NEWS BRIEF 09 - Asteco Property Management€¦ · Boulevard in Downtown Dubai, and in Abu Dhabi at...





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





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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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.”


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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.


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IDEX 2015: ADNEC HOTEL ROOM

RATES SHOOT UP


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 is expected to attract 80,000 visitors. The event also wraps in two-day Naval

Defence and Unmanned Systems Conferences. Exhibitors from 40 countries participated in this year’s show. Farther afield, the Hilton Capital Grand, which is three kilometres from Adnec, also benefits from the conference and events business at the centre, and was running near full

capacity for Idex, according to Carlos Khneisser, the vice president for Middle East development at Hilton. Rooms at the property were going for Dh900 during Idex weekdays.

Next month, weekday rates start at Dh480.

Mr. Khneisser said that Hilton had been approached by developers about building more hotels in the Adnec area under its mid-range brands – including Hilton Garden Inn and Hampton Inn.

Idex, which occurs every two years, began on Sunday and ends today.

Major annual events at Adnec include the Abu Dhabi International Hunting and Equestrian

Exhibition in September and the Abu Dhabi International Petroleum Exhibition and Conference in November.

The number of visitors to Adnec has been increasing as the centre hosts more events and

international conferences.

Last year, along with the Al Ain Convention Centre that it manages, Adnec said it drew 1.6

million people who contributed Dh2.56 billion to the economy. That was up from 1.56 million visitors in 2013.





Next month, TCA Abu Dhabi will lead a delegation of representatives from the emirate’s tourism sector to the travel trade fair ITB Berlin to promote the capital, Al Ain and Al Gharbia.

Europe is a focus market for Abu Dhabi’s conference and events business, said Mubarak Al Shamsi, director of the Abu Dhabi Convention Bureau, earlier in the month.


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£380M MERAAS CONTRACTS ADVANCE

DUBAI PROPERTY PROJECTS

THURSDAY 26 FEBRUARY 2015

Two major property schemes in Dubai have moved a step closer after the master developer Meraas awarded £380 million (Dh2.16 billion) of contracts to Al Futtaim Carillion to build its ambitious Le Mer and Dubai Creek Waterfront schemes.

The UK contractor Carillion reported on Wednesday that its joint venture business Al Futtaim Carillion had been selected by Sheikh Mohammed’s private property company as the preferred

bidder on a £225m contract to build a tourism project stretching across 1.8 kilometres of the Dubai Creek area from Al Fahidi.

The project, which is based around traditional Emirati design, will include shops, cafes and

restaurants, three hotels, a mosque, museums, traditional workshops and a market as well as underground and multi-storey car parks. It is scheduled for completion by the end of 2016.

Meraas has also selected Al Futtaim Carillion as the preferred bidder for a £155m contract to build its 9.5 million square feet La Mer waterside scheme in Jumeirah.

The project, which was showcased at Cityscape last year, will include a water park with its own

pirate ship and a roller coaster, two marinas, a total of 688 apartments and luxury villas, and a 160-room hotel.


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HILTON’S SAADIYAT ISLAND RESORT

TO BREAK GROUND THIS YEAR

SATURDAY 28 FEBRUARY 2015

The hotel operator Hilton expects construction of its Saadiyat Island resort to start this year with a planned opening in 2018, when most of the area’s museum projects are expected to be finished.

The company is developing the 366-room property spread over 91,000 square metres owned by Bin Otaiba Investment Group, with an estimated cost of Dh800 million.

The Louvre Abu Dhabi is expected to open this year, with the Zayed National Museum expected next year and the Guggenheim Abu Dhabi in 2017.

The completion of museums will help to increase citywide hotel occupancy, with the gains not

limited to the Saadiyat and resorts, according to Filippo Sona, the director of the hotels division of Colliers International. “The most contribution will be two to three years after the

museums’ opening,” he said, as a museum takes some time to identify and develop what attracts the interest of tourists.

The museums should also lift room rates in the city, although new supply will partially counter

the price increase, according to Mr Sona.

Revenue at beach hotels in Abu Dhabi is expected to increase 9 per cent in the year through

April, according to figures from the consultancy Colliers.

The average rate is estimated at US$285, almost double that of the city hotels, with an occupancy rate of about 71 per cent.

The figures also show that Abu Dhabi city hotels are expected to clock a higher occupancy rate, at 80 per cent, but a lower average daily rate at $143.

“Abu Dhabi has its own captive audience, and I don’t think people are choosing Abu Dhabi over Dubai because it’s more affordable,” said Carlos Khneisser, the vice president for development in the Middle East region for Hilton Worldwide, which operates two properties here.

The US Company has 10 properties in the pipeline in Dubai, including four midscale Hilton Garden Inns.

Of those, a 336-room property in Al Jadaf is expected to open by 2017. A 182-room hotel in Al Mina and a 183-room hotel in Al Muraqabat are expected to open in the final quarter of this year. The fourth property, near Mall of the Emirates, is expected to open early next year.

“We have started seeing some good leads in the Dubai World Central area,” Mr Khneisser said.

Hilton has eight existing properties in Dubai.


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GGICO LOOKS TO APRIL COMPLETION

FOR SPORTS CITY PROJECT


GGICO Properties’ Grand Horizon Apartments project in Sports City is readying for an April completion. It had opened the sales programme early this month.

Unit prices start from Dh799,846, with special deals on offer based on a three-year payment

plan at 2 per cent a month from completion.

