NEWS BRIEF 20 - Asteco Property Management · PDF file International City, Dubai Investment...

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Transcript of NEWS BRIEF 20 - Asteco Property Management · PDF file International City, Dubai Investment...

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 30 YEARS

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    RESEARCH DEPARTMENT

    NEWS BRIEF 20 SUNDAY 17 May 2015

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 30 YEARS Page 2

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    REAL ESTATE NEWS UAE

    EXPERT TALK ON THE UAE RENTAL CHALLENGE

    DUBAI WHERE CHEAPEST TO RENT 1-BEDROOM IN DUBAI… CLICK TO FIND OUT

    DUBAI DEVELOPER'S TOWNHOUSE PROJECT IN MUDON SOLD OUT DP'S ARABELLA TOWNHOUSE LAUNCH TODAY SEES QUEUES OF BUYERS

    NO 4% FEE, INTEREST-FREE EMIS, PAY AFTER HANDOVER DUBAI STARTS GETTING AFFORDABLE HOME OPTIONS IN NUMBERS EROS TO VENTURE INTO REAL ESTATE MARKET

    DUBAI FESTIVAL CITY MALL TO OPEN FIRST PHASE OF DHS1.2 BILLION EXPANSION

    DUBAI PROPERTY PRICE INCREASE REMAINS SUBDUED IN THE FIRST QUARTER

    LIVE NEXT TO DUBAI EXPO: DEVELOPER TO SELL UNITS FROM DH380,000 FREE WI-FI SMART PALMS NOW ON BEACHES

    SKY'S THE LIMIT FOR DUBAI'S VERTICAL FUTURE DUBAI PLANS 'ULTIMATE AIRPORT' WITH RAIL INTEGRATION

    UNION PROPERTIES FIRST-QUARTER PROFIT PLUMMETS 84% JUMEIRAH GOLF ESTATES TO DEVELOP MID-MARKET HOMES AROUND RACE

    TO DUBAI COURSE DUBAI LANDLORD UNABLE TO TRACE TENANT OR RENT CHEQUES FOR NINE

    MONTHS DUBAI BUILDER ARABTEC REPORTS SURPRISE FIRST-QUARTER LOSS FROM

    CONSTRUCTION SLOWDOWN ALDAR FIRST QUARTER PROFIT UP 36% AS IT BENEFITS FROM HIGHER RENTAL INCOME

    ABU DHABI

    ABU DHABI'S REALTY DYNAMICS WORK AT DIFFERING SPEEDS

    SHARJAH THREE-YEAR RENT LOCK-IN A BLESSING FOR SHARJAH TENANTS:

    CLUTTONS

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 30 YEARS Page 3

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    WHERE CHEAPEST TO RENT 1-

    BEDROOM IN DUBAI… CLICK TO FIND

    OUT

    SUNDAY 17 MAY 2015

    The cheapest place to rent a one-bedroom apartment in Dubai is in the Arjaan master development,

    according to the Real Estate Regulatory Agency’s (Rera) rental index’s second update.

    One-bed units in the development are available from Dh35,000 to Dh45,000 per annum (pa) followed by

    International City, Dubai Investment Park and Remraam where rents range from Dh40,000 to Dh50,000

    pa.

    Lease rates in SkyCourts, Dubailand, were between Dh45,000 and Dh55,000 pa.

    In Dubai Silicon Oasis, rates ranged from Dh50,000 to Dh70,000 pa, while in Discovery Gardens rental

    prices were Dh60,000 to Dh75,000 pa.

    Earlier this month, MoveSouq.com and FlatReviews.com said in their first quarter 2015 report that an

    increasing number of tenants were moving to Dubailand, driven primarily by affordable rentals.

    It put rents for studio units at Dh35,000 to Dh45000 pa; one-beds Dh45,000 to Dh55,000 pa and two-

    beds Dh60,000 to Dh75000 pa.

