Dubai Real Estate Report Q2 2017

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1 Property Review Dubai Real Estate Report Q In the Middle East for over 30 Years 2 Property map 3 Rent Sales 4 Rent Sales 5 Offices Rent Sales

2 Dubai Property Map 16 3 To Abu Dhabi Most Expensive Expensive Mid Priced Affordable Arabian Gulf To Sharjah 1 Akoya 33 Park 2 Al Barari 34 Village 3 Al Furjan Circle 4 Al Nahda 35 Village 5 Al Qusais Triangle 6 Al Warqaa 36 7 Arabian Ranches Lakes Towers 8 Barsha 37 Living Legends 9 Bur Dubai 38 Liwan 10 Business Bay 39 Meydan Culture Village 40 Mirdif 12 Deira 41 MotorCity 13 DIFC 42 Mudon 14 Discovery Gardens 43 Muhaisnah 15 Downtown Dubai Palm 16 Downtown Jebel Ali 45 Remraam 17 Dubai Creek 18 Dubai Hills 19 Dubai Investment Park 20 Dubaiand Residential Complex 21 Dubai Marina 22 Dubai Silicon Oasis 23 Dubai Sports City 46 Residential City 47 Rigga Al Buteen 48 Sheikh Zayed Road 49 Springs / Meadows 50 Studio City 51 Tecom C 52 The Greens 53 The Lakes 54 The Villa 24 Dubailand 55 Town Square 25 Emirates Hills 26 Green Community 56 Umm Suqeim 57 Uptown Mirdiff 27 IMPZ 58 Victory Heights 28 International City 29 JBR Golf Estates 32 Islands Note: Area classification by affordability is provided for indicative purposes only as many areas in Dubai offer various types of residential units, from affordable to high end. As such, the map colour coding takes into account the most prevalent type of product and exceptions of a lower and / or higher price could be available. 6 2 DUBAI

3 Dubai Following a period of relative stability (Q Q1 2017), apartment sales prices recorded a modest quarterly decline of 3%. This fall was attributed, in part, to a rising number of affordable project launches and completions. With many of Dubai s largest Developers now targeting middle-income Investors, there has been a marked shift to smaller units offering lower price points, together with a greater choice of post-completion payment options. Varied and flexible payment plans have come as a direct response from developers seeking to attract End-users struggling with the high loan-to-value ratio stipulated by the UAE Central Bank. Whilst rental rates have also recorded a marginal quarterly drop, the average annual decline has been more pronounced, falling by 7%. Downward pressure on apartment rental rates is expected to continue as projects are completed and delivered to the market. As with the sales market, there has been an increase in the number and range of incentives available. Landlords are increasingly offering incentives such as furnishings (without increment), rentals inclusive of DEWA bills, or rent-free periods of up to two months. AED per sq ft 2,000 1,500 1, DIFC 3% % - -3% -1 Downtown Dubai Dubai Marina -7% -8% High End Beach Residence Palm Business Bay Mid End -% Greens -4% -3% Lakes Towers Affordable Discovery Gardens Dubai Sports City -7% -7% International City Village HIGH AND LUXURY END PROPERTIES MID TO HIGH END PROPERTIES AFFORDABLE PROPERTIES From 1,300 1, ,000 1,000 1,000 1, To 2,300 2,500 2,000 1,700 2,600 1,700 1,600 1, , ,000 Average Sales Price (Q Q2 2017) Y-o-Y % Change (Q Q2 2017) -1 TYPE STUDIO 1 BEDROOM 2 BEDROOMS 3 BEDROOMS % CHANGE AED 000 S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q Q HIGH END PROPERTIES DIFC % Downtown Dubai Dubai Marina % -9% Beach Residence % -8% Palm % -8% 2016 H expected in 2017 Sheikh Zayed Road MID END PROPERTIES Business Bay % Greens % -9% Lakes Towers % AFFORDABLE PROPERTIES 8,750 7,500 15,000 Al Barsha % -7% Bur Dubai % -% Deira % -% Discovery Gardens Dubai Sports City Increased product offerings have widened the Investor and Tenant pool. International City % Village % Asteco Property Management,

