REAL ESTATE SERVICES Q4-2020 REAL ESTATE MARKET OVERVIEW 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 Investment advisory y Market research y Asset management y Property management y Project management y Facilities management y Valuation REPORT HIGHLIGHTS y Due to weak demand and relatively long holding periods, strata Residential owners are now more inclined towards leasing fitted-out space at y During the course of 2020, the residential market has witnessed attractive rents and terms. an addition of over 35,000 units (apartments/villas/ townhouses), y Office leasing activity remained subdued during the quarter, as taking the total residential stock of Dubai to c. 620,000 units. average office rents dropped by 2% quarter-on-quarter and 10% y In terms of supply by location, 25% of the new supply emerged from year-on-year. Due to relatively weak demand and high void across followed by Village Circle and Jumeirah Village office assets, landlords are now more flexible in offering tenants with Triangle areas with a cumulative share of 9%. The wider Deira area rent free period as well as in some cases absorbing fit-out costs for saw addition of over 3,200 units accounting for a share of 8.9% tenants with a lease structure of 3-5 years. while masterplan accounted for a share of 8%. y As per the projects announced/under construction, approximately y Approximately 70,000 new residential units are expected to enter 4.3 million sq.ft. of office space is expected to be added during the the market during the period 2021 – 2023, equating to 11% of the course of 2021 to 2023, about 4% of the existing space. existing stock. y During Q4 2020, the transaction of completed and off-plan Retail residential properties recorded a sharp jump in value and volume terms. The off-plan transactions were valued at AED 5.28 billion y Approximately 0.5 million sq.ft. GLA of new retail space entered the compared to AED 4.39 in Q3 2020 while the transaction of market during the course of 2020, the lowest supply since 2014. Due completed properties jumped from AED 8.6 billion in Q3 2020 to to the pandemic, only a proportion of the expected space entered AED 13.6 billion in Q4 2020. the market with the rest being pushed forward to 2021. However, looking at the current market situation, it is likely that developers y Transaction activity during the quarter was dominated by villa/ could further delay projects. townhouse sales, accounting for a cumulative value of AED 7.11 billion (54% of the total residential sales for completed properties). y Retail rents that were already under stress due to weak sales of luxury goods were further impacted by the pandemic. However, y During the quarter, the capital values for the residential segment proactive steps from the government and rental rebates offered across selected developments dropped marginally by 1.0% quarter- by the mall operators has largely helped in maintaining healthy on-quarter and 7% year-on-year. occupancies across retail centres. y Over the past two quarters, the residential sector has witnessed y As per the projects announced/under construction, approximately a renewed occupier/investor interest towards villa/townhouse 15.5 million sq.ft. GLA of retail space is expected to be added during properties which to a large extent has helped in lowering the rental the period 2021 – 2023, (about 37% of the existing space). Due to decline margin. On an annual basis, villa/townhouse rents dropped the pandemic, a substantial share of retail supply that was expected by 5.6% while average apartment rents dropped by 12.5% year-on- in 2020 has been pushed backed to 2021. year.

Office Hospitality y With the addition of over 4,000 new hotel rooms/apartments y During the course of 2020, c.3.0 million sq.ft. of new office space during the quarter, the hotel inventory currently accounts for was completed, taking the total Dubai office stock to 103.6 million approximately 132,000 hotel rooms/apartments. Some of the sq.ft. Key office projects added during the course of 2020 include key openings include RIU Beach Resort with 800 keys in the Deira ICD Brookfield tower in Dubai International Financial Centre, Hills Island project and Sofitel Dubai the Obelisk (Wafi) with 598 rooms/ Business Park in Dubai Hills Estate and a new office block in Dubai apartments. Airport Freezone. y Compared to the previous quarter, the hotel performance remained y Compared to the previous year, the office transaction activity healthy with hotel establishments achieving an average occupancy remained weak both in value and volume terms. The cumulative rate of over 60% during the quarter. However, the occupancy transaction value dropped from AED 1.37 billion in 2019 to AED remained at over 70% during the second half of December 2020. 0.963 billion in 2020, a drop by 30% year-on-year. However, on a quarterly basis, the transaction value increased from AED 384 y With a decline in international tourists, the focus of the operators million in Q4 2020 compared to AED 265 million in Q3 2020. was more inclined towards offering attractive staycation packages. This was further enhanced with the government launching a 45 days y The strata office sale rates recorded marginal deflation over the past campaign under the title of ‘World’s Coolest Winter’ to promote two quarters, as the prices are already bottoming out. Overall, the domestic tourism. prices have dropped by over 30% from its peak. The average sale rates during the quarter dropped marginally by 1% and 3% year-on-year.

