| Dubai | Abu Dhabi | Qatar | |
|---|---|---|---|
| GDP (Growth) | $54b in 2007 (18%) | $98b in 2007 (7%) | $133b in 2010 (23%) |
| Population Size (City) | 1,600,000 | 900,000 | 900,000 (Doha 380,000) |
| Population growth (2010 estimate) | 2.2m (2010) 11% (i.e. 600,000 new) |
1.3m (2013) 6.8% (i.e. 400,000 new) |
5% p.a. (i.e. 280,000 new) Growth is accelerating |
| Residential Supply Estimates (to 2010) | 140,000 units: 55,000-2008 65,000-2009 20,000- 2010 (c245,000 current units, RPU = 6.3) |
33,000 units 140,000 units (to 2013) (c180,000 current units, RPU=c7) |
16,000 apartments (9,000?) 1,100 Villas [Colliers Estimate] (c130,000 current units, RPU=8) |
| Commercial Supply Estimates (GLA2 2010) |
2007 Existing - 1.47m m2 (24m ft2) 2010 New – 2.59m m2 (68m ft2 in total) (4m ft2 will be complete by mid 2009) |
2007 Existing - 460,000 m2 2010 New – 1.00m m2 |
2007 Existing - c911,000 m2 2010 New – 1,400,000 m2 (of which 823,000 is West Bay) |
| Commercial Leasing Rates and projections | Average Class A :US$ 950 m2 p/a (net) | Average Class A :US$ 630 m2 p/a (net) | Average Class A :US$ 650 m2 p/a (net) "Current rent-to-construction yield is 50%" |
| Occupancy | 98% | 99% | >99% |
| Demand Estimated (to 2010) | 229,000 new units (Meed) 160,000 (Colliers) |
130,000 new units (Colliers) | 93,000 new units ( does not include c30,000 units demolished) [Merril Lynch Estimate] |
| Range of under/oversupply (Assuming RPUs drop to 5.5) |
c50,000 units (Assumes RPU = 5.5. and Pop = 2.5m) |
c100,000 units | 70-80,000 (Assumes RPU < 6. and ΔPop = 5%) |
| Current Rental Rates | $3,500/month (2 bed–Marina) 22% ave. growth yoy (Asteco), SZR 50%, Springs 10% (stable) |
$5,000/month (2 bed–Hamdan Street) 50% growth (despite rent cap), some 80% |
$4,500/month (2 bed) Prices quadrupled in 4 years |
| Current asking price (high income) | $4,500-5,500/m2 | $5,800/m2 50% growth in 2007-2008 |
$5,000-6,000/m2 |
| Sales price growth (’07-’08) | Under construction : 30% pa Completed : 15-20% pa |
Under construction : 53% (18% -’06-’07) | ?? |
| Declared infrastructure spending | $35-50billion | $200billion | $250billion |
| Legal Framework | “The most transparent” Freehold Land Department RERA Rent Department Agent Regulation Escrow Strata Law (Housing Association) |
Usufruct in 5 locations Land Regulation Department REITS allowed to List |
Leasehold in 18 locations |
| Key issues | Short term Electricity supply Slight softening of the market Some developers will fail Some concern over high prices and amount of supply being added in a short time |
Short term Electricity supply Unproven developers Heavily weighted to high end |
Extensive government control of developers Doing everything at once Labour issues |
| Major Projects | DubaiLand Masdar The 3 Palms (Dubai, Deira, Jebel Ali) Sports City |
Al Reem Island Al Raha Beach Al Yas Island Saadiyat Island Lulu Island |
West Bay (the new CBD) Lusail The Pearl North Beach Al Khor |
| Key Developers | Emaar Nakheel Dubai Properties |
Sorouh Tamouh Aldar |
Diar BCD Barwa |
| Rent Cap | 5% Since January 2007 (plans to maintain or relax) | 5% since 2007 (plans to extend it for 3 years) | 2008 : All Rent increases on contracts signed after 2005 frozen for two years |
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