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Transcript of NEWS BRIEF 09 - Asteco Property Management · PDF file Boulevard in Downtown Dubai, and in Abu...

  • 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 09 SUNDAY 01 March 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: LIMITED IMPACT OF REAL ESTATE PRICES ON ASSET QUALITY

    CURRENCY PRICES V PROPERTY PRICES: WHY NOW MIGHT BE A GOOD TIME FOR UAE EXPATS TO SELL

    'FOR EVERYONE': 21 TOWERING EXPO 2020 STRUCTURES ACROSS DUBAI

    DUBAI

    EMAAR LAUNCHES ACACIA AT PARK HEIGHTS APARTMENTS IN DUBAI

    RECORD MONTH FOR NEW CRUISE TERMINAL IN DUBAI’S MINA RASHID CULTURE VILLAGE IN DUBAI TO ADD 290-ROOM WATERFRONT HOTEL

    £380M MERAAS CONTRACTS ADVANCE DUBAI PROPERTY PROJECTS GGICO LOOKS TO APRIL COMPLETION FOR SPORTS CITY PROJECT

    UNION PROPERTIES TO SELL AUTO MALL DEVELOPMENT WHERE RENTS HAVE FALLEN OR GONE UP IN DUBAI

    80% OF TORCH TOWER NOW ACCESSIBLE DUBAI'S RENT CUT GETS 'CHILL METER': DISCOVERY GARDENS FIRST

    DUBAI TO GET NEW 'TOWN SQUARE' DUBAI RAINFOREST, A NEW WEDDING DESTINATION IN MAKING

    DUBAI TENANTS: RIGHT WAY TO AVOID RENT HIKE THIS YEAR DUBAI RENTS SOFTENING; BIGGER DECLINE NEXT YEAR?

    RICH SPLURGE ON DOWNTOWN DUBAI; BURJ KHALIFA FAVOURITE

    ABU DHABI

    IDEX 2015: ADNEC HOTEL ROOM RATES SHOOT UP

    HILTON’S SAADIYAT ISLAND RESORT TO BREAK GROUND THIS YEAR

    NORTHERN EMIRATES

    SHARJAH ALLOWS UAE EXPATS TO BUY APARTMENTS DUBAI RIPPLE EFFECT FELT IN NORTHERN EMIRATES REAL ESTATE

  • 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

    EMAAR LAUNCHES ACACIA AT PARK

    HEIGHTS APARTMENTS IN DUBAI

    MONDAY 23 FEBRUARY 2015

    Emaar has announced the sale of a new phase of apartments in Mohammed bin Rashid City in Dubai.

    Located at the crossroads of Al Qudra and Sheikh Mohammed Bin Zayed Road, Acacia at Park

    Heights in Dubai Hills Estate is being developed as a joint venture between Emaar and Meraas Holding.

    The project will feature 479 one, two and three-bedroom apartments and a championship golf course, according to Emaar.

    The sales launch will be held on Saturday in Dubai at Emaar Pavilion on Mohammed Bin Rashid

    Boulevard in Downtown Dubai, and in Abu Dhabi at the Emaar Sales Centre, Al Nahda Tower at 10am; in Karachi at Pearl Continental Hotel at 10am; and in London at Stand D50, Dubai

    Property Show, Olympia West at 10am.

    “Acacia at Park Heights, the new residential project within Dubai Hills Estate, will be a value investment for regional and international investors, with the residents set to become part of a

    thriving neighbourhood,” said Ahmad Al Matrooshi, managing director of Emaar Properties.

    “The access to outdoor activities will be a great incentive for the home-owners, who will also

    benefit from the central location of the project.”

    The prices of the properties were not unveiled.

    The property broker Jones Lang LaSalle last month predicted that prices and rents across

    Dubai would drop by an average of 10 per cent this year.

    JLL based its forecast for 2015 on a lack of affordability in the market and the fall in oil prices.

    Source: The National

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  • 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

    RECORD MONTH FOR NEW CRUISE

    TERMINAL IN DUBAI’S MINA RASHID

    TUESDAY 24 FEBRUARY 2015

    The newly opened cruise terminal in Dubai’s Mina Rashid made January the port’s busiest month ever with a record 150,000 tourists arriving on more than 30 ships.

