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A historic review and outlook of ’s Real Estate sector from 2008 to 2016 Dubai Real Estate Report Q4 2016 Content

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Dubai Dubai About Asteco Historic Review Rental Rates and Outlook Sales Prices 2016 Highlights Property Map 2017 Outlook

2 Dubai Real Estate Report - Q4 2016 DUBAI 3

Historically, both the residential sales residential Historically, the both and leasing market have, by and large, moved in similar a direction based partly on economic performance, market confidence, InvestorTenant / profile and regulatory environment. fact, betterIn fared generally rentals than sales as residents preferred ownership. home over leasing experienced rates rental Residential downward pressure on the back of supply. increased A decline in sales prices was less pronounced due to a broader Buyer profile with a longer term view on investing living Dubai. and in saw2016 an impressive amount of new project launches and deliveries giving Tenants and Investors significant choice in established communities as well as newer areas at all price levels. Tenants drove the market as more and value-for- for looked people more money, which resulted in affordable luxury out-performing developments accommodation. Although we believe there to be a market, overall the in trend general the various sectors and locations are increasinglybecoming fragmented. The office market has seen little change over the last year due to demand.limited Slowdown 2016 © Asteco Property Management, 2017 • • • • • • • The market peaked 2014 in Q2 and corrected thereafter due to a combination of factors such as the doubling of the registration fee, the reduction in LTV’s, low oil prices and a strong US dollar. This was especially sales residential the in pronounced market. Rental rates remained broadly stable as the handover of new supply was anticipated. than slower Due to the substantial number of launches witnessed in 2014 2013, and concerns 2015, of an oversupply encouraged Developers to focus predominantly on the mid and affordable housing sector. In order to stimulate Buyer interest, Developers began to offer incentives such as extended payment plans during the post completion period. Lower deposits also made off-plan sales a more attractive option compared with the minimum 25% down payment required for a mortgaged property. Stabilisation 2014-2015 • • • • • The market began to show signs of recovery when in 2012 the Euro Crisis and Arab Spring conflict led to Dubai being an attractive alternative and safehaven to invest and live in. Established quality and communities buildings experienced increased developments newer and demand saw improved take-up in line with infrastructureenhanced and connectivity. The rise in competitive finance options offered by banks also contributed to overall activity growth and stimulated ownership. home Whilst increased job security and market confidence created demand for Tenants to upgrade, rapid rental growth restricted others to move within Dubai and thus resulted in an upsurgein relocations to the Northern in search of more affordable accommodation. In Dubai 2013, was awarded to host Expo 2020. This announcement saw an increase in new project launches near the Al Maktoum International Airport site and the Master Plan experienced increased demand. In September Dubai 2013, land the doubled Government registration fee to 4%, and new loan- to-value rules were introduced to limit property speculation. Recovery and Growth and Growth Recovery 2012-2013 • • • • • •

The financial crisis at the end of 2008 resulted in significant job losses, defaults, distressed sales and consequently a decline in rental rates prices. sales and Rates corrected sharply between 2009 and this 2010; was compounded by increased supply and subdued demand. Asteco also witnessed a noticeable from movement Tenant in increase neighbouring Abu Dhabi and Sharjah due to decreased rental rates in Dubai. Sales activity remained subdued although transaction levels picked up slightlyby the which end of was 2011, when the market bottomed out. Recession 2009-2011 • • • •

Since the Dubai Government Government Dubai the Since permitted the ownership of property on a freehold / leasehold basis to non- GCC nationals in 2002, the overseas interest in the local market was exceptional and resulted in the launch projects. development numerous of Nakheel, and Emaar established themselves as the dominant Master Developers in the market launching a range of villa and apartment projects across Dubai. However, the delivery of properties in Dubai was slower than anticipated, which resultedin an undersupply causing both rental rates and sales prices to spiral out of control. Sales prices were inflated further due to rampant market speculation and limited Real Estate laws being in place to curb such activity.

