OBSERVER...- Dubai Residential Report Q2 2020 2 OBSERVER - Dubai Residential Report Q2 2020 3 Q2...

OBSERVERDubai Residential ReportQ2 2020

OBSERVER - Dubai Residential Report Q2 2020 2 OBSERVER - Dubai Residential Report Q2 2020 3

Q2 HighlightsEconomic Snapshot

Dubai’s economy was impacted by measures introduced to counter Covid-19 over the second quarter, with a further decline in GDP expected to follow Q1’s 3.5% contraction. Tourism-related sectors and physical retailers were acutely affected by the suspension of tourist arrivals coupled with the temporary closure of hotels and malls. The proactive policy response from both UAE and Dubai authorities, however, eased the overall economic impact, with the UAE’s central bank (CBUAE) predicting a recovery in economic activity over the second half of 2020. The CBUAE specifically cited the Targeted Economic Support Scheme (TESS), along with economic stimulus packages announced by both local and federal governments, as likely to weigh in positively on growth once the pandemic subsides.

Sales Prices

Average apartment prices fell by 2.6% from Q1 2020, an increase in the rate of decline seen over Q1, with average villa prices seeing a 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 a gap witnessed between buyer and seller price expectations over Q2 and average prices will likely decline further next quarter as transaction volume gains pace.

Rental Rates

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 by 2.6% and 7.2% on a quarterly and annual basis, respectively. Covid-19’s economic impact will continue to challenge rents over 2020, with falls in private sector salaries, rising unemployment and a reduced population set to place downward pressure on rates.

Off-plan Sales Launches

Developers refrained from launching new projects for sale over the 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 2018. The reduction in new sales launches is a welcome step towards more balanced supply and demand dynamics medium-term.

Transactions

Volumes. Overall residential transactions reached 5,233 units over the second quarter, representing a near 40% fall on an annual basis and a 45% fall q-o-q.

Values. The total value of residential transactions stood at AED 9.06 billion, a near 40% fall on a quarterly basis and a 37% fall y-o-y.

Key Indicators

ApartmentsPrices:Q-o-Q Change: –2.6%Y-o-Y Change: –9.8%Rents:Q-o-Q Change: –3.9%Y-o-Y Change: –9.5%

VillasPrices:Q-o-Q Change: –1.2%Y-o-Y Change: –7.1%Rents:Q-o-Q Change: –2.6%Y-o-Y Change: –7.2%

Off-plan Launches4,458 units (H1 2020)–63.5% Y-o-Y

Sales ValueAED 9.06 billion–39.9% Q-o-Q–36.6% Y-o-Y

Sales Volume5,233 units–45.4% Q-o-Q–39.6% Y-o-Y

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.

Market Overview

OBSERVER - Dubai Residential Report Q2 2020 3

OBSERVER - Dubai Residential Report Q1 2020 5OBSERVER - Dubai Residential Report Q2 2020 4

Covid-19’s impact disrupted Dubai’s residential sector, affecting agency and developer activity over Q2

Measures introduced to combat Covid-19 restricted broad activity over the second quarter, significantly reducing transaction volumes, especially across April and May. Limited sales activity can make accurately assessing average prices challenging, with the market witnessing a divergence in trends between average off-plan transaction prices and average listing and completed property prices over Q2.

We estimate that average apartment prices fell 2.6% from Q1 2020, an increase in the rate of decline from the previous quarter, with average villa prices seeing a more moderate fall of 1.2%. On an annual basis, average apartment prices declined by 9.8%, with villas falling by 7.1%.

We expect prices to face further declines over the second half of 2020, with a subdued economy and a likely reduction of the emirate’s population, both key drivers of Dubai residential prices, set to hamper market performance.

A notable fall in new off-plan sales launches, which totalled 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 supply and demand dynamics and should serve to support residential prices medium-term.

Apartments:Q-o-Q Change: –2.6%Y-o-Y Change: –9.8%

The largest price declines in the apartment segment were witnessed in Discovery Gardens, with average prices falling

from AED 558 to AED 524 per sq ft, representing a decline of 6.1% over Q2.

Motor City saw a 5.3% drop from the previous quarter, with prices decreasing from AED 565 to AED 535 per sq ft.

