NEWS BRIEF 32 · second quarter 2015, according to a report by Dubizzle. The rental price of studio...

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 32 SUNDAY 16 August 2015


IN THE MIDDLE EAST FOR 30 YEARS Page 2



REAL ESTATE NEWS DUBAI

DUBAI’S PROPERTY SELLERS OUT TO CUT THE MIDDLEMAN DUBAI’S COMMERCIAL REALTY BASKS IN NEW ENQUIRIES

RENTS FOR STUDIO APARTMENTS IN OLD DUBAI RISE BY UP TO 18% WHAT TO DO WHEN: LANDLORD SWITCHES OFF AC IN COMMON AREAS

MOST POPULAR AMONG DUBAI RICH - PALM, DOWNTOWN OR MARINA? AFFORDABLE HOUSING AIDS DUBAI REAL ESTATE GROWTH: REPORT

LOWEST (AND HIGHEST) COMMUNITY SERVICE CHARGES IN DUBAI DUBAI PROPERTIES, STARWOOD INK DEAL FOR 4 NEW HOTELS

120 NEW DUBAI PROPERTY PROJECTS LAUNCHED IN TWO YEARS ALMULLA NAMED GROUP CEO OF DUBAI PROPERTIES GROUP

BUY OR RENT PROPERTY IN DUBAI? NEW CALCULATION HELPS YOU DECIDE

DH52M COMPENSATION FOR LAND OWNERS IN AL NAKHEEL AREA DUBAI TO DELIVER NEW WAVE OF AFFORDABLE HOUSING OPTIONS

DUBAI PARKS CLOSES IN ON DH4B EXPENDITURE MARK A ‘HAPPY CITY’ IS WITHIN REALMS OF POSSIBILITY DUBAI REALTY IS MATURING NICELY

NAKHEEL CONTINUES PUSH INTO DUBAI RETAIL WITH SECOND AL FURJAN MALL

FALLING DUBAI HOUSE PRICE INFLATION SUGGESTS COOLING PROPERTY MARKET

ABU DHABI

ABU DHABI FINANCIAL GROUP TARGETS ADDITIONAL ACQUISITIONS AND OVERSEAS EXPANSION

MARINA BLOOM PROJECT IN ABU DHABI MOVES STEP CLOSER TO COMPLETION

OTHERS

BILLIONAIRE BUYS DH190M MANSION 'WITHOUT EVEN SEEING IT





DUBAI’S COMMERCIAL REALTY BASKS

IN NEW ENQUIRIES

WEDNESDAY 12 AUGUST 2015

Sentiments are turning distinctly bullish in Dubai’s commercial office space, with the number of enquiries

coming along nicely and rental rates at some of the prime locations gaining in strength, And the recent

moves over ending Iran’s sanctions has a lot to do with the upturn.

But industry sources are not expecting things to change overnight. In fact, a good deal of patience is

what they counsel.

“It would be very unusual to expect that negotiations involving international occupiers can be wrapped

up within nine months or so - 12 to 15 months could be a more achievable timeframe,” said Nicholas

Maclean, Managing Director at CBRE M.E. “The larger the transaction (in terms of space being

considered, the size of the rental sum finally agreed upon, etc) the longer it is going to take.

“Even if the current enquiries take time to be sealed, the commercial realty is clearly quite some

distance removed from what’s happening within residential.

“And even without taking into account what could happen across the water, there is a bullishness about

the economy and that new jobs will be created,”

Figure prominently

Any property owner holding sizable office stock in key clusters holds a few of the aces. Business Bay,

Shaikh Zayed Road and DIFC figure prominently, with those at DIFC hovering around the Dh250 a

square foot mark. These rates are still some way off what they were in 2007-08. But there have been

individual properties within it that have set rentals at a higher level, in effect testing the waters.

“Tecom could also be taking in more enquiries if only the zone had more space to spare,” said Maclean.

“The free zones in Dubai too have been recording good rental growth and in many ways the ‘market-

making’ in the commercial space is being done by them.”

Source: Gulf News

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RENTS FOR STUDIO APARTMENTS IN

OLD DUBAI RISE BY UP TO 18%

FRIDAY 14 AUGUST 2015

Rentals in old Dubai are rising, with studio units in Deira reporting an 18 per cent rental increase, in the

second quarter 2015, according to a report by Dubizzle.

The rental price of studio apartments increasing by 18 per cent in Deira and those in Bur Dubai

registered 8.3 per cent increase, jumping from Dh60,000 to Dh65,000 per annum (pa), with three-

bedroom apartments rose 5.33 per cent from Dh150,000 to Dh158,000 pa, the classified website said.

Increase in rental prices in old Dubai were driven by a maintained demand by its occupants as no

additional new supply coming in.

“The market prices in these so called ‘older’ areas even though cheaper than many newer Dubai

communities, are shifting to be better aligned with property prices in newer communities,” the report

said.

Sales prices for Dubai Marina fell 18 per cent and 14 per cent for studio and three-bedroom apartments,

respectively.

However, the community, which houses four of the world’s tallest towers, saw almost 4.9 million

searches for one-bedroom apartments in the second quarter, the report said, adding there were almost

over 20 million searches for the area.

Palm Jumeirah saw prices for studio units going up from Dh1.45 million to Dh1.54 million while two-

bedroom apartments saw prices jump from Dh3.2 million to Dh3.35 million.

“The Dubai property market is softening as per the price changes experienced in Q2 this year. Some

areas have experienced while older areas in Dubai showed price increases in reflection to a maintained

level of demand for these older units and the alignment of their prices with those in newer areas in

Dubai,” Ann Boothello, Product Marketing Manager for property, Dubizzle, said.

Abu Dhabi rents up

Lease rates in Abu Dhabi also witnessed increases, with two-bedroom apartments on Saadiyat Island

rising by over 10 per cent and three-bedroom apartments climbing by 14.28 per cent from an average

of Dh210,000 to Dh240,000 pa.

Al Reem Island was the most scouted for community, with over 2 million searches in the second quarter.

Two-bedroom apartments were the most popular searched for property type with more than 123,000

searches.

