week 49 - asteco

Week 49 SUNDAY, 08 DECEMBER 2019

ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA

© Asteco Property Management | 2019 | asteco.com

34+ YEARS IN THE MIDDLE EAST

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ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

UAE IS MOST PROSPEROUS ARAB NATION FOR 13TH YEAR, STUDY SAYS

SAUDI BINLADIN LEADERSHIP OVERHAUL SLOWS $15BN DEBT REVAMP

CONSTRUCTION OF JEDDAH WELLNESS VILLAGE PROJECT TO START IN 2020

TIME FOR UAE’S REAL ESTATE SECTOR TO BE TAXED

SAUDI CONSTRUCTION SECTOR CONTINUES STRONG GROWTH IN THIRD QUARTER

DUBAI

TOP REGIONAL CONSULTANTS BY FORBES MIDDLE EAST

DEVELOPER BLOOM SAYS KEY DUBAI PROJECTS ON TRACK FOR 2020 HANDOVER

PROPERTY DEALS HIT ONE-DAY VOLUME RECORD AS TRANSACTIONS SURPASS 2018

TOTAL

DUBAI’S PROPERTY DATA NEEDS STREAMLINING

DUBAI'S ECONOMY EXPANDS 2.1% IN FIRST HALF OF YEAR

SALES OF AFFORDABLE HOUSING UNITS IN DUBAI SURGE

DUBAI'S RESIDENTIAL MARKET HAS BECOME MORE AFFORDABLE

DUBAI’S OFF-PLAN PRICES COULD REMAIN INTACT IN 2020

HOME LOANS WORTH DH173 MILLION WAIVED OFF IN DUBAI'S ABU HAIL

SIZE, COMFORT, SAFETY: WHY YOU SHOULD LIVE IN A VILLA IN DUBAI SILICON OASIS

DUBAI PROPERTY TRANSACTIONS REACH RECORD ONE-DAY HIGH

LANDMARK GROUP OPENS DH1BN DUBAI DISTRIBUTION CENTRE

DUBAI’S LUXURY HOMES NOW HAVE THE RIGHT VALUE

DREAM HOME IN DUBAI? CHECK YOUR OPTIONS

DAMAC CHAIRMAN BUYS ITALIAN FASHION BRAND ROBERTO CAVALLI

DUBAI DEVELOPER SET TO REBRAND LUXURY PALM JUMEIRAH PROPERTIES




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REAL ESTATE NEWS DUBAI PROPERTY MAY NOT SEE MEANINGFUL RECOVERY IN NEAR TERM: S&P

HOMEFRONT: 'I'VE BOUGHT A DUBAI PROPERTY. WHAT NOTICE PERIOD DO I GIVE THE

TENANT?

ABU DHABI

ALDAR BULLISH ON 2020 AS GOVERNMENT POLICIES BOOST PROPERTY MARKET

$630M HOMES PLAN UNVEILED TO SUPPORT UAE'S FLEDGLING NUCLEAR SECTOR

ABU DHABI'S ALDAR LAUNCHES NEW RENT TO OWN SCHEME

ABU DHABI PROPERTY CLOSE TO DEMAND-SUPPLY BALANCE

ABU DHABI'S ALDAR TO BUILD $2.18BN SAADIYAT GROVE MEGA PROJECT

ABU DHABI SIGNS UP LULU FOR MIDFIELD TERMINAL

INTERNATIONAL

ABU DHABI LUXURY DEVELOPER EXPANDS MOROCCAN PORTFOLIO WITH DH571M

MIXED-USE PROJECT

MAJID AL FUTTAIM TO EXPAND IN EGYPT, SAUDI IN EMERGING MARKETS PUSH




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TOP REGIONAL CONSULTANTS BY FORBES

MIDDLE EAST Monday, Nov 18, 2019

1. ASTECO

Established: 1985

Asteco was formed in Dubai in 1985. The company has a combination of local and international expertise, and

represents a significant number of the region's top property owners, developers and investors. Asteco has

witnessed outstanding growth and diversification over the decades, built a strong regional network of offices, and

currently operates in Dubai, Abu Dhabi, Jordan, Sharjah and Al Ain. Asteco offers asset management, sales,

leasing, valuation and advisory, owners association, sales management and licensing services to its customers.

2. BETTER HOMES

Established: 1986

From a one-woman outfit founded by Linda Mahoney in 1986, Better Homes has expanded with offices all over

the GCC region, and employs nearly 500 people. Having started in residential leasing, they now offer residential

sales, a commercial sales and leasing division, property management and short-term rentals. A founding member

of the Dubai property group, Better Homes had the exclusive rights to lease units in Emirates Towers in 2000. In

2015, Better Homes was to chosen to manage the property portfolio of ENBD, Dubai's largest bank.

3. FÄM PROPERTIES

Established: 2009

fäm Properties is a member of the fäm Group, accruing annual revenues in excess of $490 million. The company

is focused on providing objective, real-time insight to clients and is achieving this by using its own in-house

proprietary Oracle-based technology. In 2018 the agency recorded the highest volume of sales for Meraas. It was

the second year in succession that the company topped sales with the Dubai Land Department and Meraas, while

fäm's brand was lit up on the Burj Khalifa by Emaar Properties to mark its performance last year.

4. ALLSOPP & ALLSOPP

Established: 2008

Allsopp & Allsopp is a family founded property services company operating a traditional U.K. estate agency model

in the U.A.E. It has over 200 brokers working in over four different branches across key communities in Dubai. It

became the first real estate agency in the U.A.E. to become ISO Certified. In October, Allsopp & Allsopp launched a

proptech feature called “Find My Agent,” which will allow clients to see where their estate agent is while they make

their way to the viewing.

5. DRIVEN PROPERTIES

Established: 2012

Founded in 2012, Driven Properties has risen as a major real estate brokerage, investments, and consulting

company. The company provides a whole array of impressive and personalized property options and wealth

management services to customers within the U.A.E. and around the world. Its wide range of expertise is




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demonstrated through the firm's clientele network and connections with major Dubai real estate developers,

agents and other market specialists.

Source: Forbes Middle East

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LANDMARK GROUP OPENS DH1BN DUBAI

DISTRIBUTION CENTRE Wednesday, Nov 27, 2019

Retailer Landmark Group has opened a new, Dh1 billion fully-automated 'Mega Distribution Centre' at Jebel Ali

Free Zone in Dubai.

The company behind the eMax, Centrepoint, Home Centre and Babyshop brands, has said the new distribution

centre is a 43 metre, high-bay warehouse capable of handling 300 million items a year. It has the capacity to

house up to 2.2 million cartons and 250,000 garments on hangars, and will handle them using 1,300 'robotic multi

shuttles' 94 lifts and 28 workstations.

“The opening of Mega DC marks a huge milestone for Landmark Group," said the company's chairwoman and

chief executive, Renuka Jagtiani.

"We are very proud to have built this fully-automated facility, which will serve our customers even better by

ensuring speed and agility of operations but will also project the future of supply chain for our region.”

Landmark Group was set up by founder-chairman Micky Jagtiani in 1973 when from a single store in Bahrain. Its

headquarters moved to Dubai in 1990 and the company now operates more than 2,300 outlets across 22

countries in the Middle East, Africa and India. It employs more than 55,000 staff.

Landmark Group's automated distribution centre's "adoption of technological tools like artificial intelligence, big

data, IoT, robotics and automation to drive logistics solutions is in step with what we do at DP World," said the

chairman of Dubai's ports operator and of the Jebel Ali Free Zone Authority, Sultan Bin Sulayem.

"Customers are looking for speed, transparency, efficiency and effectiveness. A new approach is necessary to

meet their demands along the supply chain. We believe Landmark Group is innovating to enable smarter trade,"

he added.

The centre will have a shuttle system for handling cartons and tote banks with 'inter-aisle transfer technology',

Landmark Group said in a statement.

It also has an automatic storage and retrieval system capable of storing more than 36,000 pallet positions,

serviced by 41-metre tower cranes.

About half of the centre's power requirements will be met through an 8.2 megawatt array of rooftop solar panels,

the largest of its kind in the region.

Source: The National

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HOMEFRONT: 'I'VE BOUGHT A DUBAI

PROPERTY. WHAT NOTICE PERIOD DO I

GIVE THE TENANT? Thursday, Nov 28, 2019

The UAE resident wants to move into the home himself as soon as possible

I am purchasing a tenanted property with the expected handover by the end of this month. I plan to move into

the home myself and understand a 12-month eviction notice must be given to the current tenant. The lease was

renewed by the tenant on October 20 and will expire on October 19 next year. My questions are:

Does it matter (or is it better) if the current landlord issues the eviction notice before the property is handed over

to me or should I issue the notice?

Assuming that the eviction notice is issued on December 1 and the tenant receives it on December 5, when does

this 12-month period end? Is it in October 19 next year when the lease expires or either of the December dates

mentioned above? I have found conflicting information that the 12-month period starts from the expiration date

of the current lease, which would be October 19.

Also, can the tenant refuse to accept the delivery of the notice? If this happens, where do I stand? There is a

strong likelihood the tenant may try every trick to delay leaving the property.

After I purchase the property, how do I update the information on the Ejari? And is it a good idea (or mandatory)

to update the Ejari with the new landlord's information? Also, do I need to sign a new tenancy contract with my

information listed as landlord and keep the same lease expiry date of October 19?