Locations which witnessed more moderate declines over Q2 included The Greens and Business Bay, with prices falling by just 0.5% and 1%, respectively. Average apartment prices across Dubai Marina also performed comparatively well, declining by 1.1% to AED 1,009 per sq ft, down from AED 1,020 over Q1.

On an annual basis, Business Bay and The Views saw the most moderate declines, at -1.4% and -3.7%, respectively, following Business Bay recording a minor uplift in first quarter prices, and having seen stable prices over the preceding two quarters. Motor City, Dubai Silicon Oasis and Jumeirah Village Circle (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 to AED 535.

Villas: Q-o-Q Change: –1.2% Y-o-Y Change: –7.1%

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% y-o-y.

Palm Jumeirah saw the steepest quarterly price fall, with average values reaching AED 1,820 per sq ft, down from AED 1,860, a decline of 2.2%. This follows a price decline of less than 1% over the previous quarter. The Meadows/The Springs prices saw a fall of 2% q-o-q, following a 1.2% rise the previous quarter, with average prices reaching AED 815 per sq ft.

The Lakes, Arabian Ranches and Jumeirah Park all witnessed quarterly declines of less than 1%, at -0.4%, -0.6% and -0.7%, respectively. Average prices at The Lakes stood at AED 980 per sq ft, down from AED 1,038 in Q2 2019, with average prices at Arabian Ranches and Jumeirah Park standing at AED 790 and AED 720, respectively.

The Meadows/The Springs saw the lowest annual decline, at -4.6%. Jumeirah Park was the only area to see a double-digit fall in average prices, falling from AED 827 per sq ft in Q2 2019, representing a decline of 12.9%.

0

5000

10000

15000

20000

25000

30000

-70%

-50%

-60%

-30%

-40%

-10%

-20%

0%

10%

20%

H1 2016 H1 2017 H1 2018 H1 2019 H1 2020

Units launchedfor sale (O -plan) H-o-H ChangeSource:

REIDIN & Chestertons

Units Launched for Sale Off-plan and % Change

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.


Apartments and Villas − Residential Sales Prices and Quarterly Change

SharjahAbu Dhabi

The Palm Deira

DubaiMaritime

City

Bur Dubai

Deira

Hamriya

WuheidaMamzar

Hor Al Anz

Al Nahda

AirportFree Zone

Karama

Garhoud

Twar Qusais

Muhaisnah

Mirdif

Mizar

Khwaneej

Ghoroob

Shorooq

Warqaa

ZabeelOud

Metha

CultureVillage

UmmRamool

NaddShamma

DubaiFestival City

MeydanCity

Ras Al Khor

Bu Kadra

NaddAl Hammar

InternationalCity

AcademicCity

DubaiSilicon Oasis

Al WahaCommunity

MotorCity

SportsCity

Layan

Nad Al Sheba

Al BarariLiving Legends

ArabianRanches

Dubiotech

Awir

UmmHurairTrade

CentreDIFC

Dubai Mall

Mirdif CityCentre

Dragon Mart

Deira CityCentre

Al KhailGate

MediaCity

JumeirahIslands

JumeirahGolf

Estates

GreenCommunity

DowntownJebel Ali

Technology Park

DubaiInvestment

Park

DubaiWorld

Central

InternationalMedia

ProductionZone(IMPZ)

