experience expertise excellence · 36 jumeirah 105,000 140,000 160,000 200,000 0 10 jumeirah...

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Average Apartment Sales Price and Percentage Change (Q1 – Q2 2011)

Sales Price (Q2) Percentage Change

Apartment Sales Villa Sales Office Sales Apartment Rentals Villa Rentals Office Rentals

Mar-08

DIFC Discovery Gardens Downtown Dubai Dubai Marina Greens Jumeirah BeachResidence

Jumeirah LakesTowers

Palm Jumeirah

AED

/m

2A

ED

/m

2A

ED

/m

2

Average Villa Sales Price and Percentage Change (Q1 – Q2 2011)


Average Office Sales Price and Percentage Change (Q1 – Q2 2011)


-7%

0%

-8%

-5%

-6%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000 0% 0% 0%

0% 0%

-7%

-5% -5%

0%

-3%

0%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Arabian Ranches Emirates Hills Green Community Jumeirah Islands Jumeirah Village Meadows Palm Jumeirah Springs

-11%

0%

-15%

0%

-12%

0%

0

5,000

10,000

15,000

20,000

25,000

Business Bay DIFC Dubai Investment Park Dubai Silicon Oasis Jumeirah Lakes Towers Tecom C

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11

Experience Expertise Excellence

Customer Management: +971 4 403 7700 www.astecoreports.com

Dubai ReportQ22011

Rental Rates (AED/pa) Sales Prices (AED/m2)

Min Max Min Max

Apartment

Studio 15,000 60,000

2,700 17,2001 BR 21,000 120,000

2 BR 33,000 175,000

3 BR 65,000 190,000

Villa

2 BR 40,000 170,000

4,300 32,3003 BR 70,000 300,000

4 BR 90,000 350,000

5 BR 100,000 550,000

Office Per m2 325 3,125 4,850 21,500

Over the last three months we have seen some positive developments such as the extension of the property visa period from six months to three years and the implementation of the International System of Units. Both are steps in the right direction and represent the government’s commitment to increasing transparency and confidence in the market, which in turn will encourage investment.

Elaine Jones, CEO, Asteco Property Management LLC

“ “

Property Market Summary

Real Estate Monitor

Highlights

�� Rental� rates� and� sales� prices� have� seen� minimal� changes�over�the� last�three�months,�with�apartment,�villa�and�office�sales�declining�by�3,�3�and�6%�respectively,�whilst�rents�for�apartments,�villas�and�offices�eased�by�2,�0�and�2%.

�� Established�villa�communities�have�seen�no�changes�over�the�last� three� months;� however,� continuous� handovers� of� new�villa�developments�will�eventually�have�a�downward�effect�on�current�rent�levels.

�� Office�rental�rates�experienced�minimal�overall�declines�mainly�due�to�the�increased�availability.�Although�enquiry�levels�are�on�the�rise,�further�softening�of�the�office�market�is�expected�in�line�with�increasing�supply.�

The�line�graph�below�demonstrates�the�average�percentage�sales�and�rental�trend�on�a�quarterly�basis.

02 For additional information call +971 4 403 7700 or email [email protected]

Residential

�� Apartment�sales�prices�have�decreased�by�3%�on�average,�mainly�due� to� continuous� handovers� of� real� estate� projects� and� the�resulting�widening�of�the�supply�and�demand�gap.

�� Asteco� has� noticed� a� significant� number� of� people� on�medium-term�contracts�with�respectable�housing�allowances�opting�to�use�the�money� towards� the�purchase�of�a�home� rather� than� renting�one.

�� The� UAE� Federal� Government� announced� the� decision� to�extend� the�property� visa�period� from�six�months� to� three� years.�Clarifications�regarding�a�minimum�property�value�of�AED�1�million�and�a�minimum�fixed�income�of�AED�10,000�per�month�have�yet�to�

be�announced.�The�move�represents�a�significant�milestone�for�the�Dubai� real�estate�market�and� is�expected�to� increase� investment�in�the�UAE.�

�� Another� development� is� the� introduction�of� a� law� concerning� a�unified�metric�system.�Effective�11/11/11,�the�UAE�will�implement�the�International�System�of�Units�(SI),�replacing�feet�with�metres,�etc.�The�aim�is�to�build�a�UAE�infrastructure�that�is�in�line�with�best�international�practice� and�will� bring�much�needed�uniformity� to�the�market.

