NEWS BRIEF #16 - Asteco Property Management · PDF file Emaar launches 2 towers in Downtown;...

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Transcript of NEWS BRIEF #16 - Asteco Property Management · PDF file Emaar launches 2 towers in Downtown;...

  • ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

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

    IN THE MIDDLE EAST FOR 28 YEARS Page 1

    RESEARCH DEPARTMENT

    NEWS BRIEF #16 SUNDAY 21 APRIL 2013

  • ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

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

    IN THE MIDDLE EAST FOR 28 YEARS Page 2

    REAL ESTATE NEWS UAE

    UAE is Asia’s third strongest economy Dubizzle identifies UAE property market pick-up Tasweek in Dh800m investment The good, the bad and the ugly of UAE real estate in 2012, reports Bayut.com UAE mortgage cap will not end flipping in Dubai property market

    ABU DHABI

    Property now affordable in parts of Abu Dhabi Abu Dhabi home investments notch 8% gains Abu Dhabi continues to experience rental deflation: CBRE Abu Dhabi Rosewood Hotel to blossom in May Arabtec to lease entire office tower within WTC Eshraq to re-start work in The Gateway, 500 flats on Reem Island Abu Dhabi housing demand boosted by decree for employees to live in emirate President's Initiatives Follow-up Committee approves development projects worth AED

    800 million Abu Dhabi Commercial Properties secures new lease with Carrefour for AD-1 Tower New scheme to protect property rights for Abu Dhabi residents Abu Dhabi: Mubadala sells 10 plots of land on Al Maryah Island Abu Dhabi's tallest building ready for residents in 2014 Commercial plots released for sale on Saadiyat Aldar wins deal to build 996 villas in Abu Dhabi

    DUBAI

    Dubai Sustainable City off-plan sales starts in July Dubai rents up 10% this year: Expect rentals to go up further Falcon City of wonders to sell villas, begin construction Tecom parking permit woes: Motorists see red in Dubai Media, Internet City Emaar launches 2 towers in Downtown; sale on April 17 Efforts already underway to ‘flip’ Dh1m Mira villas from Emaar Dubai landlords must give 90-day notice to tenants for any rent hike JLT: For Dh50,000 ‘only’, the parking space can be yours Dubai Marina, Palm Jumeirah, Downtown most popular among property buyers Burj Vista registration ends in 30 minutes? Prime office rents rise in Dubai Dh150 million Dubai Safari to showcase wildlife in natural setting Up to 44,000 homes projected to come to market this year in Dubai Burj Vista units sold from Dh2000psf Discovery residents seek cards

    NORTHERN EMIRATES

    Rents in Sharjah soaring by 30 per cent UAE: Buyers eyeing holiday homes in RAK Construction of Khalifa Bin Zayed Marine Research Center in Umm Al Qaiwain starts

  • ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

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

    IN THE MIDDLE EAST FOR 28 YEARS Page 3

    QATAR

    Grand Heritage to open new hotel in Doha KSA

    Real estate experts expect the housing bubble to burst soon King orders land and home loans for Saudis Factories outside industrial areas to be shifted Madinah municipality to distribute housing plots

    BAHRAIN

    Majaal breaks ground on new construction in Bahrain OTHER

    Al Maabar develops Aqaba, Amman, Morocco projects Investors seek out safe havens across UK Strong govt spending boosts real estate growth: Cluttons Hamptons International launches new London property in the UAE at 'The Collection' with

    10% deposit option Newly formed OREA to oversee housing sector Association urges govt to allot land to private developers for affordable flats

  • ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

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

    IN THE MIDDLE EAST FOR 28 YEARS Page 4

    Property now affordable in parts of Abu Dhabi

    SUNDAY 14 APRIL 2013

    Abu Dhabi has become a more affordable place to live due to a drop in residential rents over the past 18 months caused by general oversupply and low demand, companies tracking the real estate sector in the UAE said yesterday.