2002-2008 Growth • • • •

Historic Review and Outlook and Review Historic Dubai DUBAI 4 2016 Highlights Dubai

Office Residential Dubai Real EstateReport-Q4 2016 highlights highlights • • line. bottom their affect to likely more are rates vacancy prolonged as rates rental reduce to inclined more were Owners unit Single facilities. leisure and retail infrastructure, supporting lack still that communities over handed newly in especially up, take- entice to periods rent-free longer and accepted cheques of number the increasing as such incentives offered corporates, especially Landlords, • • Villas • • • Apartments Leasing market sentiment discouraged company or expansions new entries. slow as sizes unit large for low particularly were levels Enquiry demand.subdued overall the to due mainly stable broadly remained rates rental Office exacerbated the softening. have Mudon and Park Village, Jumeirah in extensions or projects villa various , in sub-communities Akoya several 2, Phase Ranches Arabian in Mira as such handovers New annually. 5% and quarterly 3% by dropped rates villa Average more limited mature amenities. with buildings compared with facilities superior with buildings quality maintained well between rates in disparity agrowing noted Asteco addition, In dueothers to balance. an than uneven supply-demand better faring locations select noticed Asteco sectors, end high and mid affordable, the across even fairly were drops Although year. the over 6% and quarter final the over 5% by declined rates rental Apartment price points and hence unit sizes to entice take-up. take-up. entice to sizes unit hence reducing and points developers to price due mainly was This launches. product growing 2016 in despite stable broadly prices sales remained average handovers, of number alarge of back the on pressure under were rates rental Whilst • • Sales to includeplans increased completion post and instalments lower deposits. payment flexible by amplified further was property such for Demand offered. being sizes unit smaller in resulted which foot, square per rate the to opposed as point price the by driven primarily were properties Off-plan in unique locations. popular selling points with offered products quality for performance strong recorded 2015, Asteco in those below 2016 in were levels value and volume transaction Although • • Villas • • Apartments offices for unit sizes below 2,000 square feet. square 2,000 below sizes unit for offices piecemeal for businesses small from demand some been has There annually. 5% and quarter the over 2% of decline average an recorded and trend downward their continued prices sales office Average developments with supply growth potentialdevelopments supply with growth declined. for rates whilst growth, digit double saw Ranches Arabian and Living Emirates as such locations prime in communities established Well 2%. negative at minimal was change annual overall The quarter. last over flat generally were prices sale villa average sector, apartment the to Similar oversupply. and quality location, adisadvantageous to due demand of lack from suffered others while conditions community improved of back the on increases marginal experienced areas Some market. the of out bottoming the signals believes Asteco which year, this and quarter the over unchanged relatively remained prices sales Overall, COMMERCIAL RESIDENTIAL completed in2016 Selection of projects in 2016 Supply completed • • • • • • • • • • Apartments –222units 1 and2)–632units Park Phase1–75units Landmark Group HQ Park LaneTower The Butterfly One JLT Dubai Silicon Oasis:Bhinghatti Arabian RanchesII:Mira (Phase Jumeirah GolfEstates:Redwood : Azure Residences –170units Sustainable City:500villas Acacia Avenues: HilianaTower 3–137units