Apartment Sales Prices

Apartment Rental Rates�� Apartment� rental� rates� have� experienced� decreases� of� 2%� on�average�for�a�selection�of�areas�in�Dubai.

�� Affordable� developments� such� as� Discovery� Gardens� and�International�City�have�seen� the� largest�declines�with�11�and�4%�respectively.�Both�areas�comprise�a�significant�amount�of�apartment�units� -� in� fact,� Nakheel� has� recently� released� a� large� amount� of�apartments� in� Discovery� Gardens,� which� has� impacted� rents.� In�addition,� continuous�handovers� in�Dubai� and� the� resulting� rental�declines�have�had�a�knock-on�effect�on�rates.�

�� Other�areas� that�have�either� seen�a� significant�amount�of� supply�over� the� last� few� months� or� are� expecting� some,� namely� Dubai�Marina�and�Jumeirah�Lakes�Towers�(JLT),�have�also�witnessed�some�

softening�in�rents.

�� Studios,�one-�and�two-bedroom�apartments�have�all� seen�similar�drops�due� to� the� large�number�of� these�unit� types.�Changes� for�three-bedroom�units�with�more�limited�overall�supply,�on�the�other�hand,�were�minimal.�

�� Asteco�has�witnessed�a�large�number�of�tenants�moving�from�two-�or� three-bedroom�apartments� to� townhouses�or� small� villas.�This�will�eventually�result� in� landlords�having�to�adjust�rental� levels�for�larger�apartment�types�in�order�to�retain/attract�tenants.

�� As�previously�stated,�quality�developments�in�established�locations�with�minimal�future�supply,�such�as�Palm�Jumeirah�and�Downtown�Dubai,�are�more�resilient�to�the�overall�softening�of�the�market.

Average Rental Rates (AED/pa)Q-o-Q Change (%)

Map Key Development Studio 1 BR 2 BR 3 BR

8 Discovery Gardens 25,000 39,000 55,000 n/a -11

35 Downtown Dubai 50,000 68,000 100,000 150,000 0

3 Dubai Marina 40,000 62,500 80,000 115,000 -3

27 International City 17,000 25,000 38,000 n/a -4

2 Jumeirah Beach Residence 50,000 70,000 90,000 110,000 0

4 Jumeirah Lakes Towers 33,000 47,500 65,000 85,000 -1

1 Palm Jumeirah n/a 90,000 120,000 170,000 0

32 Sheikh Zayed Road 50,000 67,500 100,000 120,000 0

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Mar-08



Palm Jumeirah

AED

/m

2A

ED

/m

2A

ED

/m

2





-7%

0%

-8%

-5%

-6%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000 0% 0% 0%

0% 0%

-7%

-5% -5%

0%

-3%

0%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-11%

0%

-15%

0%

-12%

0%

0

5,000

10,000

15,000

20,000

25,000


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%


03www.astecoreports.com

Residential

For additional information call +971 4 403 7700 or email [email protected]

Average Rental Rates (AED/pa)Q-o-Q Change (%)

Map Key Development 2 BR 3 BR 4 BR 5 BR

24 Arabian Ranches 100,000 125,000 160,000 250,000 0

18 Green Community n/a 170,000 190,000 210,000 2

36 Jumeirah 105,000 140,000 160,000 200,000 0

10 Jumeirah Islands n/a n/a 270,000 300,000 0

11 Meadows n/a 180,000 200,000 225,000 0

28 Mirdiff 60,000 80,000 105,000 125,000 -2

1 Palm Jumeirah n/a 275,000 315,000 450,000 0

12 Springs 80,000 105,000 n/a n/a 0

Villa Rental Rates �� Villa� rental� rates� have� been� relatively� stable� over� the� last� three�months,�with�only�some�areas�showing�any�changes.�The�majority�of� areas� surveyed� are� established� developments� with� little� or� no�new�supply.

