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Historic Review 2008-2014 and 2015 Outlook UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT Q4 2014 Xxx

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Historic Review 2008-2014 and 2015 Outlook UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT Q4 2014 Xxx 1/ 2/ 3/ 4/ ABU DUBAI SHARJAH FUJAIRAH DHABI 87% 5% 3% 2% land area land area land area land area 5/ 6/ 7/ RAS AL UMM AL AJMAN KHAIMAH QUWAIN 2% 1% 0.3% 77,903km2 land area land area land area land area UAE Property Review Special Edition: Historic Review 2008-2014 and 2015 Outlook UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT Q4 2014 Xxx 2014 Market Highlights Dubai 04 22 UAE Comparison Northern Emirates Asteco’s 2014 Annual Property looks at the performance of the various UAE property markets from 06 36 the peak in 2008 to the low point in 2011/2012 and to current market levels reached in 2014. The review focuses on the sales and leasing markets in Abu Dhabi, Al Ain, Dubai, Sharjah and the Abu Dhabi Al Ain Northern Emirates covering residential villa and apartment and office asset classes. 10 44 In addition the report outlines Asteco’s outlook for the UAE market highlighting the potential risks and opportunities in 2015. © Asteco Property Management, 2015 asteco.com | For additional information: 600 54 7773 2 © Asteco Property Management, 2015 © Asteco Property Management, 2015 3 UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT 2014 2014 Market Highlights 2014 Market Highlights Abu Al Ain Dubai Northern Dhabi • The Al Ain residential market • In Q4 2014, sales prices for Emirates recorded rental growth in apartments were still 6% 2014, with the villa segment higher than last year for the • The first half of the year • The residential sales mar- outperforming the rest of same period – but 4% lower witnessed strong levels of ket started strongly in 2014 the market with 16% growth than at their peak in Q2 2014. growth and high occupancy marked by significant price compared with the same pe- In comparison, villa sales levels throughout the North- growth and supported by riod last year. prices were stable compared robust levels of transac- with Q4 2013, although they ern Emirates due to an in- tions. However, the final half fluctuated over the year, crease in Dubai’s rental rates. proved quieter with limited peaking in Q2 and declining • However, during Q3 & Q4 transactions. thereafter. 2014 there were fewer peo- • Conversely, the rental market • The most transacted commu- ple arriving in the Northern started relatively slower than nities in Dubai, in 2014 were Emirates, which put pressure the sales market but ended Dubai Marina & JBR, Interna- on leasing rates positively as landlords took tional City, Downtown Dubai • Rental rates in Sharjah re- advantage of a strong tenant followed by JLT.* mained 50% cheaper than demand and increased their similar properties in Dubai. rates. • The highest recorded num- ber of transacted villas in Moreover, rates in Ajman • The office market remained 2014 were located in the were 60% more affordable. broadly unchanged over an Meadows & Springs devel- • Sharjah announced the Tilal extended period of stability. opments followed by Arabian City project in Q3 2014, which Ranches.* is the first development to permit all nationalities to pur- * Source: Reidin chase property on a 100-year leasehold basis in the Emir- ate. SHS Sharjah APARTMENT APARTMENT APARTMENT APARTMENT +9% RENTS +10% RENTS +6% +7% RENTS RENTS 4 © Asteco Property Management, 2015 © Asteco Property Management, 2015 5 UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT 2014 UAE Comparison UAE Comparison UAE Rental Methodology Comparison The following pages provide a comparison of average rental rates and sales prices across the various emirates as at Q4 2014. APARTMENT RENTAL RATES AVERAGE APARTMENT RENTS, Q4 2014 RESIDENTIAL APARTMENT RENTAL DATA - TWO CATEGORIES: (LOWER-END TO MID MARKET PROPERTIES) AFFORDABLE TO MID-MARKET PROPERTIES: • In Q4 2014, rents in Dubai and Abu Dhabi were almost on par, Studio Includes all major residential developments throughout the UAE, excluding the High End & Prime properties below. with Abu Dhabi 5% higher than Dubai on average. This is in stark 54 53 25 29 27 contrast to the period from 2009 to 2011 where the rent differ- 19 19 ential between both cities was significantly higher of up to 35%, HIGH END & PRIME PROPERTIES: which caused many residents to live in Dubai and commute to AED 000’s pa Abu Ajman Dubai Fujairah RAK Sharjah UAQ Includes communities and specific developments where average rates are significantly higher than the overall market. the Capital. Dhabi • On average, rental rates in Sharjah were 50% lower than in similar 1BR 75 71 DUBAI 40 properties in Dubai, and those in Ajman were 60% cheaper, on 33 35 28 39 22 DIFC, Downtown Dubai, Culture Village, Dubai Marina, Greens, JBR, Palm Jumeirah, Sheikh Zayed Road and World average. Trade Centre Residences in Dubai. • Based on Asteco’s research, it appeared that residents typical- AED 000’s pa Abu Ajman Al Ain Dubai Fujairah RAK Sharjah UAQ Dhabi ly considered relocating to Sharjah, when rent differential was ABU DHABI over 50%. This indicated that the differential between both cities, 2BR Saadiyat Island, Al Reem Island, Al Raha Beach, Corniche, Eastern Corniche, Al Bateen Area or Zayed Sports City. though substantial, was not sufficient to generate a large number 108 100 44 40 51 50 of relocations. 