OBSERVER Q2 2020 Dubai Residential Report - Chestertons MENA
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OBSERVER Dubai Residential Report Q2 2020
Market Overview Dubai’s residential sector faced a challenging second quarter, with social distancing measures, coupled with Covid-19’s economic impact, affecting market performance. Average apartment rents fell by 3.9% quarter-on-quarter (q-o-q) and 9.5% year-on-year (y-o-y), with average villa rents seeing more moderate declines of 2.6% q-o-q and 7.2% y-o-y. While social distancing policies broadly restricted the rental market over April, activity recovered in May, driven by tenants looking to reduce rental costs or take advantage of lower rents to upsize. The impact on residential prices was less pronounced, with the average price of recorded off-plan transactions seeing a slight uplift, while both new listing and completed unit prices fell. On average, Chestertons estimates that apartment and villa prices saw quarterly falls of 2.6% and 1.2%, respectively. A total of 5,233 residential units were sold over Q2, representing a quarterly decline of 45%, with corresponding transaction value falling by 40% to AED 9.06 billion. When looked at on a monthly basis, June transaction figures were encouraging and point towards more typical sales volumes over the third quarter. While clearly a testing period, there were also positives to draw from Q2. Developers held back new off-plan sales launches, a move that bodes well for more balanced supply and demand dynamics medium-term. Dubai also took a step towards greater market transparency, with the routine release of its official house price index, Mo’asher, likely to give rise to greater investor confidence. The outlook for Dubai’s residential market will be closely tied to the performance of the wider economy. Over the second half of 2020, we expect residential prices and rents to fall further, driven by a declining expatriate population and an overall private sector contraction. Assuming a return to economic growth next year, it is likely that residential prices will see greater stability over 2021. OBSERVER - Dubai Residential Report Q2 2020 2
Q2 Highlights Key Indicators
Economic Snapshot
Dubai’s economy was impacted by measures introduced to counter Apartments
Covid-19 over the second quarter, with a further decline in GDP
Prices:
expected to follow Q1’s 3.5% contraction. Tourism-related sectors
and physical retailers were acutely affected by the suspension of Q-o-Q Change: –2.6%
tourist arrivals coupled with the temporary closure of hotels and malls.
The proactive policy response from both UAE and Dubai authorities,
Y-o-Y Change: –9.8%
however, eased the overall economic impact, with the UAE’s central Rents:
bank (CBUAE) predicting a recovery in economic activity over the
second half of 2020. The CBUAE specifically cited the Targeted
Q-o-Q Change: –3.9%
Economic Support Scheme (TESS), along with economic stimulus Y-o-Y Change: –9.5%
packages announced by both local and federal governments, as
likely to weigh in positively on growth once the pandemic subsides.
Sales Prices Villas
Average apartment prices fell by 2.6% from Q1 2020, an increase in Prices:
the rate of decline seen over Q1, with average villa prices seeing a Q-o-Q Change: –1.2%
more moderate fall of 1.2%. On an annual basis, average apartment
prices declined by 9.8%, with villas falling by 7.1%. There was often Y-o-Y Change: –7.1%
a gap witnessed between buyer and seller price expectations over Rents:
Q2 and average prices will likely decline further next quarter as
transaction volume gains pace. Q-o-Q Change: –2.6%
Rental Rates
Y-o-Y Change: –7.2%
Average apartment rents fell by 3.9% over Q2, following more
moderate declines of 1.5% the previous quarter, leading to a 9.5%
fall from Q2 2019. Average villa rents proved more resilient, falling
Sales Volume
by 2.6% and 7.2% on a quarterly and annual basis, respectively. 5,233 units
Covid-19’s economic impact will continue to challenge rents over
2020, with falls in private sector salaries, rising unemployment and a –45.4% Q-o-Q
reduced population set to place downward pressure on rates. –39.6% Y-o-Y
Off-plan Sales Launches
Developers refrained from launching new projects for sale over the Sales Value
second quarter, leaving total off-plan sales launches at 4,458 units
for H1 2020. This compares to 12,222 in H1 2019 and 21,435 in H1 AED 9.06 billion
2018. The reduction in new sales launches is a welcome step towards
–39.9% Q-o-Q
more balanced supply and demand dynamics medium-term.