“We are anticipating a strong response following the launch of sales, based on Dubai Sports

City being home to an ever-expanding community of individuals and families who place high value on residing in a development with comprehensive amenities,” said Andrew Chambers, CEO. Two recent developments from the developer have already achieved sell-out status.

The new development comprises one-bedroom apartments ranging from 825 to 1,150 square feet. It also overlooks the golf club and offers quick access to both Al Khail and Shaikh

Mohammad Bin Zayed roads.

“We are offering a product that everybody living and working in the UAE can purchase, whether for end-use or for investment,” said Chambers. “Sports City has built a reputation for

having great infrastructure and numerous facilities, all of which add up to a superior standard of affordable living.”

Source: Gulf News

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UNION PROPERTIES TO SELL AUTO

MALL DEVELOPMENT


Union Properties has decided to sell its Auto Mall development in Dubai Motor City for Dh525 million to a local entity, Texture Global Investments.

The developer had initially planned to hold on to the asset as part of a plan to develop its

income generating side of the business. In fact, it had planned to recast the two-stores mall’s profile as one geared towards the automotive and accessories retail business into one that is

more of a general purpose shopping facility. It was felt that doing so would fit in with the community needs of the wider Motor City development, which is steadily expanding its residential base.

It is not known what made the developer change its plan and now sell off the asset. But, according to market sources, the Dh525 million looks a good price to get for the mall, which

will still need to go through the conversion process to turn itself into a community destination.

The mall will have as many as 150 stores across 450,000 square feet of leasable space. “We will not be part of the conversion project but will leave it to Texture to set the programme,”

said a Union Properties spokesperson. “It is in line to be completed by late 2916.”

Union Properties had seen a sharp drop in its 2014 net profits, totalling Dh858.7 million, down

from 2013’s Dh1.58 billion. Revenues were shaved by more than 50 per cent to Dh2.06 billion. The developer had said the lower net profits had to do with setting aside higher provisions.

“The sale proceeds from the sale of Auto Mall will be deployed in our other development

streams,” the spokesperson added. The developer recently launched the third phase at Green Community, its flagship development.

The scrip closed 10 fils lower to Dh1.08. Over a 12-month period, the share is down by more than 40 per cent.

Source: Gulf News

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WHERE RENTS HAVE FALLEN OR GONE

UP IN DUBAI


We've been hearing for some time that Dubai rents are going to drop by about 5 per cent this year, but new data released by a property consultant on Sunday showed that a few locations have already started to see a slight decline in rates.

The bad news, however, is that the majority of the apartments are still offering higher rents compared to 2013. Asteco, a full service real estate company, said that Dubai rents posted a

year-on-year growth of 7 per cent for apartments and 4 per cent for villas.

Asteco said a more significant drop in rents "could be on the cards" from 2016 onwards given that more supply will be entering the market, with around 12,000 new apartments and 2,000

villas expected to be completed this year,

Here’s a quick look at the rental changes during the fourth quarter of 2014 and the prevailing

rates for Dubai apartments in popular locations today.

Business Bay

Rent change between 2013 and 2014: 3%

Rents across all categories, from one-bedroom to two-bedroom flats ticked up by 3 per cent between the fourth quarter of 2013 and fourth quarter of 2014. One-bedroom apartments now

cost Dh93,000 to rent, up from Dh90,000 in 2013. A two-bedroom flat now generally costs Dh135,000, up from Dh130,000, while a three-bedroom apartment has increased from Dh178,000 to Dh180,000.

Deira


What's cheaper: One-bedroom and three-bedroom flats?

It seems most tenants in Deira don't need to worry about rent increases, especially if they're staying in one or three-bedroom flats. Overall, rents have registered zero increase. The rent

for one-bedroom apartment now costs about Dh3,000 less, with rates dropping from Dh68,000 to Dh65,000. Two-bedroom flats, however, have gone up from Dh85,000 to Dh90,000, while

three-bedroom apartments now cost slightly cheaper, from Dh135,000 to Dh133,000.

Discovery Gardens

Rent change between 2013 and 2014: -2%

What's cheaper: Two-bedroom flats

Rents in this neighbourhood close to Ibn Battuta Mall have registered a 2 per cent decline

between 2013 and 2014. Prices for one-bedroom flats have remained unchanged, at





Dh70,000, while two-bedroom flats have dropped from Dh83,000 to Dh80,000. There are no rates available for three-bedroom flats.

Downtown Dubai


One of the highly sought-after locations, Downtown Dubai has registered a 10 per cent increase in rents, with one-bedroom apartments rising from Dh98,000 to Dh118,000; two-bedroom, from Dh160,000 to Dh170,000 and three-bedroom, from Dh228,000 to Dh245,000.

Dubai Marina


Tenants looking for a one-bedroom flat near the marina can expect to pay Dh113,000 a year on average, up from Dh105,000 last year. Two-bedroom apartments now carry a price tag of Dh158,000, about Dh18,000 more compared to 2013. Three-bedroom flats have gone up from

Dh178,000 to Dh210,000.

Greens


What's cheaper: One-bedroom flats

Apartment rents in the Greens community have gone up by 7 per cent on average, although

tenants can end up paying less if they choose a one-bedroom flat, which can be had for Dh83,000, down from Dh85,000 in 2013. Two-bedroom flats have registered a significant

increase, from Dh135,000 to Dh148,000, as well as three-bedroom apartments, now costing Dh173,000, up from Dh155,000 in 2013.