Mussafah East, encompassing Mohammed Bin Zayed City and Khalifa City, remained the most affordable

areas in Abu Dhabi to rent, the report said.

However, rising prices are even spilling over into the most affordable districts, with rental prices

increasing up to 13 per cent. One-bedroom apartments in Mussafah East witnessed prices an increase

by 12.5 per cent from Dh48,000 to Dh54,000 pa while in Khalifah City A prices rose 11 per cent from

Dh50,000 to Dh55,500 pa.





Source: Emirates 24/7

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WHAT TO DO WHEN: LANDLORD

SWITCHES OFF AC IN COMMON AREAS

FRIDAY 14 AUGUST 2015

Cases of building landlords switching off air-conditioning to the common areas have escalated during

peak summer, with residents complaining it’s an unbearably, sticky situation.

“It’s shocking how landlords are switching off air-conditioning to the corridors, escalators and reception

hall,” said a resident of a building in Dubai’s Al Nahda.

“We thought it was due to a faulty a/c but when we checked with the watchman, he told us that he had

been instructed by the landlord to switch off the a/c.”

According to Dubai Police, the tenants can file a complaint against the landlord.

Residents must dial 991, and register their complaint, after which a police official will visit the building

and check the property.

Once he has inspected the area, he will issue a paper, which the resident may take to the nearby police

station to lodge an official complaint.

Dubai’s Real Estate Regulatory Agency (Rera) also tips tenants to file a lawsuit to report discontinuation

of building services.

“Any tenant affected by the cutting of building services is entitled to open a lawsuit against the party

responsible at the Rental Dispute Settlement (the judicial arm of Dubai Land Department) as these

practices are not permitted under Law 27 of 2007,” Rera said in an emailed statement sent to Emirates

24|7.


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MOST POPULAR AMONG DUBAI RICH -

PALM, DOWNTOWN OR MARINA?

THURSDAY 13 AUGUST 2015

Global high net worth individuals have favoured Palm Jumeirah over Downtown Dubai and Dubai Marina,

according to a new report.

The man-made island registered 48 sales, worth Dh499 million, in the first half of 2015 for units priced

at Dh5 million plus, followed by 46 sales in Downtown Dubai, valued at Dh342 million, Luxhabitat, a

Dubai-based property consultancy, said.

The company’s analysis is based on its own information and data from Reidin/Land Department.

Dubai Marina/Jumeirah Beach Residence (JBR), together, saw 40 sales worth Dh349 million, while

Business Bay reported 14 deals worth Dh111 million.

The report also revealed Downtown Dubai to be the costliest area to buy luxury properties of over Dh5

million with average price per square foot (psf) at Dh3,776. However, Palm Jumeirah was almost 95 per

cent cheaper than the master community, dubbed as “The Centre of Now,” at Dh1,928 psf.

Average price for Dubai Marina stood at Dh2,181 psf and Dh1,598 psf for JBR. As for business, average

price for Business Bay was Dh1,444 psf.

The report revealed that that Downtown saw a price decline of over 14 per cent in the second quarter

2015 compared with the first quarter 2015. Similarly, Dubai Marina and JBR registered price declines of

13 per cent, respectively.

On Wednesday, Emirates 24|7 quoted a report by Land Sterling, chartered surveyor and property

consultancy firm, which put the average service charge in Downtown Dubai at Dh22.5 per square feet

(psf) per annum (pa) — the highest among Dubai’s freehold communities. Average service charges in

Business Bay, Dubai Marina and Jumeirah Lakes Towers were at Dh15 psf, respectively.

The Dubai consultancy said Dubai Marina saw sale of maximum penthouses valued at Dh96.7 million

during the first half 2015. The units sold were in Cayan Tower, Le Reve, Bayside Residence, Silverene

Towers and Al Yass Tower.

“The Dubai Marina and JBR area are on par with properties in Downtown Dubai. In fact, they offer even

more value in terms of luxury,” company Luxury Sales Director, Alexander Von-Sayn Wittgenstein, said.


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MARINA BLOOM PROJECT IN ABU

DHABI MOVES STEP CLOSER TO

COMPLETION

SUNDAY 09 AUGUST 2015

Al Shafar General Contracting (ASGC) has completed structural work of the Marina Bloom project at Abu

Dhabi Marina, which is being carried out for Bloom Properties.

The project in the Al Bateen area of the city features a five-star hotel, 57 executive serviced apartments

and waterfront retail areas. Work started in April last year and the fully fitted-out complex is expected to

be delivered by the third quarter of next year.

Bishoy Azmy, chief executive, of ASGC, said: “This development, which is mixed-use and includes a

premium five-star hotel, once again demonstrates ASGC’s expertise in the delivery of quality and high-

end hospitality and residential construction projects.”

Recent projects to be delivered by ASGC include the Waldorf Astoria Hotel on Dubai Palm Jumeirah for Al

Habtoor Group, and Bay Square at Business Bay in Abu Dhabi.

The company is also currently on site at Meraas Holding’s City Walk project in the Jumeirah area of

Dubai and at The Onyx project facing Sheikh Zayed Road near Emaar Business Park for Ishraqah.

Source: The National

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AFFORDABLE HOUSING AIDS DUBAI

REAL ESTATE GROWTH: REPORT


Dubai’s property market has witnessed a 2.5 per cent growth in the first half of 2015, compared with

the international analyst expectations of a 20 per cent decline in the beginning of the year, says a local

real estate consultancy.

“The real estate sector in Dubai showed notable success much against the number of international

studies which predicted that the real estate sector will see a downfall of 20 per cent in the beginning of

the year.

“Instead, it achieved an average annual rise of 2.5 per cent in the first half of the year in 2015,” Ismail

Al Hammadi, CEO, Al Ruwad Real Estate Consultants, said.

According to Dubai Land Department, volume of real estate sales crossed Dh129 billion during the first

six months of 2015, compared with Dh57.6 billion during the same period last year, with 20,000

investors belonging to 142 nationalities investing Dh53 billion in the first six months.

“What was happening on ground in Dubai is frankly quite different and very strange.

