new dubai real estate 2 market 0 2 0 · 2020. 8. 5. · the real estate transactions in the second...

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2

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DUBAIREAL ESTATEMarketOverviewQ2 2020

www.reliantsurveyors.com

05Macroeconomic Overview of Dubai

09Dubai Apartment Sales Transactions(Volume & Value)

12Dubai Apartment Sales & RentalPrice Series (Value & Changes)

16Dubai Villa Sales & ResidentialPrice Series (Value & Changes)

18Dubai Residential Sales Transactions(YoY Changes)

21Dubai Office Supply

23Dubai Area wise Retail Prices

Dubai Industrial Market26

08Dubai Residential Sales Transactions(Volume & Value)

04Report Highlights

10Top 10 Areas for Apartment Transactions

14Top 10 Areas for Villa Transactions

17Dubai Residential Sales Transactions(QoQ Changes)

20Dubai Gross Rental Yield

22Dubai Office Rental Rates(Value & Changes)

24Dubai Retail Supply/Hospitality Market

About Us27

Industries Served29

Area of Expertise28

YE

AR

S O

F E

XP

ER

IEN

CE

Table of

CONTENT

Macroeconomic

OVERVIEW OF

DUBAI

The 2nd quarter of 2020 kicked off to a country wide lockdown implemented by the government to slow down the spread of the COVID 19 virus. Almost all businesses were closed, and people were companies were forced to ask their employees to work from home. Malls, restaurants, hotels were also shut down by the government. All of these necessary measures severely affected the economy. The government slowly started easing the lockdown and is trying to bring back the economy and country to normalcy.

By the end of the quarter the Dubai government has opened malls, hotels, restaurants etc. and they can now operate at full capacity. Hotels across the country are also opening up to the general public after going through sanitization programs. The Dubai Government announced that it will be opening up the city to tourists and will welcome flights starting July 2020.

Expo 2020 Dubai has been officially postponed to next year and will be held from Oct 2021 to March 2022. After the crash in the first quarter, the oil market has been slowly picking up and continues to rise.


Report

HIGHLIGHTS

• Macroeconomics – The second quarter of 2020 kicked off to a country wide lockdown, but these necessary measures severely affected the economy. The government started easing the lockdown and is trying to bring back the economy and country to normalcy by allowing businesses to resume operations. Expo 2020 is officially postponed to the next year but the Dubai government is all set to welcome tourists starting July.

• Dubai Residential Sales Transactions (Volume & Value) was affected negatively due to the pandemic. Both off-plan and ready transactions experienced decline. In total, the registered decline in residential transactions during Q2 is 45% in terms of volume and 40% in terms of value when compared with the previous quarter.

• Dubai Apartment Sales Transactions (Volume & Value) in the second quarter witnessed a 45% decline in volume and 43% in value compared to Q1. Ready transactions were severely affected and experienced 56% drop in volume and 52% in value whereas; off-plan apartments fell by 37% in volume and value.

• Dubai Villas Sales Transactions (Volume & Value) registered a decline of 47% (volume) and 33% (value) when compared with Q1.

• The supply of residential units in the Dubai real estate market was increased by around 8,700 units in the second quarter of 2020.

• Dubai Apartment Sales and Rental Price Series (Value & Changes) Apartment sales and rent prices have continued to decline in Dubai. When compared to the previous quarter the sales prices have declined by 2.3% while the rent prices have dropped by 3.9%.

• Dubai Office Rental Rates (Values & Changes) the Dubai office rental prices dropped by 5.2% which was a sharper decline compared to last several years. This decline is triggered by lack of demand and economic downturn.

