UAE Real Estate Report Q3 2017

Transcription

1 Property Review UAE Real Estate Report Q Abu Dhabi Sales Rentals 6 Dubai Sales Rentals 1 Northern Emirates Rentals In the Middle East for over 3 Years 12 Al Ain Rentals 14 UAE Comparison 15 Oxford Economics

2 Abu Dhabi Property Map Most Expensive Expensive Mid Priced Affordable Note: Area classification by affordability is provided for indicative purposes only as most areas in Abu Dhabi 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 YAS ISLAND 1 Al Bandar Raha Beach 2 Al Bateen Wharf 3 Al Gurm 4 Al Maqtaa 5 Al Muneera Al Raha Beach 6 Al Nahyan Camp 7 Al Raha Gardens 8 Al Rayanna 9 Al Reef 1 Al Zeina Al Raha Beach Baniyas 12 Bateen Airport Area 13 Bateen Area 14 Bawabat Al Sharq 15 Capital District (ADNEC) 16 CBD / Tourist Club Area 17 Corniche 18 Danet Abu Dhabi 19 Eastern Mangroves 2 Golf Gardens 21 Hydra Village 22 Khalidia / Al Hosn / Al Manhal 23 Khalifa City A 24 Khalifa City B 25 Maryah Island 26 MBZ City 27 Mina 28 Mushrif / Karama / Manaseer / Muroor 29 Officer s City 3 Rawdhat Abu Dhabi 31 Reem Island - Marina Square 32 Reem Island Najmat Abu Dhabi 33 Reem Island rest of Shams Abu Dhabi 34 Reem Island City of Lights 35 Reem Island The Gate District 36 Rihan Heights 37 Saadiyat Beach District 38 The Hills 2 ABU DHABI

3 Abu Dhabi Apartments -1-1 Subdued economic growth continued to translate into job cuts, reduction of staff allowances and few employment opportunities, which resulted in increased vacancy rates. Average apartment rental rates dropped by 3% over the quarter and by 1 during the past 12 months, with the highest rate of decline recorded for mid-end properties and large units within prime and high-end projects. Landlords offered reduced rents and flexible payment terms (up to 12 cheques) to retain existing Tenants and secure new leases. Further pressure on rental rates is expected. In addition to the 8 units delivered in Q3 217, another 1,5 apartments are anticipated for handover by year-end. Sales prices for completed properties also recorded average quarterly and annual declines of 3% and 1 respectively. Meanwhile, the off-plan sales market fared slightly better, benefiting from good transaction volumes, particularly for prime and mid-quality properties as developers offered discounts and attractive payment plans to stimulate sales. Water s Edge on Yas Island by Aldar, for example, was well received by Investors upon its launch at Cityscape Dubai in September ,35 Apartments Q1 2,75 Apartments TYPE STUDIO 1 BEDROOM 2 BEDROOMS 3 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q2 217 PRIME PROPERTIES Abu Dhabi Island % Investment Areas % -5% HIGH END PROPERTIES Abu Dhabi Island Central Abu Dhabi % -8% Corniche % -15% Khalidya / Bateen % -7% Investment Areas Al Raha Beach % Marina Square % Shams Abu Dhabi % Saadiyat Beach MID END PROPERTIES Abu Dhabi Island % Investment Areas Shams Abu Dhabi % -% Najmat & Tamouh % Off Island Khalifa & MBZ City % -12% LOWER END PROPERTIES Abu Dhabi Island Central Abu Dhabi % Corniche % Khalidiya / Bateen % Investment Areas Al Reef % Off Island MBZ & Khalifa City A Q3 216 AVERAGE SALES PRICES AED PER SQ.M. FROM TO expected in Q ,5 Apartments Q2 217 % CHANGE Q3 216 Marina Square 1,1 1,25-4% -7% Al Bandar 1,4 1,8 Al Muneera 1,25 1,4-12% Al Zeina 1,1 1,35-8% Reef Downtown 8 1, -12% Sun & Sky Towers 1,2 1,35 -% The Gate 1,2 1,35-4% -8% Saadiyat Beach Residences 1,35 1,5-9% City of Lights - Hydra % -16% Asteco Property Management, 217 3