–36.6% Y-o-Y
Transactions
Volumes. Overall residential transactions reached 5,233 units over
the second quarter, representing a near 40% fall on an annual basis Off-plan Launches
and a 45% fall q-o-q.
4,458 units (H1 2020)
Values. The total value of residential transactions stood at AED 9.06 –63.5% Y-o-Y
billion, a near 40% fall on a quarterly basis and a 37% fall y-o-y.
OBSERVER - Dubai Residential Report Q2 2020 3
Covid-19’s impact disrupted Dubai’s residential
sector, affecting agency and developer activity
over Q2
Measures introduced to combat Covid-19 restricted broad from AED 558 to AED 524 per sq ft, representing a decline of
activity over the second quarter, significantly reducing 6.1% over Q2.
transaction volumes, especially across April and May. Limited
sales activity can make accurately assessing average prices Motor City saw a 5.3% drop from the previous quarter, with
challenging, with the market witnessing a divergence in trends prices decreasing from AED 565 to AED 535 per sq ft.
between average off-plan transaction prices and average listing
and completed property prices over Q2. Locations which witnessed more moderate declines over Q2
included The Greens and Business Bay, with prices falling by just
We estimate that average apartment prices fell 2.6% from 0.5% and 1%, respectively. Average apartment prices across
Q1 2020, an increase in the rate of decline from the previous Dubai Marina also performed comparatively well, declining by
quarter, with average villa prices seeing a more moderate fall of 1.1% to AED 1,009 per sq ft, down from AED 1,020 over Q1.
1.2%. On an annual basis, average apartment prices declined
by 9.8%, with villas falling by 7.1%. On an annual basis, Business Bay and The Views saw the most
moderate declines, at -1.4% and -3.7%, respectively, following
We expect prices to face further declines over the second half Business Bay recording a minor uplift in first quarter prices, and
of 2020, with a subdued economy and a likely reduction of having seen stable prices over the preceding two quarters.
the emirate’s population, both key drivers of Dubai residential Motor City, Dubai Silicon Oasis and Jumeirah Village Circle
prices, set to hamper market performance. (JVC) saw the highest declines on an annual basis, with average
prices at Motor City falling from AED 700 per sq ft in Q2 2019
A notable fall in new off-plan sales launches, which totalled to AED 535.
4,458 units over the first half of 2020, compared to 12,222
units in H1 2019 and 21,435 units in H1 2018, bodes well for Villas:
supply and demand dynamics and should serve to support Q-o-Q Change: –1.2%
residential prices medium-term. Y-o-Y Change: –7.1%
Units Launched for Sale Off-plan and % Change All areas saw declines in average prices over the second quarter,
within a bracket of -0.4% to -2.2% q-o-q and -4.6% to -12.9%
30000 20% y-o-y.
10%
25000
0% Palm Jumeirah saw the steepest quarterly price fall, with
20000 -10% average values reaching AED 1,820 per sq ft, down from AED
15000
-20% 1,860, a decline of 2.2%. This follows a price decline of less
-30% than 1% over the previous quarter. The Meadows/The Springs
10000 -40% prices saw a fall of 2% q-o-q, following a 1.2% rise the previous
5000
-50% quarter, with average prices reaching AED 815 per sq ft.
-60%
0 -70% The Lakes, Arabian Ranches and Jumeirah Park all witnessed
H1 2016 H1 2017 H1 2018 H1 2019 H1 2020
quarterly declines of less than 1%, at -0.4%, -0.6% and -0.7%,
Source: Units launched
H-o-H Change respectively. Average prices at The Lakes stood at AED 980 per
REIDIN & Chestertons for sale (Off-plan)
sq ft, down from AED 1,038 in Q2 2019, with average prices at
Arabian Ranches and Jumeirah Park standing at AED 790 and
Apartments: AED 720, respectively.
Q-o-Q Change: –2.6%
Y-o-Y Change: –9.8% The Meadows/The Springs saw the lowest annual decline, at
-4.6%. Jumeirah Park was the only area to see a double-digit
The largest price declines in the apartment segment were fall in average prices, falling from AED 827 per sq ft in Q2 2019,
witnessed in Discovery Gardens, with average prices falling representing a decline of 12.9%.
