week 02 - asteco.com€¦ · workforce, as it sought to drastically cut costs. the move came after...

Week 02 SUNDAY, 12 JANUARY 2020

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

© Asteco Property Management | 2020 | asteco.com

35 YEARS | CELEBRATING THE PAST AND

TRANSFORMING THE FUTURE | Page 1

ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

BAHRAIN STARTS WORK ON NEW $222M EXPO CENTRE

DUBAI’S LOGISTICS FIRM TRISTAR BUYS LAND IN OMAN’S DUQM PORT IN EXPANSION

PUSH

DUR HOSPITALITY INKS DEAL TO RUN THREE MADINAH HOTELS

DUBAI

DUBAI AWAITS 42,000 NEW HOMES THIS YEAR

DUBAI REAL ESTATE TRANSACTIONS HIT 11-YEAR HIGH IN 2019

DUBAI RULER ENACTS NEW DIFC LAW ON PROPERTY LEASING

BUSINESS BAY, DOWNTOWN DUBAI LEAD 20% GROWTH IN REAL ESTATE

TRANSACTIONS IN 2019

DUBAI PROPERTY PRICES SAID TO BE 'MORE AFFORDABLE THAN 2005'

UAE'S DANUBE SAYS $81M RESORTZ PROJECT COMPLETED IN DUBAI

FLEXIBILITY IN BANKS’ LENDING CAP TO ‘REINVIGORATE’ REAL ESTATE DEMAND

REVEALED: HOW DUBAI PROPERTY DEALS SOARED IN 2019

AZIZI MARKS 35% COMPLETION AT CREEK VIEWS

EMAAR REVEALS PLAN TO CREATE ONE OF DUBAI'S 'MOST DESIRABLE ADDRESSES'

PREPARING A BUDGET FOR A READY PROPERTY MORTGAGE

MASHREQ SIGNS AGREEMENT WITH DIFC

WEWORK OPENS A DUBAI CO-WORKING SPACE

DUBAI DEVELOPER SAID TO PLAN IPO, EYES GLOBAL EXPANSION

DUBAI'S REAL ESTATE MARKET SHOWING SIGNS OF RECOVERY, SAY EXPERTS

DUBAI EXPECTS 1,507 BRANDED RESIDENCES THIS YEAR

MAG DEVELOPMENT PLANS DUBAI IPO AS IT EYES OVERSEAS EXPANSION

DUBAI'S DMCC INKS DEAL WITH CHINA'S CHENGDU HI-TECH ZONE

DUBAI’S PROPERTY VALUATIONS NEED TWEAKING







HOMEFRONT: 'WHY AM I LIABLE FOR MOULDY WALLS MY LANDLORD NEVER FIXED?'

ENOC OPENS TWO SOLAR-POWERED SERVICE STATIONS IN THE UAE

AUSTRALIAN HOTEL FIRM SET TO MAKE MIDDLE EAST DEBUT IN DUBAI

ABU DHABI

ETIHAD AIRWAYS INKS NAMING RIGHTS DEAL FOR YAS BAY ARENA

LOGISTICS GIANT DHL EXPRESS REVEALS ABU DHABI EXPANSION PLANS

INTERNATIONAL

UAE'S JANNAH IN TALKS TO EXPAND HOTEL BRAND TO TAJAKISTAN







WEWORK OPENS A DUBAI CO-WORKING

SPACE Thursday, Jan 09, 2020

Co-working space provider WeWork has secured an address in Dubai in building 4 of One Central, an office

complex close to the World Trade Centre.

The New York-headquartered company is accepting touring requests from start-ups and companies interested in

basing themselves out of the office space giant’s new Dubai location. Only hot desks, where multiple workers

share the same workspace, are available this month. Dedicated desks and private offices will be available in the

coming months, WeWork said on its website.

“Business, community, and premium amenities coalesce at One Central,” said WeWork.

“Many local and international businesses are opening in this award-winning commercial development … and

WeWork’s shared office is a vibrant home for teams of all sizes,” it added.

The company advertised the position of a community manager in Dubai last August but declined to comment on

when it is planning to start its operations in the emirate.

WeWork has not disclosed the price for its Dubai base yet.

READ MORE

WeWork co-founder could make millions more from future float

WeWork begins advertising for roles in Dubai

One Central is its second location in the Middle East. The first, a 5,000 square metre facility , opened in August last

year, is in Hub71 based at Abu Dhabi Global Market in Al Maryah Island.

At Hub71 for start-ups, private office and dedicated desks for two people cost Dh5,000 and Dh2,600 a month

respectively, while a hot desk costs Dh1,100 a month per employee.

WeWork is backed by Japan’s SoftBank Vision Fund, which counts Mubadala Investment Company and Saudi

Arabia’s Public Investment Fund as its two largest investors.

