NEWS BRIEF 02 - fileABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA © Asteco Property...

Click here to load reader

  • date post

    30-Oct-2019
  • Category

    Documents

  • view

    2
  • download

    0

Embed Size (px)

Transcript of NEWS BRIEF 02 - fileABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA © Asteco Property...

  • ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA

    © Asteco Property Management, 2019 asteco.com IN THE MIDDLE EAST FOR OVER 30 YEARS

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    RESEARCH DEPARTMENT

    NEWS BRIEF 02

    SUNDAY, 13 JANUARY 2019

  • ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA

    © Asteco Property Management | 2019 | asteco.com

    IN THE MIDDLE EAST FOR OVER 30 YEARS

    Page 2

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    REAL ESTATE NEWS

    UAE / GCC / MENA

    MENA CONSTRUCTION SECTOR TO GROW AT FASTEST PACE GLOBALLY ON

    GOVERNMENT SPENDING

    SAUDI ARABIA'S NON-OIL PRIVATE SECTOR GROWTH COOLS OFF IN DECEMBER

    UAE PRIVATE SECTOR ECONOMY SLOWS IN DECEMBER ON LOWER OUTPUT AND

    ORDERS

    2019 OUTLOOK: UAE PROPERTY WILL EXPERIENCE RESILIENCE THIS YEAR

    2019 OUTLOOK: HOW THE UAE ECONOMY IS ON THE UPSWING

    PROPERTY FIRM SAVILLS REBRANDS IN GULF AFTER CLUTTONS ACQUISITION

    NEW $117M OMAN SHOPPING MALL TO OPEN IN JANUARY

    SAUDI ARABIA ANNOUNCES PLANS FOR MAJOR ENTERTAINMENT COMPLEX IN

    RIYADH

    HYATT REINTRODUCES REGENCY HOTEL BRAND IN KUWAIT

    CITYMAX HOTELS SET TO OPEN FIRST PROPERTY IN SAUDI ARABIA

    2019 OUTLOOK: GULF REGION'S HOTEL INDUSTRY IS RESILIENT AND WILL

    CONTINUE TO PERFORM WELL AMID CHALLENGES

    WHAT INFLUENCES YOUR HOME MORTGAGE RATE?

    TIGHTENING REGULATIONS ALONE WON’T AID UAE REAL ESTATE

    WHY NEW GENERATION HOME BUYERS PREFER CONTEMPORARY DESIGN

    GCC ECONOMIES TO FOCUS MORE ON DIVERSIFICATION

    UAE TO BE FASTEST GROWING GCC ECONOMY IN 2019: IIF

    UAE TO GROW 3% IN 2019: WB

    DUBAI

    HOMEFRONT: 'WHAT ARE THE BEST DUBAI VILLA OPTIONS FOR A BUDGET OF

    DH185,000?'