4 Abu Dhabi Villas -1% -5% Residents continued to seek alternatives to reduce living cost amidst local, regional and global economic uncertainties. This has contributed to rising vacancy rates in many villa communities as Tenants opted to downsize to smaller or more affordable properties, whilst some even moved to apartment units to reduce their accommodation expenses. Villa rental rates decreased by 3% on average in Q3 217 and by 6% over the past 12 months. Al Raha Gardens, Hydra Village and the larger units of the Saadiyat Beach Villas recorded a more pronounced drop with rents softening by 7%, 4% and 5% respectively. Despite a marginal decrease in sales prices for completed villas, demand for prime and high-end off-plan projects, particularly those located on Yas and Saadiyat Islands, remained positive. 216 TYPE 2 BEDROOMS 3 BEDROOMS 4 BEDROOMS 5 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q2 217 Abu Dhabi Island Khalidiya / Bateen Mushrif / Karama / Manaseer Nahyan Camp / Muroor % Investment Areas Al Raha Beach % Al Reef % Hydra Village % -5% Saadiyat Island % -5% Abu Dhabi Island Al Raha Gardens % -13% Golf Gardens % -5% Khalifa City % Mohamed Bin Zayed Q Villas -1% -1% -9% Q1 expected in Q Villas 25 Villas AED million Raha Gardens Golf Gardens Al Reef Villas Saadiyat Beach Villas (Standard) Hydra Village 2 Bedrooms 3 Bedrooms 4 Bedrooms 5 Bedrooms % Change (Q Q3 217) % Change (Q Q3 217) 4 ABU DHABI

5 Abu Dhabi Offices -5% Bearish market sentiment in line with reduced business growth and low oil prices resulted in limited demand for office space. Quoted rental rates were broadly unchanged over the quarter, however, evidence indicated declines of up to 5% to 1 on contract renewals in several Grade A and B office buildings. In addition, Landlords continued to offer smaller units, discounts and incentives in order to retain existing Tenants and to sign new leases. Rental rates for fitted offices in Grade A buildings ranged from AED 1,5 to AED 2,5 per sq.m. per annum, whilst Grade B towers commanded between AED 7 and AED 1,4 per sq.m. per annum depending on the location, payment plan and tenancy period. No major project completions took place over the past quarter. The ADIB Headquarters on Airport Road and Omega Tower on Reem Island are expected to handover in the next three to six months, increasing office supply by around 1, sq.m. AVERAGE RENTAL RATES AED PER SQ.M. PER ANNUM FROM TO Q2 217 % CHANGE Q3 216 Grade A - Prime 1,5 2,5-8% Grade B - Recent Build Fitted 78 1,4-5% completed in , sq.m. completed in Q1 85, sq.m. expected in Q , sq.m. Shell and Core 7 1,5-7% Older Stock Good % Typical building 6 7-4% Low quality building % Reduced business growth will continue to put pressure on office rental rates in the short-term. Asteco Property Management, 217 5