41 29 • Rental Rates in Fujairah and Umm Al Quwain remained the lowest AED 000’s pa Abu Ajman Al Ain Dubai Fujairah RAK Sharjah UAQ OFFICE RENTAL COMPARISON: in the UAE. Dhabi Compares the highest quality office space in Abu Dhabi, Dubai, Sharjah and Al Ain as well as typical supply. It should 3BR 150 137 be noted that prime supply in Dubai and Abu Dhabi consists of internationally recognized Grade A standard buildings, 80 66 55 58 47 40 whereas in Sharjah and Al Ain supply is typically of lower quality. AED 000’s pa Abu Ajman Al Ain Dubai Fujairah RAK Sharjah UAQ Dhabi AVERAGE PREMIUM APARTMENT RENTS UAE SALES PRICE COMPARISON: Q4 2014 245 Reviews Affordable, Mid-End and High End product in Dubai, Abu Dhabi, Ras Al Khaimah and Ajman where significant 221 freehold / long leasehold supply is available for sale in the UAE. The classification is as follows: 165 165 115 90 116 82 DUBAI AED 000’s pa AFFORDABLE - Al Furjan, Discovery Gardens, Downtown Jebel Ali, Dubai Investment Park, Dubai Silicon Oasis, Studio 1BR 2BR 3BR Dubai Sports City, Dubailand, IMPZ, International City, Jumeirah Village, MotorCity. Abu Dhabi Dubai MID END - Business Bay, Dubai Festival City, Green Community, Greens, Jumeirah Lake Towers, Tecom C, Uptown Mirdif. HIGH END - Culture Village, DIFC, Downtown Dubai, Dubai Marina, JBR, Palm Jumeirah and WTCR. OFFICE RENTAL RATES UAE OFFICE RENT COMPARISON Q4 2014 ABU DHABI • Office rental rates in Dubai remained the highest in the UAE. After 220 AFFORDABLE - Al Reef Downtown. taking into consideration the cost and quality of living in Dubai & Abu Dhabi, many companies still opted to setup in Dubai rather 135 MID END - Najmat Abu Dhabi and lower end properties in Shams Abu Dhabi, Marina Square, Al Muneera and Al 93 105 than the capital. 78 70 Zeina. 45 60 HIGH END - Saadiyat Island, Shams Abu Dhabi, Al Bandar and higher end properties in Marina Square, Muneera, • Sharjah and Al Ain predominantly appeal to local companies op- erating in these cities and, therefore, demand levels remained Prime Typical and Al Zeina. relatively subdued. Abu Dhabi Dubai Sharjah Al Ain 6 © Asteco Property Management, 2015 7 UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT 2014 UAE Comparison UAE Sales Price Comparison Q4 2014 AVERAGE APARTMENT SALES PRICE COMPARISON Q4 2014 AED 2 Million Buys... 1864 1495 1233 1241 1000 892 785 665 555 300 390 in Abu Dhabi Affordable Mid End High End 1BR 2BR 3BR 3BR Villa 3BR TH Al Bandar Marina Square Najmat Al Ghadeer Al Reef Abu Dhabi Dubai Ras Al Khaimah Ajman • At the high end of the, apartment sales market, prices in Dubai were still significantly higher than in Abu Dhabi by 24%, on average. This was due to a larger pool of potential buyers, including international investors, who were encouraged to purchase through clearer rules and regulations as well as proper freehold ownership in designated areas. • However, at the mid and affordable segments of the market, prices in Abu Dhabi were equal or higher in Dubai than in Dubai due to a marked lack of properties within these segments. Indeed, to date, Al Reef Down- town is the only purpose built affordable community in Abu Dhabi, whereas Dubai has a large number 1BR 2BR 3BR 2BR TH 3BR TH 4BR Villa DIFC Greens Motor The Springs JVC Reem (off-plan) of master plans within this segment, including International City, Discovery Gardens, parts of Dubai City Silicon Oasis and Jumeirah Village. • With the affordable segment being one of the most transacted in Dubai, Asteco are of the opinion that a similar offering in Abu Dhabi would attract considerable levels of demand. • The Northern Emirates also offer some properties for sale, with Ras Al Khaimah attracting the most de- mand, due to an excellent offering of waterfront master-planned communities, some of which include golf courses, at very attractive prices. in Northern Emirates 4BR Duplex 2BR Villa 4BR 3BR Golf Course 3BR Villa RAK with pool Mina Al Arab View Villa Sharjah, Al Zahia & sea view Al Hamra (off-plan) 8 © Asteco Property Management, 2015 © Asteco Property Management, 2015 9 UAE ANNUAL REPORT 2014 UAE ANNUAL REPORT 2014 Abu Dhabi Sales Leasing RESIDENTIAL • Sales rates increased by 15% because of a shortage of • Rental rates for premium and high-end units in- KEY TRENDS quality stock for sale on the secondary market. creased across all residential types, and in particular for new developments in Investment Areas. Abu Dhabi 2014 • The sales market performed strongly during the first half of the year with purchasers committed to in- • The largest increases were recorded on Saadiyat Is- creased sales prices.
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