office space (BUA) 4 millionsqft town houses 5,000 villasand 8,750 apartments

DUBAI 5

31,500 apartments 12,500 villas and houses town 3.8 million sq ft (BUA) space office © Asteco Property Management, 2017 Balqis Residences – 300 units Balqis Residences Jumeirah: Palm The Polo Avenue: Meydan – 220 units Tower Bay: Bay’s Edge Business – 200 units Riah Tower Village: Culture Lolena – 122 units Village: Jumeirah – 350 units : My Tower : 942 units Village Warsan Bay: Opus Tower Business Arts Tower Bay: Tamani Business Al Hikma Tower Road: Sheikh Zayed Complex RDK Office Park: Dubai Investment Residences – 957 units Residences • • • • • • • • • • • Selection of projects Selection of in 2017expected RESIDENTIAL COMMERCIAL Supply expected Supply in 2017 There iswide a choice of properties available and with the current prices and increased finance options, Asteco believes transaction levels have the potential to rise beyond those experienced over the months. six last Marketsentiment is expected to improve on the back of increased infrastructure, on hospitality spending retail and government projects, which will have a positive effect on demand for Real Estate Dubai.in Whilst Master Developers are in the position to release projects at a lower rate, often due to their existing land banks, third party Developers have to be more creative in terms of the type of product and payment terms they offer in order to compete. The sales market will be increasingly driven by long-term Investors and Owner-occupiers and the rise in first time Buyers will continue throughout as people 2017 take a long-term view to living in Dubai. will2017 see more product launches offering a variety of products to a growing Customer base. Sales • • • • • Asteco expects the market to reach a certain level of maturity leading up to theAl Expo Maktoum 2020 and the International completion of Airport, which isintended to fully the increase accommodate opportunities therefore employment and large undertakings create will considerable these EmiratesBoth Airline’s operations in 2025. requirement for commercial, industrial and residential real estate significantly.come under In the pressure meantime, due rental to continuous rates newwill supply, whilst sales prices are expected to remain broadly stable. Both, office rental rates and sales prices will continue to come under pressure as new developmentsremain low. are handed over whilst demandis expected to Well managed developments under a single ownership are expected to perform better than strata-owned buildings. Tenants and Buyers will continue to expect attractive rates, incentives and flexible payment terms. Tenants will be offered a significant choice of completed property in in both2017 established and new communities. Units will be available across all affordability levels. The residential market will receive the delivery of a substantial amount of stock in new Communities such as City Walk by Meeras, Damac’s Akoya, Dubai Wharf by Dubai Properties, Emaar’s Mira, and numerous individual projects by third party Developers. The new supply will continue to place downward pressure on the market, which willplace the negotiating power firmly in the hands of Tenants, despite a forecasted increase in population. Still, past years have shown that planned delivery and actual handover can be worlds apart and that could limit the impact of oversupply and generate modest levels of growth in certain Communities.

