OBSERVER Q3 2020 Dubai Residential Report - Dubai Residential Report Q3 2020
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OBSERVER Dubai Residential Report Q3 2020
Q3 Highlights Key Indicators
Market Overview
Economic Snapshot
Dubai’s non-oil private sector continued to improve over the third Apartments
quarter, with the seasonally adjusted IHS Markit Purchasing
Managers' Index remaining above 50 each month (signalling Prices:
expansion), rising to 51.5 in September from 50.9 in August.
Q-o-Q Change: –3.4%
Dubai’s residential sector enjoyed a more buoyant third While the third quarter saw a gradual recovery in market activity, Y-o-Y Change: –11.4%
quarter, with pent up sales demand, along with tenants ratings agency S&P forecasts an overall 11% contraction for the
taking advantage of lower rents to relocate, spurring emirate’s economy in 2020, specifically highlighting Covid-19’s Rents:
market activity. impact on hospitality and tourism sectors.
Q-o-Q Change: –3.6%
Average apartment rents fell by 3.6% quarter-on-quarter
Dubai returned to public debt markets in September, for the Y-o-Y Change: –10.1%
first time in six years, successfully issuing US$1 billion in Islamic
(q-o-q) and 10.1% year-on-year (y-o-y), with average sukuk and a further US$1 billion in government bonds.
villa rents seeing more moderate declines of 1.2% q-o-q
and 5.8% y-o-y. Sales Prices
Villas
Average apartment prices fell 3.4% q-o-q, compared to a 2.6%
Average apartment prices fell by 3.4% from Q2 2020, an decline over the second quarter. Villa prices saw a marginal Prices:
increase in the rate of decline from the previous quarter, fall of 0.2%, with the overall rate of decline tapered by more Q-o-Q Change: –0.2%
where prices declined by 2.6%. Conversely, villa prices stability across several locations and a return to Q1 prices in
saw a marginal fall of just 0.2% q-o-q, with the overall Palm Jumeirah. Annually, average apartment prices declined by Y-o-Y Change: –5.6%
11.4%, with villas falling by 5.6%.
average bolstered by greater price stability across several Rents:
locations and, in the case of Palm Jumeirah, a return to Rental Rates Q-o-Q Change: –1.2%
first quarter prices. Annually, apartment prices declined
by 11.4%, while villas fell by 5.6%. Dubai’s rental market saw broad declines over the third quarter, Y-o-Y Change: –5.8%
with the economic impact of Covid-19 continuing to place
pressure on rates. Average apartment rents fell by 3.6% over
Residential transactions totalled 7,849 units over Q3, a marginally lower pace of decline than the 3.9% recorded
the third quarter, representing a near 50% rise q-o-q, the previous quarter, contributing to a 10.1% fall from Q3 2019.
although a fall of 21.7% compared to Q3 2019. Total Sales Volume
transaction value reached AED 12.99 billion, a quarterly Villa rents proved more resilient, falling by just 1.2% and 5.8% on 7,849 units
rise of 43.4%, although down 15.2% y-o-y. The recovery a quarterly and annual basis, respectively. The more moderate
in sales activity was primarily driven by completed unit
decline in villa rents is largely due to a rise in tenant interest +50.0% Q-o-Q
in landed property, with agents reporting a clear uptick in villa
transfers, which accounted for 58% of total transaction enquiries since social distancing measures eased in May. –21.7% Y-o-Y
volume, and two-thirds of transaction value, over Q3.