JumeirahHeights

TheGardens

DiscoveryGardens

Ibn BattutaMall

Jebel AliVillage

Jebel Ali Freezone EmiratesHills

InternetCity

Greens

Meadows/Springs

The Lakes

Al FurjanThe SpringsJumeirah

Park

JumeirahVillage Circle

TECOM

The Views

JLT

Al Quoz

Barsha

Mall of the Emirates

Dubai Pearl

Palm Jumeirah

Dubai MarinaBurjuman

Centre

Satwa

Badaa

Jumeirah

Al WaslSafa

Umm Suqeim

ManaraSufouh

The World

Arabian Gulf

Jumeirah BeachResidence

BluewaterIslands

The PalmJebel AliDubai

Waterfront

Barsha

MOTOR CITY

AED565MOTOR CITYAED535

DISCOVERYGARDENS

AED558

-5.3%Q-o-Q

Change

DISCOVERYGARDENS

AED524

-6.1%Q-o-Q

Change DOWNTOWNAED1,343 DOWNTOWN

AED1,322

-1.6%Q-o-Q

Change

BUSINESS BAYAED1,007

BUSINESS BAYAED997-1.0%

Q-o-QChange

DUBAILANDAED700

DUBAILANDAED665

-5.0%Q-o-Q

Change

DUBAIMARINA

AED1,020

DUBAIMARINA

AED1,009

-1.1%Q-o-Q

Change

DUBAI SILICONOASIS

AED580DUBAI SILICON

OASIS

AED570-1.7%

Q-o-QChange

SPORTS CITYAED670

SPORTS CITYAED657

-2.0%Q-o-Q

Change

JUMEIRAHLAKE TOWERS

AED790JUMEIRAH

LAKE TOWERS

AED768-2.8%

Q-o-QChange

THE VIEWS

AED1,065THE VIEWS

AED1,050

-1.4%Q-o-Q

Change

JUMEIRAHVILLAGECIRCLE

AED610JUMEIRAHVILLAGECIRCLE

AED600

-1.6%Q-o-Q

Change

THE GREENSAED840 THE GREENS

AED836

-0.5%Q-o-Q

Change

INTERNATIONALCITY

AED465INTERNATIONAL

CITY

AED445

-4.2%Q-o-Q

Change

Apartment Sales Q1 2020 Apartment Sales Q2 2020Villa Sales Q1 2020 Villa Sales Q2 2020 Q-o-Q ChangeFigures in AED/Sq FtSource: Chestertons Research

ARABIANRANCHES

AED795

THE LAKESAED984

ARABIANRANCHES

AED790

JUMEIRAHPARK

AED725

-0.6%Q-o-Q

Change

JUMEIRAHPARK

AED720

-0.7%Q-o-Q

Change

PALMJUMEIRAH

AED1,860PALM

JUMEIRAH

AED1,820

-2.2%Q-o-Q

Change

THE MEADOWS/SPRINGS

AED832

THE MEADOWS/SPRINGS

AED815 -2.0%Q-o-Q

Change

THE LAKESAED980

-0.4%Q-o-Q

Change

Dubailand

–



Q2 saw market-wide declines in average rents, with villas proving more resilient

Dubai’s rental market saw broad declines over the second quarter, as the economic impact of Covid-19 placed pressure on rates. Average apartment rents fell by 3.9% over Q2, following more moderate declines of 1.5% over the previous quarter, contributing to a 9.5% fall from Q2 2019.

Average villa rents proved more resilient, falling by 2.6% and 7.2% on a quarterly and annual basis, respectively. The more moderate decline in villa rents is largely due to a rise in tenant interest in landed property, with agents reporting a clear increase in villa enquires following the easing of social distancing measures in May.

All areas saw declines in average rents over Q2, although the rate of decrease varied by unit type and location, with areas with higher volumes of new supply, and smaller unit-types, typically seeing larger average falls.

With the ongoing economic impact of Covid-19 taking effect, Dubai landlords have continued to offer discounts and more flexible payment terms to both attract and retain tenants. Multiple rental cheques, already increasingly common, are now widely expected by tenants, with payment through four to six cheques becoming typical market practice over the second quarter. Landlords also offered extended rent-free periods and increasingly listed units with the option of shorter lease terms.

While social distancing measures largely restricted leasing activity during April, the market has seen a notable rise in activity since May. Tenants looking to relocate have typically sort to reduce rental costs, following a fall in income, or take advantage

of lower rents to upsize and upgrade their accommodation. The most significant ongoing threats to the rental sector come from a fall in demand driven by rising unemployment and declining income levels for private sector workers. The second quarter witnessed significant job losses, especially across travel-related sectors, and a further fall in Dubai’s expatriate population presents a clear risk moving forward.

Landlords will likely need to demonstrate continued flexibility on both rents and payment terms, focusing on taking steps to retain tenants, over the second half of 2020.

Apartments:Q-o-Q Change: –3.9%Y-o-Y Change: –9.5%

All areas saw declines in average rents over the second quarter, within a bracket of -1.4% to -6.6%.

Studio units saw the sharpest falls on average, declining 5.8% q-o-q and 12.6% y-o-y, followed by one bedroom units at 3.9% and 11%, respectively.

