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Dubai Review-Outlook 2017-2018

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Dubai Review-Outlook 2017-2018 Review2017 - Outlook2018 Dubai Q4 2016 VPI SALE RENT ValuStrat Price Index 98 -0.9% -0.7% 90 +2.2% +0.2% OCC ADR +3.2% -4.3% REVIEW 2016 Dubai 2016 GDP grew 2.85% UAE Central Bank increased benchmark interest rate by 0.25% LAUNCHES 60,596 real estate transactions Dubai Properties’ Mudon Views with a total value of AED 259B and La Quinta, both in Dubailand AED 23B total value of residential off-plan sales TOURISM Emaar Properties’ Golf Views in 4.57M international guests registered Emaar South and Harbour Gate 191M Dubai Metro passengers by the end of March 2017 in Dubai Creek Harbour 14.9M tourists arrived in Dubai LEGOLAND water park commenced operation Danube Properties’ Resortz in Arjaan 3.2KM-long Dubai Water Canal opened SALES TRANSACTIONS HH Sheikh Mohammed bin AED 77B total worth of 3,062 ready and Rashid Al Maktoum unveiled real estate transactions 6,340 off-plan sales Dubai Harbour HOTEL OFFICE transactions AED 16B total residential Fifteen new hotels Handover phase property sales were announced to began for The add 5,595 keys Onyx Towers and Tamani Arts RETAIL ECONOMY Al Futtaim broke Dubai Statistics ground on a new Centre updated mall in Jebel Ali that Consumer Price INFRASTRUCTURE will house a second Index data IKEA showroom AED 7B worth of infrastructure projects for 2017 US Federal Funds Foundation stone rate up for the Projects include storm water tunnel project for for Meydan One Mall second time in three Airport City and Expo 2020 venue areas, new was laid months, UAE Central waste-water treatment in Jebel Ali and a 13.7 Bank followed suit km long underground drainage in Deira Amazon acquired Souq.com Q1 2017 VPI SALE RENT ValuStrat Price Index 97 +0.9% -7.9% 92 +2.4% +0.1% OCC ADR +1.7% -5.7% TOURISM HOTEL Russian tourists count Rixos Premium in Palm Jumeirah grew 101% due to easing and Rove Trade Centre opened of visa regulations OFFICE TRANSACTIONS AED 6.3B Marsa Al Arab project Amazon Inc. started searching 4.8% YoY increase in real estate announced for office space to serve as investment transactions in H1 2017 regional headquarters AED 58B total sales from real estate investments INFRASTRUCTURE INDUSTRIAL Latifa Bint Hamdan and Umm Al-Shief Streets Nestle opened its third manufacturing enhancements began facility in Dubai South MARKET SENTIMENT ECONOMY Two bridges, one above and one underneath Dubai Metro red line in SZR started construction Significant off-plan Federal Government sales indicative of revenues from e-Dirham increased appetite increased 25% YoY for real estate investments Borrowing costs in RESIDENTIAL RETAIL the country have risen due to another hike in 6,000 units launched from A refurbished Deira Fish Market US Federal Funds rate fifteen off-plan projects was opened to the public LEGAL MAF Holding announced complete New regulation passed by the takeover of all Geant stores Executive Council to ban motorbikes within residential areas Q2 2017 VPI SALE RENT ValuStrat Price Index 97 +0.8% -0.4% 92 -7.0% +4.3% OCC ADR -0.4% +1.9% SALES TRANSACTIONS Most expensive Dubai penthouse AED 72B from 16,599 real estate transactions at One Palm sold for AED 102M in Q3 ‘17 8-bedroom Emirate Hills villa Majority of overall residential sales transactions TRANSPORTATION ECONOMY deal closed at AED 100M were recorded by the off-plan sector in the Dubai Taxi Corporation received its Dubai’s inflation fell to its amount of AED 23.5B first 50 Tesla vehicles lowest since 2015 at 1% RTA tested world’s first Revenue from oil autonomous flying taxi contributes to less than 1% of Dubai’s GDP LEGAL INDUSTRIAL Emirates and Flydubai entered into UAE President approves new Government of Dubai revealed an agreement for code share Federal Law No. 7 of 2017 for AED 5.5B Dubai Food Park project Tax Procedures The annual exhibition showcased major projects such as the legacy District 2020 in Dubai South, Azizi Riviera in Meydan and Nakheel’s Palm Beach Residences Emaar Properties skipped this year’s exhibition RETAIL HOTEL Phase 1 of Marsa Al Seef 1,168 keys added from project along Dubai creek opening of TRYP by TOURISM opened Wyndham and Dubai Parks and Resorts announced DoubleTree by Hilton discounted tickets to boost sales Noon.com went live 11.6M total international overnight Emaar Malls unveiled