• • • • • • • • Leasing

highlights highlights

Office

Residential

2017 Outlook 2017 Dubai DUBAI 6 (All figuresinAED000’sp.a.) Apartment Rental Rates Dubai YEAR TYPE DIFC HIGH TO LUXURY END Sports Dubai Dubai Marina International City Palm Jumeirah Jumeirah Village Sheikh Zayed Road AFFORDABLE AVERAGE HIGH TO LUXURY END AVERAGE END LUXURY TO HIGH Average Annual % Change MID TO HIGH END % Change since market low (2011) low market since % Change (2008) peak since % Change Greens Jumeirah Lakes Towers MID TO HIGH END AVERAGE END HIGH TO MID AFFORDABLE Deira Dubai Real EstateReport-Q4 2016 2008 100 133 130 115 200 160 148 118 120 110 114 100 105 88 70 93 - - - - - 2009 -42% 113 48 58 85 78 44 85 83 51 89 68 65 65 66 60 43 - - - - 2010 -16% 40 45 70 63 27 73 90 70 40 77 57 55 58 50 55 45 43 - - - 2011 -7% 37 73 38 68 35 63 23 70 90 35 68 35 75 53 45 55 45 49 44 43 1 BEDROOM -28% 2012 61% 15% 35 80 45 80 40 75 24 80 95 45 83 39 88 61 60 65 55 57 50 45 2013 39% 103 105 108 135 112 68 70 98 59 43 70 98 64 85 90 85 83 79 78 73 2014 113 118 113 118 150 113 123 7% 65 70 65 46 65 65 91 93 83 90 86 78 75 2015 113 115 115 135 100 116 -1% 65 72 74 98 50 73 66 90 93 95 90 90 75 73 2016 105 115 105 130 112 -6% 60 65 65 90 45 60 95 60 85 85 95 75 84 75 65 2008 103 135 185 180 168 228 203 126 193 157 160 160 153 145 153 93 - - - - - 2009 -39% 120 110 118 145 130 125 55 85 63 72 96 88 85 91 75 80 - - - - 2010 -14% 100 120 105 113 55 70 90 95 39 58 82 85 78 65 77 58 68 - - - 2011 115 100 120 100 108 -8% 53 53 45 80 90 38 53 48 75 70 75 65 70 55 65 2 BEDROOMS -25% 2012 57% 16% 130 125 100 100 140 110 124 100 53 70 55 38 70 55 88 85 75 83 65 63 2016 yearly 2016 yearly % change -6% 2013 35% 158 160 140 135 175 148 118 151 130 135 110 117 100 103 85 83 88 65 95 86 2014 173 170 158 163 208 103 148 127 167 135 148 133 127 103 105 8% 90 80 98 63 88 High-Luxury High-Luxury 2015 Apartments 158 175 105 143 148 198 105 130 127 164 135 143 125 126 108 0% 90 80 65 91 95 -6% 2016 160 160 125 140 175 125 118 151 125 -7% 130 115 119 100 85 85 90 63 95 85 95 2008 138 275 245 203 300 290 168 216 263 180 210 217 175 190 ------Mid-High End End Mid-High Apartments -7% 2009 -39% 165 160 148 200 175 131 170 130 118 138 83 86 95 80 ------2010 -13% 150 125 115 170 120 114 143 115 115 120 75 79 85 80 83 - - - - - Apartments 2011 Affordable 145 150 115 110 170 120 107 141 100 -6% 105 105 70 -6% 80 76 85 78 80 - - - 3 BEDROOMS -25% 2012 51% 19% 170 180 135 140 190 135 128 175 125 130 100 123 100 75 90 86 83 - - - 2013 24% 135 198 228 178 175 223 120 195 125 159 194 178 155 148 158 145 125 - - - 2014 133 235 245 210 200 243 130 200 128 170 215 180 173 168 166 148 135 7% - - - 2015 113 230 240 205 193 255 138 175 120 172 225 185 175 153 171 135 138 2% - - - 2016 115 190 225 125 190 185 235 135 165 115 162 211 170 -6% 175 150 161 120 130 - - DUBAI 7 - 274 270 350 600 170 285 185 275 270 300 285 270 -4% 2016 - -8% 290 290 363 675 175 283 208 290 285 318 303 273 2015 - 1% 305 400 725 175 310 210 340 350 285 314 2014 312.5 342.5 - 350 175 285 180 295 310 320 365 265 311 20% 2013 312.5 722.5 - - 220 350 500 140 265 165 220 275 285 210 259 15% 22% 2012 -43% 5 BEDROOMS - - -5% % change 210 340 450 125 225 145 200 220 250 -9% 195 224 2011 2016 yearly2016 © Asteco Property Management, 2017 ------210 450 125 225 200 250 246 -10% 2010 ------230 450 165 265 225 265 274 -43% 2009 ------490 800 275 425 450 425 482 2008 - 231 240 270 400 150 260 170 245 210 210 235 -5% 200 2016 - 244 260 260 420 160 260 170 245 253 215 243 230 2015 -10% - 4% 275 485 155 275 290 275 250 300 255 271 2014 282.5 177.5 - 290 290 495 165 250 165 250 220 285 240 261 19% 2013 237.5 - - 180 280 400 115 225 150 185 180 220 180 219 18% 24% 2012 -40% 4 BEDROOMS - - 160 260 315 105 200 110 160 165 160 -9% 160 186 2011 85 70 95 100 105 -3% 250 165 127 2016 ------160 315 110 200 160 160 -8% 204 2010 3% 88 70 98 108 108 255 185 130 2015 ------190 340 120 240 190 180 223 -43% 2009 ------

