Cavendish Maxwell boosts Oman, UAE leadership team
Leading real estate advisory group and property consultant, Cavendish Maxwell, has strengthened its leadership team in the UAE and Oman in line with its continued growth strategy and increased regional focus.
In Dubai, Ronan Arthur, MRICS, has been appointed as Partner, Head of Residential Valuation; Jessica Price as Partner, Commercial Valuation; Kieran Burley as Partner, Head of Investment and Commercial Agency; and Joe John as Finance Director. Meanwhile, Tamas Steinfield, MRICS, becomes Partner, Commercial Valuation at Cavendish Maxwell's Muscat office.
Led by Arthur and Shah, Cavendish Maxwell's Valuations Team is one of the largest, most qualified and most respected in the UAE, empanelled with 50 leading banks, said the company in a statement.
Burley has transformed the firm's commercial agency since joining the company last year, establishing a strong team with regional expertise to support key projects including Dubai Expo City; and Joe John has been central to further strengthening the company's support services.
In Oman, a key growth market for Cavendish Maxwell, Tamas Steinfield has enhanced the valuations business by fostering new partnerships and building trust among stakeholders, it stated.
Welcoming them into the fold, Group Chief Operating Officer Jessica Taylor said: "These appointments are a testament to the unwavering commitment and top talent among our team, and underscore the pivotal role they play in the continued growth and success of our company – and in the region's real estate sector."
"With almost 90 years' experience between them, Ronan, Jessica, Kieran, Joe and Tamas bring unrivalled insight and knowhow to our business. Their expertise is key to Cavendish Maxwell's 2025 growth, which includes moving into new markets such as KSA and launching new service lines throughout the GCC," she stated.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Trade Arabia
7 days ago
- Trade Arabia
73,000 new homes to be delivered in Dubai this year, says report
Dubai is set to add 73,000 new units to its residential real estate inventory this year - with 300,000 coming to the market by the end of 2028, according to new research from leading real estate advisory and property consultant, Cavendish Maxwell. More than 180,000 will be delivered in 2026 and 2027, when a surge in project completions is expected, stated Cavendish Maxwell in its latest Dubai Residential Market Performance Report. Off-plan sales in Q1 reached a value of AED77.5 billion across 29,000 transactions, accounting for 70% of property sales and marking an increase of 32% on the same period last year. With 13,200 sales secured, the secondary market saw a 6.6% rise in transactions against Q1 2024, said the expert. Apartments sales dominated, making up more than three in every four transactions (76%), with townhouses at almost 17% and villas just over 7%. However the apartment market share is starting to shift, driven by demand for more space as families look to settle in Dubai for the long term. In addition, investors are increasingly targeting larger properties, in recognition of their rental potential to families and long-term residents. Apartment sales market share was down 4.8% on Q4 2025 and 6.1% on Q1 2024. In contrast, townhouses' market share was up 3.2% quarter on quarter and 4.9% year on year, with villas also gaining traction, up 1.6% and 1.2% respectively, it stated. Cavendish Maxwell's latest Dubai Residential Market Performance Report shows that in Q1 2025: *AED114 billion worth of properties were sold across 42,000 transactions *Off-plan sales dominated, with 70% share *Apartments accounted for 75% of transactions but villas and townhouses gained traction *Sales transactions dipped 10% on Q4 2024, owing to fewer new launches and reduced activity during Ramadan and Eid. However, there was a 23% increase in sales compared to the same period last year *Prices reached AED1,535 per sq ft - up 2.8% quarter-on-quarter and nearly 16% higher than in Q1 2024 *590 homes sold for over AED20 million, with almost 60 properties commanding AED50 million or more, showing sustained interest in the luxury and ultra luxury sectors *Jumeirah Village Circle saw the highest number of project completions and apartment sales: over 4,330 units delivered, almost 2,200 off plan sales and 1,132 secondary market transactions Cavendish Maxwell pointed out that sales transactions dipped 10% on Q4 2024, owing to fewer new launches and reduced activity during Ramadan and Eid. However, there was a 23% increase in sales compared to the same period last year with prices reaching AED1,535 per sq ft - up 2.8% quarter-on-quarter and nearly 16% higher than in Q1 2024. Jumeirah Village Circle saw the highest number of project completions and apartment sales: over 4,330 units delivered, almost 2,200 off plan sales and 1,132 secondary market transactions, it added. Ronan Arthur, MRICS, Director and Head of Residential Valuation at Cavendish Maxwell, said: "Dubai's property market is on track for a modest annual increase in terms of sales volumes and values, but there are indications that prices are beginning to stabilise." "2025 began with a brief dip in prices per sq ft, followed by a steady recovery. While prices are still on the up, the pace is showing signs of slowing down. For example, the average quarterly price increase for 2023 and 2024 was 4%, compared to a 2.8% rise in Q1 this year against Q4 2024," he stated. "With a weakened US dollar, strong rental returns and appealing yields, Dubai continues to attract local and international property investors. We expect this trend to continue