NEWS BRIEF 06 - Asteco Property Management · PDF file 2016-05-29 · RUSSIAN...

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Transcript of NEWS BRIEF 06 - Asteco Property Management · PDF file 2016-05-29 · RUSSIAN...

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2014 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 29 YEARS

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    RESEARCH DEPARTMENT

    NEWS BRIEF 06 SUNDAY 08 February 2015

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2014 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 29 YEARS Page 2

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    REAL ESTATE NEWS UAE

    UAE PROPERTY COMPANIES UNLIKELY TO FACE FINANCING PROBLEMS

    DUBAI

    DUBAI DEVELOPER GOES ALL OUT TO TAP OVERSEAS INVESTOR UNDERWATER' VILLAS ON SALE IN DUBAI

    WILL THIS GEM OF A HOTEL COME TO DUBAI? DUBAI SHARES RISE AS OIL PRICE JUMPS

    TRAFFIC CONGESTION COSTS MORE THAN DH700,000 PER KILOMETRE IN DUBAI

    TIME FOR DUBAI DEVELOPERS TO DO THEIR BIT

    DUBAI DEVELOPER DAMAC REPORTS 46% PROFIT RISE DESPITE PROPERTY SLOWDOWN

    SOBHA DEVELOPERS SPREADS THE NET WITH OVERSEAS OFFICES DUBAI ISLAND HOTEL AIMS TO BUILD ON FAMILY DESTINATION WITH

    SERVICED APARTMENTS A HEAD FOR HEIGHTS WITH DH19 MILLION THREE-BEDROOM PENTHOUSE

    NEXT TO BURJ KHALIFA FIVE REASONS WHY IT MAKES FINANCIAL SENSE TO BUY THAN RENT A

    PROPERTY

    ABU DHABI RESIDENTIAL RENTS CONTINUE TO RISE IN ABU DHABI IN Q4

    ABU DHABI FINANCIAL GROUP HEAD HAS SHREWD EYE FOR A GOOD BUY DUBAI INVESTMENTS TARGETS ACQUISITION OF ABU DHABI PROPERTY DEVELOPER

    SLOWDOWN KEEPS ABU DHABI HOUSE PRICES IN CHECK DURING THE FOURTH QUARTER

    ABU DHABI RENT RISES TO SLOW ‘SIGNIFICANTLY’ WITH 35,000 NEW HOMES

    ABU DHABI HOTELS REAP BENEFITS OF GOING GREEN ITALY AND CHINA HIGH PRIORITIES FOR TCA ABU DHABI

    NORTHERN EMIRATES

    LANDLORDS IN SHARJAH CANNOT CHARGE FEE FOR TENANCY RENEWAL NEW SHARJAH PROJECT OPENS UP LARGE PLOTS FOR ARAB BUYERS

    RUSSIAN TOURIST SHORTAGE TO BE FELT AT FUJAIRAH AND SHARJAH HOTELS

    RAK PROPERTIES PROFIT EDGES UP TO DH155.7 MILLION IN 2014

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2013 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 29 YEARS Page 3

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    LANDLORDS IN SHARJAH CANNOT

    CHARGE FEE FOR TENANCY RENEWAL

    WEDNESDAY 04 FEBURARY 2015

    Landlords in Sharjah cannot charge tenants an annual renewal fee unless stated in the tenancy contract,

    Sharjah Municipality said.

    Any additional fee not listed on an attested tenancy contract cannot be requested by the landlord or real

    estate agency and is considered a violation.

    The laws on tenancy contracts are listed on the Sharjah Municipality’s website- www.shjmun.gov.ae

    Omar Al Sharji, Assistant Director General of Customer Service section at the municipality said the law,

    which regulates relations between landlords and tenants, states that a tenancy contract is valid for three

    years and the tenant’s rights are protected for that period, after which a new contract with new

    conditions is agreed on and signed by both parties. “If a tenant has agreed to the condition of paying

    annual fee at renewal, they must abide by the contract.”

    Many Sharjah residents have been asked to pay annual fees despite the condition not being included in

    their contract.

    A tenant, who did not wish to be identified said he has been asked “renewal service fees” by a real

    estate agent for the past 10 years for his villa in Sharjah.