OBSERVER - Dubai Residential Report Q2 2020 4
HOT TOPIC Dubai embraces greater market transparency Q2 saw the release of the second and third editions of Mo’asher, Dubai’s official house price index, marking a further step towards greater transparency within the emirate’s residential sector. The index, which is jointly produced by the Dubai Land Department (DLD) and listings portal Property Finder, tracks property prices from a base year of 2012. In May 2020, the sales index increased 12.1% compared to 2012 and 0.5% compared to April 2020. Over April and May, the index saw an increase of 1.54%. Mo’asher provides separate apartment and villa/townhouse indices, which saw monthly rises of 0.59% and 0.95%, respectively, in May 2020. The routine release of the index, which was first announced last year, should serve to bolster investor confidence and enhances Dubai’s standing as the region’s most transparent property market. OBSERVER - Dubai Residential Report Q1 2020 5
Apartments and Villas − Residential Sales Prices and Quarterly Change
Arabian Gulf
Dubai
The Palm
Jebel Ali
-2.8
Waterfront Q-o-
Chan
AED1,009
DUBAI
MARINA
-1.1%
AED79
JUMEIRA
Q-o-Q LAKE TOW
Change
AED1,020
DUBAI
MARINA
AED815 -2.0%
Q-o-Q
Palm Jumeira
THE MEADOWS Change
/SPRINGS
Bluewater
AED524 AED832 Islands
Jumeirah Beach
THE MEADOWS Residence
DISCOVERY /SPRINGS
GARDENS Dubai Marina Dubai Pear
Media Interne
-6.1% City
AED558
City
Ibn Battuta JLT
Q-o-Q Mall The Jumeirah Greens
Change DISCOVERY Gardens Heights Emirates TECOM
Jebel Ali Freezone
GARDENS Meadows Hills
Jebel Ali Discovery /Springs
Downtown
Jebel Ali
– Village Gardens Jumeirah
Islands
The View
The Lakes
-0.7% Jumeirah
Park The Springs
Abu Dhabi Q-o-Q Al Furjan
AED725
Change
JUMEIRAH
AED9
Technology Park
AED720
PARK -1.6% Jumeirah
THE LA
Green Q-o-Q
Jumeirah Village Circle
JUMEIRAH Community Change
Golf International
PARK Estates Media
AED600 AED610
Dubai
Investment
Park
Production
Zone(IMPZ)
JUMEIRAH
AED
JUMEIRAH VILLAGE THE
VILLAGE CIRCLE Sports
Dubai CIRCLE City
World Mo
Central -2.0% Ci
Q-o-Q
Change
AED657 AED670 -5.0%
SPORTS CITY SPORTS CITY Q-o-Q
Change
AED665 AED700
Dubailand
DUBAILAND DUBAILAND
Figures in AED/Sq Ft Villa Sales Q1 2020 Villa Sales Q2 2020 Apartment Sales Q1 2020 Apartment S
Source: Chestertons Research
OBSERVER - Dubai Residential Report Q2 2020 6
The World The Palm Deira
8%
-Q
nge AED768
JUMEIRAH
LAKE TOWERS
90
AH
WERS
-2.2%
Q-o-Q
Change
ah
AED1,860 AED1,820
PALM
JUMEIRAH PALM
JUMEIRAH Dubai
Maritime
City
-1.6%
AED836 Q-o-Q
rl AED840 THE GREENS
Umm Suqeim Jumeirah Satwa
Change
Bur Dubai
et THE GREENS Burjuman Hamriya
AED1,343 AED1,322
Badaa
Sufouh -0.5% Safa
Al Wasl
Centre
Umm
Deira Wuheida
Q-o-Q Manara DOWNTOWN Mamzar
Change DOWNTOWN
Trade Hurair
DIFC
Centre Karama Deira City Hor Al Anz
Mall of the Emirates Dubai Mall Centre
Al Quoz Oud
ws
Barsha
AED1,050 Zabeel Metha
Al Nahda
THE VIEWS
Barsha AED1,065 Garhoud Sharjah
THE VIEWS -1.4% Al Khail
Airport
984 Q-o-Q
Change
Gate Culture
Village
Free Zone
Twar
Qusais
AKES -0.4%
Q-o-Q AED1,007
Change BUSINESS BAY Umm
Bu Kadra Ramool
D980 -5.3% AED997
-1.0% Meydan
City
Dubai
Festival City
E LAKES
Dubiotech
Q-o-Q
Change AED535 Q-o-Q
Change
BUSINESS BAY
Nadd
MOTOR CITY Ras Al Khor Shamma Muhaisnah
otor AED565
ity
-1.7% Nadd
MOTOR CITY
AED570 Q-o-Q
Change
Al Hammar
-4.2%
Mirdif City
Centre
Arabian DUBAI SILICON
Al Barari Q-o-Q
Ranches OASIS Mirdif
Living Legends Change
AED580 Warqaa
Ghoroob Mizar
AED465 AED445
Al Waha
Community AED795 DUBAI SILICON
ARABIAN AED790 OASIS Nad Al Sheba
Dragon Mart
Shorooq
INTERNATIONAL
INTERNATIONAL
Layan RANCHES ARABIAN CITY
RANCHES International CITY
City
-0.6% Dubai
Silicon Oasis
Khwaneej
Q-o-Q Awir
Change Academic
City
Sales Q2 2020 Q-o-Q Change
OBSERVER - Dubai Residential Report Q2 2020 7
Q2 saw market-wide declines in average rents,