6 Dubai Property Map 17 3 To Abu Dhabi Most Expensive Expensive Mid Priced Affordable Arabian Gulf To Sharjah 1 Akoya 2 Al Barari 3 Al Barsha 4 Al Furjan 5 Al Nahda 6 Al Qusais 7 Al Warqaa 8 Arabian Ranches 9 Bur Dubai 1 Business Bay City Walk 12 Culture Village 13 Deira 14 DIFC 15 Discovery Gardens 16 Downtown Dubai 17 Downtown Jebel Ali 18 Dubai Creek 19 Dubai Design District 2 Dubai Festival City 21 Dubai Healthcare City Phase 2 22 Dubai Hills 23 Dubai Investment Park 24 Dubaiand Residential Complex 25 Dubai Marina 26 Dubai Silicon Oasis 27 Dubai South 28 Dubai Sports City 29 Dubailand 3 Emirates Hills 31 Green Community 32 IMPZ 33 International City 34 JBR 35 Jumeirah 36 Jumeirah Golf Estates 37 Jumeirah Islands 38 Jumeirah Park 39 Jumeirah Village Circle 4 Jumeirah Village Triangle 41 Jumeirah Lakes Towers 42 Living Legends 43 Liwan 44 Meydan 45 Mirdif 46 MotorCity 47 Mudon 48 Muhaisnah 49 Palm Jumeirah 5 Pearl Jumeirah 51 Remraam 52 Rigga Al Buteen 53 Sheikh Zayed Road 54 Springs / Meadows 55 Studio City 56 Tecom C 57 The Greens 58 The Lakes 59 The Villa 6 Town Square 61 Umm Suqeim 62 Uptown Mirdiff 63 Victory Heights 6 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 DUBAI

7 Dubai Apartments -4% -4% -12% Apartment sales prices remained broadly stable over the third quarter of the year. However, the rise in off-plan sales, particularly of smaller, more affordable properties, has resulted in a decline in sales volumes of completed units as increased incentives and post-completion payment plans make off-plan investments more accessible to buyers with more limited equity. Yearly changes were nominal with decreases of 4% on average across all quality bands. Business Bay and Dubai Marina led the price declines with a drop of 8%, followed by Dubai Sports City, International City and Jumeirah Village at 7%. Rental rates softened by 4% over the quarter. Whilst this was less pronounced than projected, the annual change since Q3 216 amounted to 12%, which can be largely attributed to increased supply. There has been a steady rise in new projects reaching completion. However, Asteco believes a significant amount of the supply forecasted for handover in Q4 217 will spill over into 218. These delays are likely to result from both intentional phasing considerations and unplanned construction delays/financial issues. Asteco estimates that the delivery of new properties in Q4 217 will be similar to previous quarters, which amounted to approximately 3, to 4, units per quarter. Despite increased government spending in infrastructure, hospitality and retail in the run-up to the Expo 22, market sentiment remains low largely due to weak employment growth and the bearish outlook in terms of oil price and global economic recovery. TYPE STUDIO 1 BEDROOM 2 BEDROOMS 3 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q2 217 Q3 216 HIGH END AND LUXURY PROPERTIES DIFC % -8% Downtown Dubai % -18% Palm Jumeirah % Sheikh Zayed Road % MID TO HIGH END PROPERTIES Business Bay % -14% Dubai Marina % -19% Greens % Jumeirah Beach Residence % -12% Jumeirah Lakes Towers % -13% AFFORDABLE PROPERTIES Al Barsha % Bur Dubai % -16% Deira % -15% Discovery Gardens Dubai Sports City % -16% International City % Jumeirah Village % -5% -8% -8% -4% -7% -7% -7% 2, AED per sq.ft. 1,5 1, 5 DIFC Downtown Dubai Palm Jumeirah Business Bay Dubai Marina Greens Jumeirah Beach Residence Jumeirah Lakes Towers Discovery Gardens Dubai Sports City International City Jumeirah Village HIGH END AND LUXURY PROPERTIES MID TO HIGH END PROPERTIES AFFORDABLE PROPERTIES From 1,2 1,2 9 1, 85 1, 1, To 2,3 2,5 2,5 1,7 2, 1,6 1,6 1,5 1, 1,2 85 1, 216 8,75 Apartments Q1 1,2 Apartments expected in Q ,5 Apartments Average Sales Price % Change (Q Q3 217) % Change (Q Q3 217) Asteco Property Management, 217 7

