NEWS BRIEF 22 - Asteco Property Management · PDF file Heathrow Airport handled a total of 16...

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Transcript of NEWS BRIEF 22 - Asteco Property Management · PDF file Heathrow Airport handled a total of 16...

  • 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 22 SUNDAY 08 JUNE 2014

  • 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 DESERT RESORTS AIM TO STAY BUSY AS TEMPERATURES SOAR INVESTOR CONFIDENCE IN UAE HOTELS GROWS AS VISITOR NUMBERS RISE ALDAR PROPERTIES RETIRES $1.25B BOND AS COMPANY ACHIEVES IMPORTANT FINANCING MILESTONES

    BANKS OPEN UP TO UAE’S BOOMING PROPERTY SECTOR DUBAI

    DUBAI AIRPORT TO BECOME WORLD'S LARGEST NEXT YEAR - FOR GOOD DEIRA BUILDING RESIDENTS CLAIM TO BE ‘BULLIED’ BY REAL ESTATE FIRM DUBAI'S PROPERTY WATCHDOG ISSUES FINES FOR COLD CALL TACTICS DUBAI REALTY STILL PACKS PUNCH FOR GCC INVESTORS RESOLVING RENTAL DISPUTES AT DIFC PROPERTIES MEYDAN INKS DH700M BANK FINANCING DEAL SECOND TOWER AT BLVD CRESCENT IN DUBAI LAUNCHED BY EMAAR STOP COLD-CALLING HOMEOWNERS, DUBAI BROKERS TOLD DEADLINE APPROACHES FOR LICENSED HOLIDAY HOMES IN DUBAI DUBAI PROPERTY PRICES COOL IN FIRST QUARTER AS GOVERNMENT ACTIONS TAKE EFFECT

    NAKHEEL TO HIRE 250 ESTATE AGENTS FOR NEW COMPANY IN DUBAI DAMAC HOPING TO TEMPT BUYERS INTO DOUBLING UP WITH TWO-FLAT DEALS

    ABU DHABI

    ABU DHABI INTERNATIONAL AIRPORT POSTS 22.5% INCREASE IN PASSENGER TRAFFIC IN APRIL 2014

    ALDAR PROPERTIES RETIRES $1.25B BOND AS COMPANY ACHIEVES IMPORTANT FINANCING MILESTONES

    ARABTEC SHARES RISE AS CHIEF OVERTAKES AABAR AS LARGEST SHAREHOLDER

    ABU DHABI PROPERTY INVESTOR TASWEEK AIMS FOR DH1 BILLION IPO IN DECEMBER

    WRITEDOWN HITS BOTTOM LINE FOR TDIC WITH LOSS OF DH1.13BN YAS ISLAND APARTMENT SALE DRAWS ENTHUSIASTIC RECEPTION IN ABU DHABI

    KSA

    AL FUTTAIM GROUP TO BUILD SAUDI ARABIA’S LARGEST SHOPPING CENTRE

    AL FUTTAIM GROUP TO BUILD SAUDI ARABIA’S LARGEST SHOPPING CENTRE

  • 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

    DEIRA BUILDING RESIDENTS CLAIM TO

    BE ‘BULLIED’ BY REAL ESTATE FIRM

    SUNDAY 08 JUNE 2014

    It has been a year since the air-conditioner functioned properly in a building located in Port Saeed, Deira, its residents maintain. In the lobby, the thermometer reads 30° C. Unable to cope with the heat; several residents have vacated their apartments. “A little warmer and we will be roasted,” jokes Waddah Abdullah, a 31-year-old Yemeni.

    The situation, though, is nothing to joke about. Besides the air-conditioning, almost all basic amenities are absent in the building, and there seems to be nothing that can move the building management to improve the living conditions.

    Despite several attempts by Emirates 24|7, the building management could not be contacted for a comment. The story is told by the building’s residents, who presented the thick pile of papers containing numerous complaints, police cases, civil defence reports, etc. A visit was made by this reporter to the building to confirm the plight.

    Ahmed Adel is equipped with two flashlights as he descends to the basement parking, where lights are not working and nobody seems to park their cars there anymore. Temperatures must be soaring towards 40 degrees.