Finally, is it better to send the notice through notary public or can I simply prepare it myself and courier the letter

to the tenant? Any suggestions to ensure a smooth transition towards me getting physical possession of the

property will be helpful. MT, Dubai

When a landlord wants to sell a rented property, he/she must inform the tenant by sending a 12-month written

notification either via notary public or registered mail. Given that the current landlord has not issued a formal

notice, I recommend you go ahead and serve the notice yourself (for reason of own use). Once you become the

owner, remember you must also show that you do not own another suitable property that could be used instead.

The 12-month period starts at the point of issuance. There is some confusion as to exactly when a notice ought to

be served; according to Law no 33 of 2008, it should be served upon the expiration of the current tenancy.

However, some judges at the Rental Dispute Settlement Committee (RDSC) allow the notice to be served at any

time. Serving the notice at any time is, however, not allowed for the first year of a tenancy. In this instance, the 12-

month notice can only be served upon the expiration of the first year. In your case, I recommend you issue your

12-month notice when you become the landlord after buying the unit. Your tenant will then have to move out a

year later.

When a notice is sent via registered mail, the courts often use a courier to deliver the document. If the tenant

does not answer the door at the point of delivery or is not in the property at all, the courier company will paste

the notice on to the front door and photograph it as evidence. The fact the notice is pasted on to the door is




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deemed delivered in the eyes of the courts. Despite the fact the contract terms and conditions must remain the

same, it is always good practice to have the paperwork up-to-date.

With reference to the Ejari, again it is better to cancel the old one and re issue with your correct details, however,

this can wait until renewal if need be.

As stated when sending the 12-month notification, this needs to be sent either via notary public or registered

mail. You can choose to prepare the notice yourself but remember to send it via registered mail.

Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for 35 years

in London and Dubai

The opinions expressed do not constitute legal advice and are provided for information only. Please send any

questions to [email protected]


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SAUDI CONSTRUCTION SECTOR

CONTINUES STRONG GROWTH IN THIRD

QUARTER Saturday, Dec 07, 2019

The revival in Saudi Arabia’s construction sector continued in the third quarter of 2019, with the level of contract

awards in the third quarter of 2019 increasing by 164 per cent year-on-year, according to a new report.

The value of contracts awarded in the three months to September 30 in the kingdom rose to 47.8 billion Saudi

riyals (Dh46.6bn), bringing the total awards for the first nine months to 87.2 billion riyals, up 117 per cent year-on-

year, the report from the US-Saudi Arabian Business Council shows.

“The 47.8bn riyals in awarded contracts during the third quarter continued the trend seen thus far in 2019 as the

oil & gas sector led … followed by the real estate sector. This quarter witnessed the industrial sector amass the

third -highest value of awarded contracts after a relatively slow pace during the two previous quarters. These

three sectors accounted for 80 per cent of all contract awards during the quarter,” the report said.

This is the second strong quarter of contract award data following a difficult period after the 2014 oil price

collapse which led to the government halting payments to contractors, and the pausing or cancelling of scores of

major projects as spending priorities were reassessed before the kingdom created its Vision 2030 plan. Contract

awards hit a record 290 billion riyals in 2013 — the year in which more than 86bn riyals worth of contracts related

to the Riyadh Metro were awarded — but slumped 108m riyals in 2016, bottoming out at 100.9m riyals last year.

“One of the key regulatory changes that affected projects in the kingdom was the creation of the Bureau of Capital

and Operational Spending Rationalisation. The Bureau halted, suspended, and cancelled numerous infrastructure

projects that were deemed not to be in line with its economic objectives,” the report’s author, economist Albara’a

Alwazir, told The National.

“Fast forward to 2019, we are witnessing a return to heavy spending on mega-projects in Saudi Arabia as Vision

2030 developments like Vision Realisation Plans (VRPs) begin to take shape."

He added that the kingdom has also upped spending on infrastructure-related projects as part of its overall

spending plans.

“Capex as a percentage of the total budget has risen from 19.9 per cent in 2018 to 22.2 per cent in 2019.

Furthermore the (kingdom’s fiscal balance programme) plans for capex to climb to 23.7 per cent by 2021,” Mr

Alwazir said.

Contract awards are likely to top the 200 billion riyal mark this year for the first time in four years. He argued the

outlook for the sector in 2020 looks healthy as a result of the continued increase in capex planned, as well as the

fact that the amount dedicated to megaprojects such as Neom and the Red Sea tourism development is set to

double under proposals set out in the kingdom’s preliminary budget.

“This positive announcement places the construction sector at the top of the list of being a leader in driving non-

oil growth over the medium-term,” Mr Alwazir said.




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The biggest contracts awarded during the quarter include the award of a 6.2 billion riyal contract by Shomoul

Holding to Nesma & Partners for a new mall to be built as part of The Avenues Riyadh development, a 5.6bn

award by Saudi Aramco for package nine of a new gas plant at Tanajib to Tecnicas Reunidas, and a 4.8bn deal to

Samsung Engineering to build a new tyre plant in Jubail from the kingdom’s National Tire Corporation.

The increase in construction activity in the kingdom is also driving up sales volumes and pricing of cement.

Cement sales in the kingdom rose in October for the fifth consecutive month and were up 17.5 per cent year-on-

year, Jadwa Investment said in a note published last week.


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DREAM HOME IN DUBAI? CHECK YOUR

OPTIONS Wednesday, Nov 27, 2019

For those wanting to invest in a property in Dubai, now may be the perfect time to do so.

The right place and the right time are the two most critical factors to consider before making a real estate

investment. At some point in our lives, we all think of buying property. While some look for inspiring spaces where

they can live fulfilling lives with their loved ones, others seek properties that add value to their investment

portfolios.

Irrespective of the reason behind investing in real estate, the decision is based on the same two factors - the right

place and the right time. When it comes to 'the right place', Dubai ticks all the right boxes. The Emirate's stable

and growing economy, pro-people government, cultural diversity, and a future-proof outlook, are a significant

draw for people from every corner of the world. Anyone who has ever been to Dubai or lives here aspires to own

a piece of this magnificent city.

For those wanting to invest in a property in Dubai, now may be the perfect time to do so.

As Dubai evolves into a city of the future, its real estate landscape is undergoing a transformational evolution.

What was once just a go-to destination for global investors seeking good returns, is now maturing into a place

where people are looking to settle in and invest for the long term. The days of unsustainable price growth are

behind us, and Dubai has become a more affordable buyer's market, prompting many to invest.

On September 2, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of

the UAE and Ruler of Dubai, announced the launch of the Higher Committee for Real Estate, which will chalk out a

long-term growth strategy for the sector. The announcement received a phenomenal response from the market,

which witnessed a 134 per cent rise in real estate transactions within a month of the announcement. More and

more people are seeing this as the right time to invest in Dubai's real estate. Here's why you should too.

The price is right

Property prices are perhaps the most influential factor while making a real estate investment decision. At this

stage, Dubai's property market presents the right conditions for buyers, investors and renters alike. Compared to

Q2 2019, in Q3 2019, the average price per square foot declined by 8 per cent for apartments and 6.6 per cent for

villas across the board. However, the decline is softening, and we believe that the market is bottoming out. The

declining prices have prompted many to take advantage of market conditions and make their first property

investment in Dubai. In 2018, nearly 66 per cent of the total investors in Dubai's real estate were first time buyers;

and we expect that this trend will continue in 2019. We are also witnessing a trend where long-term renters are

instead considering buying their own home in the Emirate. Those who invest now are sure to benefit in terms of

long-term returns once there is an uptick in the market in the coming years.

So many options

Today, investors and buyers looking at Dubai's real estate landscape are spoilt for choice. From off-plan projects

to ready-to-move-in units, from gated communities to exquisite branded residences, the market offers unique

products that suit different needs. It is also an excellent time for buyers who are looking for luxury real estate as

Dubai is set to overtake New York as the global branded residences capital by the end of the year, with 23 existing

projects and another 22 in the pipeline. At Damac, we have always believed that creating a diverse range of living




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experiences is the key to success in a market such as Dubai. From Ghalia, our first Shariah-compliant project, to

Damac Hills, our master community that caters to residents' holistic lifestyle needs, our projects have been

inspired by the different cultural needs and aspirations of buyers and investors.

Attractive returns

Dubai has always been a preferred destination for those who are looking at property as an investment. Despite

the decline in prices, at 7 per cent, average rental returns of Dubai in the first half of 2019 remain stronger than in

most big cities around the world. Besides long-term returns on investment, Dubai's real estate landscape offers

multiple ways to make money from your investments. Compared to long-term rentals, holiday homes offer up to

25 per cent more returns to investors. As per a recent report by Knight Frank, the holiday home market of Dubai

accounts for two per cent of its total households, which is the highest in proportion, compared to other big cities.

Better financing and easy payment plans

To encourage mortgage-based home purchases, the UAE Central Bank recently instructed banks and other

finance providers to reduce early settlement fees to a maximum of 1 per cent or Dh10,000, whichever is less, for

borrowers who want to exit their mortgage early. The UAE Central Bank also scrapped the 70-year age limit for

the last mortgage repayment. These reforms will bring more flexibility for those who wish to buy a property

through financing. Buying a home is a big decision that involves a complex emotional and logical reasoning.

Whether you're an investor looking for returns or a buyer in search of your dream home, Dubai will never

disappoint. However, it's all about taking the right decision at the right time.