Off-plan Sales Launches
Q3 witnessed the announcement of several new policy
initiatives likely to support the market longer-term,
Developers largely refrained from launching new projects over Sales Value
Q3, with the total number of new units launched for sale off-
including Dubai Land Department’s ‘fractional title deed’ plan standing at 4,834 between Q1 to Q3 2020. This compares AED 12.99 billion
initiative and the launch of a new retirement programme to 17,275 and 23,853 for the first three quarters of 2019 and
offering five-year residency visas. 2018, respectively. +43.4% Q-o-Q
–15.2% Y-o-Y
Transactions
We expect the final quarter of 2020 to see further declines
in average sales prices and rents, with performance set Volumes. Residential transactions totalled 7,849 units over the
to increasingly vary by property type and location. While third quarter, representing a near 50% rise on a quarterly basis,
the longer-term outlook is less clear, assuming a broad although a fall of 21.7% y-o-y. Off-plan Launches
economic recovery, we expect the market to see greater 4,834 units (Q1–Q3 2020)
Values. Total transaction value reached 12.99 billion over Q3,
price stability over 2021. representing a quarterly rise of 43.4%, although an annual fall
of 15.2%.
–72.0% Y-o-Y
OBSERVER - Dubai Residential Report Q3 2020 2 OBSERVER - Dubai Residential Report Q3 2020 3
Dubai saw an uplift in third quarter agency
activity, with villa and apartment price
trends diverging
Dubai saw a notable increase in transactional activity over the from AED 657 over Q2. Dubai Silicon Oasis was the only
third quarter, building on the momentum noted during the final other location to see a quarterly fall in average prices above
month of Q2. 5%, reaching AED 540 per sq ft, down from AED 570 in Q2,
representing a 5.3% drop.
While agency activity gained pace, average apartment prices
fell 3.4% from Q2 2020, an increase in the rate of decline from International City saw a 4.6% fall from the previous quarter,
the previous quarter, where prices declined by 2.6%. Conversely, with prices decreasing from AED 445 to AED 425 per sq ft.
villa prices saw a marginal fall of just 0.2% q-o-q, with the overall
average bolstered by greater price stability across several Locations witnessing more moderate declines over Q3 included
locations and, in the case of Palm Jumeirah, a return to first- Dubai Marina and The Greens, with prices falling by just 2.4%
quarter average prices. On an annual basis, average apartment and 2.5%, respectively. Average apartment prices across The
prices declined by 11.4%, while villas fell by 5.6%. Views and Business Bay also performed comparatively well,
declining by 2.7%, respectively, over the third quarter.
We expect prices to face further declines over the final quarter
of 2020, with the ongoing economic impact of Covid-19 and On an annual basis, Business Bay, Dubai Marina and Downtown
a likely reduction in the emirate’s population, both key drivers saw the most moderate declines, at -5.8%,-6.2% and -7.8%,
of Dubai residential prices, set to hamper market performance. respectively.
Completed unit sales drove transactional activity over Q3, Discovery Gardens, Motor City and Jumeirah Village Circle (JVC)
accounting for 58% of total transaction volume and two-thirds saw the highest yearly declines, with average prices at Motor
of transaction value, with buyers showing a preference for the City falling from AED 630 per sq ft in Q3 2019 to AED 520.
certainty offered by ready properties over off-plan alternatives.
Off-plan sales started to pick up towards the end of Q3, slightly Villas:
surpassing ready property sales during September, having Q-o-Q Change: –0.2%
stood at around half their level over both July and August. Y-o-Y Change: –5.6%
Residential Sales Voulme by Month (Q3 2020) Average villa prices performed comparatively well over the
2000 third quarter, with the pace of decline tapered by broader price
1800 stability.
1600
1400 Villa prices in Palm Jumeirah returned to AED 1,860 per sq ft,
1200 up from AED 1,820 in Q2. Jumeirah Park saw prices hold steady
over Q3, at AED 720 per sq ft, having seen a modest decline of
1000
0.7% the previous quarter.
HOT TOPIC Retirement visa to create developer opportunities
800
600
400 Arabian Ranches and The Lakes both witnessed quarterly September saw the announcement of a new Dubai retirement programme, with a renewable five-year visa being offered to
200 declines of less than 1%, at -0.4%, and -0.5%, respectively. expatriates, aged over 55, providing they have either a minimum monthly income of AED 20,000, AED 1m in savings or a property
0 Average prices at The Lakes stood at AED 975 per sq ft, down worth at least AED 2m. Although the programme will initially focus on existing expatriate residents, the scheme ultimately aims to
Jul-20 Aug-20 Sep-20
from AED 980 in Q2 2020, with average prices at Arabian attract new international retirees to the emirate.