    “They admit this is not sanctioned by law, but they tell me, ‘we’ve kept your rent low so pay us this fee’.

    They do the same with other tenants in villas or apartments,” the tenant added.

    Another tenant of a residential building said on condition of anonymity that he refused to pay the ‘fee’.

    “When I said it was not allowed, he offered me a discount on the ‘fee’. I insisted I won’t pay and he

    eventually backed off. But I know others in my building paid the fee,” he added.

    Some residents are forced to sign a separate “management contract” with the real estate agent that

    includes a clause to pay the illegal rent renewal fee, which is a violation.

    Al Sharji called on tenants to come forth with any complaints by submitting a form along with a copy of

    their tenancy contract to the rent dispute settlement division located at Industrial Area five. The

    complaint form should be submitted before the expiry date of the contract.

    “I urge the public to be informed about the rights and duties of both tenants and landlords in order to

    avoid violating any laws,” he said.

    Source: Gulf News

    Back to Index

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2014 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 29 YEARS Page 4

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    NEW SHARJAH PROJECT OPENS UP

    LARGE PLOTS FOR ARAB BUYERS

    WEDNESDAY 04 FEBURARY 2015

    The first phase of a project in Sharjah offering large-sized plots — of between 18,442 and 32,297 square

    feet — for investors to build their own villas has just been launched. The Dh400 million development —

    Shoumous Residential Complex — represents a joint venture between MAG Group and Albatha Real

    Estate Group and located in the Al Tai district of Sharjah and close to Shaikh Mohammad Bin Zayed

    Road.

    The first phase, spread over 6.8 million square feet, will feature 220 plots, extensive common areas and

    a mall which is to be developed by a third-party developer. The plots are going for Dh90-Dh100 a

    square foot. The handover will be by the end of the year. (It has been registered with Sharjah Real

    Estate Department.)

    “Sales are open to all Arab nationals — we are offering full flexibility on when the buyer wants to start

    construction on the plot,” said Dr Hani S. Abu Auida, CEO of Shoumous Properties and Vice-chairman of

    MAG Group. “But all of the access infrastructure, the internal road networks and the provision of utility

    will be managed by us as the master-developer.

    “The nearness to the Shaikh Mohammad Bin Zayed Road is another factor that will score with

    prospective investors.”

    On why the developer could not have built its own properties and sold them to investors, Auida said: “It

    would have altered the timing of the project significantly — compared to handing it over in eight months

    to a year, it would have taken us three or four years.

    “Plus, in the current market situation, we are giving serious investors to come in at an investment of,

    say, Dh2 million compared to Dh7 million or so for a finished property. The buyers have the freedom to

    plan the kind of funds they want to invest in building their property.

    “We found there was demand from niche buyers who place a prime value on individuality as well as

    exclusivity. This is a great opportunity to invest in property in Sharjah.

    “We will not be placing any restrictions on investors wishing to sell these plots rather than build. It’s

    entirely their call on what they want to do once the transaction is done.”

    Train project

    The developer also has access to an addition 4 million square feet of land in the area for a second

    phase. But the timing for its launch has not been decided. “The planned train project that will connect

    Abu Dhabi, Sharjah and Dubai should be passing through the area and we thought a final decision on

    the second phase must happen when we have a full picture,” said Auida.

    For MAG Property Group, this is its first residential venture in Sharjah, where it had earlier taken on

    industrial projects.

    As for Sharjah, its property market has been seeing a spike in the launch of large-sized residential

    developments. Recently, there was the unveiling of Tilal City, spread over 25 million square feet, by a

    joint venture between Eskan Real Estate Development and Sharjah Asset Management. Plots there are

    available on both freehold and long-lease terms to a buyer with a UAE resident visa.

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2014 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 29 YEARS Page 5

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    Source: Gulf News

    Back to Index

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN © Asteco Property Management, 2014 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 29 YEARS Page 6

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    DUBAI DEVELOPER GOES ALL OUT TO

    TAP OVERSEAS INVESTOR

    WEDNESDAY 04 FEBURARY 2015

    Sobha LLC, which has mu