throughout the year," said Arthur. Off-plan sales in Q1 reached a value of AED77.5 billion across 29,000 transactions, accounting for 70% of property sales and marking an increase of 32% on the same period last year. With 13,200 sales secured, the secondary market saw a 6.6% rise in transactions against Q1 2024, he added. Apartments sales dominated, making up more than three in every four transactions (76%), with townhouses at almost 17% and villas just over 7%. However the apartment market share is starting to shift, driven by demand for more space as families look to settle in Dubai for the long term. In addition, investors are increasingly targeting larger properties, in recognition of their rental potential to families and long-term residents. Apartment sales market share was down 4.8% on Q4 2025 and 6.1% on Q1 2024. In contrast, townhouses' market share was up 3.2% quarter on quarter and 4.9% year on year, with villas also gaining traction, up 1.6% and 1.2% respectively. Cavendish Maxwell said Dubai's luxury and ultra luxury property markets remained strong, reinforcing the city's status as a global destination for top-end real estate. Close to 600 properties sold for AED20 million or more in Q1, up from 480 in the same period last year. Almost 60 homes sold for AED50 million. Off-plan property sales accounted for 67% of luxury transactions and nearly a third of ultra luxury sales, it stated. Jumeirah Village Circle outperformed all other areas in terms of project completion, accounting for more than 2,433 of the total 9,300 completions in Q1. In second place was Mohammed Bin Rashid City (1,037), followed by Business Bay (743), Downtown Jebel Ali (647) and Rukan (636).
Trade Arabia
24-04-2025
- Trade Arabia
Dubai to deliver 415,000 sq m new office space by 2026-end
Dubai is set to deliver 415,000 sq m of new office space by the end of 2026, with the majority of new inventory in the A-grade category, according to new research from leading real estate advisory and property consultant, Cavendish Maxwell. Around 185,000 sqm of new space is due to come to market this year, with another 230,000 sqm in 2026, as demand for quality offices in Dubai continues to rise, it stated. By the end of next year, Dubai's total office space inventory will reach almost 9.7 sqm, compared to 6.26 sqm today, said the expert in its latest Dubai Office Market Report. 2024 saw record transaction volumes and values in recent years, with 3,150 sales valued at AED6.8 billion ($1.85 billion), a 36% rise in values and a 7.1% in increase in transactions, it added. Business Bay led the field for office sales, accounting for over 46% of transactions. Vidhi Shah, a Partner and Head of Commercial Valuation, Cavendish Maxwell, said: "Dubai's office market continues to perform strongly, supported by sustained corporate expansion and increased levels of foreign investment." "The city's stable macroeconomic environment, coupled with pro-business legislation, continues to attract both multinational occupiers and a growing base of start-ups and SMEs. This has translated into heightened competition for well-located, prime office space," she added. According to Shah, the market recorded significant growth in both sales and rental values over the past year. "Looking ahead, as Dubai further enhances its infrastructure, expands free zone offerings, and rolls out additional business-friendly reforms, demand is expected to remain resilient. However, with a substantial volume of new supply due for delivery over the next 18–24 months, it will be important to track how this impacts vacancy levels, absorption rates, and overall market sentiment," she added. Cavendish Maxwell said office values and transaction volumes reached their highest peak in 2024, marking four consecutive years of growth since the 2020 pandemic. Sales values have surged five-fold, from AED1 billion in 2020 to AED6.8 billion in 2024, primarily driven by increased demand from both local and international buyers, it stated. Ready offices continue to dominate sales activity, accounting for nearly 92% of transactions – down slightly from 2023 owing to a rise in off-plan sales. Increased demand for off-plan offices is fuelled by growing investor confidence, demand for new accommodation and attractive payment plans. Businesses are also securing office space for the long term by buying off-plan to avoid the risk of future rent hikes, it added. According to Cavendish Maxwell, there were 2,900 ready office sales and 250 off-plan transactions in 2024 – a year-on-year rise of 5% and 37% respectively. Average sales and rental prices up almost 25% Office sales and rental prices rose nearly a quarter last year, reflecting sustained demand for ready offices, business expansion and new companies being established. Sales prices reached approximately AED1,550 per square foot, while rental rates hit approximately AED145 per sq ft. The real estate expert said the surge in rental prices was mainly driven by high occupancy levels, which favour landlords and can be a challenge for tenants in securing prime office space. As demand for prime space continues to rise, landlords are likely to refurbish existing stock to command higher rentals, it added. Business Bay topped the ready office sales chart in 2024, with 1,343 sales representing more than 46% of all transactions, followed by Jumeirah Lakes Towers (920 sales), Dubai Silicon Oasis (200), Barsha Heights (148) and Motor City (68). In the off-plan market, Jumeirah Village Circle emerged as the most popular area, with 91 transactions, followed by Dubai Maritime City (65), Culture Village (47), Dubai Silicon Oasis (20) and Jumeirah Lakes Towers (15).