Source: REIDIN & Chestertons Research Off-plan Ready
Ranches standing at AED 787 per sq ft.
While the retiree market for Dubai property has been traditionally limited by expatriates having their residency status tied to
Apartments: The Meadows/The Springs saw the highest quarterly decline, employment, the new programme will create a new demand driver. The development of retirement-focused communities,
Q-o-Q Change: –3.4% at -2.5%, with average prices reaching AED 795 per sq ft, down incorporating healthcare and wider service provisions, will become increasingly viable, with a settled retired expatriate population
Y-o-Y Change: –11.4% from AED 815 the previous quarter. set to further support broader residential demand.
The largest price declines in the apartment segment were While Jumeirah Park saw stable pricing on a quarterly basis, it Once the scheme opens to a wider international market, it will further provide the opportunity for Dubai to compete for a share
witnessed in Dubai Sports City, with average prices falling by was the only area to see a double-digit annual fall, with prices of the fast-growing senior living sector, providing retirees with an alternative to the existing developments on offer in popular
5.5% q-o-q. Average prices reached AED 621 per sq ft, down down from AED 804 per sq ft in Q3 2019, a decline of 10.4%. retirement destinations across the Mediterranean and the United States coastline.
OBSERVER - Dubai Residential Report Q3 2020 4 OBSERVER - Dubai Residential Report Q1 2020 5
Apartments and Villas − Residential Sales Prices and Quarterly Change
The World The Palm Deira
Arabian Gulf
Dubai
The Palm -2.8%
AED746
Jebel Ali
Waterfront Q-o-Q
Change
AED0,985 JUMEIRAH
LAKE TOWERS
DUBAI
MARINA
2.4%
AED768
JUMEIRAH
Q-o-Q
Change
LAKE TOWERS
2.2%
Q-o-Q
AED1,009 Change
DUBAI
MARINA AED1,820 AED1,860
AED795 -2.5%
Q-o-Q
Palm Jumeirah
PALM
JUMEIRAH PALM
THE MEADOWS Change JUMEIRAH Dubai
/SPRINGS Maritime
Bluewater City
AED505 AED815 Islands
THE MEADOWS
Jumeirah Beach
-3.0%
DISCOVERY /SPRINGS
Residence
AED815 Q-o-Q
GARDENS Dubai Marina Dubai Pearl
Media Internet
AED836 THE GREENS
Umm Suqeim Jumeirah Satwa
Change
Bur Dubai
THE GREENS Burjuman Hamriya
3.6% City
AED1,322 AED1,288
Badaa
AED524
City
Q-o-Q Ibn Battuta
The Jumeirah
JLT
Greens
Sufouh -2.5% Safa
Al Wasl
Centre
Umm
Deira Wuheida
Mall Q-o-Q Manara DOWNTOWN Mamzar
Change DISCOVERY Gardens Heights Emirates TECOM Change DOWNTOWN
Trade Hurair
Jebel Ali Freezone DIFC
GARDENS Meadows Hills Centre Karama Deira City Hor Al Anz
Jebel Ali Discovery /Springs
Downtown
Jebel Ali
– Village Gardens Jumeirah
Islands
The Views
The Lakes
Mall of the Emirates
AED1,022
Al Quoz Dubai Mall
Zabeel
Oud
Metha
Centre
Barsha Al Nahda
THE VIEWS
0.0% Jumeirah
Park The Springs Barsha AED1,050
Abu Dhabi Q-o-Q Al Furjan Garhoud Sharjah
Change
AED720 THE VIEWS -2.7% Al Khail
Airport
JUMEIRAH
AED980 Q-o-Q
Change
Gate Culture
Village
Free Zone
Twar
Qusais
-3.3% THE LAKES -0.5%
AED720
PARK
Technology Park
Green Q-o-Q Jumeirah Q-o-Q AED997
Jumeirah Village Circle Change BUSINESS BAY Umm
JUMEIRAH Community Change