    “Older areas such as those located on Abu Dhabi island...continue to experience low demand and falling rents as people choose to upgrade to more modern developments. The fall in rents has helped to encourage people who commute to Abu Dhabi from Dubai for work to relocate to the capital, especially while rents increase in Dubai, said Cluttons in its 2013 first quarter market report for Abu Dhabi.

    However, the report added that residential rents in areas benefiting from strong demand have increased by as much as 25 per cent during the last six months, defying general trends across the market.

    “Since October 2012 there have been a number of large-scale announcements, demonstrating Abu Dhabi’s commitment to its economy and real estate sector. The merging of developer giants Aldar and Sorouh, and the announcement that Abu Dhabi’s Executive Council plans to add Dh330 billion into the economy and infrastructure over the next five years, have provoked a feeling of optimism in the real estate sector. In September 2012, the government announced that all its employees and those of government-affiliated companies must live in Abu Dhabi, which has helped to drive residential demand,” said Cluttons.

    High quality

    “Average rents for prime residential units increased by approximately 8 per cent from the fourth quarter of 2012 to the first quarter of 2013. This improvement does not represent a market-wide recovery, but relates to selected high quality developments. However, this is certainly positive for the market, indicating the first signs of market recovery,” David Dudley, Regional Director of Jones Lang LaSalle, a global property advisory firm told Gulf News.

    In another report, real estate services firm, Asteco, said in the first quarter, the leasing market in Abu Dhabi remained strong with good levels of demand increasing upward pressure on average rental rates by as much as 8 per cent, particularly in the high-end segment driven by tenants seeking quality and those seeking the most affordable areas.

    “The rental gap is narrowing between Abu Dhabi and Dubai, which combined with improved quality, means that Abu Dhabi now has a more competitive offering. Many newcomers to the UAE are also now preferring to live in the UAE capital rather than commute from Dubai,” said Paul Maisfield, Associate Director and General Manager, Asteco Property Management in Abu Dhabi.

    Asteco said a two-bedroom apartment in Saadiyat Beach now commands an average rental rate of between Dh135,000 and Dh190,000 and rates for two-bedroom properties in the Al Raha Beach area grew to between Dh125,000 and Dh170,000. More affordable two-bedroom apartments in MBZ and Mussafah were renting on average for between Dh45,000 and Dh55,000 per annum.

    Source: Gulf News

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  • ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

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

    IN THE MIDDLE EAST FOR 28 YEARS Page 5

    Dubai Sustainable City off-plan sales starts in July

    SUNDAY 14 APRIL 2013

    Off-plan sales for Dubai’s first sustainable city will begin in July, Faris Saeed, chairman and chief executive of Diamond Developers, told Gulf News.

    Work on Dubai Sustainable City will start at the end of April with landscaping the project whose green areas account for 70 per cent of the total space, the developer said. Construction of the residential and commercial components of the $1 billion city will start in June, Saeed said.

    The project is expected to be completed by September 2015, he added.

    About 20 to 30 per cent of the cost will be self-funded and the remaining amount will be secured through bank loans, long-term investors and off-sale plans, the developer said.

    Investors have been secured for long-term projects within the city including a school and university for environmental sciences, he said.

    Market price

    Property prices at the green project “will not be more than market price,” said Saeed, addressing concerns that green properties may be more expensive than regular ones.

    The project has 500 residents units, a mix of townhouses and villas.

    By owning a residential property at the city, investors will also own a share in the shopping mall there and receive revenues that will cover their service fees, community fees and “a good part of their Dewa bill,” said Saeed.

    There will also be a car-free zone and solar-powered golf carts for each house, he added. The five million square feet Dubai Sustainable City, a mixed use project, will adopt initiatives to reduce carbon emissions by more than 75 per cent and will be a zero-waste city. It will be surrounded by a green belt of 100,000 trees and include organic farms.

    Source: Gulf News

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  • ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATIO