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Property Review

Q3 2016Abu Dhabi Real Estate Report

Abu Dhabi Q3 2016 Highlights

Abu Dhabi Apartment sales prices were 2% lower than in Q3 2015.-2

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• Apartment rental rates across Abu Dhabi in Q3 2016 continued to decline, following the same trend set in the first half of the year. However, smaller units saw rates stabilise, whereas a higher drop for premium units and larger villas was recorded.

• Low oil prices continue to negatively affect Abu Dhabi’s economy. Office rental rates are currently at their lowest point since market peak in late 2008, with rates on average 72% lower.

• The ongoing job cuts across various industry sectors and the reduction of staff housing allowances continues to negatively affect demand with a number of tenants opting to downsize and / or move to more affordable units.

• Current villa and apartment rates are respectively 50% and 60% lower than the Q1 2009 peak. These rates are however 20% and 9% higher for apartments and villas respectively compared to the market’s lowest point in Q2 2012.

• Following the decrease in rental and sales rates during the first half of the year, Q3 remained relatively stable but saw a decrease in market activity.

Q3 2016 Report

2 © Asteco Property Management, 2016

Apartment Sales Apartment Rental Villa Rental Office Rental

RESIDENTIAL AND OFFICE PRICE MOVEMENT, SEP 2008 = BASE 100

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GROWTH RECOVERY STABILISATIONRECESSION

Q3 2016 Report

3© Asteco Property Management, 2016

Abu Dhabi

Abu Dhabi Rental Rates Q3 2016

Apartments Rental Rates

(AED 000’s pa)

Studio 1BR 2BR 3BR

Min Max Min Max Min Max Min Max

Prime Properties

Abu Dhabi Island - - 105 140 135 220 180 350

Investment Areas

Al Raha Beach 90 105 130 145 160 190 220 260

Saadiyat Beach 95 110 155 160 200 220 270 300

High End Properties

Abu Dhabi Island

Central Abu Dhabi - - - - 125 165 160 177

Corniche - - 85 95 125 155 170 265

Khalidiya / Bateen 90 95 100 130 125 170 145 240

Nahyan Camp / Muroor - - 95 100 125 135 155 160

Investment Areas

Al Raha Beach - - 100 120 145 170 180 225

Marina Square 65 75 80 115 110 160 150 200

Shams Abu Dhabi 70 90 95 112 130 165 165 195

Saadiyat Beach - - 105 130 168 175 196 230

Mid End Properties

Abu Dhabi Island 60 80 75 110 95 160 140 220

Investment Areas

Shams Abu Dhabi - - 80 95 105 140 150 175

Najmat and Tamouh 50 70 70 95 105 140 135 180

Lower End Properties

Abu Dhabi Island

Central Abu Dhabi 40 50 60 70 65 95 90 138

Corniche 40 50 60 75 75 105 90 150

Khalidiya / Bateen 40 45 65 75 80 105 90 145

Investment

AreasAl Reef 55 62 72 90 98 110 120 135

Off Island Khalifa and MBZ City 30 45 42 65 55 85 65 100

APARTMENT RENTAL RATE MOVEMENT BY AREA

% Change (Q2 - Q3 2016) % Change (Q3 2015 - Q3 2016)

-10% -8% -6% -2%-4% 6%4%2%0%

Al Raha Beach

Saadiyat Beach

Central Abu Dhabi

Corniche

Khalidiya / Bateen

Nahyan Camp / Muroor

Al Raha Beach

Marina Square

Shams Abu Dhabi

Saadiyat Beach

Shams Abu Dhabi

Najmat and Tamouh

Central Abu Dhabi

Corniche

Khalidiya / Bateen

Al Reef

Khalifa and MBZ City 6%0%

-1%-1%

4%0%

3%0%

-4%0%

4%0%

1%0%

-4%-1%

-3%0%

-5%0%

3%0%

-5%0%

-2%-1%

-4%-1%

-8%-1%

-9%-3%

-1%-2%

PRIME PROPERTIES

LOWER END PROPERTIES

MID END PROPERTIES

HIGH END PROPERTIES

Apartments

• Demand for large apartments has decreased further putting pressure on current rates. However there are exceptions with a number of prime projects on Saadiyat

Island and the Corniche maintaining stable rates and close to full occupancy.