Ali Sajwani is general manager operations at Damac Properties. Views expressed here are his own and do not

reflect the newspaper's policy.

Source: Khaleej Times

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HOME LOANS WORTH DH173 MILLION

WAIVED OFF IN DUBAI'S ABU HAIL Wednesday, Nov 27, 2019

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of

Dubai, has ordered the Department of Finance to waive outstanding home loans worth Dh173 million of Emiratis

in Abu Hail area in Deira.

The announcement was made on the occasion of the UAE's 48th National Day celebrations.

His Excellency Abdulrahman Saleh Al Saleh, Director General of the Government of Dubai's Department of

Finance, said that the Department has started implementing the directives, which reflects the Ruler's keenness to

free citizens from financial burdens and enhance their welfare and happiness.

Abdulrahman Saleh Al Saleh also said that the Department is currently coordinating with the Dubai Real Estate

Corporation's Wasl, which manages the project located in Abu Hail area for which the home loans were provided.

The Dh392 million project has 390 villas owned by 600 Emiratis.


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DUBAI'S RESIDENTIAL MARKET HAS

BECOME MORE AFFORDABLE Tuesday, Dec 03, 2019

Dubai's residential market stakeholders, investors, tenants as well analysts, are always interested in learning how

the market performed and where it could head in the future. Fortunately, as Dubai's market matures, we

continue to attempt to make sense of the increasingly available data from both government-based non-official

sources.

In this article, we look at Dubai's residential real estate market for the first half of 2019 focusing on trends in

capital values and rental values from the point of view of the ValuStrat Price Index (VPI), which is a valuation-

based index constructed to represent the price and rental change experienced by typical freehold residential

units.

The VPI for citywide residential capital values for existing ready homes during the first six months of 2019 fell 5.9

per cent on average, apartments fell 6.3 per cent and villas down 5.3 per cent. Interestingly, the index was

declining by an average of one per cent per month for the last 20 months, so this came as to no surprise. It's

important to note that since the last couple of years, a significant share of overall transactions was related to

newly launched off-plan homes which may in turn have contributed to the softening of capital values in the

existing home market. We will discuss sales transaction trends in more detail in part 2 of this article.

On a micro level, not all locations monitored by the VPI performed in a similar fashion. Various factors such as

new supply in the area, quality and age of buildings, infrastructure, connectivity, public transport links, community

retail, among other things, impacted the capital value performance.

About three per cent was the least registered capital loss during the last six months and it was observed in Palm

Jumeirah villas, particularly the higher-end ones. Emirates Hills top-end villas were also relatively resistant to the

citywide trend as capital values fell 3.2 per cent. Mid-level properties in the Meadows and Dubai Sports City fell

4.1 per cent and 3.1 per cent, respectively. On the other side of the spectrum, Dubai Production City, Remraam,

The Greens, Discovery Gardens, and Palm Jumeirah apartments, lost an average of 6.5 per cent in capital values

during the last six months.

Similarly, the citywide rental VPI also declined but at a lower rate of 5.3 per cent during the past six months.

Apartment rents fell 4.8 per cent while villa rents dropped 6.4 per cent. These rental declines were also quite

predictable as they followed a similar downward trend to capital values, albeit at a slower rate.

Most average annual asking rents in Dubai have declined to late 2012 to early 2013 levels, prompting tenant

migration from north to south to avoid traffic congestion during peak hours, many tenants considered the move

from Sharjah to Dubai, Deira to Bur Dubai, International City to Silicon Oasis and Dubailand. Affordable rents with

additional incentives such as flexible cheque payments, inclusive of chiller costs, and some landlords offering 13

months lease for the price of 12.

Nowadays with a simple online search, bachelors, couples and small families can easily find studio apartments

renting as low as Dh20,000 per annum, these apartments are in International City, Al Muhaisnah, Academic City

and Dubai Production City.




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Larger families with limited budgets have options to choose from the 1,572 recently completed villas located in

Nad Al Sheba and developed by master developer Nakheel. Asking annual rents for these villas' ranges from

Dh118,750 for a four-bedroom 3,800sqft house, to Dh128,250 for a five-bedroom 4,100sqft house.

By dividing the total purchase cost of a property by the net rental income, we get the net yield. Dubai's residential

market continues to be one of the best choices for investors looking to maximise net yield. With rental values

declining at a slower rate, Dubai's apartments average 5.9 per cent net yield and villas average 4.7 per cent net

yield. Top net yields of above 8 per cent can be achieved in Remraam, Dubai Production City, International City

and The Greens.

There's no doubt that Dubai's residential market has indeed become more affordable to both buyers and tenants.

But investors are not left out, as generous net yields can still be achieved during a softening market.

Haider Tuaima is head of Real Estate Research ValuStrat. Views expressed do not reflect newspaper's policy.


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SALES OF AFFORDABLE HOUSING UNITS IN

DUBAI SURGE Saturday, Dec 07, 2019

The affordable housing segment is experiencing the strongest demand in Dubai as properties priced below Dh1.5

million dominated transactions in the emirate's real estate market during the first nine months of 2019, latest

data shows.

Low-cost properties or affordable housing units' sales registered 10.87 per cent year-on-year growth during the

January-September period this year as Dubai recorded 18,858 transactions for properties worth up to Dh1.5

million, compared to 17,009 deals in the same period last year, Property Finder Group's report says.

Analysts said sales and leasing demand for affordable units will continue to outweigh larger properties in Dubai

due to a growing young population, higher percentage of bachelors and small families, and greater yields offered

to investors.

Experts said a correction in prices is steadily making Dubai property more affordable to investors and end-users.

Dubai realty has emerged as a mature and affordable market after shedding almost 25 per cent of its value in the

past five years, they added.




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"Affordable end-user housing demand is still high and is expected to continue to be the case for many years to

come," Haider Tuaima, head of real estate research at ValuStrat, told Khaleej Times. "Our research has found that

current prices reached previous low levels of 2012, which in turn is prompting many households to consider

and/or move to Dubai from the Northern Emirates," he said.

Data Finder's statistics showed that 6,888 transactions were registered in Dubai for properties valued between

Dh1.5 million to Dh3 million during the first nine months of 2019, while properties valued between Dh3 million to

Dh5 million recorded 2,196 transaction during the period. It further noted that 726 deals for properties valued

between Dh5 million to Dh10 million and 520 transactions for properties worth more than Dh10 million.

John Stevens, managing director at Asteco Property Management, said properties in Dubai have become more

affordable in the global context due to availability of 'unlimited land' for development compared to very saturated

and restricted markets of London and Hong Kong, among others.

"Affordability is not only measured in terms of the price, but also in regards to payment terms. Developers have

shifted their focus to the price and flexible payment plan due to global/regional headwinds and the general

squeeze in purchasing power," he said, adding that this trend is not expected to change in the short- to medium-

term period.

Farhad Azizi, CEO of Azizi Developments, said the affordable housing segment is experiencing the strongest

demand - significantly more than luxury properties.

"Expo 2020 reinforces demand for affordable units, as it solidifies Dubai's standing as a global hub for business

and tourism and sets strong fundamentals for long-term growth across a multitude of industries, including real

estate," Azizi told Khaleej Times. "This world-class event, and especially its after-effects, will result in an increased

number of visitors, business relationships being formed and infrastructure investments being driven, propelling

the vision of Dubai's visionary leadership."

"With the emirate retaining a large number of visitors and jobs being created, the event boosts demand. The

affordable segment benefits from this the most, as new residents tend to prefer value-for-money units as their

initial homes," he said.

Affordable units supply

Stevens of Asteco said there is enough stock coming to the market, but whether it will meet affordable the

housing requirement is a different question.

Referring to the Dubai Statistics Centre's Labour Force Survey in 2014-15, he said approximately two-thirds of

people earn less than Dh5,000 per month.

"This means that a large population is not eligible for a mortgage because it requires a Dh15,000 minimum salary.

This segment cannot buy off-plan units also as most developers require a minimum income of Dh10,000," he said.

Stevens said that while many residents have been able to upgrade to larger and/or better units due to increased

supply and declining rates, a significant number of people still live in shared units as the current 'affordable

housing' is inaccessible to them.

"The number of affordable properties is expected to rise amid considering present and future supply that will

intensify competition among the developers," Stevens said.

Azizi said there is ample supply in the market and developers are sure to meet investor interest - some better

than others.

"Units need to be the right types and sizes, situated in prime locations, have the desired amenities and have the

right connectivity and accessibility to major business, leisure and retail hubs. Those whose developments meet

these criteria will thrive and see a substantial increase in sales," he said.




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Tuaima of ValuStrat said some developers are meeting demand for affordable housing units by building smaller

and more practical residential spaces, as well as offering easy payment plans.

"Our research has shown that new-build average prices per square foot are still relatively high when compared to

older ready counterparts," he said.

Data Finder's statistics also showed that established communities saw higher demand for ready units, with

Business Bay ranking highest at 1,036 sales in the secondary market. Other popular communities were Dubai

Marina (942), International City (939), Jumeirah Village Circle (783) and Al Furjan (677).

"There are many units set to be completed which fall within the affordable category, therefore when they become

available in the market, we should expect to see sales activity in the secondary market continue to increase over

the next year," said Lynnette Abad, director of data and research at Property Finder.


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DAMAC CHAIRMAN BUYS ITALIAN FASHION

BRAND ROBERTO CAVALLI Thursday, Nov 24, 2019

Dubai: Damac Properties PJSC’s chairman bought Italian fashion group Roberto Cavalli SpA through his private

investment firm.