Motor City witnessed the sharpest quarterly fall in average rents, at -6.6%, followed by Sports City at -6.4%. On an individual unit-type basis, rents for three bedroom units at Dubailand saw the steepest quarterly decline, at -10%. Conversely, three bedroom rents at International City and DIFC held steady for the second consecutive quarter, as did three bedroom units within Jumeirah Lake Towers.

On an annual basis, average rents across Motor City and The Views saw the highest average declines, at -14.8% and -13.2%, respectively, with The Greens, Dubai Silicon Oasis, Dubai Sports City and Discovery Gardens all seeing double-digit falls since Q2 2019.

Jumeirah Lake Towers and International City saw declines of 6.9% and 5.6%, respectively, with Dubailand, Dubai Marina, Business Bay and DIFC witnessing annual declines of below 8%.

Villas:Q-o-Q Change: –2.6%Y-o-Y Change: –7.2%

On a quarterly basis, Jumeirah Islands was the only location to see a quarterly decline of below 1%, at -0.8%, with Victory Heights and The Meadows both seeing a comparatively moderate decline of 1.6% q-o-q.

On an annual basis, the sharpest rental rate falls were witnessed across The Springs and The Meadows, with annual rents falling

by 12.2% and 12.7% respectively, compared to Q2 2019. Average rents at Arabian Ranches also saw a double-digit annual decline, at -10.2%, with other locations monitored seeing annual falls of below 10%.

Jumeirah Islands, Palm Jumeirah and The Lakes saw the lowest annual declines in average rents, at -2.9%, -3.1% and -5%, respectively.

On a unit-type basis, four bedroom villas at The Meadows saw the sharpest annual declines, reaching AED 175,000 per annum, a decline of 16.7%. Conversely, five bedroom villas at Jumeirah Islands witnessed the lowest annual fall, standing at AED 236,500 per annum, a decline of just 1.5% from Q2 2019.

Smaller villa units showed steeper average declines, with two and three bedroom units seeing annual rates fall by 13.7% and 8.4%, respectively, compared to declines of 7.2% across four bedroom villas and 5% for five bedroom units.

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.



Apartments - Average Rents by District/Unit Type and Quarterly Change

-14%

-12%

-10%

-8%

-6%

-4%

0%

-2%

-

100,000

150,000

50,000

200,000

250,000

Business Bay DIFC DiscoveryGardens

DowntownDubai

Dubai Marina DubaiSilicon Oasis

Dubai Sports City

Dubailand InternationalCity

JLT JVC The Greens The Views DubaiMotor City

PERCENTAG

E CHAN

GEAE

D R

ENTA

L RA

TES

Studio 1BR 2BR 3BR QoQ Change YoY ChangeSource: Chestertons Research

2BR 3BR 4BR 5BR QoQ ChangeSource: Chestertons Research YoY Change

-12%

-14%

-16%

0%

-2%

-4%

-6%

-8%

-10%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ArabianRanches

TheSprings

TheMeadows

The Lakes VictoryHeights

Al Furjan JVT JumeirahIslands

JumeirahGolf Estates

PalmJumeirah

AED

REN

TAL

RATE

SPERCEN

TAGE CH

ANG

E

Villas - Average Rents by District/Unit Type and Quarterly Change

-14%

-12%

-10%

-8%

-6%

-4%

0%

-2%

-

100,000

150,000

50,000

200,000

250,000

Business Bay DIFC DiscoveryGardens

DowntownDubai

Dubai Marina DubaiSilicon Oasis

Dubai Sports City

Dubailand InternationalCity

JLT JVC The Greens The Views DubaiMotor City

PERCENTAG

E CHAN

GEAE

D R

ENTA

L RA

TES

Studio 1BR 2BR 3BR QoQ Change YoY ChangeSource: Chestertons Research

2BR 3BR 4BR 5BR QoQ ChangeSource: Chestertons Research YoY Change

-12%

-14%

-16%

0%

-2%

-4%

-6%

-8%

-10%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

ArabianRanches

TheSprings

TheMeadows

The Lakes VictoryHeights

Al Furjan JVT JumeirahIslands

JumeirahGolf Estates

PalmJumeirah

AED

REN

TAL

RATE

SPERCEN

TAGE CH

ANG

E



Completed Properties O�-PlanSource: REIDIN & Chestertons

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Q2 2019 Q1 2020 Q2 20200

1000

2000

3000

4000

5000

6000

Q2 2019 Q1 2020 Q2 2020

Sales transactions fell sharply over Q2, although June figures point to recovery

Residential transactions totalled 5,233 units over the second quarter, representing a near 40% fall on an annual basis and a quarterly fall of 45%.

