Fine Homes

Property Market Summary

  Highlights

The residential leasing market continues to see a decrease in rental rates with Umm Al Quwain (UAQ) and Fujairah recording the smallest decreases of 4% on average.
There have been no noticeable price changes for studio apartments in Umm Al Quwain and Fujairah. Ajman and Ras Al Khaimah registered the largest decrease with rental rates dropping by 7%.
The largest decrease per bedroom type was recorded in Sharjah with one-bedroom apartments contracting by 9%.
Studios in the Northern Emirates range from AED14,000 to AED24,000. Three-bedroom apartments range from AED35,000 to AED62,000.
The Sharjah office leasing market has slowed down marginally from -9% in Q4 2009 to -6% in the first three months of this year.

Real Estate Monitor

“2010 will be a ground-breaking year for the Abu-Dhabi real estate market with the first phases of ‘Investment Area’ stock being delivered. This new ‘freehold’ supply, along with many sizable build to lease projects on and off the main island, will bring a significant quantity of new supply, with a total close to 20,000 new homes by the end of the year. This will being movement to the market and, for the first time in Abu Dhabi, some truly high-end residential developments.”

Elaine Jones

CEO, Asteco Property Managment

Sharjah Residential

The Sharjah residential market continues to experience a gradual drop in rental rates with a significant number of tenants relocating closer to their workplace. As rents continue to fall in certain areas of Dubai such as Discovery Gardens and International City, the prospect of a reduction in travelling time becomes more appealing.

This decline in rental rates is exacerbated by the number of vacant units available in the market, making properties more competitive, combined with a lack of quality accommodation – despite the fact that a number of new towers have been constructed over the last few years.

Sharjah Office Market

The Sharjah office market continues to see a decline in rental rates due to the economic downturn and competition from neighbouring emirates, particularly Dubai. The demand for smaller units continues, albeit on a much smaller scale. Not until the economy makes a full recovery and confidence returns, will the office market in Sharjah begin to see a return to health.

Ajman Residential

Properties in Ajman are subject to a similar situation to those in Sharjah, with a significant number of people relocating from one emirate to another in order to be closer to their workplace.
The concentration of unoccupied properties is mainly within the City Centre, with a smaller percentage of vacancies close to Ajman Free Zone and the surrounding areas. Those properties on the Corniche, or with a sea view, continue to attract interest from tenants working in Ajman.

The 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

Please note that the areas used to calculate the average rental rate in Abu Dhabi have been adjusted to better reflect market conditions. The percentage change has therefore not been included as a like-for-like comparison is not possible this quarter. The average is calculated using average rates from 16 locations across Dubai.

UAE Mortgage Market Update

Over the past three months, most lenders have reduced their mortgage rates by 25 basis points or more, making mortgages more affordable than they were last year. Most banks still remain active and offer borrowers that are assessed on very low risk between 60% and 85% of the property valuation. The table below shows mortgages offered in the UAE.

NOTE:
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 John Charcol Middle East’s sales team Toll Free on 800 JCME (5263) or +971 (4) 341 7466 if dialling from outside the UAE, or by email to mortgages@johncharcol.com

Asteco Property Management LLC

With over 25 years of Middle East experience, 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 the local markets but also enables us to undertake large instructions where we can quickly apply resources to meet the clients requirements.

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

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