Hussain Sajwani’s Vision Investments completed the acquisition of the Florentine brand on Thursday, according to

a statement. It didn’t provide a value for the deal. The company confirmed they were purchasing the brand on

October 30.

Roberto Cavalli was previously controlled by the Italian private equity company, Clessidra Sgr.

The deal is being valued by Italian media at 160 million euros.

In June, it was reported that Damac was considering buying the troubled Italian fashion group.

Two other bids for the group were submitted by Italy’s Diesel-owner OTB and US brand management company

Bluestar Alliance. Cavalli said it had received five offers for the brand. In 2017, Damac and Cavalli signed a deal to

build “Just Cavalli” villas in Dubai.

Source: Gulf News

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Page 19



ABU DHABI SIGNS UP LULU FOR MIDFIELD

TERMINAL Wednesday, Dec 04, 2019

Dubai: Abu Dhabi Airports has awarded two retail unit spaces at the upcoming Midfield Terminal in Abu Dhabi

International Airport to the LuLu Group. The latter will operate a specialist gifting retail space and a dedicated

non-food department store encompassing 1,833 square metres.

The Midfield Terminal includes 28,000 square metres of retail space for duty free shopping, dining, relaxing and

entertainment. According to Shaikh Mohammad Bin Hamad Bin Tahnoun Al Nahyan, Chairman of Abu Dhabi

Airports, said: “The Midfield Terminal is one of the region’s most significant aviation infrastructure projects, and it

is only fitting that it will now be home to one of the region’s most successful international conglomerates. Lulu

Group will make a significant contribution to our long-term retail strategy, and we look forward to working closely

with them in the coming months and years.”

According to Bryan Thompson, CEO of Abu Dhabi Airports, “This deal showcases the inclusive and diverse retail

environment present at Abu Dhabi International Airport, and we are confident that the addition of the Lulu brand

will contribute toward providing passengers with an enjoyable and memorable experience when arriving,

departing or transiting through the airport.”

Source: Gulf News

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Page 20



MAJID AL FUTTAIM TO EXPAND IN EGYPT,

SAUDI IN EMERGING MARKETS PUSH Wednesday, Dec 04, 2019

CAIRO: Dubai-based Majid Al Futtaim will invest 16 billion Egyptian pounds ($996.26 million) in Egypt over the next

two to three years, its CEO said on Wednesday, 14 billion pounds of which will be for a single mall in Cairo.

Majid Al Futtaim also plans to expand in Saudi Arabia, Uzbekistan and Uganda, chief executive Alain Bejjani told

Reuters in an interview.

The company will spend 2 billion Saudi riyals ($533.6 million) building cinemas in Saudi Arabia as part of a five-

year 16 billion riyal investment plan, he said.

Majid Al Futtaim, which has already built 100 cinema screens in Saudi Arabia, will bring the total to 600 screens at

the end of the five-year plan, which began a year and a half ago. The conservative kingdom lifted a nearly 40-year

ban on commercial cinemas in 2017 as part of broad social and economic reforms.

“We will open seven Carrefour locations in Uzbekistan in 2020 and on Dec. 16 we will open a Carrefour in

Uganda,” he said, adding they will also enter other markets. The Carrefour in Uganda will be the company’s first

investment there.

Source: Gulf News

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Page 21



DUBAI’S LUXURY HOMES NOW HAVE THE

RIGHT VALUE Thursday, Dec 05, 2019

Dubai has been one of the perennial favourite investment hubs for Indians interested in buying real estate

overseas. However, the city’s property market has witnessed a prolonged period of churning with values steadily

declining over the last three years.

This steady decline in residential prices has now made Dubai property among the most attractive and affordable.

In fact, Dubai is regarded as one of the most affordable markets for luxury housing among all global cities today.

As the downward price trend is somewhat getting stable, demand for luxury property is likely to turn around and

steps like the introduction of long-term visas and the upcoming Expo 2020 Dubai are further likely to stabilise the

property market.

Negotiate from strength

Dubai has witnessed an overall softening in the real estate market due to a weak economy and oversupply. It’s

certainly a buyers’ market. Because the market hasn’t bottomed out, it makes more sense for buyers to pick well-

located properties and negotiate a good price.

There has been a spike in real estate transactions and according to data shared by Dubai Land Department, the

total value jumped 33 per cent to Dh34 billion in the January-May period compared to Dh24 billion last year.

This growth can be attributed to some decisions taken by the government that has revived the interest of

international investors. The UAE is issuing long-term visas — of five and 10 years — to entrepreneurs,

professionals and investors, specialists in the medical, scientific, research and technical fields. This step has been

taken to spur business activity and create a favourable investment environment in the country. Investors have to

spend a minimum of Dh5 million to obtain a five-year visa, while the decade-long visa is for double that amount.

Luxury gets a closer look

There has been a notable uptick in demand for mansions, villas and town houses in the last few months.

Moreover, properties in the proximity of international schools, health care and those with excellent infrastructure

facilities are generating demand. In fact, the luxury segment of Dubai’s real estate market has shown resilience.

With Expo 2020 Dubai under a year away, there is likely to be an overall revival in business confidence that will

impact on the property market positively.

Does it make sense?

Owning a property abroad is definitely a highly aspirational concept and can also yield good returns on

investment. It makes complete sense for investors, and for those who already have family or business interests in

a certain country. However, end-users can only really benefit from a property abroad if they stand a good chance

of obtaining citizenship or, at the very least, residential status there.

Shajai Jacob is CEO — GCC at Anarock Property Consultants.

Source: Gulf News

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Page 22



TIME FOR UAE’S REAL ESTATE SECTOR TO

BE TAXED Sunday, Nov 24, 2019

It is time to tax real estate. Taxing the sector is the most straightforward way to curb its supply. Being once a main

driver for economic growth in the UAE, it has now turned into a drag on the economy and its diversification

efforts.

Here’s why.

The real estate sector has been developed for two main purposes. The first is to turn the various emirates into

metropolises, which will allow the country to grow its other sectors and attract residents who will contribute to its

economic journey and success. The second is to attract investors.

Investors are being targeted through a range of real estate projects that align with various investing budgets. As

for residents, they are targeted through the growth in the number of rental units entering the market every year.

Flat-lining growth

Today though, the market is over-saturated with large-scale development projects and rental units, with real

economic growth generated by the real estate sector flattening out in recent years. Expectedly, and given the

apparent oversupply in the market, this may as well drop into negative territory in coming years, offsetting any

real economic growth from other sectors.

While many would speculate that this is the end of the real estate boom, a more balanced view is that this is

rather a market correction.

Such a correction though must not be undermined by allowing a further surge in the supply before a robust

evaluation can be undertaken to better understand where the market is today in terms of supply and demand.

This must include units that are available for sale as well as units that are available for rent. With the proximity

between a few of the emirates, and the convergence of their real estate markets, such a study will need to be

conducted at a federal level in addition to studies on a state level.

Balancing out

For a balanced real estate market that will not undermine the UAE’s economic growth, there is no doubt that the

real estate committee recently established in Dubai to balance supply and demand is an overdue step in the right

direction. Nonetheless, such a step will, sooner rather than latter, need to be taken up a notch from an emirate-

level initiative and mandate to a federal-level one.

Parallel to that, the UAE’s government will need to look at options to limit supply in the market as a whole.

One recommended approach would be to introduce a progressive real estate tax. The tax will need to be imposed

on real estate developers, on per unit basis, for all units entering the market as a result of their planned projects.

The rate must increase as developers pile up unsold and unleased units.

Whether those developers choose to pass the tax on to investors/renters, or not, is a separate matter. However,

the presence of numerous developers will probably discourage them from doing so as to not lose market share.




Page 23



More importantly, the proposed approach will ensure that such a tax does not impact individuals who are

building their own houses or purchasing them. It will also mean that the tax will have a smaller impact on

developers with better manage supply compared to developers drowning the market with it.

Given the evident excess supply, which has exerted downward pressure on sale prices and rents, the UAE needs

to look at the real estate sector from a federal rather than from a state level. Meanwhile, the UAE must seriously

consider taxing real estate to control, not cease, its future supply, thus limiting its drag effect on the UAE’s

economy. Real estate should no longer be considered a key economic driver. The last thought that I want to leave

you with: What should the UAE’s government role be in the real estate market?

Source: Gulf News

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Page 24



SIZE, COMFORT, SAFETY: WHY YOU

SHOULD LIVE IN A VILLA IN DUBAI SILICON

OASIS Tuesday, Nov 26, 2019

If you want to live in a serene oasis, packed with comfort and convenience, the villa communities of Dubai Silicon

Oasis (DSO) fit the bill.

The Cedre Villas and Semmer Villas are among Dubai’s most sought-after villa communities, whether looking to

buy or rent a villa. “When compared to other communities nearby, the villas in DSO are considered to be more

generous in size (built-up area) and offer good value for the money,” says Rakesh Mirchandani, director at KGR

Real Estate. “These villas have well-designed layouts and are spacious. The community is also gated, hence, it is

safe for young families.”

DSO is also popular due to its proximity to Dubai International Airport, Al Ain Road, Global Village and Dubai

Academic City. “It is, therefore, an ideal location to reside, especially for those working in the airport or the

aviation sector,” Mirchandani adds.