8 Dubai Villas -1% -1 Similar to the apartment market, demand for townhouses and villas has been focused towards more affordable, smaller properties. Sales prices remained largely unchanged in Q3 217, whilst the average annual decline was minimal at 3%, although some communities recorded drops of up to 9%. There has been a marked rise in off-plan transactions stimulated by lower price points and increasingly flexible pre- and post-completion payment plans, which opened the market to mid-income Investors and End users. As with apartments, villa rental rates also recorded modest quarterly declines of 3% on average. Annual adjustments were more pronounced with drops of 1 on the back of increasing supply. Interestingly, the line between rental rates for different unit types within the same community is becoming increasingly blurred. For example, within a rental rate range of AED, to AED 14, Tenants can choose between a two, three, four and five bedroom townhouse in Jumeirah Village; although cheaper and more expensive units are available for each product type. Incentives now include rent-free periods of up to two months, 6 to 12 cheque payments and free maintenance. The sheer volume of properties announced and anticipated for delivery over the next few years will continue to put further pressure on rental rates. The impact on some projects will, however, be less notable if they benefit from unique demand drivers such as favourable location, advanced facilities, quality finishes, excellent property management, above norm incentives, etc. TYPE 2 BEDROOMS 3 BEDROOMS 4 BEDROOMS 5 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q2 217 Q3 216 Al Barsha Arabian Ranches % Dubai Sports City (Victory Heights) % Jumeirah % Jumeirah Park % -9% Jumeirah Village % -14% Meadows % -12% Mirdif % -% Palm Jumeirah % Springs % The Lakes % Umm Suqeim % AED per sq.ft. 3, 2,5 2, 1,5 1, 5 Arabian Ranches Dubai Sports City (Victory Heights) Jumeirah Park -9% Jumeirah Village Meadows Palm Jumeirah From ,6 95 To 1,6 1,25 1,25 1,5 1,45 4,5 1,15 Average Sales Price % Change (Q Q3 217) % Change (Q Q3 217) Springs 216 5, Villas Tenants and Investors benefited from greater choice of properties, as well as lower pricing and more flexible payment terms. Q1 2,325 Villas expected in Q ,3 Villas 8 DUBAI

9 Dubai Offices The office sector has arguably proven the most challenging asset class over the past year. Sales prices and rental rates continued to stagnate in Q3 217 due to limited demand in a generally oversupplied market, particularly for strata titled office units. The lack of transaction activity and reluctance of Landlords to lower rates in certain areas resulted in a largely flat market. Although stable rates generally mean the bottom of a Real Estate cycle, we do not believe this to be the case for the office sector and anticipate further, more pronounced declines. Whilst there has been some demand and take-up in Grade A office space, this only constitutes a fraction of the overall stock. There has been a rise in the number and size of Real Estate funds / Real Estate Investment Trusts (REITs) in Dubai and wider region, which generate attractive yields for Investors with low entry/exit costs, greater levels of liquidity and the ability to diversify investment across asset types. Industry experts believe that there remains room for growth and expect a rise in specialised REITs focusing on specific asset classes. This could potentially lead to a greater pool of proactive Landlords offering incentives in order to secure higher occupancy rates to deliver Investor returns. AVERAGE RENTAL RATES % CHANGE AED PER SQ.FT. PER ANNUM FROM TO Q Q3 217 Q Q3 217 Barsha Heights (formerly Tecom) % Bur Dubai % Business Bay DIFC Dubai Investment Park 6 85 Dubai Silicon Oasis 5 8 Jumeirah Lakes Towers % Sheikh Zayed Road % Commercial property is likely to attract VAT, which is expected to be introduced in January 218, and although this is likely to dampen Investor interest in the short to medium-term, it may open the possibility of a potential increase in tenant demand for the accounting, auditing and tax advisory sector. The overall outlook for the office market, however, is expected to be subdued. -8% -13% -% -% 2, 1,5 AED per sq.ft. 1, 5 Barsha Heights (formerly TECOM) Business Bay DIFC Dubai Silicon Oasis Jumeirah Lakes Towers From 6 7 1, To 1,2 1,6 2,6 75 1, m sq.ft. Q m sq.ft. expected in Q m sq.ft. Average Sales Price % Change (Q Q3 217) % Change (Q Q3 217) Asteco Property Management, 217 9