    The costliest one-bed units, as per the second index update, are in Burj Khalifa, the tallest tower in the

    world, with rentals ranging from Dh160,000 to Dh180,000 pa, followed Palm Jumeirah which ranged

    between Dh130,000 and Dh160,000 pa.

    In Dubai Marina, one can rent a one-bedroom unit from Dh90,000 to Dh120,000 pa, while in Downtown

    Dubai it is between Dh100,000 and Dh120,000 pa.

    Emirates 24|7 reported last week rents have remained stable in the second update of index.

    However, a comparison done by this website of the first update of 2015 with the last update of 2014

    revealed a rental increase of six to 25 per cent across some of the master communities.

    The index is updated every four months by Rera, which is the regulatory arm of the Dubai Land

    Department.

    In December 2013, the Dubai government issued Decree No. 43 of 2013 concerning the percentages of

    maximum property rent increase that are allowed upon the renewal of tenancy contracts.

    The rent increase slabs are as follows:

    # 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 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.

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 30 YEARS Page 4

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    # 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.

    The average similar rental value of the property will be determined by the Real Estate Regulatory

    Agency's rent index, the decree states.

    Source: Emirates 24/7

    Back to Index

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 30 YEARS Page 5

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    DUBAI DEVELOPER'S TOWNHOUSE

    PROJECT IN MUDON SOLD OUT

    SUNDAY 17 MAY 2015

    Dubai Properties, the real estate arm of Dubai Holding, has sold out all the units released during the

    Saturday's launch of Arabella Townhouses, a project within Mudon community, a company spokesperson

    told Emirates 24|7.

    "We sold out all units launched today and additional units were released for sale due to strong demand,"

    the official said.

    Over 100 units were released on Saturday, the launch date, with this website reporting that people had

    queued up outside the company’s sales office much prior to the launch.

    Prices start at Dh1.5 million, with payment plan of 10 per cent on booking, five per cent every six

    months and 70 per on handover, sources said. The project is slated for completion in 2018.

    The new townhouses - three- and four-bedroom units, ranging from 1,984 to 2,603 square feet - will be

    positioned close to the Mudon Central Park, making it an ideal community for families, the developer

    said.

    The 41-acre Mudon Central Park will include a 1.5 kilometre jogging track, a cycling track, sports courts,

    outdoor exercise stations, water play areas, retail stores, kids zone and garden pavilions.

    Plans for a 64,000 square feet community centre are currently underway for Mudon and will include a

    swimming pool, gym and a mix of retail outlets, the developer said, adding a school will open by

    September 2016.

    Source: Emirates 24/7

    Back to Index

  • DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

    IN THE MIDDLE EAST FOR 30 YEARS Page 6

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    DP'S ARABELLA TOWNHOUSE LAUNCH

    TODAY SEES QUEUES OF BUYERS

    SATURDAY 16 MAY 2015

    Long queues were witnessed outside the sales office of Dubai Properties, the real estate arm of Dubai

    Holding, which is launching ‘Arabella Townhouses’, its new project within Mudon community today

    (Saturday), people at the venue told Emirates 24|7.

    “There have been hundreds of investors standing outside the DP’s sale office for the past one day. It

    seems the developer will be able to sell all the units within few hours of the launch,” RS, an investor

    standing in the queue, told this website.

    According to industry sources, the developer was planning to sell hundreds of units on launch date.

    Prices start at Dh1.5 million, with payment plan of 10 per cent on booking, five per cent every six

    months and 70 per on handover, sources said. The project is slated for completion in 2018.

    The new townhouses - three- and four-bedroom units, ranging from 1,984 to 2,603 square feet - will be

    positioned close to the Mudon Central Park, making it an ideal community for families, the developer

    said.

    The 41-acre Mudon Central Park will include a 1.5 kilometre jogging track, a cycling track, sports courts,

    outdoor exercise stations, water play areas, retail stores, kids zone and garden pavilions.

    Plans for a 64,000 square feet commun