• Other prime and high quality apartments saw their rates fall by 1% from Q2 2016 and by an average 6% since Q3 2015. High-end units, representing the highest

proportion of supply within Investment Zones, saw their rates decrease by 9% for the same period last year.

• Mid quality units were down by 1.5% from last quarter and in excess of 4% during the first half of the year.

Low quality units, by contrast, remained broadly stable with only slight decreases in rates for larger units, as

Tenants moved to newer developments offering similar or lower rental rates.

• The majority of vacant apartments, which were offered at reduced rates in Q2, have now been leased out

especially the smaller units type (studio, one and two bedroom). This indicates that there is demand in the

market, but value for money is the most important factor. In comparison, larger and more expensive three

and four bedroom duplexes and townhouses recorded over 10% decline since last quarter, with a high

percentage remaining vacant for over six months.

Q3 2016 Report


Villas

• Villa rental rates were down, on average, by 2% since the previous

quarter. The highest quarter-on-quarter decline was recorded in Al

Raha Gardens (6%) followed by Al Raha Beach Villas (4%). An overall

decrease in leasing activity was noticed this quarter, inducing

Landlords to reduce asking rates.

• Demand for older villas located inside Abu Dhabi City was also

down with premium units being the most affected; the average

decline since the same period last year was over 10%.

• Saadiyat Beach Villas were the only exception with rates continuing

to increase since handover, recording a 7% increase compared

with the same period last year. The lack of quality villa communities

continued to support high rental rates.

Offices

• Office rental rates were under pressure this quarter with indications that Tenants are either downsizing or

moving to more affordable premises. Rental rates in prime office buildings are now close to AED 1,600 per

square metre, which represents a 4% decrease in the last three months.

• As demand for large office space reduced significantly over the last six months, Landlords continued to

subdivide space into smaller office units.

• Low oil prices leading to Government budget reductions and job cuts negatively affected overall market

sentiment. The reduced demand led to an increase in vacancy rates which will put further downward

pressure on rental rates going forward.

Offices

(AED per sq m pa)

Average Rental Rates % Change

Q2 - Q3 2016 Q3 2015- Q3 2016

From To

Prime Office Space (*) 1,600 3,300 - -

Recent BuildFitted 780 1,550 -4 -4

Shell and Core 700 1,200 -2 -6

From To

Older Stock

Good 670 950 -5 -5

Typical Building 600 750 -7 -7

Low Quality Building 550 650 -8 -8

* Includes developments such as Al Maryah Island, Aldar Headquarters, International Tower, Nation Towers,

Etihad Towers, Capital Plaza, Capital Gate, etc.

Abu Dhabi Rental Rates Q3 2016

Villas Rental Rates

(AED 000’s pa)

2BR 3BR 4BR 5BR % Change

Min Max Min Max Min Max Min Max Q2 - Q3 2016

Q3 2015- Q3 2016

Abu Dhabi Island

Khalidiya / Bateen - - 170 200 180 220 195 250 -3 -13

Mushrif / Karama / Manaseer - - 160 180 170 200 195 280 -1 -3

Nahyan Camp / Muroor - - 140 175 180 210 195 275 -3 -4

Investment Areas

Al Raha Beach - - 200 220 220 290 300 335 -4 -5

Al Reef 115 130 135 150 155 170 175 190 -3 -2

Hydra Village 80 95 90 120 - - - - 0 4

Saadiyat Island - - 300 320 350 400 400 850 0 7

Off Island

Al Raha Gardens - - 170 195 175 265 240 310 -6 -7

Golf Gardens - - 210 230 230 275 280 330 -3 -4

Khalifa City - - 115 150 140 160 150 180 -1 -3

Mohamed Bin Zayed - - 100 115 130 150 150 165 -1 -2

Q3 2016 Report


Abu Dhabi

Abu Dhabi Sales Prices Q3 2016

Apartments

• Sales activity remained quiet with a limited amount of completed units available for sale.

• Sales rates have decreased by 1%, on average this quarter, with Reem Island being the most affected.

• Projects located at Al Raha Beach and Al Reef recorded higher sales rates, between 2% and 8% compared

with the same period last year.