International City


What's cheaper: Two-bedroom flats

This neighbourhood that is within proximity to Dragon Mart is a favourite among the budget-conscious. Across all categories, rents have registered a minor increase, at one per cent. One-

bedroom flats have gone up from Dh43,000 to Dh46,000, while two-bedroom apartments have dropped from Dh65,000 to Dh63,000.

Jumeirah Beach Residence


One of the prime locations registering the highest increase at 15 per cent, Jumeirah Beach

Residence now offers one-bedroom apartments for Dh118,000 a year, up from Dh108,000 in 2013. Two-bedroom apartments have gone up from Dh135,000 to Dh163,000, while three-bedroom flats have hit as high as Dh200,000, up from Dh175,000.

Jumeirah Lakes Towers


Rents in this neighbourhood, which is also popular among expatriates looking for easy access to the Dubai Metro, have registered the highest increase of 15 per cent. One-bedroom apartments have gone up from Dh83,000 to Dh90,000. Rates for two-bedroom flats have





increased from Dh110,000 to Dh133,000, while the going rates for three-bedroom apartments are pegged at Dh168,000, about Dh20,000 more compared to 2013.

Jumeirah Village


What's cheaper: One-bedroom flats

One-bedroom apartments at Jumeirah Village have gone down from Dh70,000 to Dh65,000, while two-bedroom flats have increased from Dh95,000 to Dh103,000 and three-bedroom flats

from Dh120,000 to Dh130,000.

Shaikh Zayed Road


If you're looking for a one-bedroom flat, prepare to pay around Dh113,000 a year, up from Dh98,000 in 2013. Rates for two-bedroom flats have remained unchanged at Dh148,000, while

three-bedroom flats have increased from Dh195,000 to Dh200,000.

Source: Gulf News

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80% OF TORCH TOWER NOW

ACCESSIBLE


More than 80 per cent of the apartments at The Torch tower that caught fire on Saturday are now accessible.

A massive fire engulfed the 86-storey tower at Dubai Marina early Saturday morning. Out of

676 apartments, 101 are still inaccessible and the affected residents have been given temporary accommodation, Oman Insurance Company, the insurer of The Torch tower, said in

a statement on Monday.

“A loss adjuster was assigned and, as soon as Saturday, alternative accommodation was

arranged to support the families in distress,” Patrick Choffel, Chief Executive Officer of Oman Insurance Company, said.

The affected residents have been given temporary accommodation at Gloria Hotel, Media One

Hotel and Marriott Hotel for up to seven days from the date of the fire. After seven days, owners and residents who are not still allowed to occupy their flat for safety reasons will need

to find alternative accommodation and arrange for it themselves.

Tim Crowe, Kingfield Owner Association Manager, said: “Kingfield appreciates the immediate action taken by Oman Insurance to appoint a loss adjuster who was on site within a couple of

hours and also to approve our requests for compensation for emergency accommodation for our residents. We have confidence that Oman Insurance will continue to assist us with

reasonable settlement of valid claims under the terms of the insurance policy.”

Source: Gulf News

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UAE: LIMITED IMPACT OF REAL ESTATE

PRICES ON ASSET QUALITY

SUNDAY 22 FEBRUARY 2015

UAE banks are unlikely to face any massive decline in asset quality over the next two years due to correction in real estate prices, according to rating agencies and analysts.

“We believe that a potential price correction on the UAE’s real estate markets will have much

less of an effect on banks than it did in 2009. We project a softening in residential real estate prices this year, particularly in the secondary market, given our expectations for an economic

slowdown and deteriorating investor sentiment, which will cool demand,” said Timucin Engin, credit analyst with Standard & Poor’s

While the residential property markets in Gulf Cooperation Council countries have improved

over the past two years, with Dubai taking the lead, the Dubai market started to soften in the first quarter of 2014, with lower transaction volumes and stabilising prices and rents.

Meanwhile, a large number of new projects have been announced over the past 18 months, with developers and investors wanting to capitalise on increasing prices.

According to S&P there are several reasons why the effect of another price correction should

be limited for banks. First, price declines are unlikely to be as big. Second, key UAE developers now operate with much stronger balance sheets relative to their financial position in 2009.

Regulation calls for them to secure equity funding before they launch any project. Plus, key developers have been funding a large portion of their more recent projects through advanced sales to customers rather via short-term bank funding. Finally, the UAE has introduced well-

defined loan-to-value restrictions to prevent household debt build-up that should protect the performance of residential mortgages. However, we could see some credit losses from smaller

developers and companies in other sectors that have invested in real estate as a sideline.

Another source of risks for UAE banks is the equity markets. Although the banks have minimal direct equity exposures and most have guidelines that call for exposure to stock market-

related lending, some delinquencies are likely to come from this sector.

Over the last four to five year the UAE banks have built strong provisions which analysts

expect will protect the balance sheet from any potential spike in non-performing loans and credit losses. At end-2014, the rated banks had a loan loss coverage ratio of about 122 per cent and a NPL ratio of about 3.4 per cent.

The banking sector is expected to avoid a big surge in NPLs in 2015 and beyond because of the intrinsic strength of the local corporate sector. During the 2009 and 2010, the asset quality of

banks suffered because of their exposure to highly leveraged government-related entities (GREs) in Dubai, as well as banks’ exposure to real estate sector.

Over the past few years, however, GREs have greatly improved their overall financial profiles as a result of higher cash flow generation, as sectors such as tourism and retail rebounded. Plus, we understand that certain corporate borrowers were able to improve their financial





positions by capitalising on higher prices on the real estate and capital markets to sell off their holdings.

