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Dubai Residential Market Report - September 2017Dubai Residential Market Report - September 2017ForewordProperty Monitor is the UAE’s only real estate intelligence platformoffered by RICS accredited property professionals, CavendishMaxwell. It gives us great pleasure to be working alongsideCityscape as their official data partner for the 16th edition ofCityscape Global.Our data and intelligence service is aimed at increasing transparencyin the UAE marketplace. Agencies, developers, banks andconsultancies can access real-time data, across multiple data points,and expert intelligence in order to make more informed decisions,based on actual transactions, valuations and trends.Property Monitor offers users the ability to search up-to-dateresidential sales and leasing transactions, off-plan sales, commercialtransactions, valuation data as well as our professional opinion onachievable prices, across all major areas of Dubai and Abu Dhabi.Contents Dubai House Price Index Price performance Rent performance Transactions overview Supply overview2 Property Monitor 2017 propertymonitor.meThe UAE’s only real estate intelligence platform offered byaccredited property professionals3
Dubai Residential Market Report - September 2017Dubai Residential Market Report - September 2017Dubai House Price IndexThe era of “build and they will come” is making way for properties that are more responsive topriced villas during the first half of this year.end-user demand and catering to a wider base of buyers, as seen in the entry of lowerDubai House Price Index - Sales Price (AED) from the period January 2008 to August 20175MAverage Sale Price AED4M3MAverage villa/townhouse prices arenow AED 2.2 milliondue to the increasedsupply of 008Q2-2008Q1-20080KSource: propertymonitor.meNote: Dubai House Price Index tracks residential property transactions across the Emirate to derive average sales prices for apartments and villas/townhouses taking into account new supply that gets added each quarter.Average apartment prices across Dubai have continued to tradewithin a close range of AED 1.2 million to AED 1.4 million over thelast 12 months, while average prices for villas have moved down fromAED 3.7 million in August 2016 to AED 1.98 million in August 2017.Lower priced villas, some at starting prices of AED 1 million, haveprimarily contributed to this change and more units in this categoryare expected to be added to the market.4Meanwhile, consumer demand continues to shift in favour ofcommunities with existing infrastructure and amenities, with developertrack record becoming a key factor in maintaining price and rentlevels. Developers have begun responding to this reality throughdifferentiation at several levels of their product offering, ranging fromlaunch price to unit sizes, payment plans, development phasing andmore. Property Monitor 2017 propertymonitor.meAverage sale price from July - August 2017AED 1.98 millionAED 1.35 millionVILLAS/TOWNHOUSESAPARTMENTSThe UAE’s only real estate intelligence platform offered byaccredited property professionals5
Dubai Residential Market Report - September 2017Dubai Residential Market Report - September 2017Price performanceRent performancePrice declines continued during the first eight months of this year, with twelve monthdeclines averaging 1.45% for apartments and 1.29% for villas/townhouses.Rent declines for residential properties in Dubai continued this year, with 12 month declinesaveraging 3.4% for apartments and 4.7% for villas/townhouses.Prices for properties in established communities with limited upcoming supply, such as Dubai Marina and DIFC, have held stronger than emergingneighbourhoods with significant upcoming supply, such as Dubai Sports City and Jumeirah Village Circle.The introduction of lower priced villa inventory in the market, through communities such as Reem Mira and offerings in Dubailand, is expectedto put pressure on larger apartment units as softening rents could fuel migration to these new villa communities. Additionally, a sizeablevolume of new supply, currently under construction in GCC freehold locations such as Al Barsha 2 and 3, Al Barsha South and Al Warqa’a, willput further pressure on the declining villa rentals. Meanwhile, larger villa units will continue to face occupancy pressure. This pressure comesfrom senior executives who historically occupied these units, as they are now opting for smaller units due to reduced housing allowances.Apartment rent %2 BR Rent12 month % changeSource: 0% Property Monitor 2017 propertymonitor.me3 BR Rent4 BR Rent5 BR Rent12 month % changeThe UAE’s only real estate intelligence platform offered byaccredited property eirahHomes)Fronds(GardenIslandLakesJumeirahThe12 month % irahGreenAverage sales price AED / sq ftGolfEstates-3.0%0Islands-2.5%50061 BR -1.0-6.5%0Villa/townhouse rent performance3,000-1.0-6.0%-6.5Studio RentVilla/townhouse price performance2,00020,000Dubai12 month % changeAverage sales price AED / sq ternatio(C nallu Cste .4The-0.9-1.40.0%The-0.43,500Views4,000To avoid long vacancy periods, landlords have been offering incentives such as payment through multiple cheques and first month rent-free.The scheduled upcoming supply is expected to continue impacting rents in the emirate. Alongside this, pressure on occupancy and theupcoming introduction of VAT, will affect household income levels and hence rent contributions.DubaiApartment price performanceBurjKhalifaCurrent price levels have encouraged buyer activity, especially from end users, with year-to-date transactions surpassing 2016 levels, in particular for underconstruction properties. Dubai Land Department data puts total off-plan transactions for apartments and villas between January to August 2017 at 16,173versus 9,878 transactions over the same period in 2016.Source: propertymonitor.me7