Golf International Ramool
PARK Bu Kadra
Estates Media
AED580 AED600 -2.8% AED970
Dubai
Investment
Production
Zone(IMPZ) AED975 -2.7% Meydan
City
Dubai
Festival City
Park JUMEIRAH
JUMEIRAH
VILLAGE
VILLAGE THE LAKES
Dubiotech
Q-o-Q
Change AED520 Q-o-Q
Change
BUSINESS BAY
CIRCLE Sports Nadd
Dubai CIRCLE City MOTOR CITY Ras Al Khor Shamma Muhaisnah
World
Central -5.5%
Motor AED535
City
-5.3% Nadd
Q-o-Q
Change
MOTOR CITY
AED540 Q-o-Q
Change
Al Hammar
-4.6%
Mirdif City
Centre
Arabian DUBAI SILICON
Al Barari Q-o-Q
Ranches OASIS Mirdif
AED621 AED657
Living Legends Change
SPORTS CITY
-3.0% AED570 Warqaa
Ghoroob Mizar
AED445 AED425
Al Waha
AED790
SPORTS CITY Q-o-Q DUBAI SILICON
Community
AED787
Change OASIS Nad Al Sheba Shorooq
ARABIAN Dragon Mart INTERNATIONAL
INTERNATIONAL
ARABIAN
AED645
Layan RANCHES
AED665
CITY
RANCHES International CITY
City
DUBAILAND DUBAILAND Dubailand
-0.4% Dubai
Silicon Oasis
Khwaneej
Q-o-Q Awir
Change Academic
City
Figures in AED/Sq Ft Villa Sales Q2 2020 Villa Sales Q3 2020 Apartment Sales Q2 2020 Apartment Sales Q3 2020 Q-o-Q Change
Source: Chestertons Research
OBSERVER - Dubai Residential Report Q3 2020 6 OBSERVER - Dubai Residential Report Q3 2020 7
Q3 saw market-wide declines in average rents,
with villas proving more resilient for the second
consecutive quarter
Dubai’s rental market saw broad declines over the third quarter, of lower rates to upgrade their accommodation, with the On an individual unit-type basis, rents for two-bedroom units at declines of below 1%, with Arabian Ranches also seeing
with the economic impact of Covid-19 continuing to place relocation to villa properties ever-more popular. This, in part, International City saw the steepest quarterly decline, at -7%, comparatively moderate fall of 1.3% q-o-q.
pressure on rates. Average apartment rents fell by 3.6% over Q3, accounts for the comparatively moderate fall in average villa following a period of stability over the second quarter.
a marginally slower pace of decline than the 3.9% recorded over rents compared to apartments. On a unit-type basis, five-bedroom villas at The Lakes saw the
Q2, contributing to a 10.1% fall from y-o-y. On an annual basis, average rents across Dubai Sports City and sharpest quarterly drop, falling to AED 280,000 per annum
While we expect relocations to support market activity over Motor City saw the highest average declines, at -14.9% and from AED 290,000 in Q2, a decline of 3.4%. Conversely, three-
Villa rents proved more resilient, falling by just 1.2% and 5.8% on the final quarter of 2020, residential rents will likely be further -13.4%, respectively, with The Greens, The Views, Dubai Silicon bedroom villas at The Lakes and JVT held steady over Q3, as
a quarterly and annual basis, respectively. The more moderate challenged by the economic impact of Covid-19. The third Oasis, Discovery Gardens and Business Bay all seeing double- did four-bedroom units at JVT, Palm Jumeirah and Jumeirah
decline in villa rents is mainly due to a rise in tenant interest quarter continued to see job losses and a further fall in Dubai’s digit annual falls. Islands.
