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Kuwait Financial Centre “Markaz” MENA REAL ESTATE RESEARCH
Real Estate Market Commentary 01-Jan-12 to 07-Jan-12
Kuwait: An analysis of data provided by the Kuwait Ministry of Justice indicates that the value of transactions in the real estate market grew
36.2% Y-o-Y to KD 2.7 Bn in 2011. Value of private residential transactions increased 35.3% Y-o-Y (KD 1.5 Bn); the investment sector
expanded 51.7% Y-o-Y (KD 991 Mn), while the commercial sector
contracted 3.9% Y-o-Y to KD 220 Mn. Similar to 2010, the strongest Y-o-Y growth in total transactions was witnessed during Q2-11 (64.0% Y-
o-Y and 54.6% Q-o-Q); during Q4-11, growth slowed down to 7.7% Y-o-Y and 22.5% Q-o-Q.
Dubai: It was reported that real estate transactions in Dubai posted a
rebound during 2011 as it recorded 16% Y-o-Y growth in transactions to 35,297 with total value up 20% Y-o-Y to Dh143 Bn, with the recovery
mainly being led by land sales. Availability of financing for the real estate sector also reportedly increased from this perspective with
mortgages accounting for around 60% of value transacted.
KSA: Transactions data from the Ministry of Justice indicates a 23%
growth in number of residential real estate transactions in Dammam
during 2011 compared to 2010. Value transacted stood at SAR 17.44 Bn, up by 52% Y-o-Y. On the commercial real estate front, number of
transactions posted a 23% Y-o-Y growth during 2011, however, transacted value stood at SAR 13.23 Bn, posting a 11.6% Y-o-Y decline.
Both residential and commercial transactions declined by 23-25% Y-o-Y
in terms of number of transactions and 9-10% in terms of value transacted. Please refer to charts to note for details.
Qatar: Data from a report by NAI Qatar for 2011 indicates that the average asking rates in the residential sector declined across property
types, except for two bedroom apartments, however, it reported stable trends during Q4-11. On the office space front, average asking rates
reportedly remained stable for both Class A and B offices during 2011,
however more volatility was reported between quarters and locations. The report indicated flat trends in retail and warehouse rents and
expected an upward movement in warehouse rents during 2012.
Bahrain: CBRE reportedly indicated that despite continuous oversupply
and weak demand issues, office rentals in Bahrain reached a bottom as
landlords are unwilling lower the rates further. Earlier, Cluttons reported that the oversupply situation in the office space would aggravate further
with 160,000 Sqm expected to be added in 2011 and 2012.
It was reported that a public private partnership (PPP) agreement worth
BD208Mn ($550Mn) was signed to build 3,110 social housing units. JLL
earlier estimated that 86% of households fall in the low-income group and pegged the shortage of affordable housing at 46,000 units.
Oman: It was reported in a news article that around 35,000 new apartments would be added to the total stock by June-2012 in Muscat
which could lead to surplus apartments available for rent. Consequently, rentals in prime locations is expected to decline by 25% in 2012.
Cluttons, in its report expects not all kinds of properties to be impacted
by the supply. It indicates that properties that are well-designed and provide value for money are expected to enjoy stable rentals with high
occupancy rates vis-à-vis poorly designed properties that may continue to face a decline in rentals and higher cancellations.
Research Highlights: A weekly market commentary
Contents Market Commentary
Charts to Note
Activity Monitor: Dubai,
Kuwait,
Riyadh - KSA,
Dammam – KSA
Qatar
Markaz Research is available on:
Bloomberg - Type “MRKZ” <Go>
Thomson Research, Reuters Knowledge
ReutersRealEstate.com Nooz
Zawya Investor
ISI Emerging markets
Venkat Ramadoss ACA, CFA Assistant Manager
+965 2224 8548 [email protected]
Bassam N. Al-Othman Executive Vice President
+965 2224 8011 [email protected]
M.R. Raghu CFA, FRM
Head of Research
+965 2224 8280 [email protected]
Kuwait Financial Centre “Markaz”
P.O. Box 23444, Safat 13095, Kuwait
Tel: +965 2224 8000
Fax: +965 2242 5828 markaz.com
Developments sourced from various sources including news portals like Gulfbase, Zawya, Reuters, Bloomberg, Trade Arabia, Business 24/7, Arabian Business, The Peninsula, Gulf News, Property wire, Khaleej Times, Saudi Gazette, KUNA etc and also from published reports of real estate brokers and investment research houses.