with villas proving more resilient
Dubai’s rental market saw broad declines over the second of lower rents to upsize and upgrade their accommodation. The
quarter, as the economic impact of Covid-19 placed pressure on most significant ongoing threats to the rental sector come from
rates. Average apartment rents fell by 3.9% over Q2, following a fall in demand driven by rising unemployment and declining
more moderate declines of 1.5% over the previous quarter, income levels for private sector workers. The second quarter
contributing to a 9.5% fall from Q2 2019. witnessed significant job losses, especially across travel-related
sectors, and a further fall in Dubai’s expatriate population
Average villa rents proved more resilient, falling by 2.6% presents a clear risk moving forward.
and 7.2% on a quarterly and annual basis, respectively. The
more moderate decline in villa rents is largely due to a rise in Landlords will likely need to demonstrate continued flexibility
tenant interest in landed property, with agents reporting a on both rents and payment terms, focusing on taking steps to
clear increase in villa enquires following the easing of social retain tenants, over the second half of 2020.
distancing measures in May.
Apartments:
All areas saw declines in average rents over Q2, although the Q-o-Q Change: –3.9%
rate of decrease varied by unit type and location, with areas Y-o-Y Change: –9.5%
with higher volumes of new supply, and smaller unit-types,
typically seeing larger average falls. All areas saw declines in average rents over the second quarter,
within a bracket of -1.4% to -6.6%.
With the ongoing economic impact of Covid-19 taking effect,
Dubai landlords have continued to offer discounts and more Studio units saw the sharpest falls on average, declining 5.8%
flexible payment terms to both attract and retain tenants. q-o-q and 12.6% y-o-y, followed by one bedroom units at 3.9%
Multiple rental cheques, already increasingly common, are now and 11%, respectively.
widely expected by tenants, with payment through four to six
cheques becoming typical market practice over the second Motor City witnessed the sharpest quarterly fall in average rents,
quarter. Landlords also offered extended rent-free periods and at -6.6%, followed by Sports City at -6.4%. On an individual unit-
increasingly listed units with the option of shorter lease terms. type basis, rents for three bedroom units at Dubailand saw the
steepest quarterly decline, at -10%. Conversely, three bedroom
While social distancing measures largely restricted leasing rents at International City and DIFC held steady for the second
activity during April, the market has seen a notable rise in activity consecutive quarter, as did three bedroom units within Jumeirah
since May. Tenants looking to relocate have typically sort to Lake Towers.
reduce rental costs, following a fall in income, or take advantage
HOT TOPIC Tenants adjust their priorities after lockdown
While Covid-19 counter measures impacted second quarter leasing activity, Dubai residential agencies reported a sharp rise in
enquires as restrictions eased over May. Agents also reported a change in requirements, with tenants increasingly looking for shorter
lease lengths and properties offering more flexible payment terms. With ongoing market uncertainty, it is likely that demand for
properties offering greater flexibility will continue.
Listings portal Property Finder also noted a spike in searches for Dubai villas and townhouses, with more tenants searching for
properties with private gardens, large balconies and private swimming pools following April’s lockdown.
OBSERVER - Dubai Residential Report Q2 2020 8On an annual basis, average rents across Motor City and The by 12.2% and 12.7% respectively, compared to Q2 2019.