400 550 260 350 400 335 388 2008 8% 65 95 105 105 103 235 180 126 2014 195 190 220 180 320 120 210 160 210 190 175 195 -5% 175 2016 -3% % change 2016 yearly 95 95 55 90 24% 100 220 175 117 2013 -8% 206 195 223 180 333 138 233 160 218 190 180 203 213 2015 5% 250 195 355 220 80 80 215 70 40 50 195 94 215 195 225 -2% 225 140 2014 34% 227.5 132.5 237.5 162.5 2012 -64% 215 220 350 230 155 195 195 205 175 213 19% 2013 162.5 137.5 212.5 90 90 75 40 50 96 220 140 2011 -16% - 90 160 200 140 325 210 125 155 155 155 140 179 18% 29% 2012 -38% 3 BEDROOMS - - 50 60 80 90 110 110 230 160 114 2010 -34% 135 170 105 275 180 140 150 125 -6% 120 152 2011 - - - - - 80 -9% 140 105 275 180 140 125 162 2010 - 95 150 150 370 100 215 173 -51% 2009 - - - - - 160 125 270 100 180 160 140 179 -43% 2009 - - - - 360 360 525 205 235 425 350 - - - - 2008 325 250 375 240 325 325 275 314 2008 p.a.) 2

Annual % change % Annual Average Umm The Lakes Springs Palm Jumeirah Palm Meadows Jumeirah VillageJumeirah Jumeirah Park Jumeirah Jumeirah Victory Heights Victory Arabian Al BarshaAl % Change since market low (2011) TYPE YEAR TYPE YEAR Barsha Heights Barsha % Change since peak (2008) Bur Dubai Bur Business Bay Business DIFC Dubai Investment Park Jumeirah Lakes Towers Lakes Jumeirah Sheikh Zayed Road Zayed Sheikh Average % Change since peak (2008) % Change since market low (2012) Annual % change % Annual (All figures in AED per ft (All figures in AED 000’s p.a.) (All figures in AED

Office Rental Rates Rental Office Dubai

Villa Rental Rates Rental Villa Dubai DUBAI 8 Villa SalesPrices Dubai Apartment SalesPrices Dubai AED per ft2 AED per ft2 2008 2008 Dubai Real EstateReport-Q4 2016 2,200 2,050 Arabian Ranches 850 1,000 Business Bay 750 750

2009 750 2009 700 950 900 1,225 1,225 1,150 1,300 2010 1,000 2010 1,210 1,150 1,300 1,500

Dubai SportsCity 2,700 2011 850 2011 1,600 750 1,500 750 DIFC 1,300 2012 2012 900 1,350 1,125 1,875 1,250 1,875 1,150 1,700 2013 2013 1,150 1,750 1,500

Discovery Gardens 1,250 Jumeirah Park 725

2014 650 2014 550 550 500 800 450 1,175 450 2015 2015 1,175 825 1,110 885 1,100 850

2016 2016 855 1,100 Jumeirah Village 600 2,700 Downtown Dubai 500 1,400

475 1,300 550 1,100 850 1,300 975 2,200 950 2,325 850 2,200 1,900 2,200 2016 yearly % change 1,000 -2% 1,800 Meadows 850

Dubai Marina 1,100 850 1,000 1,000 925 1,300 1,050 1,350 1,900 1,150 1,750 1,300 1,600 2,750 1,450

Palm Jumeirah 1,800 1,550 1,700 1,500 1,050 1,800 825 Greens 3,000 775 2,850 950 2,475 1,400 2,500 1,375 1,800 1,365 850 1,350 650 Springs 1,050 International City 650 500 900 425 1,100 325 1,075 350 950 Office SalesPrices Dubai 675 1,100 710 688 700 AED per ft2 2,000 2,500 1,100

Barsha Heights 1,100 925 2008

850 JBR 925 750 1,000 750 1,525 1,625

2009 825 975 1,370 975 1,300 900

2010 1,400 2,200 850 1,250 Business Bay 700 900 650 JLT 2011 750 750 700 1,200 975 1,250

2012 1,225 1,150 1,250 1,150 1,250 2016 yearly 2016 yearly

1,100 % change 4,250 Jumeirah Village 0% 2013 600 1,900 500 1,900

2016 yearly 2016 yearly 475 DIFC 1,800 % change -5%

2014 500 1,700 875 1,800 925 1,875 938 1,925 2015 900 1,900 Jumeirah LakeTowers 2,000 2,800

900 Palm Jumeirah 1,500 2016 650 1,175 550 1,100 550 1,400 925 2,000 1,075 2,000 975 1,720 850 1,700 DUBAI 9 43 611 4 To Sharjah To 5 40 57 12 6 47 311 11 28 9 38 17 11 611 © Asteco Property Management, 2017 44 Arabian Gulf 48 13 22 15 39 10 30 37 20 54 44 2 36 18 56 311 11 24 7 8 44 51 41 55 52 42 50 44 1 23 53 34 25 58 45 49 21 35 29 27

32 31 611 33 14 3 11 Most Expensive Expensive Mid Priced Affordable 26 19 46 311

11 16 311 611 To Abu Dhabi To Area classification by affordability is provided for indicative purposes only as many areas in Dubai offer various types of residential units, from affordable to Note: Area classification by affordability is provided for indicative purposes only as many areas product and exceptions of a lower and / or higher price could be available. high end. As such, the map colour coding takes into account the most prevalent type of Mudon Palm Jumeirah Residential City Rigga Sheikh Zayed Road Springs / Meadows Studio City Tecom C The Greens The Lakes The Villa Umm Suqeim Uptown Mirdiff Victory Heights 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58