Source: Gulf News

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DUBAI'S RENT CUT GETS 'CHILL

METER': DISCOVERY GARDENS FIRST

SUNDAY 01 MARCH 2015

Discovery Gardens, an “affordable” rental community close to Sheikh Zayed Road, is the only area in

Dubai to have registered a two per cent rental decline in 2014, with property experts now predicting a

“rent softening” this year.

Even though rents may come down, some renters (prospective and existing) in the community may, in

fact, not benefit, at all. Why?

Chiller meters are being installed in 62 Nakheel-managed owners’ association buildings and tenants will

have to pay for their unit’s air-conditioning, which was previously paid for by their landlords.

“Individual chiller meters are being installed in all 62 owners’ association buildings managed by Nakheel

in Discovery Gardens.

“This will provide a more transparent system under which air conditioning bills will be based on

individual consumption and paid directly. Owners and residents welcome the move.

“Installation of meters is ongoing, with anticipated completion this year," a company spokesperson said

in a statement emailed to Emirates 24|7.

A Nakheel Owner’s Association Management notice, issued in 2013 and reported by this website, said,

installation of chiller meters in each apartment would trigger energy saving with the buildings becoming

more environment friendly with potential savings of 15 to 30 per cent of total consumption proven.

It stated on average the total cost of cooling a building at Dh410,000 per year and the new move could

allow buildings to save between Dh61,500 to Dh123,000, per year, in energy costs.

Unit owners in Discovery Gardens pay chiller charges between Dh5 and Dh7 per square foot per annum

(pa), as part of their annual service charge.

With chiller meters being installed, tenants will have to pay the charges.

This will force landlords, who do not want their units to remain vacant, to lower rents so to compensate

renters to the extent of the cost of the chiller, which might range between Dh5,000 and Dh9,000 per

annum (pa).

“Landlords will reduce the rent where tenants are ready to pay the chiller charges; if the tenant is not

ready and unwilling then landlords may request higher rents.

“Therefore, directly or indirectly, tenants may end up paying more,” Urvashi Sidhpara, a Residential

Leasing Consultant, Better Homes Real Estate, told Emirates 24|7.

Landlords gain as it reduces their annual service charges, she said, adding, “But the tenant will have to

pay charges between Dh3,000 and Dh5,000 per year for a studio unit and Dh7,000 to Dh9,000 per year

for one-bed units.”

According to the consultant, landlords in Zen, one of the six-themed clusters in the master community,

have already started taking Dh10,000 in annual cooling charges for one-bed apartments and Dh5,500

for studio units through separate cheques from tenants.

“There is no way that landlords can ask their tenants to pay chiller charges in additional to high rents.





“They have to reduce rents if they want us to rent their units, or else we will see an exodus of tenants to

other areas,” S Kumar, who has leased a two-bed apartment in Discovery Gardens, told this website.

“I have signed a contract for this year and hence, I don’t have to pay for the chiller cost. I will take a

decision when my contract comes up for renewal,” he added.

Currently, the average current lease rates for one-bedroom units, as per Asteco’s new report, stands at

Dh70,000 pa, while two-bedroom units have declined to Dh80,000 pa from Dh83,000 pa.

Though there was no mention of studio lease rates, average listing prices are between Dh48,000 and

Dh55,000 pa.

As per the Real Estate Regulatory Agency (Rera) Rent Index, studio rents are between Dh45,000 and

Dh55,000 pa; one-beds between Dh60,000 and Dh75,000 pa and two-beds between Dh70,000 and

Dh85,000 pa, respectively.

Emirates 24|7 reported earlier that Rera was asking interim owners associations to install separate

chiller meters at the time their annual budgets came for approval.

As per the Association Constitution Clause 65, Rera may enforce the owners association to install

separate meters for all units and common areas for all utility service providers and may even enforce

the utility service suppliers to separate the utility fees of the common areas from the fee for the unit

owners.

The utility service providers are also required to submit separate invoices directly to the unit owners and

to the owners association for the common property.

The agency has been giving the chiller cost separately in the annual budget for some years now to unit

owners to pass on the charges to their tenants, in case they wanted them to pay.

Source: Emirates 24/7

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CURRENCY PRICES V PROPERTY

PRICES: WHY NOW MIGHT BE A GOOD

TIME FOR UAE EXPATS TO SELL

MONDAY 23 FEBURARY 2015

With over 100 nationalities living and working in the UAE and billions of dollars being remitted on a

yearly basis it comes as no surprise that many expats are rubbing their hands at the strength of the US

dollar (USD) and, therefore, the UAE dirham (AED) which is pegged to it.

What must not be taken for granted however is just how long the current highs we are witnessing will be

on offer? With low oil prices, the delaying of the inevitable Greek exit from the euro and many other

factors coming into play over the next few months we will see some 'normality' return to the currency

markets, resulting in a bearish run of the USD against all the major currencies. This has already been

demonstrated with the USD losing around 2 percent to the British sterling (GBP) since mid-January.

That being said, it does not necessarily mean bad news for expats in the region. Regulated foreign

exchange brokers are able to secure exchange rates for up to 2 years in advance, usually with a 10

percent deposit of the amount being secured. Banks and high street exchanges don't generally offer

this. Therefore, if you are an expat with regular obligations in your home currency you can fix a rate

which enables you to take advantage of the current situation without putting an unnecessary strain on

your finances.