10 Al Ain Property Map East Airport District Al Masoudi Hili Ardh Jow St Baniyas St Al Oattara Al Ain International Airport Al Dahmaa Al Towaya Al Jimi Mohd Bin Khalifa St Al Buraimi SULTANATE OF OMAN Al Yahar North Al Khabisi Al Mutaredh Al Yahar South Al Bateen Al Markhaniya Khalifa Bin Zayed St. Al Muwaiji Al Jahili Al Mutawa a Town Centre Asharej Al Salamat District Khalifa Bin Zayed St. Falaj Hazza a Al Sarooj Al Shuwaimah Al Maqam Al Aqabiyya Zayed Bin Sultan St. Aflaj Zoo District Gharebah Al Shuaibah Defence Al Khrair Zaker 1 AL AIN

11 Al Ain Apartment Villa Office Following moderate declines recorded early 217, rental rates in Al Ain remained stagnant for the second consecutive quarter, largely due to limited activity across all sectors. Villas Compared to Q3 216, rental rates dropped by 6% for apartments and 2% for villas, whilst the office market saw no change. Landlords offered reduced rents and flexible payment terms on contract renewals to retain existing Tenants. The third quarter of 217 saw no significant new supply. However, more than four new residential buildings are expected for handover by the end of the year, which is likely to put pressure on rental and occupancy rates. TYPE 3 BEDROOMS 4 BEDROOMS 5 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO Q2 217 Q3 216 MATURE UNITS Town Centre % Other(*) % Zaker & Asharej % Al Towaya % Apartments TYPE 1 BEDROOM 2 BEDROOMS 3 BEDROOMS % CHANGE Al Jimi % Prime Compounds NEW UNITS Town Centre % Other % Zaker % AED S PER ANNUM FROM TO FROM TO FROM TO Q2 217 Q3 216 Al Towaya % Al Jimi % Prime Compounds Mature Buildings % New Buildings % Prime Compounds % Offices Retail AED per sq.m. per annum 1, 5 AED per sq.m. per annum 4, 3, 2, 1, Khalifa Street Aud Al Touba Street Main Street Senaya Street Khalifa Street Aud Al Touba Street Senaya Street From To Average Rental Rate % Change (Q Q3 217) % Change (Q Q3 217) From 1, 1,45 75 To 2,4 3, 1,75 Average Rental Rate % Change (Q Q3 217) % Change (Q Q3 217) Asteco Property Management, 217

12 Northern Emirates Property Map UNITED ARAB EMIRATES UMM AL QUWAIN AJMAN SHARJAH DUBAI ABU DHABI RAS AL KHAIMAH FUJAIRAH SHARJAH 1 Abu Shagara 2 Al Khan 3 Al Majaz 4 Al Nahda 5 Al Qasimiyah 6 Al Taawun 7 Al Wahda 8 Corniche / Buhaira 9 Khaledia 1 King Faisal and King Abdul Aziz Streets RAS AL KHAIMAH Mina Al Arab Mina Al Arab 2 Marjan Island 3 Al Hamra Marjan Island Al Hamra NORTHERN EMIRATES

13 Northern Emirates Sharjah -5% -8% -4% Ajman Umm Al Quwain Ras Al Khaimah () -7% Fujairah Diverse initiatives implemented during the third quarter of 217 focused on promoting long-term economic sustainability - RAK stirred foreign investments upon showing 6% steady growth in the tourism sector since 216, Ajman noted success of business growth initiatives with a 12% quarterly increase on new licenses issued, while Sharjah frastructure projects to pave way for upcoming developments. However, increased supply of affordable properties in Dubai continued to affect apartment rental rates across the Northern Emirates. Rates softened by an average of 6% over the quarter and 9% during the past 12 months. The most pronounced decline since Q3 216 was recorded in Sharjah, with a drop in average rental rates of 12% for apartments and 9% for offices. Despite waived deposit requirements and rent adjustments, Tenants still opted for affordable units in Dubai to live closer to their workplace. Meanwhile, Sharjah aims to break the downward trend with master-planned communities and new businesses to stimulate employment growth within the Emirate. Based on announcements to date, new developments covering at least 25 million square feet are expected for completion between 219 and 225. Northern Emirates Apartment TYPE STUDIO 1 BEDROOM 2 BEDROOMS 3 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO FROM TO Q2 217 Q3 216 SHARJAH Typical % -14% High End / New % -1 AJMAN Typical % High End / New % UMM AL QUWAIN Typical % -9% RAS AL KHAIMAH Typical % -7% High End / New FUJAIRAH Typical % High End / New % -8% Sharjah Apartment TYPE STUDIO 1 BEDROOM 2 BEDROOMS 3 BEDROOMS % CHANGE AED S PER ANNUM FROM TO FROM TO FROM TO FROM TO Sharjah Offices Q2 217 Q3 216 Abu Shagara Al Butina % -13% Al Khan (Al Mamzar) % -8% Al Majaz Al Nahda % Al Qasimiah % -13% Al Wahda % Al Yarmook % Corniche % Rolla % AED per sq.ft. per annum % -9% -8% -12% Al Taawun Road Corniche Area Al Wahda Al Qasemeh Clock R/A Al Yarmook Industrial Area From To % -9% -4% -4% Average Rental Rate % Change (Q Q3 217) % Change (Q Q3 217) -8% -8% -9% -% Asteco Property Management,

14 UAE Price Comparison Price Movement 28 Rental Rate Movement AVERAGE 2 BEDROOM APARTMENT AVERAGE 4 BEDROOM VILLA AVERAGE OFFICE AED per sq.ft. AED s per annum Dubai Abu Dhabi Al Ain Ajman Fujairah Sharjah New Ras Al Khaimah New Umm Al Quwain Sales Price Movement AVERAGE APARTMENT 2,5 2, 1,5 1, Q3 217 AED s per annum Dubai Abu Dhabi Al Ain AVERAGE VILLA AED per sq.ft. 2, 1,5 1, Q3 217 AED per sq.ft. per annum Dubai Abu Dhabi Al Ain Sharjah AVERAGE OFFICE AED per sq.ft. 2,5 2, 1,5 1, Q Q Q Q3 217 Dubai Abu Dhabi Dubai Abu Dhabi Dubai 14 UAE

15 UAE: Inflation UAE: Real GDP growth Our forecast of GDP growth this year is unchanged at 1.7%, as the UAE continues to struggle with low oil prices and reduced oil output. Oil GDP is expected to decline by 1.5% against the backdrop of OPEC s deal to rebalance oil markets, while non-oil GDP is forecast to grow by 3.2%. For 218, we still expect a pick-up in overall GDP growth to 3.3%. The contraction of the oil sector continues to weigh on activity. As part of the OPEC deal, the UAE agreed to cut output by.14m b/d. This cut and relatively low oil prices are hindering growth in oil GDP. And there are growing signs that the OPEC deal will be extended beyond Q1 218 as the oil market proves slow to rebalance. We expect growth in the oil sector to remain subdued next year, albeit showing a rise of 2.5%. Non-oil GDP growth should remain robust for the rest of this year, underpinned by easing fiscal consolidation, improving external demand and an expected uptick in consumption ahead of the imminent VAT in January next year. Indeed, the non-oil private sector index hit its highest level in 3 months in August, reflecting growing business optimism. Furthermore, rising investment ahead of Expo 22 continues to strengthen the outlook for non-oil GDP. Almost four months have passed since the Saudi-led bloc (including the UAE) severed diplomatic ties and shut transport access with Qatar over its close relations with Iran and alleged support for terror groups, and there is no sign of resolution in sight. The impact on the UAE economy so far has been limited. But the recent refusal to renew Qatar Insurance Company s license could spark similar retaliatory measures, undermining business confidence and leading to more uncertainty. Growth to pick up in the medium term: An improvement in economic sentiment and a gradual rise in oil prices are two of the factors expected to lift non-oil growth to about 4% a year in 218-2, as well as: Diversification strategy Business conditions and Expo 22 will support investment Volatile geopolitical conditions % year % year 14 F Cast 14 Middle East & 12 North Africa 12 F Cast Middle East & UAE 1 1 North Africa UAE Source: Oxford Economics Note: The data for the UAE has been rebased from 27 to 21 prices. Who we are - Oxford Economics Source: Oxford Economics Oxford Economics was founded in 1981 as a commercial venture with Oxford University s business college to provide economic forecasting and modeling to UK companies and financial institutions expanding abroad. Since then, we have become one of the world s foremost independent global advisory firms, providing reports, forecasts and analytical tools on 2 countries, 1 industrial sectors and over 3, cities. Our best-of-class global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic, social and business impact. Headquartered in Oxford, England, with regional centres in London, New York, and Singapore, Oxford Economics has offices across the globe in Belfast, Chicago, Dubai, Mexico City, Miami, Milan, Paarl - South Africa, Paris, Philadelphia, San Francisco, and Washington DC. We employ over 2 full-time people, including more than 12 professional economists, industry experts and business editors one of the largest teams of macro economists and thought leadership specialists. To find out more and request your free trial please contact Paul de Cintra on pdecintra@oxfordeconomics.com Asteco Property Management,

