new dubai report - q3 2013oryxworldrealestate.com/wp-content/themes/crowd_oryx/... · 2014. 6....
Post on 26-Sep-2020
0 Views
Preview:
TRANSCRIPT
In the mIddle east for 28 yearsDUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN In the mIddle east for 28 years
© Asteco Property Management, 2013 asteco.com | astecoreports.com For additional information: 600 54 7773
ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION
DUBAI REPORT - Q3 2013•
the Uae, and dubai in particular, have experienced a resurgence in transactional activity across all sectors of the property market over the past 12 months.
the significant appreciation in values, both leasing and sales, has resulted in a number of new project launches and increased interest in off-plan properties. outlined in this Cityscape edition is a pricing analysis of the Uae property market, tracking its performance from the peak in 2008, to the trough in 2010/2011 to its current levels in Q3 2013.
Key highlights and performance indicators underpinning this exceptional progress in the Uae are as follows:
•Strategiclocationandestablishedtradelinks
•Politicalstability
•Buoyantanddiversifiedeconomy
•Soundregulatoryenvironment
•Qualityofinfrastructure
•Easeandtransparencyofdoingbusiness
•Corporateandprivatetaxstructures
EDITION
200
400
600
800
1,000
1,200
1,400
0
500
1,000
1,500
2,000
2,500
3,00
0
1,25
0
3,75
0
2,20
0
1,80
0
1,90
0
1,50
0
3,50
0
1,60
0
550
1,30
0
1,00
0
1,00
0
1,05
0
850
1,60
0
1,50
0
500
1,30
0
1,05
0
850
925
750
1,17
5
1,30
0
450
1,10
0
925
775
925
650
1,10
0
1,30
0
400
1,20
0
1,00
0
825
950
650
1,30
0
1,60
0
700
1,70
0
1,40
0
1,20
0
1,30
0
950
1,65
0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
DIFC Discovery Gardens Downtown Dubai Dubai Marina Greens Jumeirah Beach Residence Jumeirah Lakes Towers Palm Jumeirah
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013) 2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
AED/
ft2
23%
-47%
75%
-44%
42%
-55%
40%
-36%
45%
-33%
37%
-32%
46%
-37%
27%
-53%
AED/
ft2
19%
-39%
18%
-38%
21%
-39%
30%
-50%
50%
-29%
21%
-48%
25%
-53%
25%
-44%
1,80
0
1,60
0
1,40
0
2,60
0
1,05
0
2,20
0
4,25
0
1,80
0
850
850
650
950
600
1,00
0
1,80
0
800
750
750
700
950
550
850
1,55
0
675
750
750
650
900
475
850
1,50
0
650
925
850
700
1,00
0
500
950
1,60
0
800
1,10
0
1,00
0
850
1,30
0
750
1,15
0
2,00
0
1,00
0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Arabian Ranches Dubai Sports City(Victory Heights)
Green Community Jumeirah Islands Jumeirah Village Meadows Palm Jumeirah Springs
AED/
ft2
14%
-68%
6%
-58%
-18%
-63%
0%
-62%
36%
-63%
7%
-68%
2,50
0
4,25
0
1,20
0
1,30
0
2,00
0
2,50
0
1,25
0
1,90
0
650
700
900
1,10
0
1,00
0
1,90
0
650
600
750
900
750
1,80
0
550
525
550
750
700
1,70
0
550
500
550
750
800
1,80
0
450
500
750
800
