NEWS BRIEF 01 - Asteco Property Management · 2017-01-02 · Tuesday, 27 December, 2016 . The...

ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

RESEARCH DEPARTMENT

NEWS BRIEF 01 MONDAY 02 JANUARY 2017

DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2017 asteco.com | astecoreports.com

IN THE MIDDLE EAST FOR 30 YEARS


REAL ESTATE NEWS UAE

WHY ASTANA EXPO 2017 WILL BOOST THE UAE'S PLANS FOR OIL-FREE ECONOMY

AFFORDABLE HOMES LIFT UAE ECONOMY, SURVEY SAYS

DUBAI

MIRDIF COMMUNITY COMES OF AGE WITH FREEHOLD DEVELOPMENT

MEYDAN RAISES DH1 BILLION TO GET PROJECTS MOVING AHEAD OF EXPO 2020

JOBLESS DUBAI TENANT CANNOT RENEW LEASE UNTIL HE FINDS EMPLOYMENT

WHY ASTANA EXPO 2017 WILL BOOST THE UAE'S PLANS FOR OIL-FREE ECONOMY

YEAR IN REVIEW: UAE’S HOT PROPERTY COOLS FOR A YEAR

JOBLESS DUBAI TENANT CANNOT RENEW LEASE UNTIL HE FINDS EMPLOYMENT

DH23M PALM JUMEIRAH VILLA IS STILL A HARD SELL

NAKHEEL PLANS ‘HUGE’ INCREASE IN CONTRACTS AWARDED FOR NEXT YEAR

DUBAI HOUSE PRICES ARE FLATLINING, SAYS REIDIN

THE DH3.75M LOFT APARTMENT SITTING AT THE TOP OF THE BAY

ABU DHABI

ABU DHABI LANDLORDS WEIGH OPTIONS OF REINTRODUCED RENT CAP

ADIA SELLS OFF A SLEW OF HOTELS IN AUSTRALIA

INTERNATIONAL

SAUDI ARABIA NEEDS TO MOVE AHEAD WITH PROJECT MANAGEMENT OFFICES TO UNCLOG PIPELINE

YEAR IN REVIEW: CONTRACTORS FELT THE PINCH AS SAUDI ARABIA PRIORITISED SPENDING

UK HOUSE PRICES BEAT FORECASTS BUT SHARP SLOWDOWN EXPECTED NEXT YEAR

INDIA BANKNOTE DEMONETISATION TO HIT HOME SALES


IN THE MIDDLE EAST FOR 30 YEARS

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MIRDIF COMMUNITY COMES OF AGE WITH

FREEHOLD DEVELOPMENT

Wednesday, 28 December, 2016

Mirdif Hills is set to become one of the most popular residential communities in Dubai. The freehold mixed-use residential, commercial and retail development promises home owners a wide range of residential, shopping and services options when it is completed.

In recent years, reasonable rents and a growing volume of lifestyle amenities, such as supermarkets, schools, malls, healthcare facilities, parks and entertainment options have opened, increasing Mirdif’s popularity with Dubai’s diverse population. Its strategic location, close to Dubai International and with easy access to Sheikh Mohammed bin Zayed Road, Al Khawaneej Road and Al Awir Road have added to its appeal.

Prospective investors can choose from a wide array of options at Mirdif Hills – from 1,054 apartments – a mix of studio, one, two, three-bedroom apartments, duplex units and vertical villas to match one’s budget, needs and preferences.

Buying a home, compared to renting, is a great investment towards the future and Mirdif Hills has on offer attractive payment plans for the project, wherein the investors can pay up to 50% during the construction phase and the balance on completion. Log into www.mirdifhills.ae to learn more!

Source: Arabian Business

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DEFINING LANDSCAPES SINCE 1985

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WHY ASTANA EXPO 2017 WILL BOOST THE

UAE'S PLANS FOR OIL-FREE ECONOMY

Tuesday, 27 December, 2016

The Ferris Wheel. The mobile phone. Ketchup. What do these three – very different – items all have in common? They are all inventions first shown at World Expos, global events that take place every two or three years. Launched back in 1851 in London as the Great Exhibition, World Expos have captured the imaginations of millions, showcasing the inventions and innovations that have gone on to shape the way we live our lives.

A key part of any World Expo has been its central theme, whether focused on a particular sector - such as ‘Automobiles’ in Brussels in 1897 - or more overarching messages, such as Milan’s ‘Feeding the Planet, Energy for Life’ theme in the most recent Expo, held in 2015. The latter theme led to the Charter of Milan, a pact on urban food policies that was signed off by cities around the world.

But added to social impact and innovation is the event’s capacity to create commercial success too. In Milan last year, 20 million people visited the Expo site over the course of six months, helping to inject an estimated $10 billion into the Italian city’s economy.

So what’s next? The next two World Expos will take place in Astana next year and in Dubai – my home city – in 2020. I believe Expo 2017 Astana is going to be incredible. The Kazakh capital is a masterpiece of architecture with a history that stretches back over a thousand years, making it an ideal location for a truly global event.

The main theme of Expo 2017 Astana is ‘Future Energy,’ which will address a question that’s of interest to every person on the planet. How do we ensure safe and sustainable access to energy for all while reducing carbon dioxide emissions?

In answering this question, I see several similarities between Kazakhstan and the United Arab Emirates. One of these is that both countries have a vested interest in finding ways to diversifying their economies, and preparing for a future without oil. Kazakhstan has already started the diversification process through attracting foreign direct investment. It’s doing this by improving the quality of its transport infrastructure as well as strengthening its public and market institutions. The country knows it has to build those capabilities if it is to expand its economy in the long term.

Closer to home, the UAE has also started on its journey to shift its economy away from oil and sustainability is playing an ever more important role. Those efforts are paying off; recent rankings named Dubai 52nd and Abu Dhabi 58th in a list of the world’s most sustainable cities, all part of the government’s plan for both cities to be in the top ten globally in the near future.

How has this happened? The UAE government is streamlining this process through the UAE Vision 2021, which has six central tenets. One of them is building a sustainable environment and infrastructure. Measurements for this include an air quality index, preserving water resources, and committing to clean energy. These goals will enable the UAE to minimise its carbon footprint, and make sustainability more accessible to the public.