Naval Vohra, CEO of Appello Real Estate, says Cedre Villas and Semmer Villas are smartly designed with intelligent

floor-plans, great landscaping and lots of light. “They offer modern facilities, ideally suited for families,” says

Vohra. “The 24-hour on-site security is well appreciated by families living here.”

Cedre Villas

Cedre Villas is a gated community with 1,047 homes, ranging from a built-up area of 3,830 sq ft to 7,280 sq ft. “The

villas are available in three-, four- and five-bedroom options and come in four sizes: luxury with private swimming

pool, executive, twin and townhouse,” says Mirchandani. “You have the choice of buying or renting your preferred

design from Arabic, modern or traditional styles.”

At Cedre you also have great amenities nearby, such as a lake and lanes for jogging and cycling, Vohra adds.

There are several supermarkets, a gym, clinics and a pharmacy here as well. “Other amenities include a children’s

park, tennis court, volleyball court, ATM, restaurants and money exchange — as well as the Cedre shopping

centre,” says Vohra.

Semmer Villas

Semmer Villas consist of 560 villas, all 3,100-sq-ft four-bedroom units available on lease. Mayur Mondkar, sales

manager at Vibgyor Real Estate, says, “There is plenty of medical support available nearby for residents of

Semmer Villas. Popular clinics and hospitals here include Aster Clinic, Dubai Silicon Oasis, Magnum Gulf Medical

Centre Silicon Oasis and Eupepsia Medical Clinic. Also, there is a range of dining options,” says Mondkar.

There is also a community centre as well as swimming pools, spacious recreational areas and education centres

nearby.

Source: Gulf News

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Page 25



ABU DHABI PROPERTY CLOSE TO DEMAND-

SUPPLY BALANCE Wednesday, Nov 27, 2019

Dubai: Developers in Abu Dhabi seem to have got a grip in balancing residential demand with supply.

Supply and handover of new homes is currently half of what had been forecast, and this looks like being the case

fof the next few years until market sees a clear spike in demand.

This compares with the 60 per cent plus “realisation rate” — which measures actual supply compared with

forecasts - attained as recently as in 2017, and earlier in 2013.

In a new report n Abu Dhabi real estate sector, the consultancy Core says that between 2014-16, these realisation

rates had dropped as low as 21 per cent. So, the current pace of 50 per cent does represent quite an

improvement.

Bottom out

In fact, the report suggests that Abu Dhabi’s property market is quite close to reaching its downward limit. That

could mean less opportunities for tenants to demand and get bigger cuts on their rents.

Or for property buyers to seek out higher discounts “Abu Dhabi saw sales and rental prices soften for a fourth

consecutive year,” Core reports.

“However, the pace slowed down in 2019. Whilst a recovery is yet to be seen, we are reaching a pricing floor

where developers and landlords, particularly those who are leveraged may not have room to drop prices any

further.”

Prices in communities such as Al Raha Beach, Yas and Saadiyat islands saw relative “resilience with lower level of

drops,” which means buyers were “displaying a preference for newer and quality build products”, the report

notes.

This despite nearly 3,000 new homes being delivered so far this year and another 1,000 likely to make it between

now and early 2020. Most of these handovers were at Saadiyat, Yas and on Reem — despite this, values at these

locations have managed to hold up.

Aldar this week launched rent-to-own schemes at some of its communities in these locations, which could prove a

winner with buyers.

Balance But the key is the balance the market seems to have achieved. According to Prathyusha Gurrapu, Head of

Research and Advisory at Core,“With limited future supply, downward pressure on existing inventory is easing.

The market is more elastic with a wider product range now catering to varied preferences and entry points —

making Abu Dhabi increasingly attractive for end-users.”

Source: Gulf News

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Page 26



DUBAI’S OFF-PLAN PRICES COULD REMAIN

INTACT IN 2020 Friday, Nov 29, 2019

Dubai: On off-plan property prices in Dubai, expect more of the same in 2020. That is, launch prices remaining

stable even as developers continue to pack in more incentives that translate into cost savings for buyers.

Despite the still soft market, developers in Dubai are still not resorting to outright price slashing to rope in buyers,

Instead, they are waiving off the 4 per cent registration fees, offer monthly payment schemes, and have post-

handover plans anywhere from two-and-a-half or three years all the way to 20. Some had also been offering five-

year freeze on service charge costs. (But it remains to be seen whether developers can still promise anything

anymore on service charges after Dubai brought in a revised law on freehold properties and their management

through owners associations.)

Whatever be the case, there are still sizeable savings for prospective buyers. Just take the case of registration fees

— a 4 per cent waiver on a Dh2 million property translates into a Dh80,000 cost saving. “That’s still Dh80,000 less

than what a buyer would’ve paid for the same property a year or two ago,” said Firas Al Msaddi, CEO of fam

Properties. “Developers have tried their best not to touch the launch price because that would created negative

perceptions.”

Secondary is where the pain is

From a developer perspective, much of the price corrections in Dubai continue to take place in the secondary

market. And there is no way sellers in the secondary market can compete on the incentives from developers.

Waiving off registration fees totalling Dh80,000 or more, for instance, could mean sellers exit a transaction with a

big dent in their profit expectations. Or worse … “Secondary market sellers cannot compete with developers

unless they really drop their prices,” said Al Msaddi. “But if you take an area like Downtown, there is a massive

difference in the price per square foot between the secondary and primary market.

“The average for secondary is probably Dh1,450 a square foot while as per Land Department data, the average for

primary is Dh2,000. So, off-plan is a lot more expensive. Today, the secondary market is actually cheaper than off-

plan.”

Keep holding

But a potential buyer coming in now will more likely go with the easy instalment plans direct from the developer

than opt for a secondary market deal. And if the developer throws in registration and service charge sops. there is

no way that offer can be bested by anything in secondary.

So, what should someone holding a property bought anywhere between 2016 or 2018 do? Simple — keep holding

on.

“You will basically be competing with the developer and you will never be able to offer the advantages offered by

them,“ said Al Msaddi.

Source: Gulf News

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Page 27



DUBAI’S PROPERTY DATA NEEDS

STREAMLINING Thursday, Dec 05, 2019

At a recent European Commission sponsored real estate conference in Luxemburg, statisticians demonstrated

that there was a difference of about six months in the lead-lag timeframe when indices are constructed using the

hedonic model, as compared to the commonly used “Repeat Sales Method”.

The data covered a period of three decades from Japan to Poland, in a study encompassing 26 markets. The

conclusions were of little surprise to most members in the audience, and data providers as well as banks are

increasingly turning towards the more rigorous hedonic methodology in most developed markets.

In Dubai, data providers have not discussed this issue at length. Despite (or perhaps because of) data streams

indicating a variety of communities starting to see a rise in prices as early as March, indices are only now

beginning to show prices starting to stabilize and, in cases, even rising.

A compilation issue

The problem has always been in the compilation of big data, and the repeat sales methodology historically has

failed to account for improvement in build quality of the unit over time. It has also failed to take into account the

velocity of transactions, and used listings as proxies, which in the web based world has been unnecessarily

duplicated and “clustered” for extreme value transactions that skew market cycles, without any authenticity.

This has been the main reason why there has been a greater than 30 per cent variance in price performance

measurement between major data providers this year (this is not a new phenomena). A similar comedy of errors

played out in 2008-10, when no one seemed to agree on how much prices had fallen. One major investment bank

stated that prices had not only fallen by more than 80 per cent, but had another 50 per cent further to go! All of

this has contributed to the contagious cynicism narrative that has permeated the ecosystem for much of 2019.

This was an essential part of the Luxemburg conference, where contributors addressed index methodology and

its impact not only on sentiment, valuation and pricing, but also in decision making by institutions where market

based indicators were at significant variance from what was transpiring on the ground.

Weed out the noise

The issues to dissect are manifold. First and foremost, in the age of big data, there is the possibility of significant

manipulation. This transpires at the agent level, all the way to the data providers and developers.

The noise that clutters up the system adds to the angst that is then expressed in social media forums. Data

integrity is of the essence, and the only way this can be ensured is through active government oversight, such that

data providers are not getting away with fancy techniques that add up to essentially nothing more than jargon.

Big data implies by definition that the data needs to be “cleansed” and that the data sets that are being generated

by private sector providers can be complemented by the government sources to enhance the overall level of

decision making, not to contaminate the process. What do we mean by this?

When we look at data streams, there should not be errors of double counting, nor should there be gaps filled in

by advertising data, nor should there be no adjustment mechanism for build quality enhancements over time.

Granularity of data streams in the ultimate analysis in a market like Dubai rests with the Land Department and it




Page 28



is this authority that is the final repository of data streams, including inventory, supply, transactions and price

action.

Filtered

This was the overarching conclusion at the conference, where countries both developing and developed gave

their conclusions of how data streams improved significantly once they had been through the oversight of

government bodies. This may not be completely feasible in all cases, but when it comes to real estate in Dubai the

pioneering role played by the Land Department and RERA both in terms of regulation and transparency should

now extend to the realms and streams of big data. And where the debate of price volatility, demand dynamics

and supply pipeline can be resolved with a margin of error that is statistically palatable.

Real estate data measurement has always been more difficult than that of commoditized products and services,

such as equity capital markets. However, being more challenging does not imply that the task be avoided. Or

worse, not be overseen, thereby leading to a wide dispersion of data streams, none of which have the same

underlying methodology or the same series of assumptions.