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Business Bay DIFC Dubai Investment Park Dubai Silicon Oasis Jumeirah Lakes Towers Tecom C
AED/
ft2
14%
-43%
19%
-20%
26%
-31%
22%
-33%
20% 18%
-50%
AED/
ft2
5%
3%
4%
-2%
13%
18%
1,8
40
1,6
35
1,6
35
1,6
35
2,4
50
1,2
00
1,3
50
1,2
00
1,2
00
1,3
90
1,1
00
1,3
50
980
1,0
20
1,3
65
1,0
00
1,2
25
980
1,0
20
500
1,1
15
925
1,0
90
890
900
550
1,0
40
1,0
50
1,3
00
1,1
25
1,1
00
660
1,2
25
0
500
1,000
1,500
2,000
2,500
3,000
Marina Square Raha Beach / Al Bandar Raha Beach / Al Muneera Raha Beach / Al Zeina Reef Downtown Sun & Sky Towers
Raha Gardens Golf Gardens Al Reef Villas
AED
/ft2
Dubai Average Sales priceand Percentage Change(with 2008 peak as the base)
AED/
ft2
-17%
0%
-13%
-11%
-19%
-0%
-17%
-38%
AED/
ft2
-3%
-66%
13%
-65%
11%
-60%
5%
-60%
-4%
-68%
0%
-64%
-11%
-68%
-1%
-58%
148
175
125
125
135
125
125
125
75
75
55
55
55
55
55
55
60
60
45
45
45
45
45
45
52
55
47
47
45
45
45
52
52
55
45
47
45
45
45
52
51
62
50
50
43
45
40
52
0
20
40
60
80
100
120
140
160
180
200
Al Taawun Road Corniche Area Al Wahdah Mina Road Al Qasemeh Clock R/A Al Yarmouk Industrial Area
0
500
1,000
1,500
2,000
2,500
3,000
-62%3%
24%
-56%
-61%
27%
2008 2010/11 2013Office Villa Apartment
850
950
850
800
1,05
0
1,00
0
950
800
1,15
0
1,12
5
1,15
0
950
1,10
0
1,07
5
1,10
0
900
1,02
5
975
1,05
0
600
850
850
850
500
0
Khalifa Street Aud Al Touba Street Main Street Senaya Street
AED/
ft2
0%
97%
0%
70%
0%
50%
0%
78%
925
1,07
5
1,00
0
1,25
0
1,50
0
1,35
0
1,20
0
1,55
0
1,70
0
1,70
0
1,35
0
2,25
0
1,65
0
1,65
0
1,30
0
2,22
5
1,82
5
1,82
5
1,50
0
2,22
5
1,82
5
1,82
5
1,50
0
2,22
5
Khalifa Street Main Street Senaya Street Major Al Ain Malls
1,1
90
1,1
60
985
950
930
600
855
860
590
800
845
505
775
770
550
880
840
695
0
200
400
600
800
1,000
1,200
1,400
ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION
© Asteco Property Management, 2013 asteco.com | astecoreports.com For additional information: 600 54 7773 Page 2
EDITION
200
400
600
800
1,000
1,200
1,400
0
500
1,000
1,500
2,000
2,500
3,00
0
1,25
0
3,75
0
2,20
0
1,80
0
1,90
0
1,50
0
3,50
0
1,60
0
550
1,30
0
1,00
0
1,00
0
1,05
0
850
1,60
0
1,50
0
500
1,30
0
1,05
0
850
925
750
1,17
5
1,30
0
450
1,10
0
925
775
925
650
1,10
0
1,30
0
400
1,20
0
1,00
0
825
950
650
1,30
0
1,60
0
700
1,70
0
1,40
0
1,20
0
1,30
0
950
1,65
0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
DIFC Discovery Gardens Downtown Dubai Dubai Marina Greens Jumeirah Beach Residence Jumeirah Lakes Towers Palm Jumeirah
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013) 2008 2009 2010 2011 2012 2013 Percentage Change (Q3 2008-Q3 2013) Percentage Change (Q3 2012-Q3 2013)
AED/
ft2
23%
-47%
75%
-44%
42%
-55%
40%
-36%
45%
-33%
37%
-32%
46%
-37%
27%
-53%
AED/
ft2
19%
-39%
18%
-38%
21%
-39%
30%
-50%
50%
-29%
21%
-48%
25%
-53%
25%
-44%
1,80
0
1,60