in landed property, with agents reporting a clear uptick in villa expatriate population presents a clear ongoing risk.
enquiries since the easing of social distancing restrictions in DIFC and Downtown Dubai saw annual declines of 6.8% and On an annual basis, The Springs, Arabian Ranches and The
May. With household incomes likely to remain under pressure, 7.5%, respectively, with Dubailand, Dubai Marina, International Meadows witnessed the sharpest rental rate falls, with rents
Landlords will need to demonstrate flexibility to both attract City, Jumeirah Lake Towers (JLT) and Jumeirah Village Circle decreasing by 9.3%, 8.9% and 8.1%, respectively, compared
While all areas saw declines in average rents over Q3, the rate and retain tenants over Q4 2020. (JVC) witnessing yearly decreases with the range of 7.6% to to Q3 2019. The Lakes, Victory Heights and Al Furjan all saw
of decrease varied by unit type and location, with locations 9.6%. annual declines above 5%.
with higher volumes of new supply, and smaller unit-types, Apartments:
continuing to see above-average falls. Q-o-Q Change: –3.6% Villas: Smaller villa units showed steeper average declines, with two
Y-o-Y Change: –10.1% Q-o-Q Change: –1.2% and three-bedroom units seeing annual rates fall by 12.2% and
With the ongoing economic impact of Covid-19 taking effect, Y-o-Y Change: –5.8% 6.3%, respectively, compared to falls of 5% across four-bedroom
Dubai landlords have continued to demonstrate flexibility with All areas saw declines in average rents over the third quarter, villas and 4.8% for five-bedroom units.
payment terms to support tenants. Multiple rental cheques are within a bracket of -2.1% to -5.8%. On a quarterly basis, Jumeirah Village Triangle (JVT), Jumeirah
now widely expected by tenants, with payment through four to Islands, Jumeirah Golf Estates and Palm Jumeirah all saw
eight cheques, and in some cases twelve, becoming increasingly Studio units saw the sharpest falls over Q3, falling by an average
common. Landlords continued to offer promotional rent-free of 4.4% q-o-q, following a 5.8% decline the previous quarter.
periods and increasingly listed units with the option of shorter One-bedroom units fell by an average of 3.7%, following a 3.9%
lease terms. fall over Q2.
With residential rents declining further over the third quarter, International City witnessed the sharpest quarterly fall in
there has been a growing trend of tenants taking advantage average rents, at -5.8%, followed by Discovery Gardens at -5.5%.
HOT TOPIC New priorities and falling rents spur villa demand
Dubai’s leading residential agencies reported a wave of rental activity over Q3, with tenants taking advantage of lower rents to
upgrade accommodation, or relocating with a view to saving costs.
With many tenants continuing to work from home, demand has increased for more open space and outside areas, with listings
portals reporting a rise in searches for properties with pools, gardens and large balconies.
This change in living preferences is supporting demand for Dubai’s villa schemes, with villa rents continuing to outperform the wider
residential average.
OBSERVER - Dubai Residential Report Q3 2020 8 OBSERVER - Dubai Residential Report Q3 2020 9
Apartments - Average Rents by District/Unit Type and Quarterly Change
250,000 0%
-2%
200,000
-4%
AED PER UNIT PER ANNUM
PERCENTAGE CHANGE
-6%
150,000
-8%
100,000
-10%
-12%
50,000
-14%
- -16%
Business Bay DIFC Discovery Downtown Dubai Marina Dubai Dubai Dubailand International JLT JVC The Greens The Views Dubai
Gardens Dubai Silicon Oasis Sports City City Motor City
Source: Chestertons Research Studio 1BR 2BR 3BR QoQ Change
Villas - Average Rents by District/Unit Type and Quarterly Change
400,000 0%
350,000
-2%
PERCENTAGE CHANGE
AED PER UNIT PER ANNUM
300,000
250,000
-4%
200,000
-6%
150,000
100,000
-8%
50,000
- -10%
Arabian The The The Lakes Victory Al Furjan JVT Jumeirah Jumeirah Palm
Ranches Springs Meadows Heights Islands Golf Estates Jumeirah
Source: Chestertons Research 2BR 3BR 4BR 5BR QoQ Change
OBSERVER - Dubai Residential Report Q3 2020 10 OBSERVER - Dubai Residential Report Q3 2020 11
Transactions rose sharply q-o-q, following a
slow second quarter, with figures bolstered by
completed unit transfers
Residential transactions totalled 7,849 units over the third Ready property sales totalled 4,587 units over Q3, compared
quarter, representing a near 50% rise q-o-q, although a fall of to 1,902 over the second quarter, representing an over 140%
21.7% compared to Q3 2019. increase q-o-q and a more moderate 12.3% rise y-o-y.