Q4-2020 | 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

Hospitality sector...... 13

Definitions & methodology...... 15

Contact information...... 16

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 4 REAL ESTATE TRENDS DUBAI LAND TRANSACTION

TYPE VOLUME VALUE AED.36.45bn (‘billion AED) SALES 6,937 16.84 TOTAL TRANSACTIONS MORTGAGE 5,624 19.61 12,561 TOTAL 12,561 36.45

TOP RESIDENTIAL INVESTMENT LOCATIONS - Q4 2020

mln 1,040 989mln 639units 194units 462mln 809mln 147units 288units 1,259mln 283mln 632mln units mln 320 363units 432 1,729mln EMIRATES LIVING 484units 202units 1,171units DUBAI INVESTMENT PARK

1,962mln 429units

Emirates Living

Jumeirah Village Circle

Source: Reidin

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 5 RESIDENTIAL MARKET SUPPLY y During the course of 2020, the residential market y During Q4 2020, over 9,000 new units were has witnessed an addition of over 35,000 units added, taking the total residential stock of Dubai (apartments/villas/ townhouses), which is about to c. 620,000 units. The majority of the supply 10% lower than the supply seen in 2019. Actual during the quarter was from the freehold locations supply figures were about 30 % lower than the accounting for 84% while non-investment areas forecasted supply, as handover of several projects accounted for a share of 16% of the quarterly were delayed by 3-6 months due to the pandemic. supply. Of the total supply, 80% of the units were apartments and the rest villas and townhouses. y Looking at the projects announced/under construction, approximately 70,000 new y In terms of supply by location, 25% of the new residential units are expected to enter the market supply emerged from Dubailand followed by during the period 2021 – 2023, equating to 11% of Jumeirah Village Circle and Jumeirah Village the existing stock. However, looking at the historic Triangle areas with a cumulative share of 9%. The trends and expected construction delays, a share of wider Deira area saw addition of over 3,200 units this supply could be moved to 2024. accounting for a share of 8.9% while Dubai South masterplan accounted for a share of 8%. RESIDENTIAL SUPPLY BY UNITS - (2014 - 2023)

700

650 Existing Supply Apartments Supply Villas

600

550

500

Units Units ('000) 450

400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 SALE RATES y During Q4 2020, the transaction of completed y In terms of transaction value by location, and off-plan residential properties recorded a (MBRC)/ Meydan sharp jump in value and volume terms. During the recorded transactions worth AED 1.96 billion quarter, off-plan transactions were valued at AED (14% of the total transaction value) followed by 5.28 billion compared to AED 4.39 in Q3 2020 Dubailand development accounting for a share of while the transaction of completed properties 13% (AED 1.73 billion). Other active developments jumped from AED 8.6 billion in Q3 2020 to AED include Emirates Living AED 1.26 billion, Dubai 13.6 billion in Q4 2020. Marina/Jumeirah Beach Residence AED 1.04 billion and AED 0.99 billion.

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 6 y Transaction activity during the quarter remain million while normal apartments accounted for dominated by villa/townhouse sales, accounting AED 4.18 billion. In terms of transaction by unit for a cumulative value of AED 7.11 billion (54% type, about 62% of the transactions were for one of the total residential sales for completed and two bedroom units while studio accounted properties). The highest transacted villa property for 23% of the total apartments. was a Signature villa on Palm Jumeirah valued at AED 60 million followed by an AED 48.3 million y During the quarter, the capital values for the villa on the Jumeirah Bay Island project. residential segment across selected developments dropped marginally by 1.0% quarter-on-quarter y Due to the pandemic, investor and occupier and 7% year-on-year. The highest annual decline interest has been towards more spacious living of 12% was recorded for apartments in Dubai space, resulting in a sharp rise in demand and International Financial Centre (DIFC) while the capital values for villas/townhouses. The villas/ highest decline in the villas/townhouses segment townhouses with a ticket size of less than AED was in at 10% year-on-year. However, 2.5 million remained high in demand which is villa/townhouse in selected communities have also evident from the transactions, as 50% of the seen a sharp rise in capital values over the past transactions during the quarter were in this price six months due to positive market sentiments and bracket. occupiers looking for larger and open spaces as a result of the pandemic. y Within the apartment segment, serviced/hotel apartments saw transaction worth of AED 862