Views saw the highest average declines, at -14.8% and -13.2%, Average rents at Arabian Ranches also saw a double-digit
respectively, with The Greens, Dubai Silicon Oasis, Dubai Sports annual decline, at -10.2%, with other locations monitored
City and Discovery Gardens all seeing double-digit falls since Q2 seeing annual falls of below 10%.
2019.
Jumeirah Islands, Palm Jumeirah and The Lakes saw the lowest
Jumeirah Lake Towers and International City saw declines of annual declines in average rents, at -2.9%, -3.1% and -5%,
6.9% and 5.6%, respectively, with Dubailand, Dubai Marina, respectively.
Business Bay and DIFC witnessing annual declines of below 8%.
On a unit-type basis, four bedroom villas at The Meadows
Villas: saw the sharpest annual declines, reaching AED 175,000 per
Q-o-Q Change: –2.6% annum, a decline of 16.7%. Conversely, five bedroom villas at
Y-o-Y Change: –7.2% Jumeirah Islands witnessed the lowest annual fall, standing at
AED 236,500 per annum, a decline of just 1.5% from Q2 2019.
On a quarterly basis, Jumeirah Islands was the only location
to see a quarterly decline of below 1%, at -0.8%, with Victory Smaller villa units showed steeper average declines, with two
Heights and The Meadows both seeing a comparatively and three bedroom units seeing annual rates fall by 13.7% and
moderate decline of 1.6% q-o-q. 8.4%, respectively, compared to declines of 7.2% across four
bedroom villas and 5% for five bedroom units.
On an annual basis, the sharpest rental rate falls were witnessed
across The Springs and The Meadows, with annual rents falling
OBSERVER - Dubai Residential Report Q2 2020 9Apartments - Average Rents by District/Unit Type and Quarterly Change
250,000
200,000
AED RENTAL RATES
150,000
100,000
50,000
-
Business Bay DIFC Discovery Downtown Dubai Marina Dubai Dubai
Gardens Dubai Silicon Oasis Sports City
Source: Chestertons Research Studio 1BR 2BR 3BR QoQ Change YoY Change
Villas - Average Rents by District/Unit Type and Quarterly Change
400,000
350,000
300,000
AED RENTAL RATES
250,000
200,000
150,000
100,000
50,000
-
Arabian The The The Lakes Victory
Ranches Springs Meadows Heights
Source: Chestertons Research 2BR 3BR 4BR 5BR QoQ Change YoY Change
OBSERVER - Dubai Residential Report Q2 2020 100%
-2%
-4%
PERCENTAGE CHANGE
-6%
-8%
-10%
-12%
-14%
Dubailand International JLT JVC The Greens The Views Dubai
City Motor City
0%
-2%
-4%
PERCENTAGE CHANGE
-6%
-8%
-10%
-12%
-14%
-16%
Al Furjan JVT Jumeirah Jumeirah Palm
Islands Golf Estates Jumeirah
OBSERVER - Dubai Residential Report Q2 2020 11Sales transactions fell sharply over Q2, although
June figures point to recovery
Residential transactions totalled 5,233 units over the second Off-plan sales totalled 3,331 units over Q2, down from 5,387
quarter, representing a near 40% fall on an annual basis and a the previous quarter and the 5,171 units sold over Q2 2019.
quarterly fall of 45%. Completed sales stood at 1,902 units over Q2, a near 55% fall
from the 4,204 sold over Q1 and down from the 3,499 units
The sharp fall in transactions is largely a result of social sold over Q2 2019.
distancing measures restricting sales activity over April and
May, where total sales stood at 1,739 and 1,373 units, Dubai Marina saw the highest volume of completed units
respectively. Eased restrictions over June had a notable impact transfer over Q2, at 146, followed by Dubai Hills Estate at 120
on sales volumes, with monthly sales increasing to 2,121 units. units.
