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Q2-2021 Real Estate Market Overview Dubai 2

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Q2-2021 Real Estate Market Overview Dubai 2 Q2-2021 REAL ESTATE MARKET OVERVIEW DUBAI 2 FOREWORD MPM Real Estate Services comprises a comprehensive real estate and advisory platform providing the full range of professional services from a single provider. Our services include:- y Strategic development advisory y Agency y Asset management y Market research y Project management y Property management y Valuation y Facilities management REPORT HIGHLIGHTS transactions increased by 21%. The value of transactions Residential increased from AED 421 million in Q1 2021 to AED 511.7 million y During H1 2021, close to 20,000 units were handed over, taking in Q2 2021. the total residential stock of Dubai to 639,000 units. In terms of y The office sale rates across key office developments remained supply for Q2 2021, about 11,000 units were added. Dubailand stable during the quarter and dropped marginally by 2% year- added 18% of the new quarterly supply followed by the Creek on-year. Due to a relatively long holding period, weak demand Harbour with a share of 17%. New handovers from Dubai Creek and low prices, investors are more inclined towards leasing out Harbour include projects such as Creek 18 Residences, Harbour the space. Views and Creek Horizon. y Average office rents remain stable during the quarter while on an y As per the projects announced and under construction, annual basis, the rates dropped by 6%. Due to weak demand and approximately 58,000 new units are expected to be completed high voids, landlords are more inclined towards offering extended during the period H2 2021 to 2023. However, it is expected that a rent-free periods or fitted-out space rather than reducing rents fair share of this supply is expected to be extended by six months which are already at the bottom. and more. For H2 2021, another 20,000 units are likely to be completed, which could exert further pressure on the occupancy y As per the projects announced/under construction, approximately and rental levels, primarily across new properties. 4.2 million sq.ft. of office space is expected to be completed during the period H2 2021 to 2023. However, looking at the y Transaction activity for residential properties (apartments, current market condition, it is likely that the completion timeline villas, townhouses, serviced/hotel apartments, villa plots) during for some of the projects will be extended by 6-12 months.. the quarter surged in value and volume terms. The cumulative transaction value for residential properties in Q2 2021 was AED 21.89 billion across c.8,500 transactions compared to AED 15.05 Retail billion (6,910 transactions), an increase of 45% in value and 22% in volume. Of the total quarterly transactions, villas/townhouses/ y As of end H1 2021, the total retail stock of Dubai stood at villa plots accounted for AED 14.2 billion (65% share) and the 43.7 million sq.ft. GLA. Approximately 1.5 million sq.ft GLA of rest were apartments/serviced apartments. new retail space was added during the first half of 2021, the figure includes partial opening with a hypermarket and a few y The capital values for apartments across selected developments convenience stores in Circle Mall in Jumeriah Village Circle and remained stable during the quarter and dropped marginally Avenues Mall in Dubai Silicon Oasis, together these two malls by 2.1% year-on-year. While average sale rates for villas/ account for 1.2 million sq.ft. GLA while other notable addition townhouses across selected developments increased by 5% being the Dubai Mall Village expansion with 79,000 sq.ft. GLA. quarter-on-quarter and 11% year-on-year. y The retail sector which is impacted negatively due to the y Average apartment rents dropped marginally by 1% quarter- pandemic is witnessing an improvement with rising footfalls and on-quarter while year-on-year the drop was 8%. The rental and sales volume. Events such as the three-day super sale reported occupancy levels across villa/townhouse properties continue strong footfall levels and in-store sales. However, as the sector to strengthen for three straight quarters. Average rents across is heavily reliant on international visitors and with the air travel selected locations increased by 5.8% quarter-on-quarter and restrictions in place, the sector is expected to remain under stress 11.3% year-on-year. until it is back to normalcy. y Approximately 10 million sq.ft. GLA of new retail space is Office expected to be completed during the period H2 2021 – 2023. However, looking at the prevailing market condition, it is likely y During Q2 2021, c.270,000 sq.ft. of new office space was added, that a fair proportion of this supply could experience opening taking the total office stock to 103.8 million sq.ft. Over the past