A typical case in example would be a client that secured the AED/EUR rate for the next two years.

Should the euro return to the levels seen in June last year said client will be 18 percent better off than

his expat colleagues. The same goes for companies dealing with overseas suppliers or investors

purchasing abroad. The savvy chief finance officer or investor will realise that by taking advantage of the

tools on offer they will not only increase profitability but when offloading said investment/asset they will

also gain a higher return on investment. Savvy or not, small or large: whatever the exposure now would

be the time to look at protecting yourself against movements against you in the future.

The same rule can be applied to the property market. A stronger USD means a stronger dirham and that

is good news for expats looking to cash in and return home or take advantage of low rates for

international investments. It has become apparent that sellers are reluctant to budge on price, and are

not being persuaded by what is clearly "market value" offers that are being presented on their

properties. In a market where every penny counts from both a seller and buyer perspective, it would be

useful to highlight the benefits that are currently on offer to international sellers who are repatriating the

proceeds of their property sale.

The illustrations below highlight just how much of an impact the currency markets have on international

sellers. A rise of above 10 percent against most currencies means that now is as good a time as any to

drop the price a touch to get more viewings/offers and still net a similar or higher return than they

would have been possible 7 months ago:

AED vs GBP

3m AED property in July 2014 = 476,190 GBP





3m AED property in Jan 2015 = 545,454 GBP – 14.54 percent increase

3m AED property today = 535,714 GBP – 12.50 percent increase

AED vs EUR

3m AED property in May 2014 = 586,395 EUR

3m AED property in Jan 2015 = 734,034 EUR – 25.17 percent increase

3m AED property today = 722,021 EUR – 23.19 percent increase

AED vs AUD (Australian dollar)

3m AED property in Jul 2014 = 860,585 AUD

3m AED property in Jan 2015 = 1,069,900 AUD – 24.32 percent increase

3m AED property today = 1,053,370 AUD – 22.40 percent increase

AED vs CAD (Canadian dollar)

3m AED property in Jul 2014 = 868,558 CAD

3m AED property in Jan 2015 = 1,044,204 CAD – 20.22 percent increase

3m AED property today = 1,029,159 CAD – 18.49 percent increase

AED vs NZD (New Zealand dollar)

3m AED property in Jul 2014 = 925,925 NZD

3m AED property in Jan 2015 = 1,135,933 NZD – 22.68 percent increase

3m AED property today = 1,102,535 NZD – 19.07 percent increase

Currency markets are extremely unpredictable and it is irresponsible to try and guess which way the

market will turn. An astute property investor should simply look at the facts, which are that if they are

repatriating funds to the likes of Canada, Europe, New Zealand, Australia or UK then they are

significantly better off to sell now, in some cases close to 20 percent better off than 6 months ago.

In fact, international sellers can drop the property price by more than 5 percent and still net

substantially more in their home currency than last year!


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'FOR EVERYONE': 21 TOWERING EXPO

2020 STRUCTURES ACROSS DUBAI

SUNDAY 01 MARCH 2015

The organisers of Expo 2020 have launched a new massive campaign aimed at raising public awareness about the impact of Expo 2020 Dubai, including a competition to design a new logo for the event.

Titled ‘For Everyone’, the campaign will start from March 1, 2015 and is expected to increase the levels of public engagement in the mega event.

"The campaign is designed to allow the UAE public to engage with and learn more about Expo 2020 Dubai and the rich history of the World Expos," said Reem Al Hashemi, UAE Minister of State and Board Representative of the Dubai Expo 2020 Higher Committee and Director

General of the Bureau Dubai Expo 2020, at the campaign’s launch event in Dubai on Saturday.

"We wanted to give people across the UAE the chance to truly express their interpretation of

everything the UAE and Expo 2020 embodies, and help create our emblem to the world," she added.

"We are on a remarkable journey together. We all share our path in shaping this vision, and in

determining how Expo 2020 Dubai will be for all, making it an once-in-a-lifetime event that will leave behind a truly transformational legacy that touches everyone."

As part of the initiative, about 21 towering structures will be placed across various locations such as major shopping malls, leisure hubs and business centres in the emirate.

The sculptures, which will be three- to six-metres high, will have interactive screens that will

allow the public to learn about the Expo themes and the impact that previous expos had on societies.

On March 22, all 21 sculptures will be joined together to create three giant structures representing the sub themes of the Expo and will be subsequently put on display.

The art sculptures exhibited during the campaign will be designed by artists from around the

world.

"Art is universal in its appeal and understanding.

“We hope the expression of our theme and subthemes through the eyes of the world’s artists will spark dialogue around the challenges that impact our daily lives and connect the community," she said.

"We hope the expression of our theme and subthemes through the eyes of the world’s artists will spark a dialogue about the challenges that impact our daily lives and connect the

community."





''Among other initiatives, Dubai is also planning to launch multi- emirate interactive experience zones on April 10. The launch will also mark the 2,020 day countdown to the Expo

2020 opening day,'' she added.

The experiential roadshow zones – a part of the inter emirate initiative- will educate the public

on the impact of previous expos and will build awareness on how the event will impact Dubai as the host city.

The public can also share their thoughts on the Expo on social media networks under the

hashtag #expo 2020.

The launch of the ‘For Everyone’ campaign is expected to be an awareness building and

engaging series of public activities that will support the UAE and Expo 2020’s participation in Italy’s World Expo - Expo Milano 2015 – taking place May 1st to the end of October.