UAE PROPERTY MARKET REPORT - Q2 2020

Page 04 Page 05

0

Source: Ministry of Economy, Central Bank, DED

UAE & Dubai GDP Growth Rates

2016

UAE GDP Dubai GDP

2017 2018 2019 2020 F

1%

2%

3%

4%

3.0%

3.1%

0.8%

3.1%

1.7%

1.9%

2.9%

2.1%

2.5%

3.2%


0

Source: Oilprice.com

1 Brent OPEC Oil Basket Price in UAE (AED)

50

20

16 Q

3

20

16 Q

4

20

17 Q

1

20

17 Q

2

20

17 Q

3

20

17 Q

4

20

18 Q

1

20

18 Q

2

20

18 Q

3

20

18 Q

4

20

19 Q

1

20

19 Q

2

20

19 Q

3

20

19 Q

4

20

20

Q1

20

20

Q2

100

150

200

AE

D

250

300

350

184

204 207

183

204

237243

278

299

192

247 241

224

250

80

140

Source: www.oilprice.com

104

105

106

107

108

109

Ind

ex: 20

14 =

10

0

110

111

112

Source: Dubai Statistics Center, National

Consumer Price Index (CPI) – UAE & Dubai

UAE CPI Dubai CPI

109

.36

109

.36

111.

4

111.

06

111.

5

110

.91

110

.93

110

.12

109

.74

108

.95

108

.64

107.0

2

109

.84

107.9

3

108

.53

106

.96

108

.24

106

.75

106

.89

105

.07

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018 2018 2018 2018 2019 2019 2019 2019

Q1

2020

Visitors in Dubai Per Year

0.0

Source: Dubai Statistics Center, National Beureau of Statistics

2014 2015 2016 2017 2018 2019

13.2 14.214.9

15.8 15.916.7

Millio

ns

Vis

ito

rs

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0


Page 06 Page 07

Dubai Residential

(Volume & Value)SALES TRANSACTIONS

Page 08

The real estate transactions in the second quarter declined significantly owing to the lockdown in the city. Off-plan transactions saw a decline of 38% and 39% in terms of volume and value respectively when compared to the previous quarter.

Ready transactions witnessed a 55% decline in volume and a 41% decline in value. Ready transactions are at the lowest point since the second quarter of 2007. The total decline in residential transactions is 45% in terms of volume and 40% in value when compared with the previous quarter.

In a year on year comparison, both volume and value of off-plan transactions have declined by 36%. For ready properties, the decline has been 46% volume wise and 37% in value.

Dubai Apartment


Volume of Residential Sales Transactions

2,000

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

4,000

6,000

8,000

10,000

12,000

14,000

5,1695,943 5,387

3,331

3,4944,060

Off-Plan Market Transaction

Secondary Market Transaction

Source: Reidin & Reliant Surveyors

7,596

4,547

4,204

1,902

No

. o

f U

nit

s



Value of ResidentialSales Transactions

5.00 10.00

AED Billions

15.00 20.00 25.000

Q2 2

019

Q3

20

19Q

4 2

019

Q1

20

20

7.20 7.07

8.10 7.07

7.54 7.53

Q2 2

020

4.62 4.43

11.61 8.62




Value of ApartmentSales Transactions

2.00 4.00

AED Billions

6.00 8.00 10.00 12.000

Q2 2

019

Q3

20

19Q

4 2

019

Q1

20

20

5.53 2.81

5.34 3.25

5.42 3.14

Q2 2

020

3.41 1.49

7.30 3.99

Source: Reidin & Reliant Surveyorswww.reliantsurveyors.com UAE PROPERTY MARKET REPORT - Q2 2020

Apartment transactions have declined by 45% in volume and 43% in value when compared to the last quarter. Ready transactions were affected most with a 56% drop in volume and 52% in value against the first quarter. Off-plan apartments also fell by 37% in terms of both volume and value when compared with Q1 2020. When compared to the previous year, in the same period, off-plan transactions dropped by 37% in volume and 38% in value. Secondary transactions also dropped by 46% in volume and 47% in value when compared to the same period last year.

Volume of Apartment Sales Transactions

1,000

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

2,000

3,000

4,000

5,000

No

. o

f U

nit

s

6,000

7,000

8,000

9,000

3,9854,134 5,123 4,010

2,523

2,7072,191

2,801

2,992




1,178

Top 10 Areas for

APARTMENT TRANSACTIONS

Page 11


Top 10 Areas for Offplan Apartment Transactions

District One

Jumeirah Village Circle

Sobha Hartland

Downtown Dubai

The Lagoons (Dubai Creek Harbour)