“Since we saw that in spite of the rate of residential property prices decrease at first, it then rose to

three per cent in the second quarter of the year.

“This is more than the annual growth rate of 2014 which was 2.5 per cent.”

He added that the market witnessed a wave of sales for developers targeting limited-income families,

which resulted in revival of the market and added to the continuing growth equation.

He believes several factors contributed in keeping the liveliness and activeness in the market, which

witnessed a “wave of sales” for developers who launched projects targeting the limited-income families.

The CEO said infrastructure projects for the Expo 2020 would create a state of sustainable stability for

real estate prices, particularly in light of the launch of ‘Meydan One’

He stressed that the government’s step in the liberalisation of oil prices carries a positive impact on real

estate sector, especially now that the diesel prices have been reduced, which promises a steady growth

rate in the near and long term future.


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BILLIONAIRE BUYS DH190M MANSION

'WITHOUT EVEN SEEING IT


A mansion in Australia was sold for a massive Dh189 million (A$70m) to a Chinese billionaire, who

bought the property “without even seeing it".

According to Australian website Domain, the Sydney mega-mansion belonging to James Parker (son of

late media mogul Kerry Packer) and his now-divorced wife Erica Packer has been sold to Australian-

Chinese billionaire businessman Chau Chak Wing.

The mansion, 40, Wentworth Road, had been put together by the Packers after merging three properties

(bought for about Dh81m) and giving them a huge upgrade that cost another Dh108m.

But even though the mega-mansion is pretty well-known in Sydney, CNBC’s AsiaOne reports that the

Chinese-Australian billionaire bought the mansion without even seeing it.

The non-waterfront property now holds the honour of being the most expensive single-home transaction

in Australia, nudging past the Dh155m that changed hands for a Perth mansion in 2009.

The previous record for a property in Sydney was held by Point Piper waterfront Altona mansion which

was sold to another Chinese businessman Wang Zhijun for Dh140m in 2013.


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FALLING DUBAI HOUSE PRICE

INFLATION SUGGESTS COOLING

PROPERTY MARKET


Official figures for last month showed house price inflation in Dubai falling below 7 per cent per year for

the first time since last October.

That is the first sign in government data that Dubai’s housing market may be starting to cool – as official

inflation figures lag behind private sector estimates that show the emirate’s rents and prices already

falling significantly.

Overall consumer price inflation remained flat at an annual rate of 4.2 per cent in July.

Property prices in Dubai have fallen by 4 per cent over the past three months, while rents have dipped

by 2 per cent over the same period, according to data from Reidin, the real estate data provider.

Government data lags behind private forecasters because the sample used by the official statistics body

is not updated as regularly, analysts have said.

Property transactions fell by 69 per cent in the second quarter, according to data from Dubai Land

Department.

This suggests that government measures to trim demand in the real estate sector have had an effect,

according to Khatija Haque, an economist at Emirates NBD.

Dubai’s government has doubled its transaction tax on the purchase of properties, and introduced limits

on the size of mortgages homebuyers can take out.

A stronger dollar has also slowed the housing market. The higher dirham has raised the price of buying

a house in Dubai for foreign investors. But sellers have benefited from the same exchange rate – as it

means that the proceeds of Dubai home sales go further in foreign currencies.

Food prices showed a one-off spike of 5 per cent, following the end of Ramadan. That is in contrast to a

run of low and negative price changes, as global food prices hit five-year lows, according to the United

Nations Food and Agriculture Organization.

Inflation from abroad is set to fall further following China’s devaluation of its currency, the yuan, which

has fallen by 3.5 per cent since Monday.

That means cheaper consumer goods in Dubai – China is Dubai’s largest trading partner, having

overtaken India and was the UAE’s second-largest trading partner in 2014.

Most of the emirate’s inflation is driven by increases in domestic costs, limiting the impact of foreign

drivers in influencing the headline inflation figure, according to Alp Eke, senior economist at the National

Bank of Abu Dhabi.

The deregulation of petrol and diesel prices, implemented from August 1, is likely to push up prices in

future inflation measures, economists have said.





Standard Chartered raised its estimate for the 2016 inflation rate by 0.3 percentage points after the

announcement, while Abu Dhabi Commercial Bank estimates that new, higher fuel prices will add about

1.3 per cent to headline inflation next year.


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LOWEST (AND HIGHEST) COMMUNITY

SERVICE CHARGES IN DUBAI


If Downtown Dubai, home to Burj Khalifa, the world’s tallest tower, and Dubai Mall, one of the largest

malls in the world, is the community where you want to own a house, then be ready to pay for

maintenance of your unit a lot.

A report by Land Sterling, chartered surveyor and property consultancy firm, puts the average service

charge in the master development at Dh22.5 per square feet (psf) — the highest among Dubai’s

freehold communities.

The least expensive community is International City, with average service charges of Dh6.5 psf.

It, however, ranks one on the list of highest net yield areas.

A unit owner here can get a net return of 8.3 per cent compared with 4.6 per cent in Downtown Dubai,

the report says, compiled using data for the period of Q4 2013 to Q4 2014.

Average service charges in Business Bay, Dubai Marina and Jumeirah Lakes Towers – all the three

communities, were put at Dh15 psf, respectively, while in The Greens community average charges were

Dh13 psf.

In Discovery Gardens, average service charges stood at Dh12.5 psf, while in Palm Jumeirah, average

charge were at Dh12 psf.

Average service fees in Dubai Sports City, International Media Production Zone and Jumeirah Village

Circle were at Dh10 psf, the report disclosed.

Dubai has already taken steps to bring transparency in the sector with the Real Estate Regulatory

Agency (Rera), the regulatory arm of Dubai Land Department (DLD), having unveiled a service charge

and maintenance index for freehold areas in October 2014.

The index is currently providing details of 300 projects in 22 master developments such as Business

Bay, Dubai Marina, Jumeirah Beach Residence, Jumeirah Lakes Towers, International City, Motor City

and Dubai Silicon Oasis.

Service charges, however, have been a contentious issue with developers having to resort to blockades

and legal notices to recover outstanding charges.