0
1,40
0
2,60
0
1,05
0
2,20
0
4,25
0
1,80
0
850
850
650
950
600
1,00
0
1,80
0
800
750
750
700
950
550
850
1,55
0
675
750
750
650
900
475
850
1,50
0
650
925
850
700
1,00
0
500
950
1,60
0
800
1,10
0
1,00
0
850
1,30
0
750
1,15
0
2,00
0
1,00
0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Arabian Ranches Dubai Sports City(Victory Heights)
Green Community Jumeirah Islands Jumeirah Village Meadows Palm Jumeirah Springs
AED/
ft2
14%
-68%
6%
-58%
-18%
-63%
0%
-62%
36%
-63%
7%
-68%
2,50
0
4,25
0
1,20
0
1,30
0
2,00
0
2,50
0
1,25
0
1,90
0
650
700
900
1,10
0
1,00
0
1,90
0
650
600
750
900
750
1,80
0
550
525
550
750
700
1,70
0
550
500
550
750
800
1,80
0
450
500
750
800
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Business Bay DIFC Dubai Investment Park Dubai Silicon Oasis Jumeirah Lakes Towers Tecom C
AED/
ft2
14%
-43%
19%
-20%
26%
-31%
22%
-33%
20% 18%
-50%
AED/
ft2
5%
3%
4%
-2%
13%
18%
1,8
40
1,6
35
1,6
35
1,6
35
2,4
50
1,2
00
1,3
50
1,2
00
1,2
00
1,3
90
1,1
00
1,3
50
980
1,0
20
1,3
65
1,0
00
1,2
25
980
1,0
20
500
1,1
15
925
1,0
90
890
900
550
1,0
40
1,0
50
1,3
00
1,1
25
1,1
00
660
1,2
25
0
500
1,000
1,500
2,000
2,500
3,000
Marina Square Raha Beach / Al Bandar Raha Beach / Al Muneera Raha Beach / Al Zeina Reef Downtown Sun & Sky Towers
Raha Gardens Golf Gardens Al Reef Villas
AED
/ft2
Dubai Average Sales priceand Percentage Change(with 2008 peak as the base)
AED/
ft2
-17%
0%
-13%
-11%
-19%
-0%
-17%
-38%
AED/
ft2
-3%
-66%
13%
-65%
11%
-60%
5%
-60%
-4%
-68%
0%
-64%
-11%
-68%
-1%
-58%
148
175
125
125
135
125
125
125
75
75
55
55
55
55
55
55
60
60
45
45
45
45
45
45
52
55
47
47
45
45
45
52
52
55
45
47
45
45
45
52
51
62
50
50
43
45
40
52
0
20
40
60
80
100
120
140
160
180
200
Al Taawun Road Corniche Area Al Wahdah Mina Road Al Qasemeh Clock R/A Al Yarmouk Industrial Area
0
500
1,000
1,500
2,000
2,500
3,000
-62%3%
24%
-56%
-61%
27%
2008 2010/11 2013Office Villa Apartment
850
950
850
800
1,05
0
1,00
0
950
800
1,15
0
1,12
5
1,15
0
950
1,10
0
1,07
5
1,10
0
900
1,02
5
975
1,05
0
600
850
850
850
500
0
Khalifa Street Aud Al Touba Street Main Street Senaya Street
AED/
ft2
0%
97%
0%
70%
0%
50%
0%
78%
925
1,07
5
1,00
0
1,25
0
1,50
0
1,35
0
1,20
0
1,55
0
1,70
0
1,70
0
1,35
0
2,25
0
1,65
0
1,65
0
1,30
0
2,22
5
1,82
5
1,82
5
1,50
0
2,22
5
1,82
5
1,82
5
1,50
0
2,22
5
Khalifa Street Main Street Senaya Street Major Al Ain Malls
1,1
90
1,1
60
985
950
930
600
855
860
590
800
845
505
775
770
550
880
840
695
0
200
400
600
800
1,000
1,200
1,400
DUBAI SALES ApArtment SALeS prICeS And perCentAge ChAnge
VILLA SALeS prICeS And perCentAge ChAnge
OffICe SALeS prICeS And perCentAge ChAnge
•dubai apartment and villa sales prices have yet to reach the peak levels as seen in 2008 and are still -42% lower than in Q3 2008 while year on year growth amounted to 42% and 26% respectively.