International City

Business Bay

Umm Suqeim Third

Jumeirah Beach Residence

Dubai Harbour


19%

17%

11%10%10%

9%

7%6%

5% 5%

Top 10 Areas for Ready Apartment Transactions

Dubai Marina

Business Bay

Town Square

Dubai Sports City

Dubailand Residence Complex

International City

Palm Jumeirah


Downtown Dubai

Dubai Silicon Oaisis


15%

12%12%11%11%

9%8%8%

7%7%


Price Changes in the Apartment Communities


Last 3 Months Last 6 Months Last 12 Months

-2.63% -3.41% -2.10%

Business Bay

-2.45% -7.19% -13.49%

Dubai Sports City

-5.49% -5.13% -4.90%

Downtown Dubai

1.20% 1.22% 2.88%

Liwan

-0.39% -3.68% -9.28%

Palm Jumeirah

-12.50%-4.80%-1.16%

Jumeirah Lake Towers

-0.77%-6.32%-2.78%

Dubai Marina

-12.19%-6.57%-2.52%

Discovery Gardens

-1.99%-2.48%-2.66%

Town Square

Dubai Apartment

(Value & Changes)

SALES & RENTAL PRICE SERIES

Apartment sales and rent prices have continued to decline in Dubai owing primarily to the supply demand gap. More declines are expected due to the softening of the Dubai market in general which has resulted in shutting down of businesses, costs cuts and job losses. When compared to the previous quarter the sales prices have declined by 2.3% while the rent prices have dropped by 3.9%. The sales and rent prices have declines by 15% and 20% respectively when compared to the same period last year.

Dubai Apartment Price Trends

Aed

/S

qf

200

400

600

800

1,000

1,200

1,400

1,600

10

(10)

30

50

70

90

110

130

150

-

Sep

14

Dec 1

4

Mar

15

Ju

n 1

5

Sep

15

Dec 1

5

Mar

16

Ju

n 1

6

Sep

16

Dec 1

6

Mar

17

Ju

n 1

7

Sep

17

Dec 1

7

Mar

18

Ju

n 1

4

Sep

18

Dec 1

8

Mar

19

Ju

n 1

9

Sep

19

Dec 1

9

Mar

20

Ju

n 2

0

Apartment Sales Price (AED/Sqf) Apartment Rental Price (AED/Sqf/Month)

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

Last 3 Months Last 6 Months Last 1 Year Last 2 Years

Dubai Apartment Price Movements

Sales Price Movement Rental Price Movement



Page 13

Dubai Villas


The total drop in villa transactions when compared to the previous quarter has been 47% in terms of volume and 33% in terms of value.

Villanova and Emaar South were the top 2 performing communities and were responsible for around 62% of all the off-plan villa transactions.



Value of VillasSales Transactions

1 2

AED Billions

3 4 5 6 7 80

Q2 2

019

Q3

20

19Q

4 2

019

Q1

20

20

1.03 4.00

2.04 3.53

1.48 3.56

Q2 2

020 0

.73 2.66

3.56 3.97

Source: Reidin & Reliant SurveyorsUAE PROPERTY MARKET REPORT - Q2 2020 www.reliantsurveyors.com

Volume of Villas Sales Transactions

500

Q2 2019 Q3 2019 Q4 2019 Q1 2020

1,000

1,500

2,000

2,500

3,000

3,500

6611,302

1,893

890




1,116

1,012

1,184

1,017

Q2 2020

401

No

. o

f U

nit

s

603

3.19% 1.31% -4.11%

Jumeirah Golf Estates

-10.99%-9.16%-4.15%

Emirates Hills

-12.61%-9.22%-5.21%


-7.15%-2.22%-2.24%

Victory Heights

-1.01%-3.11%-0.74%

The Sustainable City

Price Changes in the Villa Communities

Page 15Page 14

Top 10 Areas for

VILLA TRANSACTIONS

Dubai Hills Estate

Arabian Ranches

District One

Al Furjan

The Springs

Akoya Oxygen

Mudon

Reem

Meydan City

Serena

Top 10 Areas for Offplan Villa Transactions

Top 10 Areas for Ready Villa Transactions

Villanova

Emaar South

Arabian Ranches Phase 3

Serena

Jumeirah First

Dubai Hills Estate

Arabian Ranches Phase 2

Town Square

Reem

Jumeirah Park


Source: Reidin & Reliant Surveyorswww.reliantsurveyors.com

32%30%

10%8%

6%5% 4%

3%2%

1%

29%

12%

9%10%

8%7%7%6%6%6%

UAE PROPERTY MARKET REPORT - Q2 2020 Source: Reidin & Reliant Surveyors

Last 3 Months Last 6 Months Last 12 Months

-0.19% 1.50% -4.34%

Arabian Ranches

-4.72% -8.12% -15.89%

Palm Jumeirah

-16.90%-8.99%-3.45%

Al Furjan

Sales and rental prices for the villa segment have fallen by 1.6% and 2.8% respectively.