�� Mirdiff,�for�example,�has�seen�a�large�amount�of�villas�in�Shorooq�come� on� line� over� the� last� few� months,� which� has� resulted� in�decreasing�rates,�especially�for�the�more�mature�projects.

�� Green�Community,�on� the�other�hand,�has�seen�a�slight� increase�due�to�the�limited�availability�of�villas�for�lease.

�� Asteco�has�witnessed�a� trend�where� landlords�have� raised� rental�rates�for�unit�types�that�are�limited�within�the�particular�project�to�the�point�that�a�two-bedroom�villa�is�more�expensive�than�a�three-bedroom�unit�simply�because�there�is�an�abundance�of�the�latter.�However,�there�is�no�evidence�that�these�units�are�actually�leased�

at� the� inflated�rate�as� there� is�generally�plenty�of�choice� in�other�developments.�

�� New� villa� developments� along� Emirates� Road,� such� as� The� Villa�and�Jumeirah�Village,�are�gaining�popularity�among�tenants�due�to�the�large�unit�sizes,�competitive�rates�and�improved�road�network,�resulting�in�short�travel�times�into�the�city.

�� Established�communities�such�as�Emirates�Living�will�need�to�adjust�their� rates� and� terms� to� remain� competitive.� However,� there� will�always�be�demand�for�these�centrally�located�developments.

�� Overall,�rental�rates�are�expected�to�decrease�slightly�in�the�short-�to�medium�term�in�line�with�increased�delivery�of�villa�developments�such� as� Jumeirah� Park,�which� is� expected� to� be�partially� handed�over�by�the�end�of�2011.

Villa Sales Prices�� Villa� sales� prices� have� seen� some� adjustments,� with� an� overall�decrease�of�3%.

�� The� majority� of� declines� occurred� in� developments� with�relatively� large�unit� sizes� and� resulting�high�price� points,� such� as�Green� Community� and� Jumeirah� Islands,� which� make� the� units�unaffordable�to�a�large�segment�of�the�market.

�� End-users�continue�to�be�the�largest�buyer�group�as�reduced�sales�prices� and� better� financing� options� appeal� to� people� previously�unable�or�unwilling�to�buy,�especially�those�who�now�take�a�long-term�view�to�living�in�Dubai.

�� Continuous� handovers� on� Emirates� Road� (such� as� The� Villa)� and�expected�delivery�of� villas�on�Sheikh�Zayed�Road� (Jumeirah�Park)�later� this� year� will� aversely� affect� sales� prices� in� surrounding�developments.

�� The�extension�of�the�property�visa�period�has�been�eagerly�awaited,�and�although�it�will�increase�the�number�of�buyers�significantly,�it�will�not�solve�the�issue�of�oversupply�in�the�short-�to�medium�term.�Reducing�the�property�value�and�fixed�income�criteria�would�boost�investment�in�Dubai�and�open�the�market�to�other�potential�buyers�such�as�young�professionals�and�retirees.

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Mar-08



Palm Jumeirah

AED

/m

2A

ED

/m

2A

ED

/m

2





-7%

0%

-8%

-5%

-6%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000 0% 0% 0%

0% 0%

-7%

-5% -5%

0%

-3%

0%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-11%

0%

-15%

0%

-12%

0%

0

5,000

10,000

15,000

20,000

25,000


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%



Commercial

Office Rental Rates �� Office�rental�rates�have�experienced�minimal�declines�of�2%�due�to�increased�availability.�

�� Despite� limited�or�no�changes� in�overall� rates,� it�should�be�noted�that�the�rental�range�has�declined�by�up�to�5%�for�a�large�number�of�areas�surveyed.