Rera has issued a circular in 2014 notifying developers that they would have to form an interim owners'

association (IOA) before claiming any fees for services after the first year of operation is over.

The circular, citing Law No.27 of 2007 regarding ownership of jointly owned property in Dubai, further

mentioned that the developer would have to submit a financial report to the regulator on the expenses

of the service fees of previous years, which would be audited so to obtain approvals required for new

fees.


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DUBAI PROPERTIES, STARWOOD INK

DEAL FOR 4 NEW HOTELS

TUESDAY 11 AUGUST 2015

Starwood Hotels & Resorts and real estate developer Dubai Properties will open four new hotels in Dubai

under Aloft and Element brands, increasing the hotel major’s mid-range portfolio with 11 announced

deals year to-date, representing nearly 50 per cent of Starwood’s Middle East pipeline.

Scheduled to open in 2018, the four new Aloft and Element hotels will introduce 816 rooms in Dubai.

Featuring 227 guest rooms, Aloft Dubai Dubiotech will be located in the world’s first free zone area

dedicated to the life science industry.

Aloft Dubai Studio City comprises of 200 guests rooms, meeting space of up to 120 sqm and all of Aloft’s

signature brand elements.

Aloft Dubai IMPZ is located in Dubai’s media production zone, International Media Production Zone

(IMPZ). The hotel will offer 221 guest rooms and will serve as a hub for the art, printing, publishing and

media production businesses in the area.

Element, Starwood’s eco-innovation lab, is designed for today’s healthy, active traveler, with a nature-

inspired design philosophy that is clean, modern and bright. Element IMPZ will offer guests 168 studio

accommodations and double rooms.

Naaman Atallah, CEO of Dubai Properties, said: “The hotels will offer two new concepts to the existing

mid-market category in the Emirate, which will emerge as a vital segment in the run to the exposition.

The time is right to launch new hospitality projects as demand for new hotel rooms continues to increase

and culminate around this major event.”

Bart Carnahan, Senior Vice President Acquisitions & Development, Starwood Hotels & Resorts, Europe,

Africa & Middle East, said: “The UAE presents great opportunities to expand in the mid-market sector

where there is a high demand for reliable and affordable hospitality.”

Starwood currently operates 51 hotels and resorts across the Middle East under eight of the company’s

ten distinct lifestyle brands.

The company has plans to double its portfolio in the region in the next five years.

Dubai remains the company’s second largest market after New York City with 15 operating hotels.


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120 NEW DUBAI PROPERTY PROJECTS

LAUNCHED IN TWO YEARS

TUESDAY 11 AUGUST 2015

A total of 120 new projects were launched in Dubai in the past 24 months, with investors being drawn to

the off-plan market due to attractive prices and payment plans, according to a local real estate portal.

“The Dubai market witnessed 120 new project launches in the last 24 months," said Eric Hodges, Head

of research, Lookup.ae.

Emaar Properties, Nakheel, Damac Properties, Meraas Holding, Meydan and Dubai Properties have

announced the maximum number of launches.

He stated that the market for ready properties had cooled down after appreciating an average of

between 35-45 per cent since 2012. He added that independent analyst reports pointed to a correction

of between seven per cent and 10 per cent for mature communities over the past 12 months.

The off-plan property market, he said, has become particularly attractive with a large number of

developers offering well-priced properties and flexible payment plans.

Downtown Views by Emaar

The portal has launched an 'off-plan properties search', allowing buyers to find under-construction

properties in around 40 projects.

In June 2015, Emirates 24|7 reported, based on Reidin.com data, that Dubai had seen launches of 14

new projects in the first five months of 2015 compared to 37 project launches announced during same

period last year.

In its latest report, titled ‘The Curious Case of Payment Plans’, Reidin.com and Unitas said 55 per cent of

all off-plan property launches were now offering back-weighted payment terms compared with 29 per

cent two years back.

Nova hotel villa at Akoya Oxygen

In March 2015 'Wealth Gauge' report, Mashreq, a leading bank in the UAE, had asserted that real estate

developments with innovative payment plans was the need of the hour and back-loaded schemes for off-

plan properties whereby developers demand chunk of the payments only after the hand over were in

demand.


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ALMULLA NAMED GROUP CEO OF

DUBAI PROPERTIES GROUP

MONDAY 10 AUGUST 2015

Dubai Holding, the global investment holding company, on Monday named Abdullatif AlMulla as Group

Chief Executive officer for Dubai Properties Group.

AlMulla brings with him over two decades of experience in strategic leadership. He has held a number of

senior leadership roles as Group CEO at Tecom Investments, part of Dubai Holding, where he played an

instrumental role in growing the 11 business communities of Tecom Investments and was previously

CEO of SmartCity, which oversees the development and management of knowledge clusters and

business townships across the globe.

He has also served as the General Manager of Microsoft Gulf. In his new role, AlMulla will oversee DPG’s

diverse portfolio and will offer leadership and advisory to the team.

Naaman Atallah has been appointed as the CEO for Dubai Properties (DP). He brings over 23 years of

experience within the real estate industry. Prior to joining DP, he held the position of Chief Operating

Officer for Qatari Diar in Doha, where he managed a portfolio of over 30 projects. He will lead and

deliver upon DP’s strategic mandate to develop integrated real estate solutions that meet the needs of

Dubai and its long-term development.

Commenting on the recent appointments, Fadel Al Ali, CEO of Dubai Holding, said: "Dubai is

increasingly recognised as the region’s hub for leisure and business, and we believe we have a lot to

offer and contribute to the Emirate’s development. These strategic appointments of industry experts

come in line with the business growth plans of DPG, and strengthen its leadership position."

AlMulla said: "I have closely witnessed the success of Dubai Holding and its businesses. As part of a

journey of transformation, DPG’s business model will continue to evolve, to enable us to respond

innovatively to the growing market requirements and the needs of our customers and partners."


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A ‘HAPPY CITY’ IS WITHIN REALMS OF

POSSIBILITY


The Middle East is not the first place in the world that springs to mind when we talk about happiness.

Unfortunately, our region has met with more than its fair share of upheaval and suffering. Fortunately,

we now have the collective capacity to work out a solution — by consciously working together to build

‘happy cities’.