Already, the UAE has made huge strides. The Mohammed Bin Rashid Al Maktoum Solar Park will generate 5,000 megawatts of electricity by 2030, enough to power 800,000 homes. In the process, it has also shattered world



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records for the costs required to produce solar power, helping to turn the tide for renewable energy in the Middle East. In Abu Dhabi, the UAE’s first nuclear reactor is set to open next year, and by 2020 nuclear power will provide carbon dioxide-free energy to a quarter of the nation.

Working towards a sustainable, diversified economy for the nation is essential to keeping a competitive edge and securing a bright future for generations to come. And by also investing in renewable energy education, we can provide the next generation with the necessary skills to understand, implement, and build on a truly sustainable future.

One of the main goals of Expo 2020 Dubai is developing and deploying sustainable energy. Falling under one of the main subthemes – ‘Opportunity, Mobility, and Sustainability’ – the organisers are planning to supply the expo site with renewable energy for the six-month event. In addition, Expo 2020 has begun accepting proposals for its Expo Live programme, which rewards successful applicants with grant money to bring their innovative sustainability ideas to life.

I’m proud to say that the UAE has confirmed its participation in Expo 2017 Astana. I believe that a successful Expo for Astana will fuel growth in sustainable business across the region, building momentum towards the grand opening of Expo 2020 Dubai. We will build on the sustainability solutions that Expo Astana showcases to continue the diversification strategy of the UAE.

Ultimately, Expo 2020 Dubai is about the UAE showing how far a nation can come in only 50 years and just how sustainable its future can be.

About Sustainable Square

Existing in three continents and currently delivering projects in 15 markets, Sustainable Square is a micro-multinational advisory firm that focuses on organizational sustainability, transparency and disclosure, responsible investment and social impact.

Sustainable Square works with leading brands across various industries and sectors, supporting them to enhance their sustainability performance, drive and up-scale their impact and conduct their operations in a responsible inclusive manner.

Source: Arabian Business

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JOBLESS DUBAI TENANT CANNOT RENEW

LEASE UNTIL HE FINDS EMPLOYMENT


I would like to renew my tenancy contract in February next year and have my Ejari in place until April. However, I lost my job and my visa has now been cancelled. I left the country and should be back in January 2017. I would like to renew my tenancy contract because it has been at a good price for a few years. I am sure I will find another job within three months, so do you think my landlord will have an objection to renewing my tenancy contract with only a visit visa (rather than a residence visa) in place? SB, Dubai

While in principle, your request may seem innocent enough and I am certain you may also be able to negotiate an agreement with your landlord, I must however point out that it is illegal to rent a property without a valid residency visa. A tourist or visit visa is not sufficient.

I am sure you will be able to find suitable alternative employment in time, but you should have your proper visa at least under process by the time of renewal.

I have lived in my apartment for almost two years (having previously renewed at the end of last year) and my tenancy is due to expire in January 2017. My contract states that both parties should give at least 60 days written notice prior to renewal or vacating the property. Recently, I wrote to the landlord to give him notice that it is my intention to vacate the property at the end of the tenancy. However, I was late in doing so, giving the landlord 39 days’ notice rather than the 60 days required as per our contract. Before giving this notice, I had not received any contact or notice from the landlord, as is also required by the contract (both parties). The landlord is now demanding that I pay him a penalty of 60 days rent, for failing to give him the required notice. Nowhere in the contract is there any mention of a penalty amount or penalty clause for failing to give 60 days’ notice prior to renewal, or in my case non-renewal. I have contacted Dubai Land Department, and it seems that this is a fairly grey area, with no written law on this issue. As a gesture of good will, to compensate the landlord for the inconvenience, I have offered to vacate the property over two weeks early, and to surrender up to 50 per cent of my security deposit. The purpose of this offer being to acknowledge the late notice, and to find a quick and amicable solution. However, he is still demanding I pay 60 days’ rent as a penalty, and will not engage in any other discussion. If he opens a case against me with the courts to make a claim, where would I stand? AY, Dubai

This is indeed a grey area and one not actually defined by law. The solution to your situation will require a judgement from the rental committee, if an amicable agreement cannot be found between the parties beforehand.

Your contract states that 60 days’ notice has to be given and you acknowledge that you missed this by three weeks. The rental dispute centre is committed (in the first instance) to always look for an amicable solution, therefore by you demonstrating you offering part of your deposit as compensation is admirable. I would further this by working out exactly what your daily rental amount is (rent divided by 365) then multiply this figure by 21 to see exactly how much compensation would be fair to give to the landlord for not sticking to the contract. If half of your deposit is less that the 21 days rent, I would suggest you try one last time to agree some compromise by offering the difference again. If this doesn’t work, then you must let the landlord file the case at the committee (he will have to pay 3.5 per cent of the rent to do so), then let the committee decide the outcome.



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Mario Volpi is the chief sales officer for Kensington Exclusive Properties and has worked in the property industry for the past 32 years in London and Dubai. The opinions expressed in this article are those of the author and they do not reflect in any way those of the institutions to which he is affiliated. It does not constitute legal advice and is provided for information only. Please send any questions to [email protected].

Source: The National

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mailto:[email protected]

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MEYDAN RAISES DH1 BILLION TO GET

PROJECTS MOVING AHEAD OF EXPO 2020


The Dubai-based developer Meydan has raised Dh1 billion through a new Islamic financing facility and plans to use it to develop current and future projects, including Meydan One at Mohammed Bin Rashid City and its project on the banks of the extended Dubai Canal.

The funding was arranged by Abu Dhabi Islamic Bank (Adib), with support from Dubai Islamic Bank and Al Hilal Bank. It matures in 2018. It follows an earlier Dh1bn funding deal announced in June, also through Adib via a Dh700 million Sukuk and a Dh300m term loan – both of which expire in 2024.

"This facility assists in realising our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth and enable us to fulfil our business strategy of linking the world with the emirate of Dubai," said Saeed Al Tayer, the chairman and chief executive of the Meydan Group.

Tirad Al Mahmoud, the chief executive of Adib, said the deal "evidences the results we are achieving through stepping up our corporate financing activity, with a particular focus on high-growth companies and the real estate sector".

Meydan recently issued a tender seeking bids from contractors to build the 711 metre tower at Meydan One and unveiled more detailed plans for the site’s mall, which will contain 529 shops, including an 11,200 square metre hypermarket.

The mall and the tower were announced in August 2015 as part of a 5 million square foot project that is also set to contain a marina, a huge civic plaza, an arena and the world’s longest ski slope. The tower, mall, civic plaza and a 4 kilometre canal are due for completion by 2020.