Trade Arabia
02-04-2025
- Trade Arabia
Dubai to hand over 11,300 new hotel rooms by 2027, says report
More than 11,300 new hotel rooms are set to open across Dubai by 2027, with almost 4,620 coming to the market this year, according to leading real estate advisory group Cavendish Maxwell. Last year, Dubai had added 4,255 rooms across 19 hotels to its inventory, representing year-on-year growth of almost 3%. As of December, the city boasts 724 hospitality establishments, with 151,245 keys between them, stated the industry expert in its Dubai Hospitality 2024 Market Performance report. Cavendish Maxwell pointed out that hotel inventory will grow by 3.1% this year, with 3.4% growth predicted for 2026. By the end of 2027, Dubai is set to have more than 162,600 rooms across 769 hotels. High end accommodation continues to dominate Dubai's hotel offering: in 2024, almost 70% of room supply fell in the high end (Luxury, Upper Upscale and Upscale) category. Of the upcoming supply for 2025, nearly 70% will be in the Luxury and Upper Upscale segment, the research shows, it added. Gergely Balint, Associate Partner, Commercial Valuation and Hospitality expert at Cavendish Maxwell, said: "Dubai's world-leading hospitality and tourism sectors set more records and reached new milestones in 2024, with 18.72 million overnight visitors, adding a string of prestigious new tourism-industry awards to its name and 4,255 new hotel rooms coming to the market." "We can look forward to continued strong performance in 2025, with another 20 hotels and resorts due to open, further highlighting Dubai's position as a world-leading hub for tourism, hospitality, business and leisure.," he added. According to Cavendish Maxwell, the number of overnight visitors to Dubai grew 9.1% last year, up from 17.15 million in 2023. The emirate's hospitality and tourism momentum was further underpinned by its outstanding performance at the 31st Annual World Travel Awards in late 2024, where Dubai was named the world's leading shopping and exhibition destination, Mina Rashid took the title of world's leading cruise port and Dubai International Airport was recognised as the world's leading airport, it stated. Balint said this continued international recognition strengthens investor confidence and further cements Dubai's status as a premier hub for hospitality and real estate development. The emirate continued to experience robust growth in the tourism sector, surpassing pre-pandemic levels and positively contributing to economic growth. In 2024, tourism contributed AED236 billion ($64.2 billion), up from AED220 billion ($59 billion) in 2023, to the UAE's economy, representing 12% of the nation's GDP. This growth highlights the sector's significant impact, reinforcing its vital role in the country's economic expansion, it added. Cavendish Maxwell pointed out that Dubai's hotel occupancy levels remained steady, rising to 78% in 2024, up 1% on 2023 – with the Luxury and Upper Mid-scale segments seeing the biggest gains of 3% and 2.4% respectively. On the average daily rates (ADR), the real estate advisory said it reached AED690, a slight increase of 0.2% on 2023, indicating pricing stability in Dubai's hospitality market. Upscale and Upper Mid-scale categories too saw ADR growth of 0.7% and 0.4% respectively, while there was a decline of 1.7% among Upper Upscale hotels.