A happy city is one where the majority of residents can say that they are leading fulfilled lives. Such

people, in turn, are able do things that benefit, not only themselves and their families, but also their

fellowmen. Hence, developing cities with empowered individuals is the most effective means to

safeguard peace and stability.

The making of a happy city is an exercise that takes time and concerted effort from multiple

stakeholders — the government, the private sector and the people. To tweak an old saying — ‘a city of

happiness is not built in a day’.

It takes progressive, cumulative action, as suggested by Maslow’s theory. The 20th century psychologist

suggested that a person’s state of well-being advances as a series of his needs were progressively met.

Popularly portrayed as a five-tiered pyramid, the theory identifies fundamental needs as being safety,

love and belonging.

Only when these basic needs are met can an individual advance to the need of pursuing ‘self-esteem’,

before arriving at ‘self-actualisation’ — the epitome of his life where he is able to realise his true

potential.

Stable system

The same argument applies to cities and their ability to generate happiness and productivity — a point

well illuminated by our own history. Only when a city has developed a stable system that is able to cater

well to the fundamental needs of residents, can it evolve to the phase when residents become free to

self-actuate.

Ancient cities such as Byblos, Damascus, Tyre, Alexandria and Baghdad are good examples of forward-

looking societies where residents enjoyed a high happiness quotient and a sustained era of peace and

prosperity. Conversely, a city that remains mired in the lower strata of the pyramid is more likely to

regress and breed social instability.

This logic is a driving force behind urban initiatives of several governments worldwide, who are keen to

design cities that connect with the happiness of their people. Such governments have planned and

executed urban programmes that serve a person’s fundamental needs and eliminate various pain points

— access to education, opportunities for gainful employment, a sense of belonging within a beautiful,

safe and peaceful environment, and a platform of efficient infrastructure.

As such a set-up matures, it reaches a level where it links more and more to a resident’s self-esteem

and facilitates his ability to self-actualise.

Naysayers may argue that the Middle East’s challenges are far too many and deep to be overcome by

modelling happy cities. But this is precisely the reason why cities in our region must strive to become

pillars of safety, prosperity and enlightenment.





Rather than being a Utopian dream, a happy city represents a real ecosystem that is socially and

economically viable.

Initiatives

The UAE Government is marching ahead with precisely that realisation. Our government has tirelessly

planned and executed a host of initiatives that have created and sustained an efficient social and

economic system that has not only benefited its own citizens — but also people from all corners of the

globe. More pertinently, the Government of Dubai became the first in the Middle East to place ‘people’

and their ‘happiness’ at the Centre of its administrative goals. The new Dubai urbanism — if I may call it

that — is best represented in Dubai World Central (a 145-square kilometre masterplanned city that is

fast emerging around the Al Maktoum International Airport), which is basing itself on the happiness of

its residents.

Whether a city is built from scratch or an existing one is strengthened, it is heartening to see other

urban initiatives mushrooming in the Arab world that are calculated to improve the prosperity,

convenience and ultimately the happiness of people. The construction of New Cairo city in Egypt, the

King Abdullah Economic City in Saudi Arabia, the Al Madina A’Zarqa city in Oman are notable examples

that should result in increasing levels of fulfilment for more of the Arab population.

A network of happy cities in the Arab world cooperating with each other is good news for the region and

for the world. Gradually, but surely, it would help replace volatility with stability.

We need more happy cities to serve as epicentres for opportunity and prosperity, so that more of our

422 million people may have the chance to realise their true potential.

Source: Gulf News

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BUY OR RENT PROPERTY IN DUBAI?

NEW CALCULATION HELPS YOU DECIDE

MONDAY 10 AUGUST 2015

A mathematical calculation is now making it easier for you to take the call on whether to buy or rent a

property in Dubai.

In its latest report, the International Monetary Fund (IMF) states that price-to-rent ratios have declined

in the UAE since mid-2014, indicating a healthy correction in the likely overpriced housing market.

In fact, this means that the total cost of homeownership is less than the total cost of renting a similar

property in the emirates, particularly Dubai.

Take for example Discovery Gardens. The average price for one-bedroom apartments stand at

Dh700,000, while rents average Dh65,000 per annum (pa), resulting in a price-to-rent ratio of 10.76.

In Business Bay, average prices for one-bed units are at Dh1.2 million with average rent at Dh90,000

pa.

The ratio, therefore, is 13.33.

In Jumeirah Lakes Towers, the ratio is at 14.4, indicating a 'good' time to buy.

The thresholds, set by US-based real estate marketplace Trulia, for the ratios suggest currently buying

is better than leasing in the emirate.

The ratio thresholds set by US-based real estate marketplace Trulia are as follows:

- Price-to-rent ratio of 1 to 15 = much better to buy than rent.

- Price-to-rent ratio of 16 to 20 = typically better to rent than buy

- Price-to-rent ratio of 21 or more = much better to rent than buy.

Therefore, the indicators point to buying than renting.

Higher yields

Besides, the IMF also states that gross rental yields in the country have risen since mid-2014,

registering a six per cent year-on-year increase in March 2015.

The Global Property Guide, too puts gross rental yields in Dubai among the highest in the world, ranging

between 5 and 7.21 per cent pa.

Property consultancies have also pointed out that the cost of owning a property is cheaper than renting

though buyers have to note that the UAE Central Bank has a mortgage cap in place (so you have to pay

25 per cent down payment), while transfer fees are now at four per cent of the property value.

Market cooling

In the report, the IMF further states that the real estate market in the UAE has cooled down after

expanding strongly in 2013 and the first half of 2014.





“By end-2014, sales price increases moderated in Dubai and Abu Dhabi, and in March 2015, growth in

residential sales prices turned slightly negative in both emirates, in year-on-year terms (based on Reidin

data),” it said, citing, slow down due to increased supply, particularly in Dubai; reduced demand

associated with lower oil prices and appreciating US dollar; the introduction of mortgage regulations

based on loan-to-value ratios and an increase in the property transfer fee in late 2013.