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 2
Charts to note:
Chart 1: Kuwait Real estate transactions - 2011
Source: Ministry of Justice – Kuwait, Markaz analysis
Chart 2: Qatar - Residential Y-o-Y Asking rate ∆ (%) for 2011
Source: NAI Qatar, Markaz analysis
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 3
Chart 3: Transaction Trends for the year 2011 – Riyadh
Source: Ministry of Justice – KSA, Markaz analysis
Chart 4: Transaction Trends for the year 2011 – Dammam
Source: Ministry of Justice – KSA, Markaz analysis
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 4
Activity monitor
Dubai Real Estate Transactions (2011 & 2012)
Transactions W-o-W Y-o-Y
Apartment No. -72.6% 15.6%
Value -74.7% 14.5%
Villa No. -44.4% 233.3%
Value -50.3% 176.5%
Land No. 0.0% 34.5%
Value 77.6% 248.0%
Total No. -65.0% 25.4%
Value -17.3% 153.8%
Land Transactions
Villa Transactions
0
100
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600
700
800
900
1,000
-
10
20
30
40
50
60
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
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W12-2011
W13-2011
W14-2011
W15-2011
W16-2011
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W51-2011
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W01-2012
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lue
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ED
M
n)
No
. o
f T
ra
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No. of transactions Value transacted (AED Mn)
0
10
20
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50
60
-
5
10
15
20
25
30
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
W13-2011
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W15-2011
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W17-2011
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W22-2011
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W26-2011
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W28-2011
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W30-2011
W31-2011
W32-2011
W33-2011
W34-2011
W36-2011
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W38-2011
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W43-2011
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W45-2011
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W49-2011
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W51-2011
W52-2011
W01-2012
Va
lue
Tra
nsa
cte
d (A
ED
M
n)
No
. o
f T
ra
nsa
ctio
ns
No. of transactions Value transacted (AED Mn)
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 5
Apartment Transactions
Source: Dubai Land Department Note: 1) The above table/chart represents transactions as per the registration date and not the transaction date
2) Outliers identified are removed for better clarity.
0
100
200
300
400
500
600
-
100
200
300
400
500
600
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
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W14-2011
W15-2011
W16-2011
W17-2011
W18-2011
W19-2011
W20-2011
W21-2011
W22-2011
W23-2011
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W25-2011
W26-2011
W27-2011
W28-2011
W29-2011
W30-2011
W31-2011
W32-2011
W33-2011
W34-2011
W36-2011
W37-2011
W38-2011
W39-2011
W40-2011
W41-2011
W42-2011
W43-2011
W44-2011
W45-2011
W46-2011
W47-2011
W48-2011
W49-2011
W50-2011
W51-2011
W52-2011
W01-2012
Va
lue
Tra
nsa
cte
d (A
ED
M
n)
No
. o
f T
ra
nsa
ctio
ns
No. of transactions Value transacted (AED Mn)
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 6