In Dubai, the stage is set for real estate data platforms to catapult themselves ahead of most developed markets

within a very short period of time, given the central repository that already exists. As was concluded at

Luxemburg, the way forward is not only increased interaction with other cities and data providers, but also to

make these interactions public, such that data providers and analytics can rise to a common standard.

Source: Gulf News

Back to Index




Page 29



ABU DHABI'S ALDAR TO BUILD $2.18BN

SAADIYAT GROVE MEGA PROJECT Monday, Nov 25, 2019

Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, chairman of the Abu Dhabi Executive Office, on Monday

launched Saadiyat Grove, an AED8 billion ($2.18 billion) community located in the heart of the Cultural District on

Saadiyat Island, to be developed by Aldar Properties.

Saadiyat Grove will feature 60,000 square metres of experiential retail, entertainment, and leisure space designed

to create an inclusive community, as well as 3,706 residential units, 170 of which will be branded residential units.

There will also be a selection of hotels, and co-working spaces designed to support new enterprises and start-ups,

and to promote a culture of entrepreneurship, state news agency WAM reported.

Phase one of Saadiyat Grove will include 606 residential units and around 200 retail units, supported by a range

of amenities such as gyms, pools, kids play areas, community gardens and a running track that will connect the

whole project.

Saadiyat Grove will be developed in phases, with phase 1 handover commencing 2022, WAM added.

Sheikh Khalid viewed the designs and the master plan of the 242,000 square metre development, accompanied

by Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, and Talal Al Dhiyebi, Aldar’s CEO.

Sheikh Khalid also received an update on progress achieved on phase one of the development, which includes the

completion of all design works and the awarding of the first construction contract.

Saadiyat Island is already home to Louvre Abu Dhabi, Manarat Saadiyat, five luxury beach resorts, and

educational institutes including NYU Abu Dhabi and Cranleigh School.

Al Mubarak said: "Saadiyat Grove is set to transform the urban landscape of Abu Dhabi. The project is of strategic

importance for the capital at both the cultural and social levels. Saadiyat Grove embodies our leadership’s future

vision of how people can live, work and enjoy everyday life in the city, reflecting the diverse social and cultural

fabric of the emirate."

Source: Arabian Business

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Page 30



CONSTRUCTION OF JEDDAH WELLNESS

VILLAGE PROJECT TO START IN 2020 Friday, Nov 29, 2019

Design firm H+A Global has announced it has been appointed to work on Anfas Medical Care Health Group’s

Wellness Village project in Jeddah, Saudi Arabia.

The vision for this project is to create a world class, preventative healthcare and wellness campus located in Ar

Rehab, Jeddah.

The Wellness Village will feature a long-term care centre, women and children’s facilities, wellness clinics, a

boutique wellness hotel and spa, sports fitness facilities, health-related F&B and retail outlets.

The site aims to provide a holistic end-to-end approach to healthcare with a focus on preventative care for the

local population as well as visitors, from birth to retirement age.

The project is set to break ground in the second quarter of 2020 for completion in 2022.

The masterplan is made up of three plots over a site area of 35,370 sq m.

Stas Louca, managing director at H+A Global, said: “We are delighted to be awarded a project whose design ethos

is so similar to our own - to create opportunities for well-being in all senses of the term - enhancing the way we

work, live and play through thoughtful designs that are relevant, creative and fit their intended purpose.”

Louca added: “Physical, social and technological connectivity is increasingly crucial to the health and wellbeing of

the global population. Connectivity is even more effective for the ageing population. We have considered this in

our design catering to preventative care, social connectivity and technology. The advancements in medical

innovations such as telemedicine, wearables, precision medicine and AI, will lead to a more efficient and effective

way of delivering healthcare outcomes.

"The design of the built environment will enable people of all ages to easily access their community and

surrounding areas, leading to increased engagement, activity levels, better health and improved quality of life.”

Mamdouh Albaqumi, CEO at AMCHG, said: “AMCHG appointed H+A Global to design our vision to provide

exceptional care to patients, exceed their highest expectations and establish and maintain their trust. Modern

technology has allowed us to offer a high level of service, in an economic manner, whilst reducing patient related

errors and accidents.

"In our Wellness Village project, we will achieve this through the use of live visual feeds that allow immediate two-

way communication and the transmission of vital signs in real time, allowing staff to respond prior to a medical

event. This fundamental shift in medical transparency is a revolutionary development in healthcare.”


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Page 31



DEVELOPER BLOOM SAYS KEY DUBAI

PROJECTS ON TRACK FOR 2020 HANDOVER Monday, Dec 02, 2019

Real estate developer, Bloom Properties, has announced that two major projects in Dubai - Bloom Towers and

Bloom Heights - are both on track for handover next year.

The Abu Dhabi-based company also said that Park View and Soho Square on Saadiyat Island are currently in the

process of handover.

Jeremy Lester, acting CEO of Bloom Holding, said: “We’ve overseen significant construction progress over recent

months, which is very positive news for our customers.

"We continue to work closely with our contractors to ensure on-schedule delivery for customers to the highest

standards.”

Developer Bloom says all UAE projects on schedule for delivery

He said Bloom Towers is now 41 percent complete with a scheduled handover at the end of 2020. The show

apartment is now ready and open for viewing.

Bloom Towers in Jumeirah Village Circle, Dubai consists of three residential towers with 944 units ranging from

studios and one-bedroom apartments.

Works at Bloom Heights, also in JVC, are also progressing steadily with 30 percent of the towers complete and is

on track for a handover date later in 2020.

Bloom Heights has 686 spacious residential apartments ranging from studios to three-bedroom apartments

across two high-rise towers.


Back to Index

https://www.arabianbusiness.com/construction/406317-developer-bloom-says-all-uae-projects-on-schedule-for-delivery




Page 32



SAUDI BINLADIN LEADERSHIP OVERHAUL

SLOWS $15BN DEBT REVAMP Friday, Dec 06, 2019

Saudi Arabia’s biggest construction company overhauled its top management, delaying plans to appoint an

adviser for a proposed $15 billion debt restructuring, people familiar with the matter said.

Saudi Binladin Group’s previous chairman and managing director left within months of being appointed, the

people said, asking not to be identified because the matter hasn’t been made public. The company also named

four new directors to its board this week, they said.

Binladin - for decades Saudi Arabia’s go-to developer for mega-projects such as airports and religious sites - is

planning to reorganise its borrowings after the kingdom delayed payments to contractors following a drop in oil

prices.

The builder had shortlisted Moelis & Co. and Rothschild & Co. to advise on the debt restructuring, people familiar

with the matter said in October.

The government took a stake of about 36% in the company from the Binladin family last year to settle allegations

of corruption. That came after Bakr Binladin, the half-brother of al-Qaeda founder Osama Bin Laden, was swept

up in a so-called corruption crackdown in November 2017.

Abdulaziz Al-Duailej joined as chairman in September, the people said. He replaced Khalid Nahas, who had been

appointed chairman in March as part of a settlement agreement with the government to reduce the family’s

influence on the company.

A process is underway to replace former managing director, Abdullah Mohammed Nour Al Rehaimi, who recently

resigned after being hired in September, two of the people said.

The Saudi government’s media center didn’t immediately respond to an emailed request for comment.

Representatives for Binladin couldn’t be reached for comment.


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Page 33



DUBAI PROPERTY MAY NOT SEE

MEANINGFUL RECOVERY IN NEAR TERM:

S&P Sunday, Nov 24, 2019

S&P said it believes residential prices have fallen by about 10% since its last report in February

Dubai’s real estate market may not see a meaningful recovery in the near term because of "supply-demand

imbalance," according to S&P Global Ratings.

S&P said it believes residential prices have fallen by about 10% since its last report on the emirate’s property

sector in February.

"The outlook remains weak in the fourth quarter as new supply hits the market," it said.

"We believe Expo 2020, just on the back of potential visitor flows to the emirate, will ease temporary pressures on

hotels and retailers," credit analyst Sapna Jagtiani said in a note.

"However, it is unlikely to materially improve long-term conditions in the real estate sector."


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Page 34



DUBAI DEVELOPER SET TO REBRAND

LUXURY PALM JUMEIRAH PROPERTIES Tuesday, Nov 26, 2019

UAE-headquartered upscale property developer Seven Tides has announced it is rebranding and relaunching its

hotel and residential apartments development on the Palm Jumeirah.

The two towers within the overall development - previously known together as the SE7EN Residences the Palm. -

will be rebranded as Seven Palm.

The two components, one an investment-only hotel apartments component and the other a neighbouring

residential apartment complex, will also be individually rebranded as the Seven Palm Hotel Apartments and the

Seven Palm Residences respectively.

Abdulla bin Sulayem, CEO, Seven Tides, said: “We are attracting an exceptionally diverse range of investors from

Russia and the UK, to Brazil and Canada and we wanted to clearly differentiate each project and highlight their

specific features and potential returns.

“Each component offers a compelling proposition, based on ROI, location and quality, but they will attract a

different type of investor, depending on their risk profile and strategy."

He said the Seven Palm Hotel Apartments are restricted to investors only and offer a guaranteed return of 10

percent per annum for the first five years, while the Seven Palm Residences are open for investors and or owner

occupiers without any restrictions but without guaranteed returns.

Seven Tides has so far sold 260 out of the 1,116 off-plan studio, one, two and three-bedroom apartments

available in the Seven Palm development.

Construction work on the project started in September 2018, with completion due during the fourth quarter of

2020.

