Dubai Market Report Q3 / 2019 · Values. Services. Report Highlights. Economic snapshot. According to a recent report by Standard & Poor, Dubai’s . economic growth will