Apartment

(AED per sq ft)

Average Sales Prices

Min Max

Marina Square 1,200 1,330

Al Bandar 1,500 1,900

Al Muneera 1,400 1,600

Al Zeina 1,200 1,450

Reef Downtown 950 1,100

Sun and Sky Towers 1,350 1,500

The Gate 1,320 1,450

Saadiyat Beach Residences 1,500 1,620

City of Lights - Hydra 950 1,200

APARTMENT SALES PRICES MOVEMENT BY AREA

Saadiyat Beach Residences

The Gate

Sun and Sky Towers

Reef Downtown

Al Zeina

Al Muneera

Al Bandar

Marina Square

% Change (Q2 - Q3 2016) % Change (Q3 2015 - Q3 2016)

-10% -8% -6% -4% -2% 0% 2% 4% 6% 10%8%

-3%

-2%

-2%

0%

0%

0%

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-1%

-3%

-8%

-7%

8%

6%

2%

3%

-8%

Q3 2016 Report


Villas

• The villa sales market remained quiet with limited transactions mostly for completed units. Sales prices decreased by 1%, on average, since last

quarter and by over 4% since Q3 2015. Only Saadiyat Beach Villas recorded no change this quarter, however rates were up by 4% compared

with last year.

• TDIC recently launched the sale of its new Saadiyat Lagoons District, which is located close to the Saadiyat Marina District and the Cultural

District. Phase One, which consists of 820 townhouses (offered on a freehold basis to all nationalities) with the smallest three bedroom units

starting from AED 2.3 million at an average sales rate of AED 1,180 per square foot. These prices combined with a competitive 30/70 payment

plan attracted a strong level of interest.

• Indeed, due to the lack of villa communities available, such a product is able to attract good levels of demand as it is one of the few options

available in the market at reasonable prices with attractive payment plans.

2BR 3BR 4BR 5BR % Change (Q2 - Q3 2016) % Change (Q3 2015 - Q3 2016)

AED

Mill

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VILLA SALES PRICES

0%-6%

0%-6%

-1%-1%

0%4%

-1%-4%

Al Reef VillasGolf GardensRaha Gardens Saadiyat Beach Villas (Std) Hydra Village

1.331.1

10.75

6.655.8

2.952.4

1.91.48

4.884

3.3

4.6

3.052.6

Abu Dhabi Sales Prices Q3 2016

Q3 2016 Report


Abu Dhabi

Abu Dhabi Area and Rent Affordability Map1 Al Bandar – Raha Beach2 Al Bateen Wharf3 Al Gurm4 Al Maqtaa5 Al Muneera – Al Raha Beach6 Al Nahyan Camp7 Al Raha Gardens8 Al Rayanna9 Al Reef10 Al Zeina – Al Raha Beach11 Baniyas12 Bateen Airport Area13 Bateen Area14 Bawabat Al Sharq15 Capital District (ADNEC)16 CBD / Tourist Club Area17 Corniche 18 Danet Abu Dhabi19 Eastern Mangroves20 Golf Gardens21 Hydra Village22 Khalidia / Al Hosn / Al Manhal23 Khalifa City A24 Khalifa City B25 Maryah Island26 MBZ City27 Mina28 Mushrif / Karama / Manaseer / Muroor29 Officer’s City30 Rawdhat Abu Dhabi31 Reem Island - Marina Square32 Reem Island – Najmat Abu Dhabi33 Reem Island – rest of Shams Abu Dhabi34 Reem Island – City of Lights35 Reem Island – The Gate District36 Rihan Heights37 Saadiyat Beach District38 The Hills

The following map highlights some of Abu Dhabi’s most popular residential areas, in terms of their affordability for rent or sale.

YASISLAND

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2320

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Most Expensive

Expensive

Mid Priced

Affordable

Note: Area classification by affordability is provided for indicative purposes only as most areas in Abu Dhabi offer various types of residential units, from affordable to high end. As such, the map colour coding takes into account the most prevalent type of product and exceptions of a lower and / or higher price could be available.

Al Ain Q3 2016 Highlights• Rental rates in Al Ain have decreased across all sectors, with a marked reduction in demand for large and premium units.

• Whilst rental rates for villas were down by 10% on average compared with the previous quarter, these were similar to 2009 peak rates.