The UAE will have a country pavilion within Expo 2015, focusing on the UAE’s efforts to

address food and hunger issues and dually promoting Expo 2020 Dubai’s theme and subthemes.


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DUBAI RIPPLE EFFECT FELT IN

NORTHERN EMIRATES REAL ESTATE

FRIDAY 27 FEBRUARY 2015

The relocation of budget conscious tenants from Sharjah to Dubai has slowed down, following the softening of rents in Dubai, according to Asteco.

In its “UAE Property Review 2014 Highlights & 2015 Outlook” report, the consultancy said a

“muted” year is on the cards in terms of market movement following modest 10 per cent average rental increase in Sharjah, Ajman, Ras Al Khaimah (RAK) in 2014.

“The real estate market of the northern parts, particularly Sharjah and Ajman, has traditionally been characterised by strong interdependence with Dubai due to overflow demand. That scenario peaked most recently in Q1 2014 and with the current slowdown in Dubai, which has

effectively put the brakes on tenant migration, a potential correction in rental rates for both Sharjah and Ajman is anticipated in 2015,” said John Stevens, Managing Director, Asteco.

Both Fujairah and Umm Al Quwain, however, are unlikely to see much change for the year ahead, as they are less inter-related with Dubai.

Strong levels of growth and high occupancy levels throughout these emirates were recorded in

the first half 2014, but the second half of the year saw downward pressure on leasing rates, which were already around 50 per cent cheaper than similar properties in Dubai, and even 60

per cent more affordable in Ajman. Some tenants had also relocated to cheaper accommodation within the Sharjah borders as certain landlords were unwilling to negotiate rental rates.

Sharjah and Ajman have historically seen less dramatic swings in rental rates over the last six years, with apartments on average 16 per cent and 17 per cent, respectively, lower in Q4 2014

than the peak rates achieved in 2008.

A two-bedroom apartment in Sharjah’s Al Khan area was leasing at Dh65,000 per annum (pa) in 2008 before hitting a low of Dh33,000 pa in 2012 and increasing to Dh53,000 pa in the final

quarter last year.

The popularity of a number of major water-front and golf course master-planned communities

in RAK, including Al Hamra Village, Mina Al Arab and Marjan Island, is also expected to hold firm this year, the report said, forecasting stable levels of demand from both sales and leasing as these communities.

“RAK had a relatively good year in 2014, as a good value-for-money option with a selection of quality properties available at reasonable prices, and regulatory transparency on property

ownership promoting strong demand; whereas Sharjah’s sales potential is still stymied to a certain degree by the absence of clear ownership regulations," Stevens added.


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DUBAI TO GET NEW 'TOWN SQUARE'

SATURDAY 28 FEBRUARY 2015

Nshama, a Dubai-based developer, has launched the Town Square development at the intersection of Al Qudra Road and Emirates Road.

Spread over about 750 acres, the project will feature over 3,000 townhouses, 18,000 apartments, 350 shops, one Vida hotel, several parks, healthcare facilities, schools and cycling

trails, according to company website.

“All our projects are similarly planned to meet the growing middle-income demand for end-user homes,” said company Chief Executive Officer Fred Durie.

The developer is also building a lifestyle development that focuses on sustainability, culture and education through a joint venture with Mohammed Bin Rashid Al Maktoum Foundation

(MBRF).

The cost of project was not given. No timeline was given on when construction will start and be

completed.

Emirates 24|7 reported earlier that 78 new projects were launched in 2014 with the Dubai Land Department reviving at least 43 stalled projects worth over Dh10 billion through its

Tayseer and Tanmia initiatives in the past few years.


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DUBAI RAINFOREST, A NEW WEDDING

DESTINATION IN MAKING

THURSDAY 26 FEBRUARY 2015

A tropical rainforest is coming up in Dubai’s new 55 million square feet master development – Akoya Oxygen.

Damac Properties, the master developer, states it will recreate and complete “the tall, dense

jungle environment” with many plants species before Dubai Expo 2020, as it aims to make the venue to be among the major tourist attractions in the emirate.

Built within an educational and cultural dome, the forest will also be used as a wedding venue, besides a zip wire allowing visitors to have a bird’s eye view of the environment. It will also have a rainforest spa, rock pools and steam baths.

The Dubai Rainforest will be completed ahead of the World Expo 2020, and will become a key attraction within Dubai’s integrated tourism plans.

“Dubai is known around the world for attracting the biggest and best and the Dubai Rainforest joins that list of unique attractions which will support the growth of the city,” said Ziad El Chaar, Managing Director, Damac Properties.

The rainforest will be located near the Trump World Golf Clubhouse, part of an open-air walkway of high-end retail and entertainment offering.

Akoya Oxygen is the home of a 18-hole championship-standard golf course, which is being designed by Tiger Woods and will be managed by the Trump Organisation.

Deepest rainforests cover six per cent of the earth’s surface with the Amazon representing

over half of the planet's remaining rainforests. It comprises the largest and most biodiverse tract of rainforest in the world, with an estimated 390 billion individual trees divided into

16,000 species.

Emirates 24|7 reported in 2014 that Indigo Properties will be offering the tropical resort lifestyle in its Indigo Zen, a villa development in Dubai Golf City, Dubailand, which will cover

4.5 million square feet of land area dotted with verdant foliage with winding waterways.

We have reported earlier that Dubai’s Link Global Group is building Taaj Arabia – a 20-storey

glass structure inspired by India's Taj Mahal – in Mughal Gardens development in Dubailand,which is aimed to become a global wedding destination.