Dubai Villa Price Trends

Aed

/S

qf

200

400

600

800

1,000

1,200

1,400

1,600

10

(10)

30

50

70

90

110

130

150

-

Sep

14

Dec 1

4

Mar

15

Ju

n 1

5

Sep

15

Dec 1

5

Mar

16

Ju

n 1

6

Sep

16

Dec 1

6

Mar

17

Ju

n 1

7

Sep

17

Dec 1

7

Mar

18

Ju

n 1

4

Sep

18

Dec 1

8

Mar

19

Ju

n 1

9

Sep

19

Dec 1

9

Mar

20

Ju

n 2

0

Villa Sales Price (AED/Sqf) Villa Rental Price (AED/Sqf/Month)



Dubai Residential

SALES TRANSACTIONS (Q-o-Q Changes)

Dubai Villa

(Value & Changes)

SALES & RENTAL PRICE SERIES

Dubai Villa Price Movements

Sales Price Movement Rental Price Movement

0.0%

-2.0%

-4.0%

-6.0%

-8.0%

-10.0%

-12.0%


-14.0%

-16.0%

-18.0%

-20.0%



Page 17


Residential Sales Changes

Qtr

Off-Plan

Secondary

Off-Plan

Secondary

4%

1%

-8%

9%

15%

16%

12%

0%

28%

12%

43%

22%

-29%

-8%

-35%

-13%

Volume of Transactions

Value of Transactions

Q2 2019 Q3 2019 Q4 2019 Q1 2020


+

+

+

+

+

<>

+

+

+

+

-

-

-

-

-

-38%

-55%

-39%

-41%

Q2 2020

-

-

-

-+

Villa Sales Changes

Off-Plan

Secondary

Off-Plan

Secondary

-14%

16%

-31%

15%

97%

-9%

98%

-12%

45%

17%

75%

13%

-53%

-14%

-58%

-10%



+

+

+

+

+

-

+

-

-

-

-

-

-55%

-41%

-51%

-25%

-

-

-

-

-

+

-

+

Apartment Sales Changes

Off-Plan

Secondary

Off-Plan

Secondary

4%

-6%

-4%

4%

4%

28%

-3%

16%

24%

7%

37%

23%

-22%

-10%

-26%

-21%




+

+

+

+

+

+

+

-

-

-

-

-

-37%

-56%

-37%

-52%

-

-

-

-

-

+

-

+

Qtr Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Qtr Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

The supply of residential units in the Dubai real estate market was increased by around 8,700 units in the second quarter of 2020. Due to several unexpected circumstances including the lockdown, postponement of EXPO 2020 etc. most developers have moved forward the handover dates of their projects. The top developers of Dubai have a much higher share in the supply added in this quarter when compared to earlier quarters as most smaller developers have pulled back from delivering their projects at the given dates due to the uncertainty in the market. They plan on delivering the projects closer to the commencement of the EXPO next year.

Page 18

0

100

Up

to

20

13

Th

ou

san

d U

nit

s

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

200

300

400

500

600

Dubai Residential Stock

25

2

26

5

28

2

30

9

33

8

374

38

9 426

37

91

Ready Stock Under Construction

Dubai Residential Stockby Type (Ready Stock)

Apartments/Serviced Apartments

Villas

Apartments/Serviced Apartments

Villas

85%

15%

Dubai Residential Stockby Type (Under Construction)


Source: Reidin & Reliant Surveyors Source: Reidin & Reliant Surveyors

23

1


Page 19

Residential Sales Changes (Y-O-Y)

Qtr

Off-Plan

Secondary

Off-Plan

Secondary



9%

21%

-4%

16%

Q1 2019-Q1 2020

67%

20%

99%

28%

Q3 2018-Q4 2019

73%

21%

79%

13%

Q3 2018-Q2 2019

Apartment Sales Changes (Y-O-Y)