Kuwait Real Estate Transactions (2011)
Transactions W-o-W Y-o-Y
Private Residential
No. 0.8% 28.9%
Value 10.4% 29.9%
Investment No. 50.0% -15.6%
Value -6.3% -53.4%
Commercial No. N.A. -71.4%
Value N.A. -78.2%
Total No. 8.5% 13.2%
Value 22.6% -41.0%
Private Residential Property transactions
Source: MOJ, Kuwait
Investment Property transactions
Source: MOJ, Kuwait
0
20
40
60
80
100
120
140
160
180
0
50
100
150
200
250
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
W13-2011
W14-2011
W15-2011
W16-2011
W17-2011
W18-2011
W19-2011
W20-2011
W21-2011
W22-2011
W23-2011
W24-2011
W25-2011
W26-2011
W27-2011
W28-2011
W29-2011
W30-2011
W31-2011
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W33-2011
W34-2011
W35-2011
W36-2011
W37-2011
W38-2011
W39-2011
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W42-2011
W43-2011
W44-2011
W46-2011
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W48-2011
W49-2011
W50-2011
W52-2011
Va
lue
Tra
nsa
cte
d (K
WD
M
n)
No
. o
f T
ra
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ctio
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No. of transactions Value transacted (KWD Mn)
0
10
20
30
40
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60
70
0
10
20
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70
W01-2011
W02-2011
W03-2011
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W07-2011
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W31-2011
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W33-2011
W34-2011
W35-2011
W36-2011
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W38-2011
W39-2011
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W41-2011
W42-2011
W43-2011
W44-2011
W46-2011
W47-2011
W48-2011
W49-2011
W50-2011
W52-2011
Va
lue
Tra
nsa
cte
d (K
WD
M
n)
No
. o
f T
ra
nsa
ctio
ns
No. of transactions Value transacted (KWD Mn)
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 7
KSA Real Estate Transactions (2011 & 2012)
Riyadh Real Estate Transactions
Transactions W-o-W Y-o-Y
Residential Space -25.7% -35.0%
Value -23.1% -4.4%
Commercial Space -88.1% -58.7%
Value 17.0% -18.7%
Total Space -82.3% -51.9%
Value -5.3% -12.8%
Riyadh – Residential transactions
Source: MOJ
Riyadh – Commercial transactions
Source: MOJ
0
20
40
60
80
100
120
0
500
1,000
1,500
2,000
2,500
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
W13-2011
W14-2011
W15-2011
W16-2011
W17-2011
W18-2011
W19-2011
W20-2011
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W22-2011
W23-2011
W24-2011
W25-2011
W26-2011
W27-2011
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W29-2011
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W34-2011
W36-2011
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W39-2011
W40-2011
W41-2011
W42-2011
W43-2011
W44-2011
W46-2011
W47-2011
W48-2011
W49-2011
W50-2011
W51-2011
W52-2011
W01-2012
Sp
ace
(M
n S
q m
)
Va
lue
Tra
nsa
cte
d (S
AR
M
n)
Value Transacted (SAR Mn) Space (Mn Sq m)
0
5
10
15
20
25
30
35
40
45
0
500
1,000
1,500
2,000
2,500
3,000
3,500
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
W13-2011
W14-2011
W15-2011
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W24-2011
W25-2011
W26-2011
W27-2011
W28-2011
W29-2011
W30-2011
W31-2011
W32-2011
W33-2011
W34-2011
W36-2011
W37-2011
W38-2011
W39-2011
W40-2011
W41-2011
W42-2011
W43-2011
W44-2011
W46-2011
W47-2011
W48-2011
W49-2011
W50-2011
W51-2011
W52-2011
W01-2012
Sp
ace
(M
n S
q m
)
Va
lue
Tra
nsa
cte
d (S
AR
M
n)