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DUBAI TENANTS: RIGHT WAY TO

AVOID RENT HIKE THIS YEAR


Property experts have forecast rents softening in Dubai’s residential market in 2015 and a significant decline next year. But ‘smart’ tenants, who know the law, can prevent landlords from seeking outrageous hike.

We know that if the landlord and tenant don’t mutually agree to a new rent prior to a contract renewal, the latter has the right to file a case with Dubai’s Rental Dispute Settlement Centre.

Remember, you will have to pay 3.5 per cent of your annual rent as non-refundable fees, besides having to visit the dispute centre, at least twice, before a judgment is passed.

Thereafter, the landlord is unlikely to heed to any of your requests of maintenance. You will

then have to revisit the dispute centre to seek services by paying the 3.5 per cent fee again.

Emirates24|7 spoke to several real estate agents who confess that existing tenants who have

talked and negotiated their rents with landlords have often been successful.

In January, Hadef & Partners, a UAE-based law firm, said that only 31 per cent of respondents to their survey had challenged the proposed rent contract termination, with over 84 per cent

resorting to direct negotiation with the landlord. In any case, where a challenge was made over 64 per cent were successful, it said.

Though it may not always hold true, real estate agents admit the best time to negotiate with your landlord is on a weekday, and not weekends, as they seek to close the deal as early as possible as they are preoccupied with their daily work.

Whatsoever, keep in mind the following points to possibly thwart your landlord’s effort of any arbitrary rent hike?

# Ejari is mandatory

All tenancy contracts in Dubai have to be registered with Ejari. It costs Dh195, but the question is who pays? Real Estate Regulatory Agency (Rera) does not specify the party paying

the fee, but generally in a strata tower the onus is on the tenant. Where a property management firm manages a tower they have to pay the fee. These companies, however, do

recover the cost from the tenants. Documents required for registration includes tenancy contract, recent Dewa bill, title deed copy or affection plan, tenant’s passport, and visa and Emirates ID copy.

# 90-day notice is must

A landlord has to give a 90-day notice if he/she wants to increase the rent and that too as per

Rera rent index. No notice being served means a landlord cannot raise the rent at all. If there is no communication between the two parties, the contract is automatically renewed at the





same rental price. Generally, agents, on behalf of the landlord, tend to give only a 30-day notice period to force tenants to accept the hike as moving out becomes difficult.

# Follow rent index

It is mandatory for the landlords to follow the rent index, but as mentioned the 90-day notice

is mandatory. In case the notice has been served, either electronically or in writing, the landlord can increase the rent as indicated by the index.

Here is Dubai rent decree issued and this is what it says:

In order to control the arbitrary rent increases, Dubai government released a new rent decree in December 2013.

The Decree, No 43 of 2013 now sets a specific band for maximum rent increases that a landlord can demand at the time of renewing leases. The decree is applicable to private and public sector owned properties in Dubai, as well as within the free zones.

* No rent increase if the rent of the property unit is less than 10 per cent of the average rent of a similar property in the same residential area.

* If the rent value is between 11 per cent and 20 per cent less than the average rent of a similar property, the maximum rent increase shall be equal to 5 per cent of the rent value.

* If the rental value of a unit is between 21 and 30 per cent less than the average rent of a

similar unit, the maximum rent increase shall be equal to 10 per cent of the rental value.

* If the rental value of a property is between 31 and 40 per cent less than the average rental

of a similar property, the maximum rent increase shall be equal to 15 per cent of the rental value.

* If the rental value of a property unit is less than 40 per cent or more of the average rent of a similar unit, the maximum rent increase applicable is of 20 per cent.

# Talk, negotiate with your landlord

So, before you head to the Rent Committee, try negotiating. Good tenants are likely to benefit as landlords try to seal the deal at a common price. Remind those asking for higher rent of the

laws and regulations. Your knowledge on the laws can help you strike a deal because eviction isn’t that easy these days even though the landlord has given a 12-month notice but does not furnish the proof of sale.

# The last option

If you fail to mutually agree on a common price, either party is free to file a case with the

Dubai Land Department’s Rental Dispute Settlement Centre. The cost of filing a case is 3.5 per cent of the annual rent, minimum being Dh500 to the maximum of Dh20,000.


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DUBAI RENTS SOFTENING; BIGGER

DECLINE NEXT YEAR?


A number of real estate consultancies are expecting rents to decline this year, with one more report by Asteco, a real estate consultancy, confirming the same.

Tenants should be happy as the rents will not merely soften in 2015, but will continue in 2016

as well when new properties come on stream.

“A further 12,000 apartments will be added to the city’s existing inventory in 2015 as well as

over 2,000 villas. This is good news for tenants across the emirate, and a more tempered rental environment is especially welcome when you consider that since 2011 apartment rents have increased by 65 per cent and villas by 55 per cent,” says John Stevens, Managing

Director, Asteco.

Rentals still remain 25 per cent lower than 2008 though lease rates did rise 6 per cent, on

average, in 2014 compared to 2013.

On average, a two-bedroom apartment for all areas combined, leased for Dh122,000 per annum in Q4 2014, whereas the average in 2011 was Dh72,000 pa and Dh158,000 pa in 2008.

The report, however, warns that any further increase in rents will make many areas “unaffordable to their target market leading to decreased demand and tenant outflow”.

It goes on to add that looking beyond this year, a more significant drop in rental rates could be on the cards from 2016 onwards as a large number of projects announced in 2013/14 (an estimated 12,000 to 14,000 villa units) are completed.