    “Look, this is where the electricity cables dangle out of the ceiling without any protection,” says the 25- year-old Egyptian who has lived in the building since 2009. “And here you can see the water damage, which is coming from the walls,” he says pointing to the water-damaged walls in the dingy basement.

    “Everywhere, the strains of water leakage can be found. In the basement it got really bad, I suspect that is why the basement was closed for parking,” Ahmed says.

    The same approach was taken when residents started to complain about other amenities. “When we complained about the swimming pool, it was shut down. When we complained about the gym, it was shut down. Even the laundry room was shut down. They simply do not want to fix anything.”

    According to residents, the fire system does not comply with the safety standards, a stench of garbage and sewage is present on all corridors and mice and rats find a welcome home in the building.

    As residents became more vocal, the situation only deteriorated. “Our complaints are answered with illegal notices and practices from the real estate company,” said Ahmed.

    Waddah experienced this approach first hand, when his electricity was shut down several times. “Sometimes, it happened without any warning, and sometimes they said it was due to maintenance work, which has never been seen by anyone.

  • 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

    “AC, electricity and water are the main needs of every resident in the country. How can they take this away from us? I can just as well take a tent into the desert. This is a violation of human rights,” says the frustrated resident, who has started living with his father out of despair.

    Apart from electricity cuts, evacuations have been common, describes Ahmed. Only one day earlier, he received an evacuation letter, dated April, and which instructs him to leave the apartment by the end of May.

    “I visited the Rental Dispute Committee and was told that the letter was not valid. Unfortunately, many residents got afraid and acted as per these notices. Half of the building is now vacant,” said Ahmed.

    While the rent for a one-bedroom apartment used to be Dh40,000 it was recently increased to Dh47,000, an amount Ahmed decided to pay accurately to be sure that he played by the rules. But it does not seem to make a difference.

    In a latest attempt to resolve the issue a complaint was formed with the signature of 40 residents and delivered to the concerned authorities, which instructed the real estate company to come up with an adequate response. Nothing happened after that, and meanwhile the case has been closed.

    “They are driving us crazy, they just do not care at all,” said Waddah. It is most frustrating to find out that nothing can be done... The real estate company has the ability to ignore all instructions and get away with it.”

    Source: Emirates 24/7

    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 5

    ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    DUBAI AIRPORT TO BECOME WORLD'S

    LARGEST NEXT YEAR - FOR GOOD

    SUNDAY 08 JUNE 2014

    Dubai International will become world's busiest airport for good next year, according to an aviation think-tank.

    Centre for Asia Pacific Aviation (Capa) said short-term effects will see Dubai Airport slip behind London's Heathrow Airport for the full year in 2014, but the upgrades will ensure that the emirate has the infrastructure and capacity required not only to become the largest international airport by 2015, but also maintain that position.

    Led by strong growth of local carriers Emirates and flydubai, Dubai airport became world's busiest in Q1 2014 by overtaking London's Heathrow Airport. But the passenger traffic will drop because airlines curtailed their flights due to Dubai Airport's closure of two runways for the 80-day maintenance, which commenced on May 1, 2014.

    The number of passengers passing through Heathrow Airport reached 72.3 million last year while Dubai International handled 66.43 million passengers.

    Dubai Airport handled 18.36 million international passengers over the first three months of 2014, while Heathrow Airport handled a total of 16 million passengers. Dubai had growth of 11.4 per cent, while London Heathrow traffic grew just 0.5 per cent for the period.

    However, the Dubai Airport will regain its status of world's busiest for the whole year next year - for good - when airport will have full operations and flights return.

    A number of airlines have moved their operations temporarily to other airports due to the runways maintenance and will resume operations from Dubai Airport upon the completion of the refurbishment and upgrading.

    It said runway works at the emirate's airport have cut capacity by better than 20 per cent. "With Dubai Airports investing more than $7.5 billion (Dh27.5 billion) in enhancements to existing terminals and the construction of new ones, as well as continued growth by the home carrier and the addition of new airlines, Dubai Airport's growth will quickly leave behind the traditional international hubs," Capa said in its latest update on the Dubai Airport.

    Dubai is, h