Value Transacted (SAR Mn) Space (Mn Sq m)
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 8
Dammam Real Estate Transactions
Transactions W-o-W Y-o-Y
Residential Space 137.1% 155.1%
Value 30.8% 70.1%
Commercial Space 18.3% -65.0%
Value -47.9% -19.4%
Total Space 94.7% 7.9%
Value 2.6% 41.4%
Dammam – Residential transactions
Source: MOJ
Dammam – Commercial transactions
Source: MOJ
0
5
10
15
20
25
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35
40
0
200
400
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800
1,000
1,200
1,400
1,600
1,800
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
W13-2011
W14-2011
W15-2011
W16-2011
W17-2011
W18-2011
W19-2011
W20-2011
W21-2011
W22-2011
W23-2011
W24-2011
W25-2011
W26-2011
W27-2011
W28-2011
W29-2011
W30-2011
W31-2011
W32-2011
W33-2011
W34-2011
W36-2011
W37-2011
W38-2011
W39-2011
W40-2011
W41-2011
W42-2011
W43-2011
W44-2011
W46-2011
W47-2011
W48-2011
W49-2011
W50-2011
W51-2011
W52-2011
W01-2012
Sp
ace
(M
n S
q m
)
Va
lue
Tra
nsa
cte
d (S
AR
M
n)
Value Transacted (SAR Mn) Space (Mn Sq m)
0
2
4
6
8
10
12
14
0
200
400
600
800
1,000
1,200
1,400
W01-2011
W02-2011
W03-2011
W04-2011
W05-2011
W06-2011
W07-2011
W08-2011
W09-2011
W10-2011
W11-2011
W12-2011
W13-2011
W14-2011
W15-2011
W16-2011
W17-2011
W18-2011
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W20-2011
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W22-2011
W23-2011
W24-2011
W25-2011
W26-2011
W27-2011
W28-2011
W29-2011
W30-2011
W31-2011
W32-2011
W33-2011
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W36-2011
W37-2011
W38-2011
W39-2011
W40-2011
W41-2011
W42-2011
W43-2011
W44-2011
W46-2011
W47-2011
W48-2011
W49-2011
W50-2011
W51-2011
W52-2011
W01-2012
Sp
ace
(M
n S
q m
)
Va
lue
Tra
nsa
cte
d (S
AR
M
n)
Value Transacted (SAR Mn) Space (Mn Sq m)
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 9
Qatar Real Estate Transactions (2011)
Source: MOJ
0
200
400
600
800
1,000
1,200
1,400
0
50
100
150
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300
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400
Week 1
Week 2
Week 3
Week 4
Week 5
Week 8
Week 9
Week 1
0W
eek 1
1W
eek 1
2W
eek 1
3W
eek 1
4W
eek 1
5W
eek 1
6W
eek 1
7W
eek 1
8W
eek 1
9W
eek 2
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eek 2
2W
eek 2
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eek 2
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eek 2
5W
eek 2
8W
eek 2
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eek 3
1W
eek 3
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6W
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eek 4
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eek 4
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eek 4
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eek 4
4W
eek 4
7W
eek 4
8W
eek 4
9 Va
lue
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d (Q
AR
M
n)
No
. o
f T
ra
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ctio
ns
No. of transactions Value transacted (QAR Mn)
MENA REAL ESTATE RESEARCH
Kuwait Financial Centre “Markaz” 10
Disclaimer
This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz) and its subsidiaries. Markaz is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The
report is owned by Markaz and its subsidiaries and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without
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The information and statistical data herein have been obtained from sources we believe to be reliable