The IMF expects prices to fall further in Dubai, driven by increased supply, but believes limited supply till

2017 will support prices in Abu Dhabi.


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DH52M COMPENSATION FOR LAND

OWNERS IN AL NAKHEEL AREA

SUNDAY 09 AUGUST 2015

In line with the directives of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council

Member and Ruler of Ajman and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and

Chairman of Ajman Executive Council, the Department of Financial Affairs (DoFA), has started payment

of compensations totalling Dh52 million to property owners affected by the development project,

currently underway in Al Nakheel area.

The DoFA began issuing compensation cheques to the owners.

The development work is being carried out by the Ajman Department of Municipality and Planning

(DoMP).

Director General of the DoMP, Yaheya Ibrahim Ahmed thanked His Highness the Ruler of Ajman for his

directives to compensate the citizens.

He also praised the constructive co-operation with the DoFA, aimed at realising the leadership's vision

for comprehensive development.


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DUBAI TO DELIVER NEW WAVE OF

AFFORDABLE HOUSING OPTIONS


End-users are set to capitalise on stabilisation within the Dubai real estate market as more affordable

housing options enter the market ahead of Expo 2020, and price adjustments improve affordability of

existing stock.

Developers are lining up to unveil a wave of attractive new housing options during the 14th edition of

Cityscape Global which brings together more than 300 exhibitors from 30 different countries at Dubai

World Trade Centre next month.

Taking place from September 8-10, the world’s largest real estate investment and development event

for emerging markets will deliver a timely reminder that conditions in Dubai are being shaped naturally,

and that medium to long-term prospects remain positive.

"We must understand that Dubai is experiencing a normal market correction which was always

inevitable," said Wouter Molman, Director of Cityscape Group.

"The Expo 2020 win caused a sharp rise in property prices at the end of 2014, but the steps taken by

the government have helped regulate the market and the establishment of a rent index has created

more clarity for investors – all signs of a maturing market."

With end users now looking to take advantage of the stabilising property prices, more attractive housing

options are on the way from developers like MAG 5 Property Development which is using Cityscape

Global to introducing a new integrated and affordable residential community.

Offering over 1,000 residential units as well as providing retail, dining, leisure and entertainment

amenities, MAG 5 Boulevard is a 24-hour living, walkable community which will encompass more than

800,000 square feet of land. MAG 5 Property Development will be launching Phase 2 of the project at

Cityscape.

"MAG 5 Boulevard is aligned with the needs of the middle income earners," said Talal Moafaq Al Gaddah,

CEO, MAG 5 Property Development. "We are keen to capitalise on the growing demand for quality,

affordable residential communities in close proximity to the Al Maktoum International Airport and the

wider Dubai World Central area."

The value of the location was underlined by Mohammed Al Awadhi, VP, Real Estate, Dubai World

Central, who said: "By 2020, DWC is projected to become a self-sustained urban ecosystem where

thousands of professionals and their families will live and work."

Supported by the Dubai Land Department, Cityscape Global is the annual meeting point for key real

estate investors, developers, investment promotion authorities, architects, designers and other real

estate professionals to drive growth in real estate investment and development across emerging

markets globally.

In the wake of recent market reports the event will help put into perspective the much brighter longer

term reality of the Dubai property market.

"While a lot of the figures we are currently witnessing are not as positive as we’ve seen in previous

years, it seems clear that the medium to long-term future for Dubai real estate is healthy," said event





director Molman. "This is reflected in the build-up to the 14th edition of Cityscape Global, where we

expect the biggest assembly of exhibitors since 2008."

Craig Plumb, Head of Research at JLL Mena, said: "We expect transaction volumes and, subsequently

sale prices, to drop further in the second half of the year. But the single digit price correction we saw in

the first half of the year is a sharp contrast to declines we witnessed in 2008/2009 and is a clear

indication that the market is maturing."

Taking a new format this year, the Cityscape Global co-located conferences will be staged on the day

before the exhibition. The new format is expected to facilitate the coming together of more than 800

senior real estate professionals and government official who will explore opportunities and find solutions

to key challenges affecting the industry today.

The Facilities Management conference, jointly organised with Middle East Facilities Management

Association (MEFMA), and the Real Estate Brokers will run alongside the ‘Dubai Market Overview’ on

September 7 at the Conrad Hotel, Dubai.

Also running in tandem with the exhibition is the Cityscape Awards for Emerging Markets. The awards

programme attracts hundreds of entries from developers and architects behind real estate developments

across emerging markets globally. Winners will be announced at an elaborate ceremony taking place at

the Conrad Hotel, Dubai on September 8.


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DUBAI PARKS CLOSES IN ON DH4B

EXPENDITURE MARK


With the project’s finish line now just 14 months away, overall expenditure — including on the land

acquisition — on the massive Dubai Parks and Resorts master-development crossed Dh3.8 billion as of

end June, according to the latest filings by the public-listed entity. Costs racked up during the second

quarter alone on the theme park in the making came to Dh800 million.

As of the second quarter, 80 per cent of the procurement requirements are complete, while that on the

project infrastructure is 57 per cent.

“Our second quarter 2015 financial results are in line with our plans,” said Raed Al Nuami, CEO. During

this period, “There were no operating revenues and the loss was Dh29 million for the period ended June

30.” (Its total assets were Dh7 billion at the end of the second quarter.)

The developer reiterated that the first revenues will come into its till towards the end of 2016, after the

scheduled opening of the gates in October of that year. It estimates the first full year of operations to

deliver Dh2.4 billion by way of ticket sales and ancillary revenues.

Apart from full-on construction schedules — with 9,000 workers — on-site, located off the Jebel Ali

highway, Dubai Parks and Resorts kept topping up its entertainment and marketing options for the park.

Photography integrations

“In April, we announced our first revenue generating deal with Picsolve International to create one of the

world’s largest photography integrations which is expected to generate over Dh100 million over a five-

year period,” said Al Nuaimi.

“Our integration into the existing Dubai tourism infrastructure became more pronounced this quarter as

we signed a memorandum of understanding with dnata to be the preferred travel partner. This is an

important agreement as it connects Dubai Parks and Resorts with dnata’s extensive travel portfolio to

promote the sale and distribution of tickets and visitor packages to customers across the globe.”