While off-plan sales accounted for 64% of the total number Transaction Values
of units sold over Q2, total transaction value was more evenly Q-o-Q Movement (Completed Units): –41.1%
divided between off-plan and completed property sales, Q-o-Q Movement (Off-Plan Units): –38.7%
standing at 51% and 49%, respectively. Y-o-Y Movement (Completed Units): –37.4%
Y-o-Y Movement (Off-Plan Units): –35.8%
42% of apartments sold over Q2 were one bedroom units,
followed by studios at 27%, with two and three bedroom and Transaction values for completed properties fell by over 40%
above units accounting for 22% and 9% of sales, respectively. from Q1, from AED 7.53 billion to AED 4.43 billion. On an annual
basis, the total transaction value of completed properties
Three bedroom villas accounted for 43% of second quarter declined by 37.4%, from AED 7.08 billion in Q2 2019.
sales, followed by four bedroom villas at 31%. Two bedroom,
five bedroom and six bedroom and above villas accounted for Off-plan transfers followed a similar trend, falling by 38.7% on
6%, 13% and 7% of total sales, respectively. a quarterly basis, from AED 7.54 billion in Q1 2020 to AED 4.62
billion, with total transaction value declining by 35.8% annually.
Transaction Volumes
Q-o-Q Movement (Completed Units): –54.8% District One saw the highest total value of completed properties
Q-o-Q Movement (Off-Plan Units): –38.2% transfer over the second quarter, with transactions totalling AED
Y-o-Y Movement (Completed Units): –45.6% 630 million, followed by Dubai Hills Estate at AED 534 million.
Y-o-Y Movement (Off-Plan Units): –35.6%
Quarterly Transactions by Volume (No of Units) Quarterly Transactions by Value (AED Billion)
6000 8.00
7.00
5000
6.00
4000
5.00
3000 4.00
3.00
2000
2.00
1000
1.00
0 0.00
Q2 2019 Q1 2020 Q2 2020 Q2 2019 Q1 2020 Q2 2020
Source: REIDIN & Chestertons Completed Properties Off-Plan
OBSERVER - Dubai Residential Report Q2 2020 12HOT TOPIC What does the future hold for Dubai real estate? The ongoing pandemic has taken its toll on Dubai’s residential sector, affecting performance at a point when the market was starting to see more stable prices and even, across several communities, a modest rise in first quarter rents. The performance of the UAE’s residential sector is closely tied to that of the wider economy, with UAE non-oil private sector growth showing a broad correlation with sales price movements over recent years. With Dubai expected to see an economic contraction over 2020, and with the emirate’s expatriate population likely to decline, we expect both rents and sales prices to fall over the second half of 2020. Current economic projections see a return to growth next year, with Dubai Expo also set to drive tourist arrivals and provide a platform for the emirate to showcase market opportunities. While the longer-term outlook is less clear, assuming a broad economic recovery, we expect the market to see greater price stability over 2021.
OBSERVER - Dubai Residential Report Q2 2020 14
Transactions Dashboard Q2 2020
Apartments Villas
Q2 2020 Sales Volume Q2 2020 Sales Volume
by No of Bedrooms by No of Bedrooms
9% 6%
7%
13%
22% 42% 43%
31%
27%
One Studio Two Three + Three Four Five Six + Two
Apartments Villas
Q2 2020 Sales Volume Q2 2020 Sales Volume
by Construction Status by Construction Status
41%
42%
58%
59%
Source: REIDIN & Chestertons Completed Properties Off-Plan
OBSERVER - Dubai Residential Report Q2 2020 15Q2 2020 Sales Transactions
Completed Units
Top 10 AreasInternational
Based on Transaction
City Volumes (Number of Units)
Dubailand Residence Complex
International City
Jumeirah Village Circle
Dubailand Residence Complex
Dubai Sports City
Jumeirah Village Circle
Palm Jumeirah
Dubai Sports City
Downtown Dubai
Palm Jumeirah
Town Square
Downtown Dubai
Business Bay
Town Square
Dubai Hills Estate
Business Bay
Dubai Marina
Dubai Hills Estate
- 20 40 60 80 100 120 140 160
Dubai Marina
Source: REIDIN & Chestertons
- 20 40 60 80 100 120 140 160
Source: REIDIN & Chestertons
Top 10 Areas Based on Transaction Values (in million AED)
Jumeirah Beach Residence
Bluewaters Island
Jumeirah Beach Residence
Jumeirah Bay Island
Bluewaters Island
Arabian Ranches
Jumeirah Bay Island
Dubai Marina
Arabian Ranches
Business Bay
Dubai Marina
Downtown Dubai
Business Bay