•asteco believes that although prices will increase further, they are unlikely to go back to the levels experienced during boom times in the short/medium term.
•While we have seen numerous project launches and increased interest in buying off-plan properties, projects with favourable payment plans in good locations saw the bulk of demand.
•office sales prices, on the other hand, have seen little improvement over the last five years and are still -63% lower than in Q3 2008 while the last 12 months only saw minimal increases of 8% on average.
© Asteco Property Management, 2013 asteco.com | astecoreports.com For additional information: 600 54 7773 Page 3
ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATIONEDITION
DUBAI LEASINGApArtment rentAL rAteS And perCentAge ChAnge
VILLA rentAL rAteS And perCentAge ChAnge
OffICe rentAL rAteS And perCentAge ChAnge
Average Rental Rates (AED’000/pa) % Change
DEvElopmEnt2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 Q3 2012-
Q3 2013 Q3 2008-Q3 20131 BR 2 BR 3 BR
Discovery Gardens 100 57.5 47.5 38 40 50 135 85 75 53 65 75 n/a n/a n/a n/a n/a n/a 26 -47
Downtown Dubai 132.5 87.5 75 68 80 90 185 117.5 100 100 120 140 275 145 150 150 180 200 14 -25
Dubai marina 130 82.5 62.5 62.5 70 80 180 110 92.5 80 90 112.5 245 147.5 125 115 125 150 25 -36
International City 70 40 32 24 23 32.5 92.5 62.5 41 38 38 50 n/a n/a n/a n/a n/a n/a 35 -52
Jumeirah Beach Residence 115 90 75 70 75 85 167.5 125 100 90 95 115 202.5 147.5 125 110 120 145 19 -28
Jumeirah lakes towers 110 60 50 45 50 62.5 160 80 65 65 70 85 210 102.5 95 85 95 120 28 -41
palm Jumeirah 200 120 90 90 90 110 227.5 150 120 120 130 160 300 215 170 170 180 200 19 -36
Sheikh Zayed Road 160 82.5 70 67.5 80 85 202.5 130 105 100 105 130 290 175 120 120 130 150 16 -40
Average Rental Rates (AED’000/pa) % Change
DEvElopmEnt2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 Q3 2012-
Q3 2013 Q3 2008-Q3 20133 BR 4 BR 5 BR
Arabian Ranches 275 140 125 125 145 175 335 185 160 160 210 250 425 265 250 250 275 290 17 -28
Green Community 310 190 170 170 190 220 385 210 190 190 210 230 392.5 240 220 210 235 265 13 -34
Jumeirah 325 160 140 140 155 180 400 190 165 160 185 220 450 225 210 200 220 260 15 -44
Jumeirah Islands n/a n/a n/a n/a n/a n/a 425 285 270 270 300 330 600 315 300 300 350 375 9 -30
meadows 325 180 185 180 200 240 350 230 200 200 220 270 425 255 225 225 260 290 18 -27
mirdif 240 100 85 80 90 120 260 120 110 105 115 145 275 165 125 125 140 170 31 -40
palm Jumeirah 375 250 275 275 325 350 500 325 315 315 365 440 675 500 450 450 500 600 16 -10
Springs 250 125 110 105 125 165 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 34 -36
Average Rental Rates (AED/ft2/pa) % Change
DEvElopmEnt 2008 2009 2010 2011 2012 2013 Q3 2012-Q3 2013 Q3 2008-Q3 2013Bur Dubai 375 150 115 90 80 95 19 -75
Business Bay n/a n/a n/a 75 70 95 36 n/a
DIFC 525 370 295 220 220 225 2 -57
Dubai Internet City 360 170 135 125 115 160 39 -56
Dubai Investment park 205 95 50 40 40 60 50 -71
Jumeirah lakes towers 280 100 75 50 50 105 110 -63
Sheikh Zayed Road 450 215 160 140 140 150 7 -67
tecom C 360 105 85 60 55 100 82 -72
• similar to the sales market, apartment and villa rents are below Q3 2008 levels by -38 and -31% respectively.