Off-Plan

Secondary

Off-Plan

Secondary



4%

16%

-6%

16%

39%

29%

65%

47%

51%

38%

59%

28%

Villa Sales Changes (Y-O-Y)

Off-Plan

Secondary

Off-Plan

Secondary



16%

6%

-1%

2%

308%

-6%

305%

9%

235%

-11%

181%

-15%




Dubai Residential

SALES TRANSACTIONS (Y-O-Y Changes)


+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

+

-

+

-

+

-

-

+

-

+

-36%

-46%

-36%

-37%

Q2 2019-Q2 2020

Qtr Q1 2019-Q1 2020Q3 2018-Q4 2019Q3 2018-Q2 2019 Q2 2019-Q2 2020

Qtr Q1 2019-Q1 2020Q3 2018-Q4 2019Q3 2018-Q2 2019 Q2 2019-Q2 2020

-37%

-46%

-38%

-47%

-39%

-46%

-29%

-33%

-

-

-

-

-

-

-

-

-

-

-

-

79%

21%

Gross rental yields for Dubai apartments have been declining since the start of the second quarter and are at their lowest point for at least the past decade at 6.84%. The villa segment also has followed the same trend since the start of the quarter and has continued to fall, although it is still fairly stable when compared to the past several years and stands at 5.47%.

Gross Rental Yields - Dubai

Apartments Villa

9.00

8.00

7.00

6.00

5.00

Perc

en

t

4.00

3.00

2.00

1.00

0.00

Dec 1

0

Ju

ne 1

1

Dec 1

1

Ju

ne 1

2

Dec 1

2

Ju

ne 1

3

Dec 1

3

Ju

ne 1

4

Dec 1

4

Ju

ne 1

5

Dec 1

5

Ju

ne 1

6

Dec 1

6

Ju

ne 1

7

Dec 1

7

Ju

ne 1

8

Dec 1

8

Ju

ne 1

9

Dec 1

9

Ju

n 2

0


Dubai

GROSS RENTAL YIELD

Dubai Retail

PRICES & CHANGESDubai Average Retail Rental Prices

Office Suppy (Dubai)

Completed Under Construction

14

12

10

8

6

4

2

0

Upto 2013

SQ

M in

Millio

ns

2014 2015 2016 2017 2018 2019 2020 2021

9 10 10 10 11 11 11 11

0.5

12

0.2

Over 74,500 sqf of office GLA was added to the Dubai market in the second quarter, however it was only due to one project being handed over by the name of Cambridge Business Center. Over 460,000 sqf of GLA is announced to enter the Dubai market for the rest of the year, however it seems improbable and more projects are expected to be moved forward to the next year considering the decline in demand for offices and availability of current supply.

85.0

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

90.0

95.0

100.0

105.0

110.0A

ed

/S

qf

115.0Q-on-Q

-2.6%

Y-on-Y-11.6%



Dubai

OFFICE SUPPLY


Page 21



140.00

120.00

100.00

80.00

AE

D/S

qf

Q4

20

14

Q1

20

15

Q2 2

015

Q3

20

15

Q4

20

15

Q1

20

16

Q2 2

016

Q3

20

16

Q4

20

16

Q1

20

17

Q2 2

017

Q3

20

17

Q4

20

17

Q1

20

18

Q2 2

018

Q3

20

18

Q4

20

18

Q1

20

19

Q2 2

019

Q3

20

19

Q4

20

19

Q1

20

20

Q2 2

020

60.00

40.00

20.00

0.00

The Dubai office rental prices dropped by 5.2% which was a sharper decline compared to last several years. This is due to lack of new demand owing to the economic downturn that followed the lockdown.