Palm Jumeirah
Downtown Dubai
Dubai Hills Estate
Palm Jumeirah
District One
Dubai Hills Estate
- 100 200 300 400 500 600 700
District One
Source: REIDIN & Chestertons
- 100 200 300 400 500 600 700
Source: REIDIN & Chestertons
OBSERVER - Dubai Residential Report Q2 2020 16Q2 2020 Sales Transactions
Off-plan Units
Top 10 Areas Based on Transaction Volumes (Number of Units)
Umm Suqeim Third
Villanova
Umm Suqeim Third
Emaar South
Villanova
International City
Emaar South
Downtown Dubai
International City
The Lagoons (Dubai Creek Harbour)
Downtown Dubai
Sobha Hartland
The Lagoons (Dubai Creek Harbour)
Business Bay
Sobha Hartland
Jumeirah Village Circle
Business Bay
District One
Jumeirah Village Circle
- 50 100 150 200 250 300 350 400
District One
Source: REIDIN & Chestertons
- 50 100 150 200 250 300 350 400
Source: REIDIN & Chestertons
Top 10 Areas Based on Transaction Values (in million AED)
Jumeirah Village Circle
Dubai Harbour
Jumeirah Village Circle
Sobha Hartland
Dubai Harbour
Umm Suqeim Third
Sobha Hartland
Jumeirah First
Umm Suqeim Third
Jumeirah Beach Residence
Jumeirah First
Business Bay
Jumeirah Beach Residence
The Lagoons (Dubai Creek Harbour)
Business Bay
Downtown Dubai
The Lagoons (Dubai Creek Harbour)
District One
Downtown Dubai
- 100 200 300 400 500 600 700
Source: REIDIN & Chestertons District One
- 100 200 300 400 500 600 700
Source: REIDIN & Chestertons
OBSERVER - Dubai Residential Report Q2 2020 17About Us
Chestertons, a founding member of the Royal Institution of Chartered Surveyors, has been
delivering leading-edge property advice to clients for over 200 years.
From our origins in 1805 to today’s global operation
spanning over 120 offices in 20 countries, Chestertons Nick Witty, BSc (Hons) MRICS
has enjoyed a longheld reputation for providing Managing Director
expert property insight and on-the-ground delivery MENA
nick.witty@chestertons.com
to investors, developers, corporate occupiers and
financial institutions.
We support our clients across the breadth of their
real estate needs and pride ourselves on taking an Adam Wilson, BSc (Hons) MRICS ACIArb
Head of Valuations
interest in their goals and challenges. Our ‘old service MENA
values’ means we are passionate about the success adam.wilson@chestertons.com
of our clients and our focus is always on consistently
delivering value at every stage in the project lifecycle.
While Chestertons is a global company, we understand Chris Hobden, BA (Hons) MSc MRICS
our clients’ interests are tied to the local market in which Head of Strategic Consultancy
they operate. As such, we employ the most suitably MENA
chris.hobden@chestertons.com
qualified people on the ground, while sharing global
best practices to support each and every client project.
We have unparalleled knowledge of the Middle East
and North Africa market with a team of 70 specialists
across the region. Ellen Sleutjes
Head of Agency
MENA
ellen.sleutjes@chestertons.com
OBSERVER - Dubai Residential Report Q2 2020 18Core Services
Valuations
Mortgage and Secured Lending
Portfolio Valuations
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OBSERVER - Dubai Residential Report Q2 2020 19Contact Us Mena Head Office Bahrain Office 2503, Marina Plaza, Dubai Marina Maz Business Centre PO Box 283361, Dubai The Lagoon United Arab Emirates Amwaj Island Office: +9714 381 0200 Bahrain Fax: +9714 325 3359 Office: +973 1603 0646 Email: uae.enquiry@chestertons.com Email: bahrain@chestertons.com Abu Dhabi Office Global Headquarters Office No. 802, Tamouh Tower 40 Connaught Street Building 12, Marina Square London, W2 2AB Al Reem Island, PO Box 128983 United Kingdom Abu Dhabi, United Arab Emirates Office: +9712 447 3100 Fax: +9712 441 6200 Further offices across the UK, Europe Email: abudhabi@chestertons.com Asia Pacific, Africa and the Caribbean. Disclaimer: All articles and data presented herein is intended for information purposes and has been compiled from sources deemed reliable including the Valuations and Research De- partment of Chestertons, sales and leasing staff, published data, and secondary sources. Though information is believed to be correct, material presented is subject to errors, omissions, changes, or withdrawal without notice. www.chestertons-mena.com
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