but no representation or warranty, expressed or implied, is made that such information and data is
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Bahrain Batelco (Aug-10) Al Salam Bank (Aug-10) Gulf Finance House (Oct-08) Esterad Inv. Company (Aug-08) Bahrain Islamic Bank (Aug-08) Ithmaar Bank (July-08) Tameer (July-08)
Qatar Qatar National Bank (Oct-10) Qatar Gas Transport Co. (Sept-10) QISB (Sept-10) Masraf Al-Rayan (Jun-10) Commercial Bank of Qatar (Mar-10) Qatar Telecom (Jun-09) Industries Qatar (Apr-09) United Development Co. (Feb-09) Qatar Fuel Co. (Dec-08) Qatar Shipping Co (Dec-08) Barwa Real Estate Co. (Nov-08) Qatar Int‟l Islamic bank (Nov-08) Qatar Insurance Co. (Nov-08) Doha Bank (Aug-08) QEWC (July-08)
UAE NBAD (Mar-11) Union National Bank (Sept-10) FGB (Aug-10) Etisalat (Aug-10) Dubai Financial Market (Sept-09) ADCB (Jun-09) DP World (Jun-09) Sorouh Real Estate (Feb-09) Aldar Properties (Feb-09) Gulf Cement Company (Jan-09) Abu Dhabi National Hotels (Dec-08) Dubai Investments (Dec-08) Arabtec Holding (Dec-08) Air Arabia ( Nov-08) Union Properties (Nov-08) Dubai Islamic bank (Oct-08) Emaar Properties (July-08) Dana Gas (July-08)
Oman Bank Muscat (Mar-11) Raysut Cement Company (Sept-10) Shell Oman Marketing (Apr-10) Galfar Engineering & Cont. (Nov-08) Oman Telecommunications (Sept-08) Bank Muscat(Sept-08) Oman cement (Sept-08) National Bank of Oman (Aug-08) OIB (July-08)
Egypt Sidi Kerir Petrochemicals (Jul-10) Egypt Kuwait Holding (Mar-10) Commercial Int‟l Bank (Oct-08) Orascom Telecom (Sep-08) Mobinil (Sep-08) Telecom Egypt (Aug-08) EFG-Hermes (Jun-08)
Jordan Arab Bank (Sept-08) Cairo Amman Bank (Oct-08) Morocco Maroc Telecom (Mar-10)
Saudi Arabia Al Rajhi bank (Mar-11)
Saudi Telecom Co. (Feb-11)
Samba Financial Group (Aug-10) Jabal Omar Development (Jul-10)
Arabian Cement Co (Jul-10)
Yanbu Cement Co. (Jun-10) Emaar Economic City (Jun-10)
Qassim Cement Company (Jun-10)
Savola Group (May-10) Alinma Bank (May-10)
Jarir Marketing (May-10) Bank Al Bilad (May-10)
Bank Al Jazira (Apr-10)
Makkah Construction (Apr-10) Saudi Cement Company(Apr-10)
Southern Province Cement Co(Mar-10)
Saudi Electricity Company(Feb-10) Saudi Arabian Mining Co(Feb-10)
Yamama Saudi Cement (Feb-10)
Etihad Etisalat (Feb-10) Al Marai Company (Dec-09)
Arab National Bank (Oct-09)
SAFCO (Oct-09) Al Rajhi Bank (Aug-09)
Riyad Bank (Jul-09) Sabic (Mar-09)
Saudi Investment Bank (Jan-09)
Kingdom Holding Co (Dec-08) Saudi Kayan Petro Co. (Aug-08)
Banque Saudi Fransi (Jun-08)
Company Research
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Kuwait (For Internal Use Only)
Qurain Petrochem. Ind. (Aug-10) Wataniya (Jul-10) Boubyan Bank (June-10) Agility (June-10) Gulf Bank of Kuwait (May -10) National Bank of Kuwait (Mar-10) Al Deera Holding (Aug-09) Kuwait Finance House (Apr-09) Kuwait Financial Centre (Dec-08) Commercial Bank of Kuwait (Oct-08) National Industries Group (Sept-08) Zain (Sept-08) Global Investment House (Sept-08) Kipco (Sept-08) The Investment Dar (Sept-08) Burgan Bank (Sept-08) Automated Systems Co (Aug-08) Al Safat Investment Co (July-08)
Markaz Company Research Coverage
MSCI Arabian Markets
Conventional MSCI Arabian Markets
Islamic Local Index
Saudi Arabia 60% 64% 78%
Kuwait 83% 92% 56%
Qatar 92% 90% 95%
UAE 79% 25% 58%
Bahrain 58% 74% 23%
Oman 63% 100% 50%
Egypt 62% 100% 45%
Jordan 39% 0% 32%
Morocco 50% 70% 24%
MENA 79% 93% 63%
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