AVERAGE APARTMENT SALE RATES - Q4 2020

1,800 -14% 1,600 -12% 1,400 -10% 1,200 1,000 -8%

800 -6% 600

-4% Y.o.Y change (%) 400 -2% 200 Average Sale Rates (AED/sq.ft.) 0 0% Downtown Old Town DIFC Palm Jumeirah The Views Jumeirah The Greens Dubai Beach Residence

AVERAGE VILLA SALE RATES - Q4 2020

2,000 -12%

-10% 1,600

-8% 1,200 -6% 800 -4%

400 Y.o.Y change (%) -2% Average Sale Rates (AED/sq.ft.) 0 0% Palm The Lakes Dubai Sports Arabian Jumeirah The Springs Jumeirah Al Furjan Jumeirah City Ranches Park Village

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 7

RENTAL RATES y Residential rents during the quarter dropped by an bedroom unit dropped from AED 77,000 per unit average of 2% quarter-on-quarter and 11% year- per annum in Q4 2019 to AED 62,000 per unit per on-year. Although rental deflation within the villa/ annum in Q4 2020, a decline of 20% year-on-year. townhouse segment remained in single digits, it is the apartment segment which has seen a sharp y Over the past two quarters, the residential sector decline in rents due to an increase in supply and has witnessed a renewed occupier/investor migration of tenants to larger and more open living interest towards villa/townhouse properties spaces preferably villas and townhouses. which to a large extent has helped in lowering the rental decline margin. On an annual basis, y Average apartment rents dropped by 2.6% quarter- villa/townhouse rents dropped by 5.6% while no on-quarter and 12.5% year-on-year. Within the significant quarterly change. However, in some apartment segment, the highest decline was for locations mainly for townhouse units of three and smaller units (studio and one bedroom units). four bedroom, a rental inflation of up to 3% has Within the selected areas, studios recorded a been recorded compared to the previous quarter. decline of 15% while one bedroom units dropped by 13.3% year-on-year. A relatively high mix of y In terms of performance by locations, properties smaller units and weak demand is resulting in a in the Springs, Motor City and sharp decline in rents. Looking at the existing witnessed a double digit rental decline of 10% vacancies and pipeline supply, the apartment rents each compared to the same period last year. A are likely to deflate further along with increased three bedroom villa in the Springs dropped from an landlord incentives. average of AED 133,000 per unit per annum in Q4 2019 to AED 120,000 per unit per annum, a drop y In terms of rental decline by location, Discovery of 9.4% year-on-year. However, looking at the Gardens recorded a highest annual decline of 18.1%. growing demand for villas/townhouses, the rental Some of the key reasons are ageing properties rates are expected to see an upward movement and emergence of new properties offering better during the course of 2021. facilities and amenities in the neighbouring development of Al Furjan. Average rent for a two

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 8 AVERAGE APARTMENT ANNUAL RENTS – Q4 2020

27K 52K - 40K 49K 57K 39K 69K 75K 56K 70K 78K

Studio 62K 86K 98K 80K 95K 106K 1 Bedroom - 110K 130K 103K 150K 150K 2 Bedroom 3 Bedroom -18.1% -14.4% -8.6% -13.3% -10.5% -10.3% Y.o.Y % Change

Jumeirah Beach Residence

Barsha Heights

Downtown Dubai

34K 42K 40K 36K 20K 54K 60K 52K 51K 29K 80K 87K 74K 75K 42K 98K 123K 88K 100K 63K

-14.0% -14.6% -11.7% -16.5% -12.6%

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 9 AVERAGE VILLA ANNUAL RENTS – Q4 2020