    Twice last month the port accommodated five cruise ships at the same time – a first in the

    terminal’s history. It also welcomed Cunard’s Queen Mary 2, the largest cruise ship to call in the GCC.

    The Hamdan bin Mohammed Cruise Terminal, opened last December, is capable of welcoming 14,000 cruise passengers per day.

    “January was a busy month for Dubai’s cruise industry and we’ve reached some real

    milestones and made significant progress towards our targets,” said Hamad bin Mejren, the executive director of Dubai Tourism. “In 2014, Dubai received 358,000 passengers from 94

    cruise ship calls, and the forecast for 2015 stands at 425,000 cruise tourists from 115 ship calls. With the total figure for January 2015 alone at 150,000 visitors, we’re confident that our 2015 target is achievable.”

    Dubai will soon host five of the world’s biggest cruise operators.

    It is presently home to three of the world’s biggest – Costa, Aida and MSC – with TUI and

    Royal Caribbean returning in the next two seasons.

    Apart from the liners based in Dubai, 26 other ships from four cruise lines docked at the port.

    Mina Rashid expects to attract 5 per cent, or 1 million of the 20 million visitors targeted for

    2020.

    While the inbound figures for cruise visitors are impressive, outbound traffic is growing at a

    similar rate.

    “Dubai’s cruise business is booming because of a combination of factors,” said Samer Assaad, the director of Alpha Holidays. “It’s the attraction of the city, the fantastic new terminal and

    taking a cruise becoming more popular.”

    Source: The National

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  • 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

    CULTURE VILLAGE IN DUBAI TO ADD

    290-ROOM WATERFRONT HOTEL

    WEDNESDAY 25 FEBRUARY 2015

    Dubai’s waterfront project Culture Village will add a resort as the emirate creates new spaces for rooms with a view.

    Bangkok-based Minor Hotel Group expects to open a 290-room Anantara Dubai Creek Hotel in

    2018.

    A much-delayed Versace hotel that is under construction in the same location is expected this

    year.

    The Thai company operates nine properties in the UAE, including one Anantara in Dubai and five in Abu Dhabi, two Oaks hotels in Dubai and Abu Dhabi, and Desert Palm luxury resort in

    Dubai.

    As part of its 2020 target, Dubai looks to add 20,000 rooms by next year, according to Dubai

    Corporation for Tourism and Commerce Marketing. The emirate currently has around 90,000 rooms.

    Dubai Properties Group is developing over 9 million square feet as part of the Culture Village, a

    mixed use complex with a 3.8 km of promenade walkways. While the opening date is not known, key infrastructure work was expected to be completed by the first quarter of this year.

    A part of Dubai Holdings, DPG is also the developer for Mudon and Remraam residential real estate projects in Dubailand, Manazel Al Khor and Dubai Wharf located at at Culture Village.

    Source: The National

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  • 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

    IDEX 2015: ADNEC HOTEL ROOM

    RATES SHOOT UP

    WEDNESDAY 25 FEBRUARY 2015

    Hotel room rates around Abu Dhabi’s conference centre have shot up – in some cases, to nearly six times the normal rate – during one of the largest weapons shows in the world.

    Abu Dhabi National Exhibitions Centre (Adnec), which is organising and hosting the five-day

    International Defence Exhibition and Conference (Idex), has four hotels in its immediate vicinity accounting for some 1,250 hotel rooms.

    They are the budget Premier Inn, the luxury Hyatt Capital Gate, the four-star Aloft and the Rotana chain’s Centro Capital Centre.

    Rooms at Aloft and Hyatt Capital Gate were going for Dh2,000 a night on Idex weekdays,

    whereas next month these could be had for Dh390 to Dh600, respectively.

    Even at the budget Premier Inn Capital Centre, rooms this week were going fast for Dh1,250.

    Rates were as high as Dh1,750 at the Centro. Rooms at both these hotels are usually in the range of Dh300 when there are no big conferences scheduled at Adnec.

    The average daily room rate last year in Abu Dhabi was Dh442, according to Abu Dhabi

    Tourism and Culture Authority (TCA Abu Dhabi).

    Idex this year i