The sharp fall in transactions is largely a result of social distancing measures restricting sales activity over April and May, where total sales stood at 1,739 and 1,373 units, respectively. Eased restrictions over June had a notable impact on sales volumes, with monthly sales increasing to 2,121 units.

While off-plan sales accounted for 64% of the total number of units sold over Q2, total transaction value was more evenly divided between off-plan and completed property sales, standing at 51% and 49%, respectively.

42% of apartments sold over Q2 were one bedroom units, followed by studios at 27%, with two and three bedroom and above units accounting for 22% and 9% of sales, respectively. Three bedroom villas accounted for 43% of second quarter sales, followed by four bedroom villas at 31%. Two bedroom, five bedroom and six bedroom and above villas accounted for 6%, 13% and 7% of total sales, respectively.

Transaction Volumes Q-o-Q Movement (Completed Units): –54.8%Q-o-Q Movement (Off-Plan Units): –38.2%Y-o-Y Movement (Completed Units): –45.6%Y-o-Y Movement (Off-Plan Units): –35.6%

Off-plan sales totalled 3,331 units over Q2, down from 5,387 the previous quarter and the 5,171 units sold over Q2 2019. 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 sold over Q2 2019.

Dubai Marina saw the highest volume of completed units transfer over Q2, at 146, followed by Dubai Hills Estate at 120 units.

Transaction ValuesQ-o-Q Movement (Completed Units): –41.1%Q-o-Q Movement (Off-Plan Units): –38.7%Y-o-Y Movement (Completed Units): –37.4%Y-o-Y Movement (Off-Plan Units): –35.8%

Transaction values for completed properties fell by over 40% from Q1, from AED 7.53 billion to AED 4.43 billion. On an annual basis, the total transaction value of completed properties declined by 37.4%, from AED 7.08 billion in Q2 2019.

Off-plan transfers followed a similar trend, falling by 38.7% on 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.

District One saw the highest total value of completed properties transfer over the second quarter, with transactions totalling AED 630 million, followed by Dubai Hills Estate at AED 534 million.

Quarterly Transactions by Volume (No of Units) Quarterly Transactions by Value (AED Billion)

HOT 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.


Transactions Dashboard Q2 2020

Completed Properties O�-PlanSource: REIDIN & Chestertons

ApartmentsQ2 2020 Sales Volume

by No of Bedrooms

One Studio Two Three + Three Four Five Six + Two

VillasQ2 2020 Sales Volume

by No of Bedrooms

ApartmentsQ2 2020 Sales Volumeby Construction Status

VillasQ2 2020 Sales Volumeby Construction Status

42%

27%

22%

9%

43%

31%

13%

7%6%

59%

41%42%

58%



Q2 2020 Sales TransactionsCompleted Units

Top 10 Areas Based on Transaction Volumes (Number of Units) Top 10 Areas Based on Transaction Volumes (Number of Units)

Q2 2020 Sales TransactionsOff-plan Units

Top 10 Areas Based on Transaction Values (in million AED) Top 10 Areas Based on Transaction Values (in million AED)

4020- 8060 120 160140100

Dubai Marina

Dubai Hills Estate

Business Bay

Town Square

Downtown Dubai

Palm Jumeirah

Dubai Sports City

Jumeirah Village Circle

Dubailand Residence Complex

International City

- 200 100 400300 500 700600

District One

Dubai Hills Estate

Palm Jumeirah

Downtown Dubai

Business Bay

Dubai Marina

Arabian Ranches

Jumeirah Bay Island

Bluewaters Island

Jumeirah Beach Residence

20015010050- 250 350300 400

District One


Business Bay

Sobha Hartland

The Lagoons (Dubai Creek Harbour)