Another progress area relates to the launch of leasing at its retail and leisure hub, Riverland Dubai. It is

one of the six components making up the destination, and “will be the main grand entrance to the

destination as well as the central meeting point for visitors from all of our parks.” It will have more than

50 outlets. “Already, we have signed four lease proposals, accounting for 7 per cent of the total leasable

space in the short time since our announcement,” said Al Nuaimi.

Source: Gulf News

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DUBAI’S PROPERTY SELLERS OUT TO

CUT THE MIDDLEMAN


More property owners in Dubai are going direct in trying to sell rather than involve brokers in a bid to

cut out transaction costs where possible. Such “direct listings” had been on a steady increase since the

second half of last year, but saw an appreciable spike in the last three months.

Such sellers are using up all available platforms, real estate portal or by way of old-fashioned word of

mouth, to try and get through to a buyer. And preferably without any sort of involvement on the part of

a broker.

Average broker fees in such transactions are 2 per cent of the property value, though these could also

go up to 4 per cent.

While avoiding broker fees is an aim in itself, other factors may also be influencing sellers to seek out

buyers on their own. “In the current environment of soft prices, a lack of credibility (of some brokers)

has certainly played an role in the surge of direct listings,” said Sameer Lakhani, CEO of Global Capital

Partners. “In the recent instance of a prominent broker going bust, there were numerous instances of

“price gouging” (the arbitrary hiking of values) as well as funds being misallocated that came to light.

“The Dubai Land Department and Real Estate Regulatory Agency have taken pains to instill transparency

in the brokerage sector and these practices had declined significantly from what was occurring a few

years ago.

“What direct listings have done is it has allowed for a more transparent mechanism of price discovery

without the middleman resorting to price gouging tactics. In recent documented cases, this has been as

high as 5-10 per cent in certain cases.”

Handful of closures

All of which makes an already difficult situation for local brokerage firms even that much more so. In the

first half of the year, there were a handful of closures, though these were brought on by a lack of

business to get by on.

Interestingly, the direct sell-offs have been higher within the newer communities or within the off-plan

developments. Also, most of such direct selling has been for properties tagged as the high-end.

“This is natural as investors — as opposed to end-users — dominate the buying pattern in newer

locations,” said an industry source. “As these mature, the incidence of listings reduce as end-users start

to dominate. On the other hand, International City and Discovery Gardens still have a large number of

listings. Despite these communities being older, they are still dominated by investors as opposed to end-

users.”

Source: Gulf News

Back to Index





DUBAI REALTY IS MATURING NICELY


The theory of ‘maturity’ is helpful in trying to understand the changes and cycles in a real estate market,

which often go hand in hand with a country’s economy and legislation.

Maturity is classified by the degree of change in, for example, the range of investor and developer

opportunities, market transparency, flexibility of property interests, know-how of market stakeholders,

regulation of market practices and property rights in a built environment. Over years, property markets

develop and grow, in terms of features, practices and mechanisms.

Dubai has a relatively young real estate market. It is only since the last decade that freehold ownership

was made available and all nationalities were permitted to buy property. However, already the market

appears to be transitioning into a second phase of its evolution, offering a number of advantages to all

stakeholders.

Dubai’s property arena is quite unique in its composition. It is a market where almost 90 per cent of the

population are expats, unemployment is near zero, and is a tax-free haven located just a few hours

flight time between Asia, Africa and Europe.

Dubai’s unique real estate market has evolved over the past 15 years, going through major milestones

since 2002 when the freehold decree was issued, followed by exponential growth four years later as the

foreign ownership law for property was passed. This was followed by the global financial crisis and its

resultant impact on the region’s real estate market in 2008 — causing many properties to lose more

than half of their value.

The last few years has seen the market go through gradual and steady recovery, signalling a completion

of Dubai’s first full property cycle.

In 2007 the number of project launches rocketed, promising to add more than 70,000 new units a year.

End-users competed with investors as many speculators looked to flip their down payment investments

for quick gains, after which property prices increased by almost 80 per cent.

With the still young real estate market in high growth mode, the authorities issued a number of

important rulings such as the escrow account law. Also, the Real Estate Regulatory Agency (RERA) was

set up to monitor, control and register all transactions in the emirate.

In 2010, the Strata Law was introduced, giving property owners the right to jointly manage their

buildings or communities, as well as obliging developers to be more transparent. The Dubai Land

Department published daily transactions on their website, thereby allowing extraction of price data for

comparisons to previous years and other locations.

RERA announced Ejari, a digital system where all lease contracts for Dubai properties are recorded,

safeguarding the legal rights of tenants and landlords and providing a more accurate rental index.

With the market in strong recovery in 2013, with the added exuberance following the Expo 2020 win,

further controls were put in place to protect from overheating. The mortgage cap law introduced a

maximum loan-to-value (LTV) ratio of 75 per cent and DLD registration fees were doubled to 4 per cent.

Over the last two years, the real estate market appears to have gone through a mini-cycle, from a peak

in 2014 to a self-correction later in the year with prices stabilising since last summer.

It is relatively more stable and therefore more predictable in the short or medium term. Visibility of past

performance offers investors some insight on market dynamics and a help in trying to gauge future





trends. Most commentators feel that this stability offers both buyers and sellers the benefit of a calmer

property market where decisions can be made in a much less rushed fashion than before.

As the market progresses in its maturity, developers earn reputations based on their track record of

delivery and how their stock has stood the test of time. It gives today’s buyers the benefit of seeing a

developer’s previous work.

Purchasers buy with increased confidence, and pay a premium, from names that they trust. Consumers

have increased choice by way of location, design, specification and payment plans. Developers are more

experienced to deal with any unexpected changes in the market.

Transparency also increases in a maturing market, based on the ease with which property can be

sought, bought and valued, which also means less risk for any potential buyers.

Some relatively new neighbourhoods are already developing their own identity and enjoying the delivery

of increased services and infrastructure. This provides potential purchasers with the valuable advantage

of having everything in place and knowing what an area is like before they buy.

