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A mak ours A Find Disclaimer Where life moves A IN THIS ISSUE ISSUE 5 - H2 2018 PRICE TRENDS ANALYSIS - page 8 THE MARKET - page 42 DEMAND DATA - page 64 PROPTECH UPDATE - page 92 A mak ours A Find AGENT SPOTLIGHT - page 106 COMMERCIAL - page 114 OFF-PLAN - page 126 WE ARE PROPERTY FINDER - page 136 INTERNATIONAL - page 146 Disclaimer Where life moves Disclaimer: Property Finder Trends is published by Propertyfinder FZ-LLC 1505 Shatha Tower, Dubai Media City, PO Box 50954, Dubai UAE. For article reprints, permissions and licensing, contact [email protected]. The information contained in Property Finder Trends is intended to be for general use only. The views, information, or opinions expressed by non Property Finder employees are solely those of the individuals involved and do not necessarily represent those of any company, or its employees. While Property Finder has made every effort to ensure the accuracy of information, we will not be held responsible for any errors contained in the document. If you wish to use or copy any of the text or other materials found in this report, you must first contact Property Finder for a written copyright permission in relation to the proposed use. #PFTRENDS 1 « What we have been seeing is really not a down market, this is our new reality. The stakes are high, but the rewards are even higher and it is MESSAGE FROM THE CEO more important than ever that we put our heads down and do some of our most meaningful work. To us, the future looks bright. » 2A DEAR READER, 2018 has been a remarkably tough year for our industry, but one that has helped define how the future will look in terms of supply and demand. The impact of Expo 2020 on the business landscape is at the forefront of my mind, but, individual perspectives will define how that landscape is going to look over the coming years. Some may have written this year off as another down year, while rental prices and sales prices were on the low side, transaction volumes receded further in most areas, oil prices were still suppressed and rising interest rates put additional pressure on the market. But, if we recall the storm that was the global financial crisis ten years ago, we can remind ourselves that it was those that were truly innovative that were able to come out stronger. At Property Finder, the tougher economic climate allowed us to recreate our business model to gain the advantage over our competitors. In times like these, it is vital that all of us, whether at property portals or as real estate agents on the ground, work hard in order to deliver impeccable service, as market conditions make the competition ever more fierce. As the economy is diversifying and maturing, profit margins will become smaller, but the market is growing in different ways and in fact, that translates to new opportunities and horizons. In a dynamic and fast moving market such as Dubai, you have to constantly be on your toes in order to stay on top. As businesses have absorbed VAT, we are hopeful that we are going to start reaping the benefits of increased government investment. Real estate, construction and manufacturing are all industries to watch, as they are sectors with high growth rates, which will also fuel the economy. Looking ahead to 2019, this will be the year of market leaders. If you’re amongst the players that shape your industry, and you have a belief that many of your competitors don’t have what it takes to survive in the market, you need to further define what ultimately sets you apart and use it to drive your business forward. 2019 will also be the year of preparation, as Dubai, and therefore all of us, will be on the world’s stage in 2020. It is time to start putting plans and structures in place to gear up for the projected increase in economic activity that the Expo is going to bring to the country. Looking beyond the number crunching for a moment, 2019 has also been designated as the Year of Tolerance in the UAE. This initiative makes me so proud to live in a country that enshrines such principles into a nation-wide mandate. The Year of Tolerance, along with the confirmation of the Pope’s visit in the coming months is a real signal of openness and acceptance. As other parts of the world become increasingly isolated as they entrench themselves in ideology, this wave of renewed tolerance sounds a rare note of optimism and has the potential to further boost the UAE’s status as a haven, not just for business, but as a safe and peaceful place to live for people of all nationalities and cultures. At Property Finder Group, 2018 came to a close on a tremendous high point, as the company closed a historic $120 million funding round last November. Funds will be invested into building our most innovative products yet, which will continue to support our mission of bringing more transparency and information to the six million property seekers visiting our platform each and every month. This is a major milestone, not only for our company, but also for the PropTech industry in the region. What we have been seeing is really not a down market, this is our new reality. The stakes are high, but the rewards are even higher and it is more important than ever that we put our heads down and do some of our most meaningful work. To us, the future looks bright. Enjoy the read, Michael Lahyani CEO and Founder #PFTRENDS 3 CONTRIBUTORS In this issue, we are thrilled to feature our valuable clients, the most powerful industry leaders, share their real estate expertise and market knowledge. Abdullah Alajaji Ali Tumbi Angela Gegg Founder and Managing Director, CEO & Founder, Head of Commercial, Driven Properties Aqua Properties Edwards and Towers How many years’ experience do you have in real How many years’ experience do you have in real estate & market specialty? How many years’ experience do you have in real estate & market speciality? estate & market specialty? I have been the CEO of Aqua Properties for over 15 16 years combined experience in strategy, banking, years. 6 years, large scale asset sales and retail. private equity, VC investments and real estate. What’s your educational background? What’s your educational background? What’s your educational background? Degree in Electrical and Computer Engineering Suny Cortland, College of Arts and Sciences MBA from London Business School, two Bachelor from the University of Texas, Austin, USA. Bachelor of Arts. of Science Degrees from the Pennsylvania State Why did you write on blockchain? Why was it important to you to write on the key University, Computer Engineering and Economics. points to consider when buying an office in Why did you write on ‘market competitiveness’? I have firsthand experience in the benefits of the Dubai? merger of blockchain and real estate through By instilling the right tools and practices into the our newest venture, Global REIT. I’m passionate While buying a home is pretty straight forward, business model, one can understand how to make about the transformative growth potential that this there are many more things to consider when their business as competitive as it can be. technology can provide. buying an office; as a commercial specialist I feel it’s my responsibility to bring more awareness to In just a few words, describe the UAE real estate In just a few words, describe the UAE real estate market in 2019 the steps and procedures involved in the purchase market in 2019 process, hence my current contribution. Sentiment will be the name of the game. Chinese End users and investors alike can benefit from the investors have continued to invest in the Dubai In just a few words, describe the UAE real estate tremendous value being provided by the UAE real market in 2019 market, and I predict Chinese investors will be estate market in 2019. With various incentives from amongst the top three investors in the Dubai real developers, access to finance from banks, and a There is no doubt that in 2018 the market has been estate market by 2020, further fueling demand for wealth of options to choose from in all segments and in favour of buyers, in 2019 the market will balance property. price ranges, I believe the time to buy is now. out and become an equal playing field for both buyers and sellers. Read Abdullah’s article on page 52 Read Ali’s article on page 100 Read Angela’s article on page 122 Anna Sheremet Ben Crompton John Lyons Head of Sales, Managing Partner, Head of Sales & Leasing, Sweid & Sweid Crompton Partners Espace How many years’ experience do you have in real How many years’ experience do you have in real How many years’ experience do you have in real estate & market speciality? estate & market specialty? estate & market speciality? 12 years in off-plan. 8 years experience in UK commercial property 6 years. management and investment brokering and What’s your educational background? What’s your educational background? thereafter, 7 years experience in Dubai residential I graduated in Banking & Finance from the Emirates Masters in Law from Cambridge University. real estate. Institute for Banking and Financial Studies (EIBFS). Why did you write about ‘off-plan versus ready What’s your educational background? Why did you write on branded residences? built’? St.Columba’s School, Kilmacolm, Scotland and For investors and end users nervous about taking I think it’s an important topic that most people don’t Strathclyde University, Glasgow.

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