Dubai Office Price Movements

Office Rental Price (AED/Sqf/Year)

Rental Price Movement

0.0%

-2.0%

-4.0%

-6.0%

-8.0%

-10.0%

-12.0%

-14.0%

-16.0%

-18.0%




Dubai Office

(Value & Changes)

RENTAL RATES

JumeirahVillageCircle

BarshaHeights(Tecom)

PalmJumeirah

JLT Intl. CityDubaiSiliconOasis

DubaiMarina

DiscoveryGarden

BusinessBay

0

0

100

100

200

Maxim

um

(A

ED

/S

qf/

Year)

Min

imu

m (

AE

D/S

qf/

Year)

200

300

300


Dubai Area wise

RETAIL PRICES

Page 23


Retail Supply


7

6

5

4

3

2

1

0

Upto 2013 2014 2015 2016 2017 2018 2019 2020 2021

2.9 2.9 3.1 3.4 3.5 3.6 4.0 5.04.0

1.00.8

Hotel & Hotel Apartments Room Supply


140

160

120

100

80

60

40

20

0

Upto 2013

Th

ou

san

d R

oo

ms

2014 2015 2016 2017 2018 2019 2020 2021

85 92 98 103 107 116 126 127

10

137

8

There were no retail projects released to the market in the second quarter. Some existing projects were also moved to the next year in order to avoid the slowdown in the economy.

GL

A M

illio

n



Dubai

RETAIL SUPPLY

Dubai

HOSPITALITY MARKET


Due to the COVID 19 crisis and subsequent lockdown, Dubai has been facing a lack of tourists and hence lowered occupancy rates. The occupancy for Q2 2020 is between 40 to 45%. The ADR has also fallen by 13% when compared to the same period last year.

Hotel Room Occupany Rates

Average Daily Rates (ADR)

Q2 2019 (AED)

637

Q2 2020 (AED)

554

Y-on-Y

-13.03%



Page 25


70%

80%

90%

60%

50%

40%

30%

20%

10%

0%

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

With a history that goes back to 4 decades, Reliant is known for delivering excellence and holds 2nd number license from insurance authority. We have over 1,000+ satisfied clients and successfully completed over 3,500 assignments across commercial and residential sectors. Reliant is living up to its name and has become synonymous to reliability & trustworthiness in the asset valuation industry.

We are a company driven by passion and hold dear our values i.e. integrity, honesty, transparency, quality, and professionalism. With a client-centric approach, we remain committed to deliver excellence and perfection in everything we do. Our sheer commitment, dedication, passion and devotion towards work have enabled us to grow exponentially in the Middle East and India – with plans to set foot in the UK market very soon.

Reliant as a company takes pride in its heritage, people and culture and offers its clients a comprehensive range of customized reports leveraging its dedicated, skilled, and multi-disciplinary team, which includes RERA approved valuers, RICS professionals, Chartered Valuers, and CEIV.

Page 26

Average Warehouse Rental Rates (AED/Sqf/Year)

Dubai Investment Park 18.5 48 24.7 -2.4% -9%

Al Quoz 22 55 32.7 -1.5% -7%

Jebel Ali 19.5 34 27 -1.5% -7%

Ras Al Khor 20 49 27.5 -1.4% -8%

Minimum Maximum Average QoQ YoY

Average Labour Camp Rental Rates (AED/Sqf/Year)

Al Quoz 153 230 178 -2.2% -8%

Dubai Investment Park 115 190 136 -1.4% -7%

Jebel Ali 150 224 185 -1.6% -6%

Sonapur/Muhaisnah 135 203 172 -2.3% -7%

Minimum Maximum Average QoQ YoY


Dubai

INDUSTRIAL MARKET


Our

PEOPLE

About

US


Page 27

Vivek SethB.Sc (Hons), MRICS, CEIV

RICS Registered Valuer

Director

Naresh SharmaB.Tech, FIIV

Charetered Valuer Managing Director

Abhinav SharmaBBA (Banking & Insurance)

AssocRICS, MCMI


Associate Director

Amrita ChandhokB.Com (Hons), AssocRICS


Sr. Valuation Manager

• Property Valuation • Plant & Machinery Valuation • Business Valuation • Insurance Valuation

Valuation Advisory

• Reserve Fund Study• Risk Management

Consultancy

Education

Health Care

Insurance

LaborAccommodation

Commercial

Plant &Machinery

Hotels &Resorts

Media

Industrial

Logistics

Corporate

LoanSecurity

Institutional

Insurance

Area of

EXPERTISE

Industries

SERVED

Page 28 Page 29


Reliant Surveyors

based solely on the views expressed in this report. Reliant Surveyors do not accept any liability in negligence or otherwise for any loss or damage

suffered by any party resul�ng from reliance on this report.

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