All stakeholders can now enjoy the benefits of being more aware and responsible in their decision-

making. Laws have been passed to ensure safer transactions, increased clarity and improved protection

to all involved.

While this next phase may not offer the types of spectacular financial gains enjoyed by some of the early

pioneers, it certainly offers the advantage of maturity.

Source: Gulf News

Back to Index





ABU DHABI FINANCIAL GROUP

TARGETS ADDITIONAL ACQUISITIONS

AND OVERSEAS EXPANSION

SATURDAY 15 AUGUST 2015

The Abu Dhabi Financial Group, an alternative investment company with US$3 billion in assets, plans to

make more acquisitions in financial services and expand its debt portfolio by two-thirds, its chief

executive said.

The group will make at least one acquisition this year, after concluding in March a 45 per cent stake in

the Abu Dhabi brokerage firm First Gulf Financial Services from FGB for an undisclosed sum.

“In 2013-2014, everyone was playing hard to get,” said Jassim Alseddiqi, the chief executive. “Today

sitting on the sidelines, you can pick and choose the assets you want whether on the real estate side or

financial services side. So we will be making an acquisition, which might be a series of many other

acquisitions.”

ADFG thrives on downturns, snapping up assets at attractive prices, financing abandoned property

projects and providing alternative financing to those shunned by banks.

Accordingly, the group’s debt portfolio, which is only 18 months old, will swell to Dh5bn by the end of

this year from Dh3bn today.

“We do well when there is a slowdown globally and locally,” said Mr Alseddiqi. “We are not very active at

times where there is a boom, because we are experienced in special situations.”

These special situations include taking on debt of various forms: asset-backed financing, distressed

finance, structured finance and high-yield debt. The group extends funds to a slew of investors that may

not be able to get loans from banks.

“The non-banking financial services sector has still room for it to grow,” said Mr Alseddiqi.

The group also provides “last mile” financing to property projects in Dubai and Abu Dhabi that have

fallen on hard times. It has funnelled Dh500 million into such property projects in the UAE and abroad.

Mr Alseddiqi said the return on such investments versus the risk was “much better than other

opportunities in the market”.

Investing in such projects and debt financing has paid off for the group, which has on average achieved

an internal rate of return of 22 per cent annually over the past five years.

This is coupled with more than a 30 per cent increase in revenue each year over the same period.

ADFG expects this performance to continue over the next few years as the economy’s growth slows

down and the property market cools.

The group has also invested in luxury property developments in central London worth about £1.8bn. The

group has sold a third of units at its No 1 Palace Street development overlooking Buckingham Palace,

which is due for completion in the first quarter of 2018. Nearby, construction at New Scotland Yard,

which it is also backing, will start next year, with expected completion in 2021.





The company is also eyeing projects in Miami, New York and Los Angeles and is waiting for a downturn

in the US property market. Miami is particularly attractive due to its combination of leisure and business

travel.

The group is also spending €500m (Dh2.04bn) on investments in Eastern Europe over the next four

years, including the development of 5 million square feet of land in Bulgaria and projects in Montenegro.

Eastern Europe has attractive pricing and great hospitality potential, said Mr Alseddiqi.

China is on the group’s radar screen, as well.

“We might be interested in looking at China and we are waiting on the sidelines to see what happens,”

said Mr Alseddiqi.

“We think there is going to be a weakness over the next few months or years and we are positioning

ourselves to enter the Chinese market in financial services or real estate.”


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NAKHEEL CONTINUES PUSH INTO

DUBAI RETAIL WITH SECOND AL

FURJAN MALL

THUESDAY 11 AUGUST 2015

Nakheel’s aggressive push into Dubai’s retail market shows no sign of abating as it presses on with

community malls, with another planned at Al Furjan.

The developer plans to announce the project imminently, according to people with knowledge of the

matter.

The second mall at Al Furjan – a development with plans for 2,200 villas near Jebel Ali, built by Nakheel

and third parties – follows the first, which is fully leased and set to open next year.

Nakheel’s new mall will sit alongside a growing number of smaller offerings and 10 new large scale

developments ranging from the 3 million square feet Deira Mall to the 432,000 sq ft Circle Mall in

Jumeirah Village Circle. All the projects are due for completion in the next five years.

The developer of Dubai’s Palm islands plans to more than quadruple its leasable retail space to more

than 11 million sq ft from the existing 2.5 million sq ft at its Dragon Mart and Ibn Battuta Mall

developments.

“Our chairman told us we must have an income stream of Dh7.5 billion from retail leasing over the next

three to five years,” said Omar Khoory, a director of Nakheel Retail. “When our 11 million sq ft of

developments are complete, we will be moving close to that figure. Right now our income stream is 80

per cent development versus 20 per cent non-development.”

The non-development part of Nakheel’s business includes its malls and hotels operations.

Experts say that UAE developers offer a host of retail options because the retail environment offers

returns beyond most mature markets, but they warn that the amount of future supply could become

burdensome.

“The community malls are a great idea because they have captive markets that need fulfilling,” said

Craig Plumb, the head of research at the property consultants JLL. “A possible problem with the amount

of space coming on stream is the amount of choice for retailers. Retailers will not be able to be present

in all of them, meaning there will be winners and losers.”

Property consultants say rent increases are not likely, but are equally sanguine about the likelihood of a

dramatic falls in rates because of new developments. A likely impediment to retail rates are global

economic conditions.

“Dubai hasn’t had a major mall delivered in five years and the timeline for delivery of these new malls is

over a five-year period,” said Matthew Green, the head of research for CBRE.

“That means that the new malls can dry up some of the waiting lists of prime retail space. The economic

headwinds that Dubai is facing is more likely to slow rents.





“The weakness of the Russian tourist market and the strength of the dollar, making the UAE an

expensive place to visit, means that demand is dropping and we are already seeing a flattening of retail

rents.”


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With 30 years of Middle East experience, Asteco’s Valuation & Advisory Services

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Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Julia Knibbs MSc

Manager – Research and Consultancy - UAE

+971 4 403 7789

[email protected]

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