• The Al Ain office sector is currently recording the lowest rental rates since the 2009 peak, down by 53%. The difficult conditions are directly correlated to low oil prices and curtailed government spending.

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Q3 2016 Report

© Asteco Property Management, 2016

Al AinApartment rental rates decreased by 3% since Q3 2015.-3

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GROWTH RECOVERY AND GROWTH ADJUSTMENT PERIODRECESSION

Jun Mar Mar Mar Mar Mar Mar MarJun Jun Jun Jun Jun Jun Jun JunSep Sep Sep Sep Sep Sep Sep MarDecSep SepDec Dec Dec Dec Dec Dec Dec

20092008 2010 2011 2012 2013 2014 2015 2016

Q3 2016 Report


Al Ain Rental Rates Q3 2016

Al Ain

• Apartment rental rates have decreased on average between 3% and 5%, with the highest decrease

occurring in new buildings. A significant number of properties within Al Ain are held on historic terms (under

rented). Therefore, the decreases have only had a bearing on a limited number of rental renewals or new

leases.

• The most notable decreases were for one and two bedroom units. Rates for three bedroom units were

relatively stable, as several villa occupiers moved to more affordable three-bedroom apartments.

• The new residential buildings at the Hazaa Bin Zayed Stadium were handed over, which offered high quality

residential apartments with average asking rates of AED 63,000 and AED 73,000 per annum for a one and

two-bedroom apartments respectively. These rates are 20% to 30% higher compared with average rates in

the existing stock. Rates for existing good quality one-bedroom apartments range from AED 38,000 to AED

45,000 annually whereas two-bedroom apartments range from AED 50,000 and AED 60,000.

• Three residential buildings located in the Town Centre were handed over, which included approximately 50

mid-quality apartments. A further seven buildings are expected for delivery before the end of the year in

the Town Center and Asharej areas.

• Villa rental rates decreased, on average by 4% over the quarter, and by 10% for the same period last year.

Older villas were the most affected by the declines.

• Four bedroom villas located within established and prime compounds achieved on average AED 86,000

and AED 120,000 per year, respectively with Shaab Al Ashkhar, Falaj Hazza, Al Towaya, and Asharej the most

popular areas for residential villas in Al Ain.

• There is no major new villa supply expected for handover before the year end with the exception of a few

private villas.

Apartments Office and Retail

Villas

• Similar to the residential sector, office market activity was slow this quarter, as a consequence vacant office

space was offered at a discount of 5% to 6%. Rental rates for renewed contracts remained unchanged.

• Mid quality offices located in the Town Centre achieved close to AED 900 per square metre annually,

however, lower quality offices in the same area were offered at AED 600 per square metre including service

charges. The old office stock on Senaya Street recorded stable rates ranging between AED 400 and 600 per

square metre.

• Overall, retail rental rates remained stable all over Al Ain, with the exception of Al Senaya area, where

decreases of 7% on average were recorded.

• Demand for high quality retail space in new malls remained positive. The average rate in the more

prominent malls was approximately AED 2,225 per square metre per annum, with Al Jimi Mall, Al Ain Mall,

and Al Bawadi Mall achieving the highest rental rates.

Q3 2016 Report


Al Ain Rental Rates Q3 2016

Apartments

Villas

Apartment Rental

Rates (AED 000’s pa)

1BR 2BR 3BR % Change

Min Max Min Max Min MaxQ2 - Q3

2016

Q3 2015-

Q3 2016

Mature Buildings 27 34 40 47 51 57 -4 -5

New Buildings 33 39 42 48 58 75 -1 -4

Prime Compounds 38 45 50 60 65 90 -3 -3

Villa Average

Rental Rates

(AED 000’s pa)

3BR 4BR 5BR % Change

Q2 - Q3

2016

Q3 2015-

Q3 2016

Mature Units

Town Centre 68 83 113 -8 -13

Others * 68 83 113 -8 -13

Zaker 68 78 105 -3 -2

Al Towaya 73 93 110 -4 -8

Al Jimi 68 83 113 -8 -13

New Units

Town Centre 78 98 135 -2 -12

Others * 78 98 135 -2 -12

Zaker 78 85 128 -4 -5

Al Towaya 93 98 150 -2 -6

Al Jimi 78 98 135 -2 -12

Prime Compounds 103 115 160 -3 -8

* Includes Al Khabisi, Al Muwaiji, Al Manasir and Al Masoudi areas

Min Max % Change (Q2 - Q3 2016) % Change (Q3 2015 - Q3 2016) Min Max % Change (Q2 - Q3 2016) % Change (Q3 2015 - Q3 2016)