�� Dubai�International�Financial�Centre�(DIFC)�introduced�a�rental�rate�structure� at� the� beginning� of� 2011,� offering� discounts� for� some�tenants� in� order� to� increase� transparency� and� make� office� units�more�compatible�with�the�rest�of� the�market.�However,� it� should�be� noted� that� DIFC� is� a� unique� type� of� free� zone� with� separate�rules� and� regulations� and� not� necessarily� comparable� to� other�developments�and�free�zones.

�� Demand�for�units�in�proximity�to�the�Metro�has�increased;�however,�affordability� still� precedes� location,� especially� for� back� office�operations,� which� deters� potential� tenants� who� are� not� in� the�position�to�pay�the�premium.

�� Asteco�has�witnessed�a� trend�where� the�original�central�business�district� (CBD)� –� namely� Bur� Dubai� and� Deira� -� is� moving� south�towards� Sheikh� Zayed� Road,� DIFC� and� Business� Bay.� In� addition,�

Tecom,�Dubai� Internet�City,�Dubai�Media�City,�Knowledge�Village�and�JLT�have�formed�a�secondary�CBD.

�� Despite� increased� enquiry� levels,� rental� rates� will� continue� to�decline�as�supply�is�expected�to�outweigh�demand�for�the�short-�to�medium�term.�This�will�particularly�benefit�small-�to�medium�sized�companies.

Map Key DevelopmentAverage Gross Rental

Rates (AED/m2/pa)Q-o-Q Change

(%)

31 Bur Dubai 970 -5

33 DIFC 2,370 -4

6 Dubai Internet City 1,345 -4

21 Dubai Investment Park 430 0

5 Dubai Media City 1,400 0

4 Jumeirah Lakes Towers 535 0

32 Sheikh Zayed Road 1,500 0

16 Tecom C 700 0

Office Sales Prices�� Dubai’s�office�sales�market�has�seen�overall�declines�of�6%.

�� Both�Business�Bay�and�Jumeirah�Lakes�Towers�have�decreased�by�11� and� 12%� respectively� due� to� ongoing� construction� and� the�significant� amount� of� supply� expected� in� the� short-� to� medium�term.

�� Dubai� Investment� Park� predominantly� caters� to� back� office�operations�and�warehousing.�The�area�is�a�less�attractive�investment�option�due�to�its�location�disadvantage.

�� However,�the�overall�transaction�activity�in�the�office�sales�market�is�minimal.

�� The�anticipated�issuing�of�a�new�companies�law�that�was�expected�to� increase� the� percentage� of� foreign� ownership� in� companies�in� some� sectors� has� not� only� been� delayed,� but� claims� of� any�rise� in� foreign� ownership� in� companies� outside� free� zones� have�recently�been�dismissed.�The� law�was�expected�to�attract�foreign�direct� investment�and�boost� the� local� economy�and�employment�opportunities.

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Mar-08



Palm Jumeirah

AED

/m

2A

ED

/m

2A

ED

/m

2





-7%

0%

-8%

-5%

-6%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000 0% 0% 0%

0% 0%

-7%

-5% -5%

0%

-3%

0%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


-11%

0%

-15%

0%

-12%

0%

0

5,000

10,000

15,000

20,000

25,000


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%


05www.astecoreports.com For additional information call +971 4 403 7700 or email [email protected]

Overview

Project Focus

Deira Centre Residence Discovery Gardens

Location The residential complex is located in Al Muteena (Deira), near Muraqqabat, next to the police station and in proximity to Mövenpick Hotel. Close to Dubai International Airport, Bur Dubai and Sheikh Zayed Road.

Situated along Sheikh Zayed Road between interchanges five and six. Next to Ibn Battuta Mall and Ibn Battuta Gate, close to Jebel Ali Free Zone, Dubai Internet City and Media City.