Dubai Residential Market Report - September 2017Dubai Residential Market Report - September 2017Dubai Land Department TransactionsTransactions overviewApartment transactionsOff-plan sales account for majority of thetotal transactions between January toAugust e current momentum in sales activity is driven by a largerproportion of end users than before, particularly first-timebuyers, who are entering the market enthused by low pricesand encouraged by attractive payment plans offered by somedevelopers. The introduction of new innovative mortgageproducts by some local banks has also contributed towardsthis increased activity. Prices and accessibility criteria for homemortgage, traditionally the two biggest barriers for new entrantsto the property market, have been lowered, thus resulting in anuptick in market 1June had the lowest amount of secondary market transactionsin the past two years with 704 sales. Mid-income buyers whoare new to the market have opted for off-plan units as they aremore affordable, whereas most units in the secondary market arestill selling at a premium. This is one of the reasons why we areseeing a low number of transactions across Dubai for secondarytransactions.904Number of transactions15001,5881750July 2017 was a highly active month for off-plan apartmenttransactions with a total of 2,221 transfers. February 2017 wasalso particularly active for off-plan villa/townhouse transactionswith new launches in Dubailand and communities in Reem Miraaccounting for the majority of transactions during the month.Sales Volume - Secondary market transfersSales Volume - Off-planSales volume Jan - Aug 2017Aug 2017July 2017Jun 2017May 2017Apr 2017Mar 2017Feb 2017Jan 2017Dec 2016Nov 2016Oct 2016Sep 2016Aug 2016Jul 20160Jun 2016250Source: propertymonitor.meVilla/townhouse transactions12501000585750Sales Volume - Secondary market transfers8 Property Monitor 2017 propertymonitor.meSales Volume - Off-planThe UAE’s only real estate intelligence platform offered byaccredited property professionalsAug 20176222167July 2017Jun 201780188209150May 2017245124Apr 2017146122Feb 2017135Jan 2017130Dec 2016121187133Nov 201613689Oct 201692118Sep 201613827097198Jul 20160Jun 201615725035046550074APARTMENTSAug 2016Number of transactions20,144Mar 2017VILLAS/TOWNHOUSES1,1724,321Source: propertymonitor.me9
Dubai Residential Market Report - September 2017Dubai Residential Market Report - September 2017Residential supplyApproximately 5,600 residential units have been handed over across Dubai duringAs of August 2017, approximately 24,400 units are scheduled for handover for the remainder of the year, though actual completions may varysignificantly. Historically there has been a considerable gap between the number of units announced for completion and actual handovers.Some projects are delayed as a result of financing issues, contractual disputes, and licensing and approval delays. Developers are also adoptingthe first half of 2017.The key locations for upcoming supply this year are Dubai Marina, Damac Hills, Jumeirah Village Circle, Dubai Sports City, Al Qouz and Business Baywhich all have over 2,000 units expected to be handed over by the end of 2017. The Property Monitor Supply Tracker shows that 85% of upcomingsupply this year will be apartments and 15% villas/townhouses.staggered delivery schedules to align handovers with demand and project sales potential and to avoid flooding the market with units that cannotbe absorbed. Developers are expected to continue phasing the delivery of projects by focusing on absorption of limited released units beforemore supply is brought to the market.10 Property Monitor 2017 propertymonitor.meThe UAE’s only real estate intelligence platform offered byaccredited property professionals11
Property ConsultantsData Intelligence PlatformMiddle East and AfricaLynnette Abad BBA (Hons)Partner, Head of Property MonitorM: 971 50 894 7880E: lynnette.abad@propertymonitor.aePaul McCambridgeHead of Sales of Property MonitorM: 971 50 287 3811E: paul.mccambridge@propertymonitor.aeManika Dhama BA (Hons), MBASenior Consultant, Strategic Consulting and ResearchM: 971 50 482 7938E: manika.dhama@cavendishmaxwell.comDubai2205 Marina PlazaDubai MarinaP.O. Box 118624DubaiUnited Arab EmiratesT: 971 4 453 9525E: sales@propertymonitor.aeAbu Dhabi605 West Tower, Abu Dhabi MallTourist Club AreaP.O. Box 126609Abu DhabiUnited Arab EmiratesT: 971 2 448 4677E: sales@propertymonitor.aeMuscatAlso contact us for:Residential ValuationCommercial ValuationStrategic Consulting and ResearchInvestment and Commercial AgencyMachinery and Business AssetsHotels, Hospitality and LeisureProject and Building ConsultancyEducation Valuation and MonitorPropertyMonitorVilla 836, Way 3012Al SaroojP.O. Box 3438MuscatSultanate of OmanT: 968 99 445 917E: sales@propertymonitor.ae
D esiden ar epor ept D esiden ar epor ept oper 2017 opertymonitor.me AE’ ffer accredit oper ofessionals Transactions overview Off-plan sales account for majority of the total transactions between January to August 2017 July 2017 was a highly active month for off-plan
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