Alongside this, Meydan is part of a joint venture with Meraas that is responsible for the development of about 14 million sq ft of hospitality, retail, leisure and residential property along the banks of the extended Dubai Canal. The project will have an estimated value of between Dh30bn to Dh35bn.

Simon Moon, the chief executive of Atkins Middle East, said given the level of investment that the Dubai Government has put into the canal and the surrounding infrastructure, "it would make absolute sense" to bring forward this development ahead of Expo 2020.

"I have no insight into how they are going to unlock the land around that but I can imagine that next year is the year they unlock that and the back end of the next financial year [March 2018] is when those projects start to come through. I’d be very surprised if that wasn’t well developed for Expo," Mr Moon said.


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ABU DHABI LANDLORDS WEIGH OPTIONS

OF REINTRODUCED RENT CAP


Two weeks after the Abu Dhabi Government reintroduced a rent cap in the capital, landlords and tenants are still weighing what this will mean for the rental market next year.

On December 13, the Department for Municipal Affairs and Transport announced that it had taken the unexpected step of reintroducing a law capping rents for existing tenants across the city to increases of a maximum of 5 per cent per year.

Coming at the start of the Christmas period when many residents head home for the holidays and at a time when rents across the city have been falling significantly, brokers say that many landlords and tenants remain unaware of the changes.

According Cluttons, average residential rents in the city fell 9.4 per cent in the year to the end of September and are expected to fall even further in the coming months as job losses and cuts in public expenditure continue to reduce demand.

However, with landlords now unable to recoup any significant discounts as soon as the market recovers, property owners may well be taking a tougher stance in their negotiations.

"I think possibly the effect of the reintroduction of the rent cap could be that rents start to stabilise next year," says Andrea Menown, the head of investment sales at the Abu Dhabi-based property broker LLJ.

Ms Menown says that with most renewals negotiated at least two months in advance, the effect of the new cap will only be seen in rental data published in March.

"At the moment we are seeing that it is the larger and more expensive properties which are seeing the biggest falls in rents," she says. "This is the case especially for villas, both privately owned and in compounds, as well as higher-end apartments on Reem Island where tenants have been re-evaluating their cost of living or been affected by job losses."

Al Badie Group, an Abu Dhabi-based property company that owns 1,200 homes on Reem Island and in Abu Dhabi city centre, says that after cutting rents on some of its Downtown properties by 5 to 7 per cent and offering new tenants at its Beach Towers development in Abu Dhabi one month rent free, the company expects to keep rents flat next year.

"We expect to keep our rents fairly stable in 2017," says Nivine Ali, real estate director at Al Badie. Adding that "2016 was a difficult year but the feedback we have received is that all of the job cuts have been made this year and we expect conditions to improve next year."

But others say that with thousands of apartments across the city standing vacant, the reintroduction of the rent cap will do little to strengthen landlords’ negotiating positions.



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"The recent introduction of the rent cap has had no impact on rents," says Vaibhav Sharma, the chief strategy officer at MPM Properties, the property division of Abu Dhabi Islamic Bank, which currently manages more than 20,000 properties across the UAE.

"If a vacant unit is not leased for over two weeks, the landlord is often willing to negotiate a greater discount to secure a well-qualified tenant."


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YEAR IN REVIEW: UAE’S HOT PROPERTY

COOLS FOR A YEAR


This was the year when the long decline of oil prices took a bite out of the country’s property market. Brokers have yet to come up with final figures for the year but all agree that prices and rents fell significantly in 2016 in Dubai, Abu Dhabi and the Northern Emirates.

Oil prices, which had climbed to historic levels of more than US$100 a barrel in 2011, 2012 and 2013, plummeted in the second half of 2014 and fell again in the second half of 2015. By the start of this year, the price of Brent crude had sunk to $28.94 a barrel, about a quarter of its level of a year and a half earlier.

House prices in Dubai and Abu Dhabi took their cues from crude prices, with a time lag of course – and with Abu Dhabi further lagging Dubai by around 18 months.

Reidin, the property data company that is referenced by many brokers, including JLL and CBRE, said that average house prices in Dubai fell by 12 per cent in the two years to the end of October and rents dipped by about 8 per cent. In Abu Dhabi, it said that prices fell by 3 per cent over the same period and rents are down by 4 per cent.

The property sector was also weakened by the rise to historic highs of the US dollar, to which the dirham is pegged. The higher the dollar is, the more it costs for many overseas buyers to invest in UAE property.

At the start of 2016 most brokers had been predicting that after two years of falls brought about by the strong dollar and a raft of new cooling measures imposed by the Dubai Land Department, house prices in Dubai would start to recover by the middle of the year.

Then in June, the UK’s shock vote to leave the European Union sent the British pound to historic lows, adding Brits to the growing list of overseas investors who were finding it more and more expensive to buy UAE property.

The news prompted JLL to hurriedly revise its forecasts, delaying its expectations for recovery until at least the end of 2016. "Provided there are no major external shocks over the rest of the year, we expect the Dubai residential market to recover in early 2017," JLL said in a note in July.

But external shocks were something not in short supply in 2016. In November, Donald Trump clinched a surprise election win. The dollar spiked again. And, with the Federal Reserve deciding to raise interest rates this month, pushing the dollar still higher, the chances of a Dubai house price recovery seemed to be slipping further and further away.

Most brokers now say that they expect a recovery to occur some time in 2017.

Still, when exactly average house prices will start to go up remains hotly debated.

Optimists point to an expected increase in Dubai Government infrastructure spending next year ahead of Expo 2020, which is likely to boost jobs and the fact that oil prices are already up by about 20 per cent after a global deal to reduce output last month.



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Core Savills says that it had already seen an increase in sale prices in some of Dubai’s lower to midmarket submarkets.

It said that, although prices in prime areas such as Downtown Dubai, Dubai Marina and Palm Jumeirah continue to edge lower, average sales prices in areas such as Dubai Silicon Oasis, Dubai Sports City, International City and Discovery Gardens had risen by between 3 and 5 per cent from their lowest levels at the start of 2016.

JLL says that it thinks the Dubai market is "close to the bottom of its current cycle" and that prices are likely to go up next year.

And Knight Frank predicts "a gradual recovery" in 2017 as the market rebounds and investors regain confidence. However, pessimists point to the continuing strength of the dollar. They also say that although new jobs are due to be created in Dubai next year, they will not be for the sort of high-level executives who would buy or rent prime properties.