AED

per

m2 p

a

OFFICE RENTAL RATES RETAIL RENTAL RATES

Khalifa Street Khalifa Street Aud Al Touba Street

Main Street Senaya Street

Al Jimi Mall Al Ain Mall Al Bawadi Mall

Sorouh MallAud Al Touba Street

Main Street Senaya Street

600 600 600

400

900

1000

2400

1000

2400

900

1000

2400

750

1750

900

1450

3000

1450

3000

600

1450

3000

15002000

-6%-12%

-6%-12%

-6%-12%

0%0%

0%-7%

0%-7%

0%-7%

-7%-17%

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AED

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Q3 2016 Report


Al Ain

Al Ain Area Map

Town Centre

Al Jimi

Al Khabisi

Al Muwaiji

Al Masoudi

Zaker

Al Towaya

East Airport District

Al Foaa

Hili

Al Oattara

Al Buraimi

Al Mutaredh

Al Jahili

AlMutawa’a

Al Sarooj

Al Shuwaimah

Aflaj

Al KhrairDefence

Al Dhahir Um GhafahJebel Hafeet

NeimaAl Qisais

Al Shuaibah

Al Aqabiyya

Zoo District

Falaj Hazza’a

Asharej

Al Markhaniya

Al Dahmaa

Al Bateen

Al Maqam

Gharebah

Al Salamat District

Al Yahar South

Al Yahar North

Al AinInternational

Airport

SULTANATE OF OMAN

Khalifa Bin Zayed St.

Khalifa Bin Zayed St.

Moh

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alifa

St

Baniyas St

Ardh

Jow

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Emira

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Zayed Bin Sultan St.


Q3 2016 Report

Forecast Overview

GDP to grow by 2.3% this year…

The UAE is one of the most diversified economies in the Gulf, but oil price developments are still key to the

outlook. The oil and gas sector, which makes up around one third of the economy, is expected to rise by 1%

in 2016 after growing 5% last year, influenced by:

• Change in OPEC policy unlikely – we expect no meaningful agreement to freeze or cut production at

OPEC’s informal meeting in September, so UAE oil output should remain high in keeping with the policy

to maintain market share. We expect the oil price to average $43.6 pb in 2016 and $50 pb next year.

• Oil output limited by capacity – production in the UAE reached a record level of 3.07 mbpd in August,

based on IEA numbers. After a 4.4% increase in production last year, we expect only a 1% rise this year

as spare capacity remains limited.

Global Outlook Q3 2016

Who we are Oxford Economics Oxford Economics was founded in 1981 as a commercial venture with Oxford University’s business college to provide economic forecasting and modeling to UK companies and financial institutions expanding abroad. Since then, we have become one of the world’s foremost independent global advisory firms, providing reports, forecasts and analytical tools on 200 countries, 100 industrial sectors and over 3,000 cities. Our best-of-class global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic, social and business impact.

Headquartered in Oxford, England, with regional centres in London, New York, and Singapore, Oxford Economics has offices across the globe in Belfast, Chicago, Dubai, Mexico City, Miami, Milan, Paarl - South Africa, Paris, Philadelphia, San Francisco, and Washington DC. We employ over 200 full-time people, including more than 120 professional economists, industry experts and business editors—one of the largest teams of macro economists and thought leadership specialists.

To find out more and request your free trial please contact Paul de Cintra on [email protected]

United Arab Emirates Highlights


…with non-oil growth slowing to 2.9% Indicators show that while growth has slowed, recession should be avoided this year. The PMI, a signal of non-oil

activity, remained in expansionary territory at 54.7 in August, with growth in both output and new orders still

robust. We forecast non-oil GDP growth slowing to 2.9% in 2016, with total GDP growth at 2.3%.