- - - 86K - - 255K 175K 120K -

2 Bedroom 175K 323K 195K - 198K 3 Bedroom 220K 403K 210K - 285K 4 Bedroom 5 Bedroom -3.8% -2.0% -3.5% -11.3% -3.8% Y.o.Y % Change

Jumeirah Beach Residence

Al Furjan

Meadows

- 98K - 95K - 110K 125K 105K 108K 175K 130K 180K 140K 118K 235K 160K 225K 190K 133K 280K

-5.0% -6.0% -12.3% -7.1% -4.8%

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 10 OFFICE MARKET y During the course of 2020, c.3.0 million sq.ft. of development with rates dropping from an average new office space was completed, taking the total of AED 850 per sq.ft. in Q4 2019 to AED 800 per Dubai office stock to 103.6 million sq.ft. Of the sq.ft. in Q4 2020, registering a decline of 6% year- total new office space in 2020, 46% of the space on-year. was in freezones and 54% non-freezone areas. y Due to weak demand and relatively long holding y Key office projects added during the course of periods, strata owners are now more inclined 2020r include ICD Brookfield tower in Dubai towards leasing fitted-out space at attractive rents International Financial Centre, Hills Business Park and terms. Looking at the shift in market dynamics in Dubai Hills Estate and a new office block in arising due to the pandemic and current Work from Dubai Airport Freezone. Home circumstances within many sectors, it is expected that this trend is likely to continue in the y Compared to the previous year, the office short to medium term until new demand emanates transaction activity remained weak both in value from start-ups. and volume terms. The cumulative transaction value dropped from AED 1.37 billion in 2019 to AED y Office leasing activity remained subdued during 0.963 billion in 2020, a drop by 30% year-on-year. the quarter, as average office rents dropped by 2% However, on a quarterly basis, the transaction quarter-on-quarter and 10% year-on-year. Due to value increased from AED 384 million in Q4 2020 relatively weak demand and high void across office compared to AED 265 million in Q3 2020. assets, landlords are now more flexible in offering tenants with rent free period as well as in some y In terms of transactions by location, key freehold cases absorbing fit-out costs for tenants with a office locations of Business Bay, Jumeirah Lakes lease structure of 3-5 years. Towers and Downtown Dubai accounted for over 80% of the total annual transactions. y Rental rates across the strata space continue to Business Bay area saw AED 452 million worth of remain under stress, as individual investors are transactions across 528,000 sq.ft. of office area, willing to accept offers below the market level to calculating to an average sale rates of AED 860 reduce the voids. Some of the strata office buildings per sq.ft. In Jumeirah Lakes Towers development, in the developments of Jumeirah Lakes Towers and about 397,000 sq.ft. of area was transacted at a Barsha Heights are offering all-inclusive rents as cumulative value of AED 220.3 million, calculating low as AED 40 per sq.ft. per annum. to a rate of AED 555 per sq.ft. Downtown Dubai area recorded the highest transaction value of AED y As per the projects announced/under construction, 1,960 per sq.ft., with a cumulative value of AED approximately 4.3 million sq.ft. of office space is 107.5 million across 55,000 sq.ft. of office space. expected to be added during the course of 2021 to 2023, about 4% of the existing space. However, y The strata office sale rates recorded marginal the supply figures could increase as new projects deflation over the past two quarters, as the prices are announced with a construction timeline of 2-3 are already bottoming out. Overall, the prices have years. This may become even further staggered, dropped by over 30% from its peak. The average particularly given the current market conditions sale rates during the quarter dropped marginally by for the office sector. 1% and 3% year-on-year. The highest annual sales decline was recorded in Jumeirah Lakes Towers

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 11

DUBAI OFFICE STOCK GROWTH (2008-2023)