Downtown Dubai

International City

Emaar South

Villanova

Umm Suqeim Third

300200100- 500400 600 700

District One

Downtown Dubai


Business Bay


Jumeirah First

Umm Suqeim Third

Sobha Hartland

Dubai Harbour


Source: REIDIN & Chestertons Source: REIDIN & Chestertons


4020- 8060 120 160140100

Dubai Marina

Dubai Hills Estate

Business Bay

Town Square

Downtown Dubai

Palm Jumeirah

Dubai Sports City



International City

- 200 100 400300 500 700600

District One

Dubai Hills Estate

Palm Jumeirah

Downtown Dubai

Business Bay

Dubai Marina

Arabian Ranches

Jumeirah Bay Island

Bluewaters Island


20015010050- 250 350300 400

District One


Business Bay

Sobha Hartland


Downtown Dubai

International City

Emaar South

Villanova

Umm Suqeim Third

300200100- 500400 600 700

District One

Downtown Dubai


Business Bay


Jumeirah First

Umm Suqeim Third

Sobha Hartland

Dubai Harbour




4020- 8060 120 160140100

Dubai Marina

Dubai Hills Estate

Business Bay

Town Square

Downtown Dubai

Palm Jumeirah

Dubai Sports City



International City

- 200 100 400300 500 700600

District One

Dubai Hills Estate

Palm Jumeirah

Downtown Dubai

Business Bay

Dubai Marina

Arabian Ranches

Jumeirah Bay Island

Bluewaters Island


20015010050- 250 350300 400

District One


Business Bay

Sobha Hartland


Downtown Dubai

International City

Emaar South

Villanova

Umm Suqeim Third

300200100- 500400 600 700

District One

Downtown Dubai


Business Bay


Jumeirah First

Umm Suqeim Third

Sobha Hartland

Dubai Harbour




4020- 8060 120 160140100

Dubai Marina

Dubai Hills Estate

Business Bay

Town Square

Downtown Dubai

Palm Jumeirah

Dubai Sports City



International City

- 200 100 400300 500 700600

District One

Dubai Hills Estate

Palm Jumeirah

Downtown Dubai

Business Bay

Dubai Marina

Arabian Ranches

Jumeirah Bay Island

Bluewaters Island


20015010050- 250 350300 400

District One


Business Bay

Sobha Hartland


Downtown Dubai

International City

Emaar South

Villanova

Umm Suqeim Third

300200100- 500400 600 700

District One

Downtown Dubai


Business Bay


Jumeirah First

Umm Suqeim Third

Sobha Hartland

Dubai Harbour






About 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 has enjoyed a longheld reputation for providing expert property insight and on-the-ground delivery 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 interest in their goals and challenges. Our ‘old service values’ means we are passionate about the success 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 our clients’ interests are tied to the local market in which they operate. As such, we employ the most suitably 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.

Core Services

ValuationsMortgage and Secured LendingPortfolio Valuations

Strategic Consultancy & ResearchFinancial FeasibilitiesHighest and Best Use StudiesMarket ResearchConceptual Advisory and Project Positioning Studies Project Redevelopment/Repositioning Advisory Investment Strategies – Acquisition and Disposal

Sales and LeasingCommercialIndustrialResidentialRetail

Property Management CommercialMixed-UseResidential

International Properties London Off-Plan ResidentialInternational Homes and Investments International Relocations

Nick Witty, BSc (Hons) MRICSManaging [email protected]

Adam Wilson, BSc (Hons) MRICS ACIArbHead of [email protected]

Chris Hobden, BA (Hons) MSc MRICSHead of Strategic [email protected]

Ellen SleutjesHead of [email protected]


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.

Mena Head Office2503, Marina Plaza, Dubai MarinaPO Box 283361, DubaiUnited Arab EmiratesOffice: +9714 381 0200Fax: +9714 325 3359Email: [email protected]

Abu Dhabi OfficeOffice No. 802, Tamouh TowerBuilding 12, Marina SquareAl Reem Island, PO Box 128983Abu Dhabi, United Arab EmiratesOffice: +9712 447 3100Fax: +9712 441 6200Email: [email protected]

Bahrain OfficeMaz Business CentreThe LagoonAmwaj IslandBahrainOffice: +973 1603 0646Email: [email protected]

Global Headquarters40 Connaught StreetLondon, W2 2ABUnited Kingdom

Further offices across the UK, EuropeAsia Pacific, Africa and the Caribbean.

Contact Us

www.chestertons-mena.com

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