In January, JLL, a real estate consultancy, said residents could expect rental declines this year, with even rent-free periods being offered to tenants. In the same month, Knight Frank, a UK-

based consultancy, said residential rents are likely to fall by five per cent, while property prices will be down by 5 to 10 per cent in 2015.

JLL expects 25,000 new units to be delivered this year; while CBRE, another global

consultancy, believes there will be supply of 20,000 new units.

Stable market

Asteco puts 2014 as a ‘year of stabilisation’ as sales price increase rose four per cent, one per cent and nine per cent, respectively, for apartments, villas and offices. In a year of two halves, the residential sales market recorded moderate growth in the first half of the year, with

significant slowdown in market activity and sales transactions in the second half 2014.

Villa sales prices were stable in the final quarter 2014 compared with fourth quarter 2013, with the Meadows, Springs and Arabian Ranches accounting for 50 per cent of all villa sales. Palm





Jumeirah was the only development to experience an increase in Q4 2008 prices, which rose four per cent due to its popularity with both local and international buyers.

“We anticipate that the overall sales prices of units in sought-after communities are likely to see relative stability, while secondary communities, with limited facilities and amenities will be

faced with declining values,” believes Stevens.

Sales prices for apartments ended the year showing a seven per cent increase compared with Q4 2013, but with additional supply on the way and ongoing macro-economic challenges

significant market growth is unlikely.

On average, apartment sales prices were 22 per cent lower in Q4 2014 than in Q4 2008, but

were still six per cent higher than Q4 2013, the report pointed out.


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RICH SPLURGE ON DOWNTOWN DUBAI;

BURJ KHALIFA FAVOURITE


Nearly 350 big tickets deals were registered in Dubai’s luxury housing market in 2014, with total transaction value exceeding Dh2.77 billion, according to a new study.

Over 40 per cent of total transactions were registered in Downtown Dubai, the study by

Luxhabitat, a Dubai-based real estate brokerage firm, found.

The company conducted an analysis on properties above Dh5 million sold last year using data

from the Dubai Land Department and Reidin.

Burj Khalifa topped in unit sales with 41 per cent of the transactions among single towers with

Downtown Dubai being the most attractive location for investors and end-users despite apartments size being far smaller than Dubai Marina.

Overall, the transaction value in the development crossed Dh1.1 billion, with average price

being Dh3,980 per square feet (psf).





Emirates 24|7 reported in January 2015 that an apartment in Burj Khalifa was sold for Dh60 million, topping the list of the biggest transactions of 2014.

Moreover, we did report that there had been a 100 per cent increase in people taking

mortgage to buy property in the tall tower.

Dubai Marina came second on the list of apartment sales with transaction volumes reaching

Dh770 million as average price stood at Dh2,512 psf.

Palm Jumeirah took the third spot with total deals of Dh499 million with average price was at

Dh1,996 psf.

Asteco’s latest report stated that the Palm was the only development to experience an increase

in Q4 2008 prices, up 4 per cent underscoring its popularity with both local and international buyers.


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SHARJAH ALLOWS UAE EXPATS TO BUY

APARTMENTS

TUURSDAY 26 FEBRUARY 2015

Non- Gulf Cooperation Council (GCC) expatriates with valid UAE resident visa can now buy apartments

in Sharjah’s Al Rayyan development on leasehold basis.

“This is the first time that non-GCC expatriates, but with a residence visa, can own a property in our

tower, which is located in Al Nadha district, on a leasehold basis,” Randa Kamal, Chief Executive Officer,

JMS Property Development & Management, told Emirates24|7.

The Dh700-million Al Rayyan development comprises two residential towers with 504 dwellings, a

commercial tower that will also include served apartment options, and a retail complex housing 80 to 90

shops and a hypermarket.

In September 2014, another Sharjah-based developer had told this website that Arab nationalities could

buy a maximum of five apartments, but there was no restrictions for GCC nationals.

According to Cluttons, the sales and marketing agents for Al Rayyan project, prices for one-beds to four-

bed penthouses, ranged between Dh750,000 and Dh4.5 million. The maintenance fee is set at Dh12 per

square feet for residential tower, while the commercial fee is kept at Dh10 per square feet. Buyers will

have to pay in addition chiller charges, which will be based on consumption.

Asked for the years the lease for apartments would be valid, Steve Morgan, Chief Executive Officer,

Cluttons Middle East, said the Sharjah government decree had been issued recently and they were

expecting clarification on the leasehold definition in the coming days.

The expected return on investment is between 7 and 9 per cent, the Cluttons official said, referring to a

rental growth of 53 per cent since 2012 with a 23 per cent rental increase registered in the first nine

months of 2014.

The consultancy, which manages 3,000 properties in the emirate, valued at Dh10 billion, has also been

involved selling land plots to foreigners holding UAE residence visa in the Dh2-billion Tilal City on 100

years lease basis.

JMS CEO revealed the project was unlikely to face a delay as the Sharjah Electricity and Water Authority

had assured power and water connectivity.

Sharjah has been witnessing huge demand for properties in the renal market, post spike in rents across

Dubai in the last two years, driven by a reverse migration of budget conscious families and companies

leasing bulk staff accommodation.

The two residential towers will be completed by end of first quarter 2016, while completion of the

commercial tower is set for end of second quarter.


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With 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]

Julia Knibbs MSc

Manager – Research and Consultancy - UAE

+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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