120.0 Stock Expected - *More office projects with handover dates delayed 105.0

90.0

75.0

60.0

45.0

30.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

AVERAGE OFFICE SALE RATES - Q4 2020

2,000

1,600

1,200

800

400 Average Sale Rates (AED/sq.ft.)

0 Downtown Dubai DIFC Dubai Marina Business Bay Jumeirah Lake Barsha Heights Towers

AVERAGE OFFICE RENTS - Q4 2020

350 Low High 300

250

200

150

100

Average Rents AED/sq.ft. p.a 50

0 DIFC Downtown Dubai Sheikh Zayed Business Bay Jumeirah Lakes Barsha Heights DIC & DMC Road Towers

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 12 RETAIL y Approximately 0.5 million sq.ft. GLA of new retail y Retail rents that were already under stress due to space entered the market during the course of weak sales of luxury goods were further impacted 2020, the lowest supply since 2014. Due to the by the pandemic. However, proactive steps from pandemic, only a proportion of the expected space the government and rental rebates offered by the entered the market with the rest being pushed mall operators has largely helped in maintaining forward to 2021. However, looking at the current healthy occupancies across retail centres. market situation, it is likely that developers could further delay projects. y As per the projects announced/under construction, approximately 15.5 million sq.ft. GLA of retail y Retail stock of Dubai as at end of Q4 2020 stands space is expected to be added during the period at 41.4 million sq.ft. GLA. New retail additions 2021 – 2023, (about 37% of the existing space). during 2020 were Burj Al Nahar in Deira and Al Due to the pandemic, a substantial share of retail Warqa City mall in 3. supply that was expected in 2020 has been pushed backed to 2021. During the course of 2021, c. 8.0 y The retail sector during the quarter recorded million sq.ft. GLA is scheduled to be completed. relatively strong sales compared to the previous However, looking at the current market situation quarters, mainly due to Dubai Shopping Festival, a large proportion of this space will be further sales promotions offered by the retailers and rise in pushed back to 2022. tourists during the Christmas and New Year festive periods.

DUBAI RETAIL MALL STOCK (2010-2023)

Stock Expected - *Includes all retail malls with a GLA greater than 25,000 sq.ft.

60

50

40 illion ) ( m 30 q. ft . s 20 A L G 10

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 13

RETAIL SUPPLY PRE 2010 NEW SUPPLY DELIVERED - (2010 - Q4 2020)

12% 19% 34% 26% 17%

15% 14% 19% 23% 21%

Community Regional Super Regional Neighborhood Super Regional Neighborhood Sub-Regional Regional Community Sub Regional

DUBAI RETAIL MALLS BY SIZE END 2020 DUBAI RETAIL MALLS GLA BY AREA END 2020

5% 7% Deira 6% 20% 5% 28% Neighborhood 5% Downtown/Business Bay Super 9% 2% Regional Barsha 9% Dubailand 15% 8% Dubai Marina Community 4% Jumeirah Sub Regional Regional 13% 20% Al Wasl 17% 17% Al Warsan 10% Other Areas Super Regional: 2m sq ft+ Sub-Regional: 500-1m sq ft Regional: 1m-2msq ft. Community: 200-500,000 sq ft Neighborhood: 0-200,000 sq ft

PRIME SHOPPING MALL AVERAGE RENTS Q4 2020

1,000 900 800 700 600 500 400 AED/SQ.FT. 300 200 100 - ANCHORS CINEMA HYPERMARKET MINI MAJORS FLAGSHIPS RESTAURANTS FOOD COURT LINE SHOPS

The rents quoted above are base rents excluding any turnover provisions and service charges

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 14 HOSPITALITY y With the addition of over 4,000 new hotel rooms/ rate of over 60% during the quarter. However, apartments during the quarter, the hotel inventory the occupancy remained at over 70% during the currently accounts for approximately 132,000 second half of December 2020, at the backdrop of hotel rooms/apartments. Due to the pandemic, New Year festivity. several projects that were scheduled to open in 2020 were delayed, resulting in only 6,500 rooms/ y With a decline in international tourists, the apartments being completed compared to over focus of the operators was more inclined towards 8,000 keys planned for the year. Some of the key offering attractive staycation packages. This was openings include RIU Beach Resort with 800 keys further enhanced with the government launching in the Deira Island project and Sofitel Dubai the a 45 days campaign under the title of ‘World’s Obelisk (Wafi) with 598 rooms/apartments. Coolest Winter’ to promote domestic tourism. As per the figures released, The UAE’s domestic y As per the projects under construction and tourism sector contributed AED 41.2 billion to the timelines provided by the operators, approximately national economy in 2019. 8,500 hotel rooms/apartments are scheduled to open during the course of 2021. However, looking y Furthermore, the Dubai government’s support at the current market situation and weak demand, towards extending the freeze by the end of 2020 it is likely that some of the properties might be on government fees relating to entertainment delayed and moved back to 2022. and business events along with a capping of the municipality fees at 7% has acted as a soother to y Compared to the previous quarter, the hotel the tourism sector. performance remained healthy with hotel establishments achieving an average occupancy