    DUBAI SCRAPS BANK GUARANTEES REQUIRED TO SET UP TOURISM COMPANIES

    TRADERS TO RECEIVE 50% REDUCTION ON COMMERCIAL FINES IN DUBAI

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA

    © Asteco Property Management, 2019 asteco.com

    DEFINING LANDSCAPES SINCE 1985

    Page 3

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    REAL ESTATE NEWS

    EMAAR UNVEILS PALACE RESIDENCES IN DUBAI CREEK HARBOUR

    DUBAI RULER LAUNCHES NEW POLICY TO RAISE UAE LIVING STANDARDS

    AVERAGE DUBAI PROPERTY PRICES SOFTEN FURTHER BY 4%

    DUBAI RENTS, SALES PRICES TO CONTINUE DOWNWARD SLIP IN 2019, SAYS

    ASTECO

    DUBAI'S NAKHEEL STARTS WORK ON PALM TOWER INFINITY POOL

    UAE DEVELOPER AZIZI AWARDS $58.8M CONTRACTS FOR DUBAI PROJECTS

    A DUBAI DEVELOPER FIXATED ON BUILDING TO RENT OUT

    DUBAI PROPERTY DECLINES PICK UP SPEED AS MORE UNITS COME INTO MARKET

    DUBAI REALTY HOPES WEAK DOLLAR BREATHES NEW LIFE INTO MARKET

    HILTON AND AW ROSTAMANI GROUP TO DEVELOP 458-ROOM HOTEL IN BUR

    DUBAI

    YOUR HOUSE RENT IN DUBAI IS LIKELY TO FALL THIS YEAR

    READY-TO-MOVE-IN HOMES GAIN IN POPULARITY IN DUBAI

    NAKHEEL HAS A BUSY YEAR FOR PROJECT DELIVERIES

    DIFC 2.0: A GLOBAL INVESTMENT HUB IN THE MAKING

    DUBAI HOUSE PRICES TO DROP 5 TO 10% MORE THIS YEAR

    ABU DHABI

    ABU DHABI'S KIZAD ATTRACTED DH1.5BN FDI IN 2018, CEO SAYS

    OVER 11,000 ABU DHABI HOMES SET TO BE COMPLETED IN 2019

    ALDAR UNVEILS NEW $544M MIXED-USE PROJECT IN ABU DHABI

    KIZAD LAUNCHES POLYMERS PARK

    NORTHERN EMIRATES

    AL HAMRA: KEY PLAYER IN RAK TRANSFORMATION

    PARKS, GREEN SPACES WORTH DH100 MILLION BUILT IN SHARJAH

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA

    © Asteco Property Management, 2019 asteco.com

    DEFINING LANDSCAPES SINCE 1985

    Page 4

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    REAL ESTATE NEWS

    INTERNATIONAL

    ASIA'S PROPERTY MARKETS JOIN THE GLOBAL SLUMP

    ABU DHABI SAID TO MULL SALE OF NEW YORK'S CHRYSLER BUILDING

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA

    © Asteco Property Management, 2019 asteco.com

    DEFINING LANDSCAPES SINCE 1985

    Page 5

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    ASIA'S PROPERTY MARKETS JOIN THE

    GLOBAL SLUMP Wednesday, January 09, 2019

    Asia is finally succumbing to the global property slowdown that’s jolted homeowners and investors from

    Vancouver to London, with markets in Singapore, Hong Kong and Australia showing fresh signs of softening.

    The economic ramifications could be serious. Lower house prices and higher mortgage rates will not only dent

    consumer confidence, but also disposable incomes, S&P Global Ratings said in a report last month. A

    simultaneous decline in house prices globally could lead to “financial and macroeconomic instability,” the IMF said

    in 2018 study.

    While each city in the region has its own distinct characteristics, there are a few common denominators: rising

    borrowing costs, increased government regulation and volatile stock markets. There’s also dwindling demand

    from a force so powerful it pushed prices to a record in many places - Chinese buyers.

    “As China’s economy is affected by the trade war, capital outflows have become more difficult, thus weakening

    demand in markets including Sydney and Hong Kong,” says Patrick Wong, a real estate analyst at Bloomberg

    Intelligence.

    Hong Kong

    After an almost 15-year bull run that made Hong Kong notorious for having the world’s least affordable property

    market, home prices have taken a battering.

    Values in the city have fallen for 13 weeks straight since August, the longest losing streak since 2008, figures from

    Centaline Property Agency show. Concerns about higher borrowing costs and a looming vacancy tax have

    contributed to the slide.

    The strike rate of mainland Chinese developers successfully bidding for residential sites is also waning, tumbling

    to 27 per cent in 2018 from 70 per cent in 2017, JLL’s recent Residential Sales Market Monitor. Of the 11

    residential sites tendered by authorities last year, only three were won by Chinese companies.

    “The change in attitude can be explained by a slowing mainland economy,” says Henry Mok, JLL’s senior director

    of capital markets. “Throw in a simmering trade war between China and the US, the government has taken actions

    to restrict capital outflows, which in turn has increased difficulties for developers to invest overseas.”

    Singapore

    Home prices on the island, which regularly ranks among the world’s most expensive places to live, posted their

    first drop in six quarters in the three months ended December. Luxury was hit the hardest, with values in prime

    areas sinking 1.5 per cent.

    Government policies are mainly to blame. Cooling measures implemented unexpectedly in July included higher

    stamp duties and tougher loan-to-value rules. Extra constraints since then have included curbs on the number of

    “shoe-box” apartments and anti-money laundering rules that imposed an additional administrative burden on

    developers.

    It’s all worked to put the brakes on a home-price recovery that only lasted for five quarters, the shortest since

    data became available.

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA

    © Asteco Property Management, 2019 asteco.com

    DEFINING LANDSCAPES SINCE 1985

    Page 6

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    “Landed home prices, being bigger ticket items, have taken a greater beating as demand softened,” says Ong Teck

    Hui, a senior director of research and consultancy at JLL. In Singapore, most people live in high-rise apartments,

    called housing development board flats. Landed homes by contrast occupy their own ground space.

    Sydney

    Sydney-siders have begun to wonder - what sort of economic fallout will there be from the wealth destruction

    that comes with the worst slump in home values since the late 1980s?

    Average home values in the harbor city have fallen 11.1 per cent since their 2017 peak, according to CoreLogic

    data released earlier this month - surpassing the 9.6 per cent top-to-bottom decline when Australia was on the

    cusp of entering its last recession.

    While prices are still about 60 per cent higher than they were in 2012, meaning few existing homeowners are

    actually underwater, it’s economist forecasts of a further 10 per cent fall that’s making nervous investors think

    twice about extraneous spending.

    The central bank is also worried that a prolonged downturn will drag on consumption and with the main

    opposition Labour party pledging to curb tax perks for property investors if it wins an election expected in May,

    confidence is likely to be hit further.

    Earlier this month, treasurer Josh Frydenberg urged the nation’s banks not to tighten cre