Metro Station Abu Baker Al Siddiqui Station (Green Line – operational end of 2011)

Ibn Battuta Metro Station (Red Line)

Developer BSI Ltd. Nakheel

Completion December 2010 February 2008 - First Phase

Facilities and Amenities

� Spacious apartments with balcony

� Tiled flooring

� Built-in wardrobes

� Free chiller A/C

� Gym, roof top pool and deck area

� Basement car parking (main entry to the car park is located away from the main road)

� Landscaped public space, away from the main road

� Central lobby, onsite security and secure access controls

� Children’s playground

� Retail units on the ground floor

� Centralised A/C

� Quality kitchen cabinetry

� Built-in wardrobes

� Outdoor parking

� Community swimming pools (soon to be opened)

� Children’s playground

� Tennis, basketball & volleyball courts

� Football pitch

� Mosque

� Trails for cycling and jogging

� Retail units on the ground floor (Zen Cluster)

Number of Units

247 Apartments 245 Buildings18,803 Apartments

Unit Mix Studio x 81 BR x 53 2 BR x 146 3 BR x 40

Studio x 9,6051 BR x 6,8782 BR x 2,320

Unit Sizes (m2) Studio: 44 - 501 BR: 69 - 832 BR: 102 - 121 3 BR: 139 - 160

Studio: 37 - 561 BR: 76 - 1212 BR: 126 - 167

Unique Selling Points

� Proximity to Dubai Airport and easy access to Sharjah route

� Adjacent to the souk, museum and creek

� Proximity to City Centre and Al Ghurair Shopping Centre

� Next to Mövenpick Hotel

� Metro station within walking distance

� Convenient residential location for people working in Jebel Ali and Abu Dhabi

� Close proximity to Ibn Batutta Mall

� Extensive landscaping and walkable areas

� Large unit sizes

Overview


UAE Residential ComparisonThe�graphs�below�show�the�current�average�rental�rates�(in�AED‘000)�for�apartments�and�the�percentage�change�in�rental�rates�over�the�last�three�months�for�the�different�units�across�the�Emirates.

The number of locations in Dubai has increased from 16 to 22, with the majority of new areas added being affordable developments, which explains the above-average decline.

AED

00

0s

AED

00

0s

AED

00

0s

AED

00

0s

Studio

3 BR

1 BR

2 BR

-8%

-2%

0%

-6%

0% 0% 0%

-10%

-6%

0%

-4%

0% 0% 0%

-11%

-9%

0%

-4%

0% 0% 0%

-4%

-9%

0% 0% 0% 0% 0%

Dubai

Dubai

Dubai

Dubai

Abu Dhabi

Abu Dhabi

Abu Dhabi

Abu Dhabi

Sharjah

Sharjah

Sharjah

Sharjah

Ajman

Ajman

Ajman

Ajman

Ras Al Khaimah

Ras Al Khaimah

Ras Al Khaimah

Ras Al Khaimah

Fujairah

Fujairah

Fujairah

Fujairah

Umm Al Quwain

Umm Al Quwain

Umm Al Quwain

34

52

73

112

44

68

96

128

19

24

31

42

17

24

27

40

17

23

31

40

19

22

30

41

15

19

27

37

Umm Al Quwain

07www.astecoreports.com

Overview

For additional information call +971 4 403 7700 or email [email protected]

Mortgage Market Update

LENDER (*)

CLIENT TYPEMAXAGE

MAX LOAN

TERM MAX LTVMAX DBR

INTEREST RATE

MIN SALARY INSURANCEPROCESSING

FEEPART

REPAYMENTCLOSURE

Yrs

(AED million)

Yrs % % % (AED/ pm) % % %

ADCBUAE Nationals & UAE Residents

65 salaried; 70 self

employed 10 25

<90 with salary transfer in Abu Dhabi;

<85 with salary transfer in Dubai

<60 6.5-9.5 12,000Not mandatory

for life insurance

1 (no caps)<2 (no fee after

5 years)

3 (if transferred to another lender; no fee after 3 years (if

own funds)

ABU DHABI FINANCE

UAE Nationals, UAE Residents & Non Residents

70 No Limit 30 <85 <55 5.75-8.5 10,000 Mandatory 1-1.25 (no caps)<2 (no fee after

3 years)