Cluttons says that it does not expect a recovery in Dubai’s property market until the end of 2017.

"While Dubai’s economy is still diversified, it’s the senior-level jobs that have been lost," said Faisal Durrani, the head of research at Cluttons. "Also, the rate of [job] replacement and creation has slowed down."

And Jesse Downs, the managing director of Phidar Advisory is even more pessimistic, predicting that prices in Dubai will continue to fall throughout next year as a trend towards automation leads financial institutions in Dubai continue to shed jobs.

"The risk in the residential market remains on the downside. Weak investment demand and softening rents will push rates down in 2017," said Ms Downs. "The recent interest rate hike by the FOMC will likely support US dollar strength and, combined with a still relatively low oil price, will continue to constrain investment demand for Dubai real estate in the coming year.


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MEYDAN GROUP SECURES DH1B

FINANCING FROM ADIB


The master-developer Meydan Group has secured a Dh1 billion financing from Abu Dhabi Islamic Bank (Adib) that would go to part-finance projects that will line up along the Dubai Water Canal and for general corporate expenditure. There are about 15 to 20 prime plots that the developers of the Canal — Meydan and Meraas — have right on the water-side, extending from the Safa Park all the way through Jumeirah and the sea.

Meydan intends to develop the plots it owns for a soon-to-be-expanded leasing portfolio. These properties will have some of the most coveted sites in Jumeirah, boosted in no part by proximity to the water’s edge. “None of the Canal plots on the Safa Park side of Shaikh Zayed Road have been released — what have been announced are from private developers on the other side of the Rod,” said a top official with Meydan.

“We should have details about how the properties on our plots will shape up in 2017, most likely in the second half.” (Currently, less than 10 per cent of the Meydan revenue stream is made up of its leased portfolio.)

It will also mean starting to realise the real estate development potential created by the Canal after its recent opening. It is already some way towards redrawing the Jumeirah district, which has also seen changes come through from the creation of the City Walk and Boxpark retail clusters as well as the soon-to-open residential blocks within the Citywalk cluster. These are owned by Meraas.

For Meydan, the new Adib-led financing — with Dubai Islamic Bank and Al Hilal Bank as mandated lead arrangers — matures in December 2018. Meydan had earlier this year secured another Dh1 billion financing from Adib, but that was structured as a Sukuk-Ijara facility. That has a tenor of eight years. (Also this year, it secured $476 million for a 10-year term from Qatar National Bank and CBI [Commercial Bank International].) “This facility assists in realising our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth,” said Saeed Humaid Al Tayer, Chairman and CEO of Meydan Group.

Apart from the Canal and allied projects, Meydan’s development portfolio is quite sizable. It is helming several “districts” of MBR (Mohammad Bin Rashid) City master-development as well as a destination mall within. The key concepts for the mega-mall — which will also decisively raise Meydan’s leasing income — have been finalised and the developer is now awaiting the detailed design. This should be the next big financing Meydan will be tapping lenders for.

There is also an ongoing signature skyscraper project on Shaikh Zayed Road, the 100-storey-plus Entisar Tower.

“Where possible Meydan will seek to create opportunities to partner Islamic financial institutions,” said Meghnad Warrier, Director of Finance. “Right through our agreements with banks, we have secured quite favourable terms.”

Meydan’s building up a substantial portfolio



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Apart from the Dubai Water Canal, in which it is associated with Meraas, Meydan has lots on its plate at MBR (Mohammad Bin Rashid) City, which covers around 47 million square feet. It is helming District Eleven that will also house accommodation for Emirates airline personnel. It features 528 townhouses.

Source: Gulf News

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DH23M PALM JUMEIRAH VILLA IS STILL A

HARD SELL

Thursday, December 22, 2016

Times are tough at the top of the Dubai property market.

Take for example this European-style four-bedroom villa located at the tip of Palm Jumeirah’s frond D and on the market for Dh23 million.

It is one of only three similar three-storey tip villas and is located directly next to one of the man-made island’s royal palaces. Its location opposite one of the bridges on the crescent of the Palm means the villa enjoys better water circulation than most of the other properties.

From the property’s private beach, you can gaze out over the Marina skyline and the Burj Al Arab. The villa also includes its own private pool, alongside a large terrace.

Inside, features include a cinema, bar and office as well as a spacious family living room, the dining room, a majlis area and lounge. It has been redecorated and restyled to include a fully equipped Italian kitchen, the bathrooms have been upgraded to include jacuzzis and Italian mosaic stones.

And yet, after six months on the market the Italian owners, like hundreds of property owners in Dubai, are still struggling to sell.

The property broker Luxhabitat, which took over marketing the property two weeks ago, says the European style of the villa means it appeals more to Western buyers – the sort of people who were buying in droves in Dubai a few years ago but have now been hit hard by currency fluctuations of the pound and the euro.

"The high cost of the US dollar and the weak euro are certainly causing problems," says Daniel Garofoli, a luxury sales specialist at Luxhabitat. "It is tough to sell a unit like this at the moment. The seller is remaining very firm on his selling price. We know it may take extra time and marketing money to find the right buyer."

Mr Garofoli says his firm is searching for a buyer happy to pay for the privilege of living in a completely upgraded property rather than spending six months living in a building site while the works are done around him or her – a rare breed in the current market.

Q&A:

Why do the wealthy buy villas on Palm Jumeirah?

The sheer fame and scale of the Palm Jumeirah – the world’s largest man-made island – attracts buyers from all over the world. At the moment Palm Jumeirah is the only beachfront freehold property available in Dubai so for wealthy expats wishing to buy a villa by the sea, it’s the only choice. That is expected to change when Meraas completes its Jumeirah Bay Island up the coast from Dubai’s Jumeirah beach but that is a long way off.



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What is happening to villa prices on the Palm?

Brokers in Dubai agree that prices for luxury property on the Palm have fallen this year as firms in the emirate have cut costs by trimming back on the most well-paid executive positions. According to Asteco, villa prices on Palm Jumeirah have fallen on average by 3 per cent in the year to the end of September 2016.

How many properties are there on Palm Jumeirah?

According to Luxhabitat, there are 4,000 villas and apartments located on the Palm.

What will happen to prices next year?

Property brokers are divided over whether prices will recover in 2017. Optimists point to an expected increase in government infrastructure spending next year ahead of Expo 2020 and expectations that the global oil price will recover which it says are already boosting prices in some areas of the city."