HOTEL LOCATION STAR DATE NUMBER OF KEYS The Address Jumeirah Resort & Spa Jumeirah Beach Residence 5 Star Q4 660 Sofitel Dubai the Obelisk (Wafi) 5 Star Q4 598 Avani Palm Views 4 Star Q4 264 Wyndham Deira Waterfront Deira 4 Star Q4 290 Super 8 by Wyndham Deira 4 Star Q4 90 RIU Beach Resort Deira Island 4 Star Q4 800 Rove La Mer Jumeirah 4 Star Q4 366 Staybridge Suites Dubai Dubai South H.A. Q4 262

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 15

DUBAI HOTEL ROOMS GROWTH - (2012 - 2023)

150 Existing Supply New Supply

125

100

75 No. of Rooms ('000s)

50

25

0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

DUBAI HOTELS PERFORMANCE - Q4 2020 YTD

1,400 100%

1,200 80%

1,000

60% 800

600 40%

400

20% 200

0 0% July July July July July July July May May May May May May May March March March March March March March Jan-15 Jan-16 Jan-17 Jan-18 Jan-14 Jan-19 Jan-20 November November November November November November November September September September September September September September

ADR RevPAR Occupancy

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 16

DEFINITIONS & METHODOLOGY Research Study Area y The geographic extent of the study area covers exclude any rent free period of other financial the key districts in Dubai. incentives that may have been negotiated between the parties. The rents quoted are also Residential exclusive of service charges. y New residential developments are classified as Retail delivered and thus entered into the new supply category when they are made available for y New retail developments are classified as occupation. This is verified via a combination delivered and thus entered into the new supply of site inspections and discussion with the category when the first units are open and developer and hence our supply numbers do take trading. into consideration the phased release of large y projects. Our classification of malls is based on our own assessment having regard to size and y Rental and sales trend analysis is based on the catchment area which the mall typically transactional data derived from the MPM penetrates. Properties Agency team and data sourced from developers and owners. Hospitality Offices y New hotels are classified as delivered and thus entered into the new supply category when they y New office developments are classified as are opened and trading. delivered and thus entered into the new supply category when they are available for tenant fit- Future Supply Projections outs. y Our future supply projections across all sectors y Given the general lack of transparency in the are based on a combination of regular site local market rents quoted are headline rents, thus inspections and discussions with developers.

BESPOKE CLIENT RESEARCH y The ADIB Real Estate Services team covers all that directly assist our clients to save or make sectors of the real estate market. We provide money from real estate and shape strategies to bespoke market research to our valued clients to enhance value. meet their specific requirements. y Regular site inspections and discussions with y We provide reports, information and developer. presentations derived from primary market data

DISCLAIMER The information contained in this report has been change without notice. Figures contained in this report are obtained from and is based upon sources that MPM derived from a basket of locations highlighted in this report Properties believes to be reliable, however, no warranty and therefore represent a snapshot of the Dubai market. or representation, expressed or implied, is made to the Due care and attention has been used in the preparation accuracy or completeness of the information contained of forecast information. However, actual results may herein, and same is submitted subject to errors, omissions, vary from forecasts and any variation may be materially change of price, rental or other conditions, withdrawal positive or negative. Forecasts, by their very nature, involve without notice, and to any special listing conditions risk and uncertainty because they relate to future events imposed by our principals. MPM Properties will not be held and circumstances which are beyond MPM Properties’ responsible for any third-party contributions. All opinions control. For a full in-depth study of the market, please and estimates included in this report constitute MPM contact MPM Properties team. Properties, as of the date of this report and are subject to

Q4-2020 | REAL ESTATE MARKET OVERVIEW | DUBAI 17

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