• Low oil prices tighten liquidity – domestic liquidity conditions have tightened since 2014, with low oil prices

feeding through to lower government spending, interest rates rising gradually in line with the US, and a need

to finance the large budget deficit.

• Mixed price pressures for consumers – headline inflation remained broadly unchaged at 1.8% in July, and we

forecast a yearly average of 2% in 2016.

• Measures to support the fiscal balance – the government has slowed outlays on non-essential projects,

removed some energy subsidies and a region-wide VAT is expected from 2018.

Medium-term outlook more encouraging

• Over 2017-19, non-oil growth is seen picking-up to 3.2% per year, slightly faster than in most of its

neighbours. An improvement in economic sentiment and gradual rise in oil prices will help to boost growth.

This will be aided by:

• Diversification strategy – the UAE aims to transition to a knowledge based economy by 2021, with oil GDP contributing 20% to total GDP (currently 30%).

• Business hub status and Expo 2020 will support investment – the UAE ranks highly for its ease of doing business and openness to investment and trade, which will support investment.

• Rising business confidence – the IMF suggests that efforts should be made to improve the business environment, ease restrictions on FDI and spur competition. The imminent approval of the bankruptcy law, improving access to finance and broadening the credit bureau’s coverage, should all help improve business confidence.

UAE: REAL GDP GROWTH UAE: INFLATION

F’cast F’cast

14

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-2

-4

-6

14

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4

2

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Middle East and North Africa UAE Middle East and North Africa UAESource: Oxford Economics Source: Oxford Economics

1991 19911994 19941997 19972000 20002003 20032006 20062009 20092012 20122015 20152018 2018

Global Outlook Q3 2016

% Year % Year

Q3 2016 Report

Q3 2016 Report


VALUATION & ADVISORYOur 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 Professional Services Asteco conducts throughout the region include:

• Consultancy and Advisory Services• Market Research• Valuation Services

SALESAsteco has established a large regional property sales division with representatives based in the UAE, Qatar and Jordan. Our Sales teams have extensive experience in the negotiation and sale of a variety of assets.

LEASINGAsteco has been instrumental in the Leasing of many high-profile developments across the GCC.

ASSET MANAGEMENTAsteco provides comprehensive Asset Management services to all property Owners, whether a single unit (IPM) or a regional mixed-use portfolio. Our focus is on maximising value for our Clients.

OWNERS ASSOCIATIONAsteco has the experience, systems, procedures and manuals in place to provide streamlined comprehensive Association Management and Consultancy Services to residential, commercial and mixed-use communities throughout the GCC Region.

SALES MANAGEMENTOur Sales Management services are comprehensive and encompass everything required for the successful completion and handover of units to individual unit Owners.

LICENSINGOur 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.

The Middle East’s largest full service Real Estate services company, Asteco was formed in Dubai in 1985. Over the years, Asteco has gained enormous respect for consistently delivering high quality, professional, value-added services in a transparent manner. It is also widely recognised for its involvement with many of the projects that have defined the landscape and physical infrastructure of the Emirates.

Asteco has an essential combination of local knowledge and international expertise. A deeply established brand, renowned for its application of the latest technological advances, its commitment to transparency, winning strategies and human expertise. Undisputed Real Estate experts, Asteco represents a significant number of the region’s top property Owners, Developers and Investors.

Q3 2016 Report


John Allen, BSc MRICSDirector, Valuation & Advisory+971 600 54 [email protected]

Jeremy Oates, BSc FRICSGeneral Manager, Abu Dhabi+971 2 626 [email protected]

Ghada Amhaz, MBAResearch & Consultancy Manager, Abu Dhabi+971 2 626 [email protected]

Tamer Ibrahim ChaabanBranch Manager, Al Ain+971 3 [email protected]

John Stevens, BSc MRICSManaging Director/Director, Asset Services+971 600 54 [email protected]

James Joughin, BSc (Hons) MRICSAssociate Director, Valuation +971 600 54 [email protected]

Julia Knibbs, MScAssociate Director, Research & Advisory (UAE)+971 600 54 [email protected]

Q3 2016 Report

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© Asteco Property Management, 2016

Q3 2016 Abu Dhabi Real Estate Report

Property Review

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 License No. 218551. Paid-up Capital AED 4,000,000.

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