The official relaunch event will be held on December 5.


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Page 35



ABU DHABI'S ALDAR LAUNCHES NEW RENT

TO OWN SCHEME Tuesday, Nov 26, 2019

Aldar Properties is launching a new rent to own scheme that offers customers the ability to build equity in their

homes over one, two or three years, in a select number of units across Aldar’s Ansam, Al Hadeel and Meera

communities.

Aldar said customers will be able to exercise the rent to own option each year with no rent escalations or fees

while building equity. It added that customers will build up equity positions of 16 percent, 19 percent and 22

percent over years 1,2, and 3. Aldar is also offering a rebate to customers when they exercise the ownership

option.

Rental rates start at AED120,000 per year in Ansam, from AED140,000 per year in Al Hadeel, and from AED110,000

in Meera, Maan Al Awlaqi, executive director – Commercial at Aldar said the scheme allowing for easier access

onto the property ladder.

“We wanted to create an accessible solution where customers can build equity in their homes in as little time as

possible, while living in and enjoying their community. This is particularly important to those who want to own a

home but are not in a position to handle the large down payments that are usually required.

Ansam is located on the west side of Yas Island, comprising 12 low rise apartment buildings with a collection of

studios and 1-3 bedroom apartments, alongside garden style public areas overlooking the Yas Links Golf Course.

Al Hadeel sits on the seafront of Al Raha Beach, with studios, 1-3 bedroom apartments and larger 3-5 bedroom

townhouses and duplexes.

Meera, located on Reem Island, is two symmetrical towers with a range of 1-3 bedroom apartments.


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Page 36



$630M HOMES PLAN UNVEILED TO

SUPPORT UAE'S FLEDGLING NUCLEAR

SECTOR Friday, Nov 29, 2019

Plans announced to build a residential project in the Al Dhafra region of Abu Dhabi to support projects such as

the first nuclear power plants

Plans have been announced to build a major residential project in the Al Dhafra region of Abu Dhabi to support

large-scale projects such as the UAE's first nuclear power plants.

Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region and chairman of the Emirates

Red Crescent, announced the development of the AED2.3 billion ($630 million) development.

The project aims to accommodate and serve employees and their families, state news agency WAM said, adding

that the Mudun Real Estate Company will prepare the plan for final approval.

Sheikh Hamdan made the comments while receiving Falah Mohammed Al Ahbabi, chairman of the Municipalities

and Transport Department, Mohammed Al Hammadi, CEO of the Emirates Nuclear Energy Corporation, and

Mohammed Ali Al Mansouri, director-general of Al Dhafra Region Municipality.

Sheikh Hamdan highlighted the importance of long-term planning and launching development and strategic

projects that aim to achieve development, through providing education, housing and community development

services to the community and reinforcing the stability, prosperity and advancement of the region.

He also pointed out that related projects are currently being implemented in Al Dhafra, in line with the social,

economic and development needs of the local community.

During the meeting, Sheikh Hamdan was briefed about the construction progress of the Barakah Nuclear Power

Plant, along with other projects being built in Al Dhafra.


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Page 37



DUBAI PROPERTY TRANSACTIONS REACH

RECORD ONE-DAY HIGH Tuesday, Nov 26, 2019

Dubai saw the most property transactions in a single day since the heady days of 2008 on Sunday last, according

to new data.

A total of 515 real estate transactions - worth $241 million (AED 888.3m) - were registered in Dubai on the day, the

highest since 2008 when data became publicly available.

Data Finder, the real estate insights and data platform under the Property Finder Group, said the second-highest

one-day volume recorded was on September 6, 2015, when 405 property transactions were registered in Dubai.

The lowest volume of transactions so far this year was registered on May 16, with 163 real estate deals.

The most expensive property transaction was noted on November 24 was a 5-bedroom penthouse on the 45th

floor of The One JBR which sold for AED 33 million, according to Data Finder statistics.

“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be

interesting to see how these trends will grow into next year,” says Lynnette Abad, director of Data and Research,

Property Finder.

Off-plan properties dominated sales registrations on November 24, accounting for 387 out of the 515 deals. In

this segment, buyers mostly opted for off-plan apartments, with 248 unit sales registered.

Popular areas

In terms of buyer preferences, popular off-plan apartment projects were Dubai Creek Harbour, La Mer, Azizi

Riviera and Damac Hills.

When it came to off-plan villa developments, Emaar’s Arabian Ranches 3, Expo Golf Villas in Dubai South and

Dubai Properties’ Villanova registered the most number of deals on November 24.

Off-plan properties are still the favourite for investors due to attractive prices, payment plans and fee waivers by

developers.

This comes on the back of a record October for Dubai property, with sales hitting a 11-year high on a monthly

basis.

Property Finder had reported that 4,774 overall property sales were recorded with the Dubai Land Department

(DLD) in October 2019, the highest since 2008.

“Sales transaction volume is 4 percent higher to date this year than all of 2018. I believe this trend will continue

into 2020, where we will see higher amount of transactions take place than years before,” Abad added.


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Page 38



ALDAR BULLISH ON 2020 AS GOVERNMENT

POLICIES BOOST PROPERTY MARKET Monday, Nov 25, 2019

Aldar Properties, the biggest listed developer in Abu Dhabi is bullish in terms of the market outlook next year as a

result of new government measures introduced that will boost the property sector, a top company official said.

“Freehold law is definitely boosting sentiment in the real estate sector ... and will help our confidence with our real

estate customers who come to invest,” Maan Al Awlaqi, executive director of commercial at Aldar Properties told

The National on the sidelines of cityscape business breakfast event in Abu Dhabi.

The introduction of a freehold law as well as proposed plans by the UAE central bank to ease rules regarding the

cap on lending to the real estate sector will boost the investment climate for real estate, he argued, as would the

new personal insolvency law.

Although the latter does not decriminalise bounced cheques, it does mean investors who can no longer afford to

make payments can seek a court-approved payment plan to restructure debts which will place any criminal cases

against them on hold.

The UAE Central Bank currently allows banks to lend as much as 20 per cent of their total deposits to the property

sector with the cap being raised to a still undecided level, Mubarak Rashid Al Mansouri, the regulator's governor

recently said. Under proposed changes, lenders would be allowed to exceed the 20 per cent cap, but they would

have to incur a capital charge.

“Obviously, liquidity coming from banks, the more there is, the more it helps. Liquidity is key for any segment of

the economy. It is an incredible positive driver,” Mr Al Awlaqi said.

When asked whether Aldar Properties is going to start new projects this year or in the coming months, he said,

“we have all segments designed, shelf-ready as and when we think we should launch a project, we do so within a

very quick turnaround”.

The company is already providing plenty of supply to the market with new projects, he said.

“We launched Dh5 billion mega projects this year with Reeman, Lea. The fact that they are selling out shows that

we are measuring supply properly and providing supply where the pent-up demand is,” Mr Al Awlaqi said.

Plot sales at Saadiyat Island, which the company launched earlier this year, are going well with a lot of interest

from UAE nationals and other Arab investors, he said.

“A lot of UAE nationals, a lot of Arab expats, are seeing it as an investment vehicle, where they buy a plot and build

villas on them and ... rent them out,” he said, without specifying the number of plots sold to investors.

The project, named Saadiyat Reserve, has 306 infrastructure-enabled land plots available for sale to all

nationalities. The project's launch follows three earlier successful land plot sales, at Alreeman, Alreeman II and

Lea, which generated sales of Dh2.4bn for the company.

Aldar Properties reported a 7 per cent rise in its third-quarter revenues to 1.6bn, with quarterly off-plan

development sales reaching Dh1.1bn. The company is on track to achieve Dh4bn in off-plan sales and generate

Dh1.7bn in net operating income from its asset management business this year.

“We’ve done growth this year," Mr Al Awlaqi said, adding "and we will keep growing.”




Page 39




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Page 40



PROPERTY DEALS HIT ONE-DAY VOLUME

RECORD AS TRANSACTIONS SURPASS 2018

TOTAL Tuesday, Nov 26, 2019

Momentum in Dubai’s property market continues to build, with the number of transactions hitting a one-day

record on Sunday, according to listings portal Property Finder.

A total of 515 real estate transactions worth Dh888.3 million were registered in Dubai on Sunday, November 24,

the highest one-day total since 2008, when data first became publicly available. The lowest volume of transactions

so far this year was registered on May 16, when 163 deals were recorded.

“We are starting to see some new dynamics in the market take shape, mostly due to Expo 2020 and it will be

interesting to see how these trends will grow into next year,” said Lynnette Abad, director of data and research at

Property Finder.

“Sales transaction volume is 4 percent higher to date this year than all of 2018. I believe this trend will continue

into 2020, where we will see higher amount of transactions take place,” Abad added.

The most expensive property transaction registered on November 24 was a 5-bedroom penthouse on the 45th

floor of Dubai Properties' The One JBR, which sold for Dh33m, the report said.

Some 248 of the units sold were apartments, with popular off-plan schemes including Dubai Creek Harbour, La

Mer, Azizi Riviera and Damac Hills. In terms of villas Emaar’s Arabian Ranches 3, Expo Golf Villas in Dubai South

and Dubai Properties’ Villanova were the most popular off-plan schemes with the buyers.

Off-plan properties continue to be popular with investors due to attractive prices, payment plans and fee waivers

by developers, Property Finder said. The portal recently reported record monthly sales for October, with 4,774

overall property sales recorded with the Dubai Land Department last month, the highest since records became

publicly available since 2008.