Dubai visitors for the first nine months Hills Mall Q3 2017 VPI SALE RENT ValuStrat Price Index 96 -4.2% -2.8% 91 +7.6% -4.3% OCC ADR -3.3% -9.2% TRANSACTIONS 15% annual growth in total residential property investments stemming from a surge in off-plan sales which made up two-thirds of the overall volume LEGAL MARKET SENTIMENT Rental contracts signed by brokers deemed Enthusiasm towards off-plan property illegal investments due to attractive payment plans Property registration law amended to protect HOTEL real estate investors and developers Retreat Palm Dubai MGallery, Renaissance Downtown and Rose Park Hotel Al Barsha opened RERA releases an updated rental index Dubai’s first Bulgari branded hotel opened INFRASTRUCTURE Opening of Parallel Roads phase 1 in Godolphin area ECONOMY AED 14.9M contract awarded to build a Implementation of Excise Tax road junction between Sheikh Rashid Street and Culture Village Dubai government launched world’s first state-owned cryptocurrency, emCash DEWA announced to build the worlds TOURISM largest single-site solar park that can generate 5,000 megawatts of power by 2030 Dubai’s free zone trade reached AED 1.2T The world of Hunger Games opened in Dubai Parks and Over 1B Dubai Metro passengers in 8 years RETAIL Resorts La Mer at Jumeirah Beach Opening of Dubai Safari Park opened adding 130 shops, cafes and restaurants Q4 2017 VPI SALE * RENT * ValuStrat Price Index 95 -5.8% -3.1% 91 -10.1% -1.1% OCC * ADR * -1% -6.2% * estimated HOTEL Upcoming hotels: Royal Atlantis Resort, Paramount Hotel Downtown, Anantara Dubai Creek, Hampton Al Barsha, St Regis The Palm, Centara Grand Residen- ce and Suites, Langham Place Downtown, Countries confirmed to participate draw close to 150 W The Palm, Edition Hotel JBR by Marriott, to name a few Key construction milestone reached as themed districts emerges from the ground up TOURISM Awarding of contracts to SMEs for F&B Expected growth in Dubai cruise tourists services in the expo site Upcoming attractions: ECONOMY Dubai Frame, Deira Islands night souk, The Wharf at La Mer, Ain Dubai at Dubai real GDP estimated to grow 3.5% Bluewaters, Marsa Al Seef phase 2 and will be lead by non-oil sector 5% VAT Implemented INFRASTRUCTURE RETAIL AED 12B revenue expected Dubai Airport Road Upcoming malls: from VAT during 2018 project, Sheikh Cityland Mall, Rashid Road and Al Khail Avenue, Sheikh Khalifa Bin Deira Mall, OUTLOOK Zayed Street The Circle Mall, UAE GDP to grow 3.4%, as VAT implementation is intersection Art of Living Mall expected to have a limited impact on spending while generating AED 12 billion in 2018 Nine-lane bridge on Emirates Road Prime residential areas, which saw slight improvements in 2017, may continue to show resilience and sales prices could rally towards previous market peaks. Capital values for some high-yielding mid-affordable areas may experience short-term downward pressures as a result of burgeoning supply, extending the prevailing buyer's market. Citywide rents are anticipated to see further reductions, particularly in areas with hand-overs of long overdue new deliveries Grade A office rents to continue strong performance Tourists length of stay is estimated to increase due to new attractions that could improve hospitality performance 2018 RESIDENTIAL OFFICE HOTEL POPULATION ‘18 580,000 units 9.1 million sq m GLA 132,000 keys 3,246,000 People ValuStrat Price Index – Dubai Residential (VPI-Dubai Residential) Base: January 2014=100 ValuStrat Price Index – Dubai Office (VPI-Dubai Office) Base: Q1 2015=100 All prices are quoted in UAE Dirhams unless otherwise stated Market Intelligence. VPI Simplified. ValuStrat Price Index VPI online www.valustrat.com/vpi The ValuStrat Price Index for Dubai’s freehold office sector is constructed to represent the quarterly price change experienced by typical office space within Dubai. The ValuStrat Price Index for Dubai’s freehold residential sector is constructed to represent the monthly price change experienced by typical residential units within Dubai. The VPI uses a comprehensive weighted sample representing more than 90% of all property types across the city and is built by our expert RICS Registered Valuers. For more information visit us at www.valustrat.com or contact us at [email protected] Advisory | Valuations | Research | Due Diligence | Divestments Dubai | London | Riyadh | Jeddah | Karachi | Doha.
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