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ADIA SELLS OFF A SLEW OF HOTELS IN

AUSTRALIA


The Abu Dhabi Investment Authority (Adia), the world’s third-largest sovereign wealth fund, has sold 15 hotels in Australia to the French hotel owner and operator AccorHotels for AUD$200 million, the French hotel operator said yesterday.

A wholly owned subsidiary of Adia involved in the transaction offloaded the Ibis and Ibis Budget branded properties, which have 1,595 rooms, AccorHotels said. These were part of a portfolio of 31 properties accounting for 4,097 rooms that Adia acquired from Sydney-based Tourism Asset Holdings in 2013. At that time, the cost of the transaction was not disclosed by either side, but the portfolio was understood to be valued at about A$800m. The deal made Adia the largest hotel owner in Australia.

The hotels are operated by various Accor brands such as Pullman, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget brands.

Adia will still own the remaining 16 properties in the portfolio, including the 525-room Novotel Sydney Darling Harbour and 177-room Novotel and 212-room Pullman Sydney Olympic Park. As part of the deal, AccorHotels will convert the leases of these 16 properties into 50-year management agreements and extend the management term of one hotel to 50 years.

Most of the hotels are located on the eastern side of the country, including in Sydney, Melbourne and Canberra.

In the Asia-Pacific region, Australia and Japan are expected to remain a safe haven for hotel investors, according to a third-quarter report from the consultancy CBRE.

The average daily rate at hotels in Australia increased 1.6 per cent to reach A$185 (Dh490) for the year ending September 2016 compared to the same period the previous year, and countrywide occupancy jumped to 75.7 per cent, a growth of 1.1 per cent, according to the latest CBRE data.

The number of visitors to Australia has also increased by 11.5 per cent to 8.1 million for the year ending October compared to the previous year, according to the Australian tourism agency.

Adia remains a large investor in Australia, with interests in electricity, ports and other sectors.

In 2013, a consortium that included Tawreed Investments, another unit of Adia, leased Port Botany in south Sydney and Port Kembla in New South Wales for 99 years in an A$5.07bn deal.

Last year, a consortium including Adia agreed to invest A$10.3bn in one of Australia’s biggest utilities, the TransGrid electricity network in New South Wales.

Adia is continuing to snap up assets as it seeks to maintain returns on investments. In October, it bought a stake in SGN, a UK gas distribution company, as part of its strategy to invest some of its vast assets in infrastructure with steady earnings.



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This year Adia has been increasing its focus in China, opening an office in Hong Kong in October after it closed its London office last year. It bought a 50 per cent stake in three Hong Kong luxury hotels – Grand Hyatt Hong Kong, Renaissance Harbour View and the Hyatt Regency Hong Kong – as part of a HK$18.5bn (Dh8.75bn) deal last year.

Adia remains focused on China’s and India’s long-term growth prospects, even after emerging markets were hit last year by a slowing global economy, it said in its annual review released in July.

Long-term returns declined last year amid volatility in markets, although it said the lower rates were mainly caused by statistical averaging over the long periods it uses to measure returns.


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SAUDI ARABIA NEEDS TO MOVE AHEAD

WITH PROJECT MANAGEMENT OFFICES TO

UNCLOG PIPELINE

Monday, December 26, 2016

Saudi Arabia’s government needs to move ahead with plans to design and implement project management offices (PMOs) to avoid further blockages in the country’s project pipeline, according to experts.

David Clifton, a business development director for cost and project management consultant Faithful+Gould, who was one of a number of consultants advising the Saudi government on the introduction of PMOs, told The National that "it is going to take a year just to design and start implementing this national project management office, whoever is going to do it".

Only when this national project management office is in place can structures then be drawn up for a series of other PMOs through which individual ministries and municipalities will procure construction contracts, he said.

A royal decree announcing the introduction of PMOs was announced in September last year.

At about the same time, the kingdom’s government turned off the tap on new project awards, citing the need for greater control over public expenditure.

In an interview with Bloomberg in April, Mohammed Al Sheikh, an adviser to the deputy crown prince Mohammed Bin Salman, claimed that inefficient procurement had contributed to the Saudi government wasting between US$80 billion to $100bn per year.

Several international consultancies have been shortlisted as candidates to run the national PMO but no contract has been awarded yet.

Mr Clifton said that Saudi Arabia has about $1 trillion worth of projects in the pipeline, of which about 80 per cent are government funded.

He said he understood the reason for the delay in appointing someone to run the national PMO, stating that "no one has really tried to do anything this big before" but said that with no company currently in place, the market for new project awards in 2017 "looks slightly worse than this year, I would suggest".

Faithful+Gould had predicted that $29.9bn worth of awards would be made in the Saudi market this year but these figures included the next phase of the Mecca Metro contract and the extension of the North-South rail link – neither of which have been awarded.

"If they don’t get signed off that will roll back to $22bn to $23bn. [Compare it] against 2012, when there was about $65bn to $70bn and that shows you what has happened to the market," he said.



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He said that outstanding contracts such as the Mecca and Jeddah metro projects, for which procurement is already under way, could be awarded as exceptions but said that most other major schemes would not be awarded until PMOs are in place.

Robert Ryan, the business development director for the Saudi Arabian arm of US infrastructure specialists Parsons, said that he expected the appointment of consultants for project management offices for individual ministries and municipalities to follow quickly after the national project management office is in place.

"Several ministries are beginning to issue RFPs [requests for proposals] for their own PMO contracts," he said, pointing out that the ministry of municipal and rural affairs (MoMRA) issued its tender for PMO services earlier this month.

He said that all PMOs are likely to have to undertake an "audit" phase of existing projects, processes and standards before setting up their own structures. Only after this has completed are new projects likely to be -progressed.

Richard Marshall, a senior infrastructure analyst with BMI Research, said that although the introduction of project management offices is unlikely to result in the cancellation of many of Saudi Arabia’s flagship projects, the process will lead to "delays in implementation and a scrapping of periphery projects".

Yet Mr Ryan said that once the process is complete, it should lead to "greater accountability, faster project delivery, and overall improved quality" in the marketplace.


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YEAR IN REVIEW: CONTRACTORS FELT THE

PINCH AS SAUDI ARABIA PRIORITISED

SPENDING

Tuesday, December 27, 2016

Major contractors in Saudi Arabia have suffered a terrible 2016, with the two biggest names of the sector – Saudi Binladin and Saudi Oger – being hit hardest by a government decision to halt payments to contractors on all but a handful of key projects.