16 About Asteco The Middle East s largest full service Real Estate services company Asteco was formed in Dubai in Over the years, Asteco has gained enormous respect for consistently delivering high quality, professional, valueadded services in a transparent manner. It is also widely recognised for its involvement with many of the projects that have defined the landscape and physical infrastructure of the Emirates. Asteco has an essential combination of local knowledge and international expertise. A deeply established brand, renowned for its application of the latest technological advances, its commitment to transparency, winning strategies and human expertise. Undisputed Real Estate experts, Asteco represents a significant number of the region s top property Owners, Developers and Investors. VALUATION & ADVISORY Our professional advisory services are conducted by suitably qualified personnel all of whom have had extensive Real Estate experience within the Middle East and internationally. Our valuations are carried out in accordance with the Royal Institution of Chartered Surveyors (RICS) and International Valuation Standards (IVS) and are undertaken by appropriately qualified valuers with extensive local experience. The Professional Services Asteco conducts throughout the region include: Consultancy & Advisory services Market research Valuation services SALES Asteco has established a large regional property Sales division with representatives based in the UAE, Qatar and Jordan. Our Sales teams have extensive experience in the negotiation and sale of a variety of assets. LEASING Asteco has been instrumental in the Leasing of many high-profile developments across the GCC. ASSET MANAGEMENT Asteco provides comprehensive Asset Management services to all property Owners, whether a single unit (IPM) or a regional mixed-use portfolio. Our focus is on maximising value for our Clients. OWNERS ASSOCIATION Asteco has the experience, systems, procedures and manuals in place to provide streamlined comprehensive Association Management and Consultancy services to residential, commercial and mixed-use communities throughout the GCC Region. SALES MANAGEMENT Our Sales Management services are comprehensive and encompass everything required for the successful completion and handover of units to individual unit Owners. LICENSING Our brand, network, system and procedures are now available in territories across the MENA region. Our Licensing services currently include Real Estate Brokerage Franchising and associated support services with many of the key elements designed specifically around the Franchisee, making it a truly unique and bespoke franchise opportunity. John Stevens MSc, BSc (Hons), MRICS Managing Director/ Director - Asset Services JohnS@Asteco.com John Allen BSc, MRICS Director - Valuation & Advisory JohnA@Asteco.com Derrick Maguire ARLA, NAEA Associate Director - Transactional Services DerrickM@Asteco.com James Joughin BSc (Hons), MRICS Associate Director - Valuation JamesJ@Asteco.com Jenny Weidling BA (Hons) Manager - Research and Advisory, Dubai JennyW@Asteco.com Ghada Amhaz MSc Manager - Research and Advisory, Abu Dhabi GhadaA@asteco.com Tamer Ibrahim Chaaban BE Branch Manager - Al Ain office TamerI@asteco.com 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,,. ORN 18