4 (if transferred to another lender; no fee after 3 years (if

own funds)

ADIBUAE Nationals & UAE Residents

70 8 25 <90 <60 5.5-8.5 10,000 Mandatory 1 (no caps)

<20 of balance with no charge; anything above

charged at 3

<3

BARCLAYS

UAE Nationals, UAE Residents

& UK Non Residents

65 10 25 <75 <55 5.99-6.99 25,000 Mandatory None<3 (of the

outstanding amount)

<3 (of the outstanding amount)

DUBAI BANK

UAE Nationals & UAE Residents


employed 6 25 <85 <60 5.25-6.65 15,000 Mandatory

1 (capped at AED 20,000)

None None

HSBC BANKUAE Nationals & UAE Residents

65 10 25 <75 <60 5.49-5.99 20,000 Mandatory1 (min. AED

5,000) *can be added to loan*

3 (if transferred to another

lender); or AED 2,500 (if cleared with own funds)

Free (min. AED 25,000)

LLOYDS TSB BANK


65 No Limit 20 <70 <40 5.49-7.99 12,000 Mandatory 0-1 (no caps)None (Min.

payment of AED 50,000)

None

MASHREQ BANK



employed 10 25 <80 <55 5.49-7.75 18,000 Mandatory

1 (capped at AED 25,000)

<1 (no fee after 2 years)

<1 (no fee after 2 years); 3 (if transferred to

another lender)

NOOR ISLAMIC BANK


65 10 25 <80 <55 5.99-8.2510,000 salaried;

50,000 self employed

Mandatory1 (capped at AED

40,000)

2 (for the term of the mortgage )

2 (if paid from own funds); 5

(if transferred to another lender)

RAKBANKUAE Nationals,

UAE Residents & Non Residents

65 No Limit 25 <80 <58 7.99-10.5 10,000 Mandatory 1-1.251 (if paid from

own funds)1; or 5 (if transferred

to another lender)

STANDARD CHARTERED BANK


70 18 30 <80 <60 5 12,000 Mandatory 1

None (for loans under AED 10 million); 2 (for loans over AED

10 million)

None (for loans under AED 10

million); 2 (for loans over AED 10 million);

5 (if bank buyout)

UNITED ARAB BANK


70 5 25 <85 <65 4.99-5.99 15,000 Mandatory 1

<2 (of the amount repaid/outstanding); 0 (after 5 years)

<2 (for the first 5 years); 0 (thereafter)

1.�(*)�The�above�lenders�reserve�the�right�to�change�their�product�policy,�fees�and�charges,�interest�rates�and�other�credit-scoring�criteria�at�any�time�without�prior�notice.

2.�Banks�will�generally�only�finance�properties�from�developers�on�their�approved�lists.

John�Charcol�Middle�East�is�an�independent�mortgage�broker�based�in�Dubai.�For�queries�or�assistance�in�relation�to�mortgages,�contact�Aimee�Garraway�at�John�Charcol�Middle�East�Toll�Free�on�800�JCME�(5263)�or�+971�(4)�341�7466�if�dialling�from�outside�the�UAE,�or�by�email�to�[email protected].

Note:

Over�the�last�three�months,�local�and�international�lenders�in�the�UAE�have�continued� to� strengthen�and� improve� the�mortgage�products�on� offer.� Lenders� who� in� the� previous� quarter� reduced� their� rates�have� kept� them� low� while� other� lenders� are� now� following� suit.�Local�rates�are�still�around�the�4.99%�mark�for�80%�financing,�with�certain�developments�availing�85%�for�expatriates�and�90%�for�UAE�nationals,�both�in�Dubai�and�Abu�Dhabi.��

There�is�still�great�interest�from�clients�wanting�to�move�their�existing�mortgages� from� one� lender� to� another,� enabling� them� to� take�

advantage�of� the� lower� rates.�For�example,�clients�with�an�existing�mortgage�of�AED�1.5�million�based�on�a�mortgage�rate�of�7.5%�over�a�25-year�term�can�reduce�their�payments�by�up�to�AED�2,300�per�month�if�they�were�to�switch�to�a�new�rate�of�4.99%.�

The� improvement� in� mortgage� products� has� not� just� stopped� at�interest/profit� rates,� we� have� also� witnessed� a� number� of� lenders�either�reducing�or�removing�their�Early�Repayment�Charges.�This,�we�believe,�will�kick�start�a�‘remortgage�market’�and�provide�clients�with�the�flexibility�seen�in�a�more�mature�market.