Akoya Al Barari Al Nahda Al Warqaa Arabian Ranches Barsha Bur Dubai Business Bay Deira DIFC Discovery Gardens Downtown Dubai Downtown Dubai Hills Dubai Investment Park Dubai Land Residential Complex Dubai Marina Dubai Silicon Oasis Dubai Sports City Dubailand Green Community IMPZ International City JBR Jumeirah Jumeirah Golf Estates Jumeirah Park Jumeirah Village Jumeirah Lakes Towers Living Legends Liwan Maritime City Meydan Mirdif MotorCity

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41

Property MapProperty Dubai VALUATION & ADVISORY Our professional advisory services are conducted by suitably qualified personnel all of whom have had extensive Real Estate experience within the Middle East and internationally. Our valuations are carried out in accordance with the Royal Institution of Chartered Surveyors (RICS) and International Valuation Standards (IVS) and are undertaken by appropriately qualified Valuers with extensive local experience. The Middle East’s largest full service Real The professional services Asteco conducts throughout the region include: Estate services company, Asteco was • Consultancy & Advisory services • Market research formed in Dubai in 1985. Over the years, • Valuation services Asteco has gained enormous respect for consistently delivering high quality, SALES professional, value-added services in Asteco has established a large regional property sales division with representatives based in the UAE, Qatar a transparent manner. It is also widely and Jordan. Our Sales teams have extensive experience in the negotiation and sale of a variety of assets. recognised for its involvement with many LEASING of the projects that have defined the Asteco has been instrumental in the Leasing of many high-profile developments across the GCC. landscape and physical infrastructure of the Emirates. ASSET MANAGEMENT Asteco has an essential combination Asteco provides comprehensive Asset Management services to all property Owners, whether a single unit (IPM) of local knowledge and international or a regional mixed-use portfolio. Our focus is on maximising value for our Clients. expertise. A deeply established brand, renowned for its application of the latest OWNERS ASSOCIATION technological advances, its commitment Asteco has the experience, systems, procedures and manuals in place to provide streamlined comprehensive to transparency, winning strategies and Association Management and Consultancy Services to residential, commercial and mixed-use Communities human expertise. Undisputed Real Estate throughout the GCC Region. experts, Asteco represents a significant number of the region’s top property SALES MANAGEMENT Owners, Developers and Investors. Our Sales Management services are comprehensive and encompass everything required for the successful completion and handover of units to individual unit Owners.

LICENSING Our brand, network, system and procedures are now available in territories across the MENA region. Our Licensing services currently include Real Estate Brokerage Franchising and associated support services with many of the key elements designed specifically around the franchisee, making it a truly unique and bespoke Franchise opportunity.

10 Dubai Real Estate Report - Q4 2016 John Stevens John Allen MSc, BSc (Hons), MRICS BSc, MRICS Managing Director / Director - Asset Services Director - Valuation & Advisory +971 600 54 7773 +971 600 54 7773 [email protected] [email protected]

Sean McCauley Jenny Weidling MBA, BCom BA (Hons) Director - Agency Services Manager - Research and Advisory +971 600 54 7773 +971 600 54 7773 [email protected] [email protected]

Zahra Alvi, James Joughin MSc BSc (Hons), MRICS Research Analyst Associate Director - Valuation +971 600 54 7773 +971 600 54 7773 [email protected] [email protected]

© Asteco Property Management, 2017 11 DUBAI DISCLAIMER: The information contained in this report has beenthe accuracy obtained from or completeness and is based upon of the sources information that Asteco contained Property herein,principals.Management and same is submitted believes Asteco to Property be subject reliable, to however, errors, Management no warranty omissions, will not be or held representation, change responsiblesubject of price, rental to for change any expressed third-party or without other conditions, or implied, notice. contributions. Figures is withdrawal made to contained without All in this opinions report notice,care and and are and estimates derived attention to any special from included has listing a basket been used of in locations this conditions in the report preparation highlighted constitute imposed of forecast by our in this Asteco report information.because Property and therefore they However, Management’s relate represent actual to future a snapshot results events judgment, of and the may circumstances UAE vary as market. of the from date of forecasts Averages, this report which however, areManagement beyond and and any are represent variation Asteco LLC. Commercial a wider Property may range be materially License of areas. Management’s Paid-up Due No. 218551. positive Capital control. or negative. AED 4,000,000. For a full Forecasts, in-depth study by their of very the market, nature, please involve contact risk and Asteco uncertainty Property Management’s Research team. Asteco Property © Asteco Property Management, 2017 Q4 2016 Dubai Real Estate Report Real Dubai