Saudi Binladin Group (SBG) either laid off or paid off up to 60,000 workers out of a total workforce of around 200,000. Saudi Oger, meanwhile, was almost brought to its knees by the crisis, with many workers remaining unpaid for up to a year, although money did start to filter through in the final quarter.

"The reprioritisation of Saudi’s spending as a result of oil price [declines] and defence spending was a challenge," said Simon Moon, the chief executive of Atkins Middle East.

"It clearly put a lot of uncertainty into the market."

He said that although Atkins had benefited from the fact payment on major programmes such as the Riyadh Metro and on framework deals for the Royal Commission for Jubail and Yanbu continued, "liquidity is a big issue" for the sector.

"We’ve had challenges at Jeddah Airport with SBG. My biggest concern going into 2017 is that some of the big programmes that Atkins would normally be very confident around – particularly the metro programmes in Mecca and Jeddah – are continuing to move to the right."

Deadlines are also being pushed back in other areas as government ministries await the introduction of new project management offices before procuring new work.

Mr Moon said Akins’ deal with Saudi Arabia’s Economic Cities Authority, where it is advising on the development of four new economic cities, is effectively on hold until the required structures are in place.

The BMI Research senior infrastructure analyst Richard Marshall said: "The Saudi construction sector will struggle through 2017 and only begin its path to recovery over 2018 and into 2019. The broader Saudi economy will remain weak and coupled with the ongoing liquidity crunch, private investment in areas such as real estate and industrial projects will slow."

Riad Nashif, the executive vice president at Aecom Middle East, argued that tightening liquidity was not just a feature of Saudi Arabia, stating that "slow, or no, payments to varying degrees in different countries" affected the whole supply chain.

New project awards have been considerably lower, with MEED reporting this month that contract awards for 2016 "at best" are likely to total US$120 billion – 32 per cent lower than the $177bn awarded in 2015. By mid-December, contract awards for 2016 stood at just $96bn.



http://www.thenational.ae/business/property/saudi-arabia-needs-to-move-ahead-with-project-management-offices-to-unclog-pipeline

http://www.thenational.ae/business/property/saudi-arabia-needs-to-move-ahead-with-project-management-offices-to-unclog-pipeline

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Mr Nashif said that even on existing projects, there had been "de-scoping, suspensions and rethinking of strategies".

"These are expected with the drop in [oil] revenues. But on the positive side, I see more governance within the GCC. Things are more transparent than they used to be."

In the UAE, the market remains in positive territory, but growth has been driven both by public and private sector investments in Dubai, rather than Abu Dhabi. Views are mixed on whether this will continue into 2017.

In Abu Dhabi, Mr Moon said he did not "see any indications yet that the public sector is getting to the point where major investment is coming out", and that private sector investors are generally waiting for sentiment to improve.

"There’s lots of talk about alternative financing methods across the region but I don’t see much evidence of that yet."

Mr Nashif was more positive, stating that investment is expected to grow in social infrastructure, with health care and education projects considered a priority. He also expects a revival of long-awaited projects at the Cultural District at Saadiyat Island, but for greater private sector involvement in these.

"I think that the Government has recognised it is not their place to build all of these and operate them, because it is not their bread and butter."

Meanwhile, Dubai’s construction market continues to be the region’s brightest spot.

Last week’s expansionary budget saw the amount allocated to infrastructure projects increasing by 27 per cent year on year. Moreover, the looming Expo 2020 deadline "is driving significant momentum into commercial building and transport infrastructure", according to Mr Marshall.

David Clifton of the Atkins unit Faithful + Gould points out that although construction is an important component of Dubai’s GDP – representing about 10 to 15 per cent of economic output – its significance to the overall GCC construction market is not huge, representing 10 per cent of total project awards.

Moreover, Mr Moon argues that with the market slowing elsewhere, more firms are battling for a share of the market.

"Clients realise that. Terms and conditions are becoming harder to negotiate [and] payment mechanisms are becoming more client-favourable.


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NAKHEEL PLANS ‘HUGE’ INCREASE IN

CONTRACTS AWARDED FOR NEXT YEAR

Wednesday, December 28, 2016

The Dubai-based developer Nakheel has confirmed that it is planning to award contracts worth at least Dh10 billion next year, a 66 per cent increase from this year.

A spokesman for the developer confirmed that main contracts that are anticipated to be awarded within the next 12 months include one to build a Dh3.67bn, 600,000 square metre mall likely to be a key feature of the Deira Islands project; the Dh7.5bn Jebel Ali Gardens site with up to 10,000 apartments in 42 buildings; and a contract for Palm 360 – a 220 metre-high hotel and residential tower complex unveiled in September at this year’s Cityscape Global show.

Next year’s programme is also likely to include an award for the Palm Gateway complex of three residential towers that will sit atop the Palm Monorail station at the entrance to Palm Jumeirah. A Dh1.4bn contract for this project was initially granted in February this year to a joint venture between South Korea’s Ssangyong Engineering & Construction and China State Construction Engineering Corporation but this was subsequently rescinded and the project re-tendered. A new deal is expected to be agreed next year.

Nakheel awarded Dh6bn worth of contracts this year, which included Dh2.3bn worth of awards for retail projects such as the Deira Islands Night Souk, Warsan Souk, the new Circle Mall in Jumeirah Village Circle and an extension of Dragon City.

Speaking to Middle East Economic Digest (Meed), Nakheel’s chairman, Ali Rashid Lootah, said that it is likely to finance new projects through increased debt issuance. "We will be borrowing for sure. We have a huge number of projects and we need financing. Banks are more than willing to deal with us," he said.

In August, Nakheel said that it repaid a Dh4.4bn sukuk that Mr Lootah said had effectively drawn a line under a five-year financial restructuring that began in 2011. The deal allows it to tap debt markets once more to finance its ambitious construction programme. Mr Lootah had said it was "in serious discussions with different lenders" following the repayment.

In October, the company said that net profit for the first nine months of this year rose by 39 per cent year on year to Dh3.61bn.


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DUBAI HOUSE PRICES ARE FLATLINING,

SAYS REIDIN


Dubai’s residential property market has shown signs that declining values may be coming to an end, according to brokers, with new figures from property data coompany Reidin stating that residential values were flat in the 12 months to November 2016.