John Allen BSc MRICS

Paul Maisfield BSc (Hons) MRICS

Judy Lam Jenny Weidling

Director - Research, Consultancy and Valu-ations

GM & Head of Professional Services, Abu Dhabi

Regional Research Manager Senior Research Analyst, Dubai

+971 4 403 7777 +971 2 626 2660 +971 4 403 7777 +971 4 403 7777

[email protected] [email protected] [email protected] [email protected]

Julia Knibbs John StevensBSc MRICS

Brett Whalley Vineet Kumar

Senior Analyst, Abu Dhabi Director - Property Management Head of Corporate Services Head of Business Development

+971 2 626 2660 +971 4 424 9444 +971 4 403 7777 +971 4 403 7777

[email protected] [email protected] [email protected] [email protected]


Asteco Property Management LLCWith�over�25�years’�experience�in�the�Middle�East,�Asteco’s�Professional�Services�team�brings�together�a�group�of�the�Gulf’s�leading�real�estate�experts.

Asteco’s�network�of�offices� in�Abu�Dhabi,�Al�Ain,�Dubai,�Northern�Emirates,� Qatar,� Bahrain� and� Jordan� not� only� provides� a� deep�understanding�of�local�markets�but�also�enables�us�to�undertake�large�

instructions�where�we�can�quickly�apply�resources�to�meet�the�client’s�requirements.

Our� breadth� of� experience� across� all� the� main� property� sectors� is�underpinned�by�our�sales,�leasing�and�property�management�teams�transacting�in�the�market,�and�a�wealth�of�research�that�supports�our�decision�making.�

Research

Asteco’s Research Department provides investors and developers with essential real estate knowledge to ensure clients understand their com-petitors, target markets and their long-term strategies.

Sales

Asteco’s internationally qualified team has enjoyed over two decades of experience within the highly dynamic Middle East property market.

Consultancy

Asteco’s Consultancy Department provides comprehensive advice on market trends and solid solutions, from project concept to completion. Asteco’s consultancy reports stimulate initial investment to financial institutions and other private equity providers.

Leasing

Asteco is the leading leasing agent in the UAE and is the sole agent for a number of key developments in the region.

Valuations

The team is fully independent in its approach and adheres to the Royal Institution of Chartered Surveyors’ (RICS) valuation standards.

Property Management

Asteco manages some 45,000 leases or approximately 3,500 buildings throughout the UAE, which include corporate portfolios and local and international funds.

BAHRAIN

QATARKINGDOM OFSAUDI ARABIA

JORDAN

UNITED ARABEMIRATES

Regional Offices and Operations

UNITED ARAB EMIRATES

Abu Dhabi

Dubai

Sharjah

Ajman

Ras Al Khaimah

Al Ain

DISCLAIMER: The information contained in this report has been obtained from and is based upon sources that Asteco Property Management believes to be reliable, however, no warranty or representation, expressed or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Asteco Property Management will not be held responsible for any third-party contributions. All opinions and estimates included in this report constitute Asteco Property Management’s judgment, as of the date of this report and are subject to change without notice. Figures contained in this report are derived from a basket of locations highlighted in this report and therefore represent a snapshot of the Dubai market. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts, by their very nature, involve risk and uncertainty because they relate to future events and circumstances which are beyond Asteco Property Management’s control. For a full in-depth study of the market, please contact Asteco Property Management’s research team. Asteco Property Management LLC. Commercial Licence No. 218551. Paid-up Capital AED4,000,000.

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