The recovery in sales activity was primarily driven by ready Off-plan sales totalled 3,262 units over Q3, down from 3,331
property sales, which accounted for 58% of total transaction the previous quarter and a notable fall from the 5,943 units sold
volume and two-thirds of overall transaction value. over Q3 2019.
Total transaction value reached 12.99 billion over Q3, Town Square saw the highest volume of completed units
representing a quarterly rise of 43.4%, although a fall of 15.2% transfer over Q3, at 539, followed by Dubai Marina at 304 units.
on an annual basis.
Transaction Values
While off-plan sales remained at a more similar level to Q2, Q-o-Q Movement (Completed Units): +93.9%
with total transaction volume and value falling by 2.1% and 5%, Q-o-Q Movement (Off-Plan Units): –5%
respectively, off-plan activity showed signs of regaining pace Y-o-Y Movement (Completed Units): +19%
over September. Y-o-Y Movement (Off-Plan Units): –45.8%
42% of apartments sold over Q3 were one-bedroom units, Transaction values for completed properties rose by just under
followed by studios and two-bedroom units at 24%, respectively. 94% from Q2, from AED 4.43 billion to AED 8.60 billion. On
Three-bedroom and above units accounted for 10% of total an annual basis, the total transaction value of completed
sales. properties rose by 19%, from AED 7.23 billion in Q3 2019.
Three-bedroom villas represented 47% of third quarter sales, By contrast, off-plan transfer value fell by 5% on a quarterly
followed by four-bedroom villas at 32%. Five-bedroom villas basis, from AED 4.62 in Q2 2020 to AED 4.39 billion, with total
accounted for 11% of transactions, with two-bedroom and six- off-plan transaction value declining by over 45% annually.
bedroom and above units accounting for 5%, respectively.
Palm Jumeirah saw the highest total value of completed
Transaction Volumes properties transfer over the third quarter, with transactions
Q-o-Q Movement (Completed Units): +141.2% totalling AED 743 million, followed by Dubai Hills Estate at AED
Q-o-Q Movement (Off-Plan Units): –2.1% 668 million.
Y-o-Y Movement (Completed Units): +12.3%
Y-o-Y Movement (Off-Plan Units): –45.1%
Quarterly Transactions by Volume (No of Units) Quarterly Transactions by Value (AED Billion)
HOT TOPIC Sales figures suggest a post-lockdown surge, but can it be sustained?
7000 10.00
9.00
6000 Residential sales transactions saw a near 50% increase over Q3, driven by a surge in completed unit transfers, which rose from a low
8.00
5000 of under 2,000 units over the second quarter to over 4,500.
7.00
4000 6.00
5.00
There are several factors behind the sharp rise, with the introduction of generous developer promotions clearly serving to drive sales.
3000 4.00 This can be seen in the case of Town Square, which recorded the highest number of ready property sales by community, following a
2000 3.00 promotion by the developer, Nshama, offering five-year post-handover payment plans on completed units.