delays. Few of the new malls scheduled to enter include retail three years, the supply figures remained stable with less than 3.0 space from Dubai Hills mall, Souk Al Marfa and the Art Centre million sq.ft. annually. mall. y Compared to the previous quarter, the value of strata office Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 3 FACTS & FIGURES TOTAL STAFF LARGEST ABU DHABI MAINLAND 120+ PORTFOLIO PROPERTY MANAGEMENT STAFF LANDLORD CLIENTS 70+ 1,400 ADVISORY STAFF UNITS UNDER MANAGEMENT 30+ 14,000+ DEDICATED VALUATION LEASING & SALES STAFF PROFESSIONALS 25+ 20+ COMBINED MARKET VALUE OF PROPERTIES OCCUPANCY RATE VALUED SINCE JANUARY 2012 94.7% 100+bn TABLE OF CONTENT Real estate trends ..............................................................................................................................................4 Residential sector ............................................................................................................................................... 5 Office sector ........................................................................................................................................................9 Retail sector ........................................................................................................................................................11 Definitions & methodology ...........................................................................................................................14 Contact information ........................................................................................................................................ 15 Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 4 REAL ESTATE TRENDS DUBAI LAND TRANSACTION TYPE VOLUME VALUE AED. 59.41bn (‘billion AED) SALES 9,604 27.69 TOTAL TRANSACTIONS MORTGAGE 6,811 31.72 16,415 TOTAL 16,415 59.41 TOP RESIDENTIAL INVESTMENT LOCATIONS - Q2 2021 mln 2,076 2,986mln 984units 361units 681mln 998mln 176units 385units 1,459mln 752mln 579mln 354units 719mln mln 261units 2,942 units EMIRATES LIVING DUBAI INVESTMENT PARK 419 147units 1,578units JUMERA GOLF ESTATES 4,192mln 805units Emirates Living Jumeirah Village Circle Source: Reidin Q2-2021 | REAL ESTATE MARKET OVERVIEW | DUBAI 5 RESIDENTIAL MARKET y During H1 2021, close to 20,000 units were supply while Dubai South, Dubai Science Park handed over, taking the total residential stock and Meydan/Mohammed bin Rashid City (MBRC) of Dubai to 639,000 units. In terms of supply for added just over 4% each of the new supply. Q2 2021, about 11,000 units were added. The supply continues to be dominated by apartments y Within the leasehold areas, Al Nahda/Al Qusais accounting for 83% of the total supply while villas/ area remained most active with a share of 7.2%. townhouses comprised 17%. Notable project to be completed in the area was Masaken Wasl project in Al Qusais 1 offering 777 y In terms of supply by location/development, units. Dubailand added 18% of the new quarterly supply followed by the Creek Harbour with a share of 17%. y As per the projects announced and under New handovers from Dubai Creek Harbour include construction, approximately 58,000 new units projects such as Creek 18 Residences, Harbour are expected to be completed during the period Views and Creek Horizon. H2 2021 to 2023. However, it is expected that a fair share of this supply is expected to be extended y Other freehold developments of Jumeirah Village by six months and more. For H2 2021, another Circle/Jumeirah Village Triangle added close 20,000 units are likely to be completed, which to 1,600 units (14.7%) followed by Downtown could exert further pressure on the occupancy and Dubai/Business Bay about 9% of the quarterly rental levels, primarily across new properties RESIDENTIAL SUPPLY BY UNITS - (2014 - 2023) 700,000 Existing Supply Apartments Supply Villas 650,000 600,000 550,000 500,000 Number of units Number 450,000 400,000 2014 2015 2016 2017 2018 2019 2020 2021 2021 2022 2023 H1 H2 SALE RATES y Transaction activity for residential properties transactions, villas/townhouses/villa plots (apartments, villas, townhouses, serviced/hotel accounted for AED 14.2 billion (65% share) and apartments, villa plots) during the quarter surged the rest were apartments/serviced apartments. in value and volume terms. The cumulative y Mohammed bin Rashid City (MBRC)/Meydan transaction value for residential properties in remained the top destination attracting Q2 2021 was AED 21.89 billion across c.8,500 transactions worth AED 4.2 billion across 800 transactions compared to AED 15.05 billion properties, calculating to an average ticket (6,910 transactions), an increase of 45% in price of AED 5.2 million. Other top performing value and 22% in volume. Of the total quarterly developments include Palm Jumeirah and Q2-2021 | REAL ESTATE MARKET
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