Although momentum in the Dubai property market is picking up in terms of the volume of deals, pricing remains

under pressure due to the considerable amount of supply set to come to market. Sale prices were 7 per cent

lower year-on-year for apartments and 9 per cent lower for villas in Dubai in the third quarter of 2019, according

to JLL's UAE Q3 Market Report.

A total of 33,000 units are scheduled to be handed over in the final quarter of this year, and 65,000 more are due

for handover next year, it added, but said it remained "remain cautious on the timely delivery of all these

projects".


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Page 41



ABU DHABI LUXURY DEVELOPER EXPANDS

MOROCCAN PORTFOLIO WITH DH571M

MIXED-USE PROJECT Sunday, Nov 24, 2019

Abu Dhabi real estate developer Imkan is further expanding its portfolio in Morocco with a 1.5 billion Moroccan

dirhams (Dh571 million) mixed-use project in the North African country’s capital, Rabat.

The luxury real estate developer, a wholly owned subsidiary of investment company Abu Dhabi Capital Group, is

rolling out Le Carrousel, a 100,000-square-metre development along Rabat’s Atlantic coastline. It is expected to

create 1,100 jobs when fully operational, the company said on Sunday.

The mixed-used project includes an outdoor mall with more than 120 retail outlets and restaurants and 200

seaside apartments. The waterfront promenade will feature shops and restaurants, a five-star hotel, and 12,000

square metres of office space. The company did not provide a timeline for the completion of the project or how it

plans to fund it.

“The seaside destination provides a unique 360-degree experience for both its inhabitants and visitors. Le

Carrousel is set to become one of the leading destinations in Morocco,” said Walid El Hindi, chief executive of

Imkan.

Developers in the UAE are increasingly looking to expand their footprint outside the country, as the domestic real

estate sector faces headwinds in the wake of the three-year oil price slump that began in 2014 and a slowing

global economy.

An oversupply in the market has also lowered prices, however, the market is poised for recovery on the back of

government initiatives such as long-term residency visas and fiscal stimulus programmes to boost economic

growth and Expo 2020 in Dubai.

Le Carrousel will be Imkan’s second project in Morocco. The company has developed Villa Diyafa, a boutique hotel

in Rabat’s embassy district, which was handed over in July.

Imkan’s move to expand in the Moroccan market comes as the African nation with a population of 35.6 million

tries to boost investment inflows. Morocco, whose economy is projected to expand 2.7 per cent this year, and

accelerate to 3.7 per cent in 2020, according to the International Monetary Fund data, is vying to be among the

top 20 tourist destinations globally.

As part of its Vision 2020 programme, the country wants to double the size of its tourism industry and generate

140bn dirhams in revenue from the sector.

The kingdom’s sovereign wealth fund, Ithmar Capital, is among the entities driving investments in tourism. It is

also a sponsor of Wessal Capital, a fund backed by four other sovereign funds from the Arabian Gulf, which

includes the UAE, Saudi Arabia and Kuwait.

Wessal has two major real estate projects in Rabat and Casablanca and more are on the cards, Ithmar managing

director Obaid Amrane, told The National last week.




Page 42



Imkan is working on 26 mixed-use projects worth Dh100bn across the UAE, Egypt, Morocco, Seychelles and Sri

Lanka. The developer is boosting its portfolio of investment in Egypt with plans for a second major development

as it begins handing over units for its Dh15bn Alburouj development in Cairo, Mr El Hindi told The National in

August.

At home in Abu Dhabi, the company is behind developments including The Artery and Pixel, two mixed-use

project in its Makers District master development on Reem Island; Nudra, a luxury beach-side villa community;

and Sheikha Fatima Park, with retail and restaurant outlets.

In August, Imkan appointed China’s CNTC as the main contractor for the Pixel project, which will contain seven

towers.

Work on the site will begin immediately and the project is scheduled for completion in the fourth quarter of 2021,

the company said earlier this week.


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Page 43



DUBAI'S ECONOMY EXPANDS 2.1% IN FIRST

HALF OF YEAR Monday, Nov 25, 2019

Dubai economy accelerated an annual 2.1 per cent in the first half of the year, on rise in transportation and

storage, according to data published by the Dubai Statistics Centre.

The emirate's gross domestic product at constant prices reached Dh208 billion in the first six months of the year,

as transportation and storage expanded 6.2 per cent, the centre said. Trade grew 3.3 per cent on the back of

higher external trade and re-exports, which grew 3 per cent in the first half.

"The flexibility of Dubai’s economy and its business structure helped the emirate maintain its economic growth,

despite the slowdown of the regional and global economy," said Arif Al Muhairi, executive director of the DSC,

according to the state news agency WAM.

The wholesale and retail sector, which contributes 25.5 per cent to Dubai’s economic output, grew an annual 3.3

per cent, while external trade grew 17.7 per cent to Dh76bn.

The hospitality and restaurant industry, which accounts for 5.1 per cent of GDP, grew 2.7 per cent. Total visitors to

Dubai in the first half of 2019 reached 8.4 million, a 3.2 per cent growth compared to the same period in 2018,

according to data from the Department of Tourism and Commerce Marketing.

Manufacturing activity, which makes up 9.5 per cent of Dubai’s GDP, grew 0.3 per cent, from the year earlier

period. Real estate activity which accounts for about 7.4 per cent of economic growth grew 2.1 per cent.

Mining, construction, professional activities, administrative services, public administration, education, health, arts,

entertainment and other service activities and household activities which account for 23 per cent of GDP, grew 2

per cent.

Financial and insurance activities fell 1.4 per cent while information and communication declined 1.7 per cent. The

sectors represent 17 per cent of GDP.


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Page 44



UAE IS MOST PROSPEROUS ARAB NATION

FOR 13TH YEAR, STUDY SAYS Monday, Nov 25, 2019

The UAE is once again the most prosperous Arab nation and retained its rank in the global top 40 through

continued improvements in its business environment, according to the latest Legatum Prosperity Index published

on Monday.

The prosperity index, in its 13th year, assessed how well 167 countries promote the economic and social well-

being of their residents in three domains: inclusive societies, open economies and empowered people.

“It reaches beyond the financial into the political, the judicial and the well-being and character of a nation,” said

Philippa Stroud, chief executive of London think tank Legatum Institute. “The top 40 most prosperous nations are

those that have demonstrated over time how to build prosperity.”

The UAE came in 40th place this year, keeping its spot in the top 40 for the fifth year in a row. A decade ago, it was

44th. It scored particularly well in the open economies category, which includes the investment environment,

enterprise conditions, market access and infrastructure, and economic quality.

“[The Emirates] took a deliberate decision … to develop a good investment environment, deregulate businesses,

invest in infrastructure and focus on really making sure the fundamentals of the economy are working well,”

Stephen Brien, director of policy at Legatum Institute, told The National.

“That really shows through in the open economies domain, where the UAE comes in at 26, having risen 10 places

over the last decade,” he added.

Within the open economies category, the UAE is third globally for the most flexible business regulations.

The country has been diversifying its economy and implementing business-friendly reforms, including the

introduction of long-term visas up to 10 years and decreasing the costs of setting up enterprises. It has allowed

100 per cent foreign ownership of companies in 13 sectors from manufacturing to renewable energy.

In the Legatum ranking’s inclusive societies category, which includes safety and security, personal freedom,

governance and social capital, the UAE came in 65th. It came in 50th place in the empowered people category,

which includes living conditions, health, education and natural environment.

Improvements in the Emirates since 2009 include a jump in primary education to 48th from 91st. “That’s a

successful push there,” says Mr Brien.

Globally, 148 out of 167 countries are experiencing higher levels of prosperity than a decade ago. The increase

has been driven by more open economies due to improvement in the investment environment and digital

connectivity. Health, education and living conditions have also improved, but weaker personal freedom and

deteriorating governance are setbacks.

In the Mena region, Saudi Arabia has improved its prosperity over the past decade to 71st from 85th. The

kingdom recently was the top improver in the World Bank's Doing Business 2020 report, jumping 30 spots from

last year, as it carries out reforms to attract investment and diversify beyond oil.




Page 45



Of the 19 countries that experienced a deterioration in global prosperity over the past decade, 15 are in Sub-

Saharan Africa or the Mena region, mainly due to geopolitical conflicts and civil unrest. Syria (157th), Yemen

(166th) and Venezuela (143rd) have seen the greatest declines.

Mr Brien says the prosperity index “allows countries to place themselves on an international spectrum and to see

where their real strengths and weaknesses are”.

Denmark topped this year’s prosperity index, ranking in the top 10 for every pillar and for having the best living

conditions. The top 10 countries for overall prosperity were nearly all in Europe, including number two Norway,

which topped last year’s index, as well as Switzerland, Sweden, Finland, the Netherlands, Germany, Luxembourg

and Iceland. New Zealand, which took seventh position, was the only exception.


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Page 46



With over 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, 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

Executive Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Jenny Weidling BA (Hons)

Manager, Research & Advisory

+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.

BUILDING CONSULTANCY

The Building Consultancy Team at Asteco have a

wealth of experience supporting their Clients

throughout all stages of the built asset lifecycle. Each

of the team’s highly trained Surveyors have an in-

depth knowledge of construction technology, building

pathology and effective project management methods

which enable us to provide our Clients with a

Comprehensive Building Consultancy Service.

week 49 - asteco

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