2.00
1000 While developer incentives played a role in supporting sales, pent up second quarter demand, and delays in the transactional
1.00
0 0.00 process seen during lockdown, were also significant factors in boosting third quarter figures.
Q3 2019 Q2 2020 Q3 2020 Q3 2019 Q2 2020 Q3 2020
We expect that Q4 transaction numbers will provide a more reliable indicator of Covid-19’s market impact, and the extent of
Source: REIDIN & Chestertons Completed Properties Off-Plan Dubai’s market recovery.
OBSERVER - Dubai Residential Report Q3 2020 12
Transactions Dashboard Q3 2020
Apartments Villas
Q3 2020 Sales Volume Q3 2020 Sales Volume
by No of Bedrooms by No of Bedrooms
10% 5%
5%
11%
24%
42% 47%
32%
24%
One Studio Two Three + Three Four Five Six + Two
Apartments Villas
Q3 2020 Sales Volume Q3 2020 Sales Volume
by Construction Status by Construction Status
36%
41%
59%
64%
Source: REIDIN & Chestertons Completed Properties Off-Plan
OBSERVER - Dubai Residential Report Q3 2020 14 OBSERVER - Dubai Residential Report Q3 2020 15
Q3 2020 Sales Transactions Q3 2020 Sales Transactions
Completed Units Off-plan Units
Top 10 Areas Based
Jumeirah Lake on Transaction
Towers
Jumeirah Lake Towers Volumes (Number of Units) Top 10
Arabian Areas
Ranches Based
(Phase
Arabian
on (Phase
3)
Ranches
Transaction
3)
Volumes (Number of Units)
Palm JumeirahPalm Jumeirah Emaar South Emaar South
Jumeirah Lake Towers
Jumeirah Lake Towers Arabian Ranches (Phase
Arabian 3) (Phase 3)
Ranches
Dubai Hills Estate
Dubai Hills Estate International City
International City
Palm Jumeirah Palm Jumeirah Emaar SouthEmaar South
Downtown Dubai
Downtown Dubai Dubai Hills Estate
Dubai Hills Estate
Dubai Hills Estate
Dubai Hills Estate International City
International City
Business Bay Business Bay Business Bay Business Bay
Downtown Dubai
Downtown Dubai Dubai Hills Estate
Dubai Hills Estate
Dubai Sports City Sports City
Dubai Downtown Dubai
Downtown Dubai
Business BayBusiness Bay Business BayBusiness Bay
International City
International City Sobha HartlandSobha Hartland
Dubai SportsDubai
City Sports City Downtown Dubai
Downtown Dubai
Jumeirah Village CircleVillage Circle
Jumeirah The LagoonsThe Lagoons
International City
International City Sobha HartlandSobha Hartland
Dubai Marina Dubai Marina Jumeirah Village CircleVillage Circle
Jumeirah
Jumeirah Village CircleVillage Circle
Jumeirah The LagoonsThe Lagoons
Town Square Town Square Tilal Al GhafTilal Al Ghaf
Dubai Marina Dubai Marina Jumeirah Village CircleVillage Circle
Jumeirah
- -100 200
100 300
200 400
300 500
400 600
500 600 - 50 - 10050 150100 200150 250200 300250 350300 400350 450400 500450 500
Town SquareTown Square Tilal Al GhafTilal Al Ghaf
Source: REIDINSource:
& Chestertons
REIDIN & Chestertons Source: REIDINSource:
& Chestertons
REIDIN & Chestertons
- 100
- 200
100 300
200 400
300 500
400 600
500 600 - 50 - 100 50 150100 200150 250200 300250 350300 400350 450400 500450 500
Source: REIDINSource:
& Chestertons
REIDIN & Chestertons Source: REIDINSource:
& Chestertons
REIDIN & Chestertons
Top 10 Areas Based on Transaction Values (in million AED) Top 10 Areas Based on Transaction Values (in million AED)
Arabian Ranches
Arabian Ranches Palm Jumeirah
Palm Jumeirah
Emirates HillsEmirates Hills Arabian Ranches
Arabian(Phase 3) (Phase 3)
Ranches
Arabian RanchesArabian Ranches Palm Jumeirah Palm Jumeirah