Reidin reported a tiny monthly decline in prices of just 0.01 per cent during November, echoing earlier trends of slight falls in prices during the year. Rents, though, have continued to fall, dropping 0.7 per cent month-on-month to finish 6 per cent lower on a yearly basis.

Haider Tuaima, the research manager at consultancy ValuStrat, said that ReidIn’s figures broadly matched its own index, which has not displayed any significant declines in property values throughout this year.

Its index values a basket of properties in 26 freehold areas across Dubai (16 apartment and 10 villa communities). Its fourth quarter report, due to be published next month, is likely to report a decline in the index value of around 0.5 per cent year-on-year. Several mid-market areas, however, were showing signs of a strong recovery with valuations increasing by 2 to 3 per cent per month, he added.

"Generally speaking, half of the 16 apartment areas are starting to see some growth," Mr Tuaima said. "That’s been going on for the last six months."

He said the communities witnessing upturns in value included IMPZ, International City and Discovery Gardens.

"Motor City is actually the star of the show at the moment. It is about 5 per cent away from its peak in 2014," he said.

His firm is forecasting a "soft recovery" in affordable communities such as International City, Discovery Gardens and Remraam next year as investors chase higher returns.

"The yields have been up to 9-10 per cent in these areas for a while," he added.

Ismail Al Hammadi, the managing director of brokerage Al Ruwad Real Estate, said that Dubai’s residential property market had "proven relatively stable" over the past six months given the volatile nature of geopolitical events, Brexit, the US election and persistently low oil prices.

He argued the market is "showing the first signs of recovery, which will most probably become evident in 2017".

Dima Isshak, the head of research for property agents Chestertons MENA, said that "the rate of decline has decreased in 2016, especially in the last half".

Despite this, she was "hesitant to make statements saying ‘this is the bottom of the market’, because those things can’t really be predicted".

Mr Al Hammadi sounded a cautionary note about the risk of oversupply of new units, especially in affordable communities. "The balance between demand and supply is very fragile," he said.



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Mr Tuaima said that only about 30 per cent of units scheduled for handover this year had been delivered, which was "a blessing in disguise" for the market. This was partly due to developers’ financial concerns, but also a result of external factors including delays in the handover of apartment towers until Dubai’s new fire code is in place, he said.


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THE DH3.75M LOFT APARTMENT SITTING

AT THE TOP OF THE BAY


The loft living concept isn’t one that is popular in Dubai – mainly because there isn’t the demand for converted spaces when so many apartments have been built for purpose over the past decade.

Loft living does have its fans, though, and for those who love the idea of a cavernous, double-height central space then a property in Business Bay is on the market at a reasonable price.

The two-bedroom, two-bathroom unit has been reduced in price this month to Dh3.75 million from the initial Dh4.1m.

It is on the top floor of Dubai Properties’ Executive Towers and is, according to sales agent Brigitte Tenbergen, one of the few decent examples of loft living available in Dubai.

The unit, which is on the 50th floor, was handed over by the developer as shell and core space but its owner, who has held the property for five years, was keen to ensure it retained the loft "feel" by retaining a double-height, central living space.

"A loft means there is no separation – it is one big room," says Ms Tenbergen. "There’s not a lot of lofts in Dubai, the only lofts you have really are in JBR and Executive Towers."

The large windows also mean there is a lot of natural light that floods into the main dining and living space, although automatic shades means this can be blocked out when required.

Walls have been kept bare and dark stone floors are used throughout to add to the contemporary theme. There is a closed kitchen and a separate laundry room, as well as a nearby bathroom with shower and guest bedroom.

A staircase then leads onto a mezzanine level with its own open space, a main bedroom, a walk-in closet and a bathroom. The tower is one of 12 that makes up Executive Towers and comes with regular community features including a gym and communal pool area.

The building also has its own reception service, and the apartment comes with two allocated parking spaces.

Q&A:

Brigitte Tenbergen, a luxury sales specialist with estate agency Luxhabitat, explains the appeal of this high-rise space:

What would you describe as the main selling point of this property?

It is the quality – the upgrades that have been done, plus the location within Executive Towers. It is in the first tower, so you have a complete, full Sheikh Zayed Road view and a sea view. This allows views to Burj Al Arab on a good day, and The World islands. You have a good-sized balcony facing the sea and the view is fantastic.



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Tell me more about the upgrade.

It’s high-end. The lofts were shell and core when the units were delivered but the current owner has put in the air-conditioning, the piping … everything. Alongside that, she has used materials from Italy and France for features such as the lighting and the flooring. It’s very contemporary. There are lots of options with the lighting – depending on the mood, you can make it exactly how you want.

Who would live in a house like this?

It’s ideal for a single guy, a single woman or for a young couple, I would say. Executive Towers is close to downtown, so it’s location is very good. There are lots of things around. It is officially part of Business Bay, and there is a lot going on in the area. There are a lot of hotels and restaurants nearby.

Executive Towers consists of several towers and is a self-contained community. You have a lot of shops below – everything you need.


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UK HOUSE PRICES BEAT FORECASTS BUT

SHARP SLOWDOWN EXPECTED NEXT YEAR


London’s housing market underperformed the rest of the United Kingdom for the first time in eight years as buyers increasingly found themselves stretched by affordability, according to Nationwide Building Society.

Home prices in the capital rose 3.7 per cent in 2016 from a year earlier, down from 12.2 per cent in 2015, the mortgage lender said on Thursday.

"London’s significant period of outperformance may be drawing to a close," said Robert Gardner, the chief economist at Nationwide. "In London and the south of England, more people have found themselves priced out of the market or had to borrow a greater multiple of their income, although low interest rates have helped reduce monthly mortgage costs."

British house prices rose faster than expected in December but the pace of growth is likely to slow in 2017 amid uncertainty about economic developments, the mortgage lender Nationwide said on Thursday.

Annual gains stood at 4.5 per cent in December, up from 4.4 per cent in November. Economists polled this month by Reuters had expected to see growth of 3.8 per cent.

Britain’s property market slowed immediately after the vote in June to leave the European Union, but since then the economy has fared better then many economists expected and house prices have continued to rise.

Nationwide reiterated a forecast that house prices are likely to grow by about 2 per cent in 2017, although the figure would depend on how the economy fares.

"The fact that the housing market is seemingly struggling to build momentum after coming modestly off its August lows reinforces our suspicion that it is likely to find life increasingly difficult as 2017 progresses," said Howard Archer, the chief UK and European economist at IHS Markit.