•however, recovery is well under way with a year on year growth of 23% for apartments and 19% for villas.
•asteco expects rental growth to continue as economic improvements fuel internal demand as well as result in new arrivals.
• revival in the office market is slower compared to residential and rates are still -66% lower than in Q3 2008 but rose 43% over the previous year.
ASSET MANAGEMENT SALES LEASING
VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION
In the mIddle east for 28 yearsDUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN In the mIddle east for 28 years
© Asteco Property Management, 2013 asteco.com | astecoreports.com For additional information: 600 54 7773
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 quali-
fied valuers with extensive local experience.
TheProfessionalServicesAstecoconductsthroughouttheregioninclude:
• Consultancy and 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
asingleunit(IPM)oraregionalmixeduseportfolio.Ourfocusisonmaximisingvalueforour
Clients.
OWNER 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.
oman
United Arab emiratesQatar
Jordan
egypt
yemen
Iran
ras al Khaimah
United Arab emirates
ajmansharjah
dubai
Abu dhabi
al ain
fujairah
Um al Quwaim
dISCLAImer:TheinformationcontainedinthisreporthasbeenobtainedfromandisbaseduponsourcesthatAstecoPropertyManagementbelievestobereliable,however,nowarrantyorrepresentation,expressedorimplied,ismadetotheaccuracyorcompletenessoftheinformationcontainedherein,andsameissubmittedsubjecttoerrors,omissions,changeofprice,rentalorotherconditions,withdrawalwithoutnotice,andtoanyspeciallistingconditionsimposedbyourprincipals.AstecoPropertyManagementwillnotbeheldresponsibleforanythird-partycontributions.AllopinionsandestimatesincludedinthisreportconstituteAstecoPropertyManagement’sjudgment,asofthedateofthisreportandaresubjecttochange 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 dubai market. 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, bytheirverynature,involveriskanduncertaintybecausetheyrelatetofutureeventsandcircumstanceswhicharebeyondAstecoPropertyManagement’scontrol.Forafullin-depthstudyofthemarket,pleasecontactAstecoPropertyManagement’sresearchteam.AstecoPropertyManagementLLC.CommercialLicenceNo.218551.Paid-upCapitalAED4,000,000.
With28yearsofMiddleeastexperience,Asteco’sValuation&AdvisoryServicesteambringstogetheragroupoftheGulf’sleadingrealestateexperts.
Asteco’snetworkofofficesinAbuDhabi,AlAin,Dubai,NorthernEmirates,QatarandJordannotonly
provides a deep understanding of the local markets but also enables us to undertake large instructions
where we can quickly apply resources to meet clients requirements.
our breadth of experience across all the main property sectors is underpinned by our sales, leasing and
investment teams transacting in the market and a wealth of research that supports our decision making.
John Allen BSc MRICS
Jeremy oates BSc FRICS
Jenny WeildingBA (Hons)
Julia Knibbs MSc
Director, valuation & Advisory
General manager, Abu Dhabi
Research & Consultancy manager, Dubai
Research & Consultancy manager, Abu Dhabi
+971 600 54 7773 +971 2 626 2660 +971 600 54 7773 +971 2 626 2660
JohnA@Asteco.com Jerryo@asteco.com JennyW@Asteco.com JuliaK@Asteco.com
John Stevens BSc MRICS
Sean mcCauley MBA BCom
vineet Kumar James Joughin BSc (Hons) MRICS
managing Director/Director, Asset Services
Director, Agency
Associate Director,Agency
Head of valuations, Abu Dhabi
+971 600 54 7773 +971 600 54 7773 +971 600 54 7773 +971 2 626 2660
JohnS@Asteco.com Seanm@Asteco.com vineetK@Asteco.com JamesJ@Asteco.com
top related