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VPI – Residential Capital Values for Dubai As of May 2020 Stood at 70.6 Points, Declining at a Continued Accelerated Monthly Rate of 1.9%, -11.5% Annually

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VPI – Residential Capital Values for Dubai As of May 2020 Stood at 70.6 Points, Declining at a Continued Accelerated Monthly Rate of 1.9%, -11.5% Annually 2020 Dubai Residential Capital Values May The VPI – Residential Capital Values for Dubai as of May 2020 stood at 70.6 points, declining at a continued accelerated monthly rate of 1.9%, -11.5% annually. The COVID-19 coronavirus pandemic limited people movement impacting sales enquiries, property viewings by prospect buyers as well as physical inspections by valuation surveyors. All properties monitored by the index saw monthly capital values decline by as much as 2.1%, examples of which were apartments in Jumeirah Village, Dubai Marina, Business Bay, Discovery Gardens, Jumeirah Beach Residence, Remraam, and villas in Jumeirah Islands and Al Furjan. Lowest registered capital value declines were found in Dubai Production City, International City, Arabian Ranches and The Meadows. May’s weighted average residential capital value per square foot in Dubai fell below the AED 900 mark for the first time since the 2010’s trough, currently at AED 898 per sq ft. With the stay-at-home measures slightly relaxed, May cash sales transaction volume performance was only 1% better than April’s already weak performance. There was an improvement in ready homes activity, as cash sales volume was 39% higher than April. However, May’s off-plan homes sales declined 10% when compared to April. Properties developed by Sohba, Emaar, Nakheel and Seven Tides topped the sales charts overall. Top off-plan locations transacted during May were in MBR City District One, Sobha Hartland, Jumeirah Village, Jumeirah Lake Towers and International City. Most transacted ready homes were Dubai Marina, Jumeirah Village, Dubai Sports City, International City and Al Furjan. 70.6 ValuStrat Price Index - Dubai Residential Capital Values Base: Jan 2014=100 -1.9% Monthly Change -11.5% Annual Change AED1,654,225 Weighted Average Capital Value AED898 Weighted Average Value per SQFT 1 | Residential Capital Values - May 2020 Dubai Average Residential Prices AED per Square Foot per Annum 1,950 2000 1,380 1500 1000 898 937 500 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: 2006-2009 Market Listing, 2010-YTD DLD (Ready Cash Sales) VPI Residential Capital Values Base:Jan 14=100 112.9 120 100 80 70.6 60 40 20 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M 2014 2015 2016 2017 2018 2019 2020 Source: ValuStrat, Base:Jan 2014=100 www.valustrat.com/vpi | 2 ValuStrat Price Index – Dubai Residential Capital Values May 2020 Typical Villas Location VPI Capital Value (AED) Monthly Change Annual Change Al Furjan 65.0 3,274,798 -2.0% -11.9% Arabian Ranches 63.3 2,823,648 -1.7% -12.2% Emirates Hills 88.1 30,855,000 -1.8% -10.6% Jumeirah Islands 62.1 4,993,380 -2.1% -12.1% Jumeirah Park 67.7 3,939,606 -1.8% -11.7% Jumeirah Village Villas 67.0 1,666,601 -1.9% -14.4% Meadows 64.8 3,774,560 -1.7% -10.6% Palm Jumeirah Villas 96.5 11,390,000 -1.8% -10.0% The Lakes 70.9 2,968,200 -1.9% -10.9% Victory Heights 68.7 4,922,900 -1.8% -11.6% 3 | Residential Capital Values - May 2020 ValuStrat Price Index – Dubai Residential Capital Values May 2020 Typical Apartments Location VPI Capital Value (AED) Monthly Change Annual Change Burj Khalifa 71.6 2,223,000 -1.9% -12.0% Business Bay 78.3 929,330 -2.0% -12.2% Discovery Gardens 70.6 338,316 -2.0% -15.1% Downtown Dubai 70.0 1,307,755 -1.9% -11.1% Dubai Marina 67.0 1,656,160 -2.0% -11.9% Dubai Production City 75.4 313,871 -1.6% -14.2% Dubai Sports City 76.6 819,604 -1.9% -11.1% International City 65.7 313,885 -1.6% -9.5% Jumeirah Beach Residence 70.2 2,156,956 -2.0% -12.1% Jumeirah Lake Towers 62.1 1,412,120 -1.8% -11.2% Jumeirah Village 70.7 642,219 -2.0% -13.2% Motor City 84.4 1,157,300 -1.9% -12.1% Palm Jumeirah 77.7 1,855,380 -1.9% -11.6% Remraam 77.7 426,265 -2.0% -12.6% The Greens 68.3 715,065 -1.8% -11.3% The Views 73.6 1,382,050 -1.8% -11.9% www.valustrat.com | 4 ValuStrat Price Index Premium Dubai Residential Subscription In-Depth Reports SUBSCRIBE for regular market intelligence ValuStrat offers premium subscription reports for clients allowing them to access to in-depth, statistical analysis of what is happening in residential real estate; allowing for more informed decision making and forward planning. The full in-depth 100+ page Dubai report includes citywide analysis of freehold districts, including the ValuStrat Price Index, transaction volumes, service charges, Price to Rent Ratios and Net Yields. 5 | Residential Capital Values - May 2020 About ValuStrat is a leading consulting firm headquartered in Dubai providing Advisory, Valuations, Research, Industrial Consulting and Due Diligence services across a diverse range of industry sectors since 1977. Offices in Strategic the UAE, UK, Saudi Arabia, Pakistan and Qatar serve over 1,000 corporate Partners of clients in the Middle East. Client base includes financial institutions, local corporates, multinationals, governments, SMEs, family businesses and startups. Some of the key sectors serviced by ValuStrat’s consulting team include real estate, hospitality, healthcare, education, manufacturing, retail, Financial Institutions entertainment, transport and FMCG. ValuStrat is a Royal Institution of Chartered Surveyors (RICS) Regulated Firm and the first company head quartered in all of MENA and Asia to be accepted into the prestigious RICS Tech Affiliate program. VPI Also accessible via ValuStrat Price Index VPI Online www.valustrat.com/vpi The ValuStrat Price Index for Dubai’s office capital values is a valuation-based index constructed to represent the quarterly price change experienced by typical office space within Dubai. The ValuStrat Price Index for Dubai’s residential capital values is a valuation-based index constructed to represent the monthly price change experienced by typical residential units within Dubai. The ValuStrat Price Index for Dubai’s residential rental values is constructed to represent the quarterly rental change experienced by typical residential units within Dubai. The VPI applies weighted averages using data samples representing more than 90% of all property types across the city’s freehold locations and is built by our expert RICS Registered Valuers. Copyright © ValuStrat Consulting FZCo. 2020 This document is the property of ValuStrat Consulting FZCo Director - Commercial Valuations and must not be reproduced or transmitted in any form or by any means, without the prior written consent of ValuStrat Consulting FZCo. We welcome your constructive feedback and any corrections that may need to be made to this document. ValuStrat Consulting FZCo does not accept any liability in negligence or otherwise for any damage suffered by any party resulting from reliance on this document. Director & Head of Industrial Consulting.
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