4 Dubai -1% - Villa sales prices recorded a minimal change between Q1 Q2 2017, falling on average. Interestingly, although a number of established communities, such as the Meadows and Springs (with limited supply potential) followed a similar quarterly pattern, annual growth, however, was positive at 9% and 5% respectively. Whilst recent off-plan sales launches have been strengthened by competitive price points and increasingly flexible payment plans; the secondary market, unsurprisingly, remained generally correlated to demand and supply fundamentals. Villa rental rates also recorded marginal changes over the last three months. However, the average annual decline was more noteworthy at 1. Whilst families, who favour villas, have generally been more reluctant to move compared with couples and bachelors, there has been a rise in relocations, often within the community or to nearby developments. Tenants opted to take advantage of lower rental rates or upgrades, usually in the response to intransigent Landlords. Pending the considerable amount of supply expected in 2017 and 2018, we do not see any drivers that would reverse this trend. AED per sq ft 3,000 2,500 2,000 1,500 1, Arabian Ranches Dubai Sports City (Victory Heights) Park Village -% -4% 9% Meadows Palm From , To 1,400 1,200 1, ,400 4,500 1,150 Average Sales Price (Q Q2 2017) Y-o-Y % Change (Q Q2 2017) Springs -9% 5% TYPE 2 BEDROOMS 3 BEDROOMS 4 BEDROOMS 5 BEDROOMS % CHANGE AED 000 S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q Q Al Barsha Arabian Ranches % -13% Dubai Sports City (Victory Heights) % -9% % Park % -4% Village % Meadows % Mirdif % Palm ,000-4% -13% Springs % -16% The Lakes % Umm Suqeim ,000 H ,800 expected in ,900 Additional supply resulted in an increased number of relocations and tenancy renegotiations, which consequently drove rental rates down. 4 DUBAI

5 Dubai Offices - - The office sector continued to display little momentum underpinned by a bearish market sentiment, low oil prices and regional uncertainties, which adversely affected potential upgrades and newcomers to the market. Rental rates remained unchanged over the quarter, although Landlords continued to be willing to negotiate terms and incentives. The average annual decline was marginal, at 3%, due to the continuing supply and demand imbalance. Nevertheless, demand remained for small, fully-fitted and serviced office space at competitive rates. The office market is unlikely to recover until economic sentiment improves in line with increased government spending, further implementation of diversification strategies and the anticipated gradual rise in oil prices. AVERAGE RENTAL RATES % CHANGE AED per sq ft 2,000 1,500 1, % Barsha Heights (formerly TECOM) -16% -8% -% -4% -14% Business Bay DIFC Dubai Silicon Oasis Lakes Towers From , To 1,100 1,600 2, ,450 Average Sales Price (Q Q2 2017) Y-o-Y % Change (Q Q2 2017) AED PER SQ FT PER ANNUM FROM TO Q Q Q Q Barsha Heights (formerly Tecom) Bur Dubai Business Bay DIFC Dubai Investment Park Dubai Silicon Oasis Lakes Towers H expected in 2017 Sheikh Zayed Road % 4 m sq ft 1.2 m sq ft 2.5 m sq ft Low demand and the prevailing oversupply situation continued to depress the office market. Asteco Property Management,

6 Dubai Real Estate Report Q DISCLAIMER: The information contained in this report has been obtained from and is based upon sources that Asteco Property Management 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. Asteco Property Management will not be held responsible for any third-party contributions. All opinions and estimates included in this report constitute Asteco Property Management s judgment, 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 UAE market. Averages, however, represent a wider range of areas. Particularly exclusive or unique projects have been excluded from the data to avoid distorting averages. 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 Asteco Property Management s control. For a full in-depth study of the market, please contact Asteco Property Management s Research team. Asteco Property Management LLC. Commercial License No Paid-up Capital AED 4,000,000. ORN 180

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