Downtown DubaiDowntown Dubai Dubai Harbour Dubai Harbour
Emirates HillsEmirates Hills Arabian Ranches
Arabian(Phase 3) (Phase 3)
Ranches
Business Bay Business Bay Business Bay Business Bay
Downtown DubaiDowntown Dubai Dubai Harbour Dubai Harbour
District OneDistrict One Dubai Hills Estate
Dubai Hills Estate
Business BayBusiness Bay Business BayBusiness Bay
Jumeirah Bay Island Bay Island
Jumeirah Jumeirah Village CircleVillage Circle
Jumeirah
District One District One Dubai Hills Estate
Dubai Hills Estate
Dubai Marina Dubai Marina Sobha Heartland
Sobha Heartland
Jumeirah Bay Island Bay Island
Jumeirah Jumeirah Village CircleVillage Circle
Jumeirah
Town Square Town Square The LagoonsThe (Dubai Creek
Lagoons Harbour)
(Dubai Creek Harbour)
Dubai Marina Dubai Marina Sobha HeartlandSobha Heartland
Dubai Hills Estate
Dubai Hills Estate Downtown DubaiDowntown Dubai
Town SquareTown Square The LagoonsThe (Dubai Creek(Dubai
Lagoons Harbour)
Creek Harbour)
Palm Jumeirah Palm Jumeirah Tilal Al GhafTilal Al Ghaf
Dubai Hills Estate
Dubai Hills Estate Downtown DubaiDowntown Dubai
- 100- 200
100 300
200 400
300 500
400 600
500 700
600 800
700 800 - 100
- 200
100 300
200 400
300 500
400 600
500 700
600 700
Palm Jumeirah Palm Jumeirah Tilal Al GhafTilal Al Ghaf
Source: REIDINSource:
& Chestertons
REIDIN & Chestertons Source: REIDINSource:
& Chestertons
REIDIN & Chestertons
- 100- 200
100 300
200 400
300 500
400 600
500 700
600 800
700 800 - 100
- 200
100 300
200 400
300 500
400 600
500 700
600 700
Source: REIDINSource:
& Chestertons
REIDIN & Chestertons Source: REIDINSource:
& Chestertons
REIDIN & Chestertons
OBSERVER - Dubai Residential Report Q3 2020 16 OBSERVER - Dubai Residential Report Q3 2020 17
About Us Core Services
Valuations
Mortgage and Secured Lending
Portfolio Valuations
Strategic Consultancy & Research
Financial Feasibilities
Highest and Best Use Studies
Chestertons, a founding member of the Royal Institution of Chartered Surveyors, has been Market Research
delivering leading-edge property advice to clients for over 200 years. Conceptual Advisory and Project Positioning Studies
Project Redevelopment/Repositioning Advisory
From our origins in 1805 to today’s global operation Investment Strategies – Acquisition and Disposal
spanning over 120 offices in 20 countries, Chestertons Nick Witty, BSc (Hons) MRICS
has enjoyed a longheld reputation for providing Managing Director
MENA Sales and Leasing
expert property insight and on-the-ground delivery
nick.witty@chestertons.com Commercial
to investors, developers, corporate occupiers and
Industrial
financial institutions.
Residential
Retail
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 Property Management
delivering value at every stage in the project lifecycle. Commercial
Mixed-Use
While Chestertons is a global company, we understand Chris Hobden, BA (Hons) MSc MRICS Residential
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 International Properties
and North Africa market with a team of 70 specialists London Off-Plan Residential
across the region. Ellen Sleutjes International Homes and Investments
Head of Agency International Relocations
MENA
ellen.sleutjes@chestertons.com
OBSERVER - Dubai Residential Report Q3 2020 18 OBSERVER - Dubai Residential Report Q3 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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