Property Review Dubai Real Estate Report Q3 2019 BUILDING The building consultancy team at Asteco have a wealth of experience and an in-depth knowledge CONSULTANCY of construction technology, building pathology and effective project management methods With you throughout all stages of your which enable us to provide our Clients with a comprehensive building consultancy service. built asset lifecycle Technical Due Snagging Area Diligence Inspections Verification Life Cycle Schedules of Schedules of Costing Dilapidations Condition Project RERA Technical Building Monitoring and Reports Condition Audits Surveys Defect Project Insurance Analysis Management Reinstatement For more details, please contact Valuation Nick Constantine, BSc (Hons) MRICS, Head of Building Consultancy
[email protected] DUBAI MARKET OVERVIEW SUPPLY* RENTAL RATES SALES PRICES New apartment supply slowed marginally in the third quarter of 2019 with the handover Apartment, villa and office rental rates continued their Sales price movement for apartments, villas and of 4,600 units, compared to over 5,000 in both Q1 and Q2. downward trajectory and recorded quarterly declines offices recorded similar drops of 2% to 3% compared of 3%, 2% and 3%, respectively. to the previous quarter, and declines of between 13% Conversely, villa stock increased significantly, recording an additional 2,500 units in Q3 and 16% since Q3 2018. 2019 (more than the first two quarters combined - 2,200 units). Similarly, new office Annual changes remained in double digits with inventory delivered in Q3 reached 950,000 sq.ft., exceeding the entire total of the first average drops of 12%, 10% and 13%. Asteco Government initiatives continued to be rolled out to half of the year.