Nationwide said low interest rates and a shortage of homes are expected to underpin support for prices.

Bovis Homes said on Wednesday it would not deliver the number of houses it originally expected in 2016, after about 180 sales failed to complete before the year end, resulting in a likely miss against market profit forecasts.

In December alone, house prices rose 0.8 per cent after stagnating in November, Nationwide said. While the month-on-month measure can be volatile, this marked the biggest rise in a year.

Nationwide said 2016 was the first year since 2008 that house price growth in London was slower than the British average.


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AFFORDABLE HOMES LIFT UAE ECONOMY,

SURVEY SAYS

Saturday, December 31, 2016

More than 80 per cent of business leaders in the UAE believe that the country’s economy would benefit from more affordable residential and commercial property.

A poll of more than 500 executives carried out for The National by research company Borderless Access found that 83 per cent agreed that "better affordability in the UAE’s residential and commercial sectors will support businesses and the economy in both the short and long term".

A little over a third of respondents said they strongly agreed, while a little under half said they agreed but not strongly.

Another 17 per cent disagreed with the statement.

Asma Dakkak, the research manager at JLL Mena, said that the shortage of affordable housing poses a problem from "both a social and economic perspective" and was a threat to the long-term stability and the economic competitiveness of the country.

Fortunately, the government "recognises the seriousness of the matter and has implemented policies and programmes to tackle this problem".

Dima Isshak, the head of research and advisory at Chestertons Mena, said that the definition of affordable housing internationally is that no more than 30 per cent of household income is spent on housing; in the UAE the amount being spent on average is closer to 40 per cent.

She said there were pros and cons to developing affordable housing.

Overall, she said it should be seen as a benefit as the more people who invest in buying their own property, the more money circulates in the local economy.

However, one of the disadvantages is that expat visas are linked to employer sponsorships and people who lose jobs – and who are the people most likely to be paying mortgages – often have their bank accounts frozen as soon as their employment ends. This not only creates pressure on the homeowner but also the financial institution that provided the mortgage.

Over the past two years, there has been a significant shift in the residential property market towards the affordable segment.

Sameer Lakhani, the managing director of research firm Global Capital Partners, said that 78 per cent of off-plan properties under construction in Dubai have a price tag of less than Dh2m, and that more recently developers have been focusing on the sub-Dh1m market. More than half – 51 per cent – of off-plan apartments currently being built in Dubai have a price tag under Dh1m. The bulk of these are being built by companies that had previously focused on luxury properties, including Nakheel, Deyaar and Damac.



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"In 2014, we said Dubai was a top-heavy market.

"It’s still a top-heavy market but you are starting to see developers responding.

"First they did it with payment plans and now you are seeing it with actual prices," Mr Lakhani said.

This has typically been done by creating new communities in more distant parts of the city where land costs are lower.

Ms Isshak said that developers had become better at building homes for end users, creating properties for families with more space.

She also said affordable homes remained attractive to investors because they offer high rental yields.

However, David Godchaux, the chief executive of Core Savills, said there could be "absorption issues" within some affordable communities because of the sheer number of homes being built.

It expects 20,000 to come to market within the next 12 months – 90 per cent of which are apartments.

"I think a bit of affordable housing is good [but] there is way too much of it being built. There will be a few horror stories in a few years."

The biggest danger, he said, would be in communities that do not find enough buyers, meaning that owners’ associations face the prospect of imposing high service charges to cover costs.


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INDIA BANKNOTE DEMONETISATION TO

HIT HOME SALES

Saturday, December 31, 2016

Home sales in India could fall by up to 30 per cent in the first nine months of 2017 because of the government’s ban on the country’s biggest banknotes, analysts say.

The cash crunch from demonetisation could also weigh on prices, Kotak Institutional Equities said in a report last week. It is forecasting that at the same time as volumes drop by up to 30 per cent, prices could be cut by 7 to 12 per cent over the first six to nine months of the year.

"Demonetisation will result in lower volumes," the Kotak report said. "Slower [sales] volumes worry us more than drop in pricing, as lower volumes will reflect in lower collections resulting in slowing construction and servicing of liabilities."

In November, the government of prime minister Narendra Modi scrapped 500 (Dh27) and 1,000 rupee notes in an effort to crack down on black money. The property market in India has long been a major recipient of black money transactions. Demonetisation has created uncertainty and is prompting potential buyers to postpone purchases as they wait to see if prices will come down.

While analysts expect demonetisation to dampen the market over the first part of this year, they believe it could bring benefits later in the year.

"In the first half of 2017, the sector is expected to be largely muted and there would be pressure on prices," said Shishir Baijal, the chairman and managing director of Knight Frank India. "With inquiries, walk-ins and sales drying up as a fallout of demonetisation, the first two quarters of the coming year will result in a substantial slowdown in sales."

He said that in the longer term, demonetisation and new regulations that India is introducing to increase transparency "will help the sector to grow in a much more evolved manner".

"The end of 2017 is most likely to see the initiation of a robust and sustainable growth trajectory for India’s real estate industry and will be recognised as the base for the future growth of this sector," said Mr Baijal.

Surendra Hiranandani, the chairman and managing director of House of Hiranandani, a luxury property developer, said that interest rates are expected to come down this year because of the influx of cash into the banks following demonetisation, which along with discounts could encourage sales later in the year.

"Also, 2017 will see consolidation in the industry on the back of the changing economic scenario that is likely to weed out devious real estate developers," he said.


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With over 30 years of Middle East experience, Asteco’s Valuation & Advisory 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, Jordan and the Kingdom of Saudi Arabia 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 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.

John Allen BSc MRICS Director, Valuation & Advisory +971 4 403 7777 [email protected]

Jenny Weidling BA (Hons) Manager – Research and Advisory +971 4 403 7789 [email protected]

VALUATION & ADVISORY Our 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 SALES Asteco has established a large regional property sales division with representatives based in UAE, Saudi Arabia, Qatar and Jordan. Our sales teams have extensive experience in the negotiation and sale of a variety of assets. LEASING Asteco has been instrumental in the leasing of many high-profile developments across the GCC.

ASSET MANAGEMENT Asteco 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.

OWNER ASSOCIATION Asteco 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 MANAGEMENT Our Sales Management services are comprehensive and encompass everything required for the successful completion and handover of units to individual unit owners.



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