Founded in 2010, WeWork offers office space to more than 466,000 members, with prices varying depending on

the market. A desk in Mumbai, for example, can be rented for $150 (Dh550) but the same option in London will

cost at least $400.

In November last year, the company said it was laying off about 2,400 employees, almost 20 per cent of its

workforce, as it sought to drastically cut costs. The move came after WeWork’s $47 billion initial public offering bid

failed amid investor concerns about the company’s finances and corporate governance practices. Soon after co-

founder Adam Neumann stepped down as chief executive.

Co-working spaces have risen in popularity with a rise in tech-based freelance and entrepreneurial work around

the world. Nearly 1,688 co-working spaces were forecast to open worldwide by the end of last year, according to a

report by Coworking Resources. The total will reach 26,000 globally by 2022.

Source: The National

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https://www.thenational.ae/business/economy/wework-co-founder-could-make-millions-more-from-future-float-1.955951

https://www.thenational.ae/business/wework-begins-advertising-for-roles-in-dubai-1.902836







AZIZI MARKS 35% COMPLETION AT CREEK

VIEWS Friday, Jan 10, 2020

Azizi Developments has announced that 35 per cent of the construction of its Creek Views project is now

complete.

The development, which is 100 per cent freehold, is situated on the iconic Dubai Creek in Dubai Healthcare City.

Creek Views is scheduled to be completed by the first quarter of 2021, with 72 per cent of its structure and 10.5

per cent of its block work already having been done. The 19-storey development features 634 residences,

comprising 396 studios, 218 one-bedroom units and 20 two-bedroom units, as well as 33,341 square feet of

premium retail space.

Mohamed Ragheb, executive director - Engineering Division at Azizi Developments, said: "As one of the very few

freehold residential projects in Dubai Healthcare City, Creek Views is an exceptional and particularly well-designed

development. It is our direct response to the rising demand for strategically located, well-connected, carefully

designed and reasonably priced modern-luxury residential units in this promising area - one that is rapidly

coming to life - and symbolises the fast advancements and forward-thinking spirit of Dubai, a swiftly evolving city

that we are proud to catalyse. The remarkable construction progress at this valuable addition to the Dubai

Healthcare City community underlines our commitment to timely delivery, all while adhering to our stringent

quality control and assurance measures."

Overlooking Dubai Healthcare City, Creek Views boasts stunning panoramic views of the iconic Dubai Creek and

the picturesque Downtown Dubai skyline. Situated on Al Khail Road, seven minutes away from Dubai

International Airport, eight minutes from Dubai Mall and nine minutes from Business Bay and DIFC, the

development has all major business, leisure and retail hubs in its vicinity.

Positioned as the epicentre of the future, merging views of both the old and new Dubai, Creek Views represents

the city's remarkable transition from a traditional, iconic past to a contemporary, reinvented future. Built to offer

modern luxury at its finest, Creek Views will feature an all-inclusive health club, comprising a swimming pool, a

fully equipped gym, a sauna, a steam room, as well as a serene outdoor yoga space.

Source: Khaleej Times

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AUSTRALIAN HOTEL FIRM SET TO MAKE

MIDDLE EAST DEBUT IN DUBAI Thursday, Jan 09, 2020

Australia-based La Vie Hotels & Resorts has announced its foray in the Middle East with the signing of La Vie

Garden Hotel & Apartments in Dubai.

It also marks the launch of the group’s strategy to expand in the region. The 253-keys hotel is scheduled to open

this month.

Mohamed Hassan, regional director of business development for MENA and Europe, La Vie Hotels & Resorts, said:

“We are thrilled to expand our footprint beyond the Asia Pacific region and delighted to debut in the Middle East

with our first hotel in Dubai that will be operated under our latest upscale brand La Vie Garden.

"This fabulous property, combined with its premium location in Al Sufouh, provides us with an excellent

opportunity to enter the region’s hotel market at an exciting time when the emirates is getting ready to host the

world for Dubai Expo 2020. Our growth plan for the Middle East is focused on entering gateway destinations while

leveraging our brands with a balanced pipeline of hotels.”

La Vie Hotels & Resorts is a third party hotel management company and works with various hotel brands. La Vie

has its own 5-star brand, Tolarno and 4-star brand, La Vie Garden. The group currently operates hotels across

Australia, Bhutan, China, Malaysia, Maldives Myanmar, Thailand, UAE and Ukraine.

La Vie Garden Hotel & Apartments includes an all-day dining restaurant, a specialty restaurant, a coffee lounge

and an outdoor coffee bar with shisha. The property’s leisure facilities will feature outdoor swimming pool, kids

pool, gym, male and female health club, steam room and sauna, outdoor playground and nursery for kids and

sport walking track. On site are also two meeting rooms and a business centre.

Source: Arabian Business

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UAE'S JANNAH IN TALKS TO EXPAND HOTEL

BRAND TO TAJAKISTAN Friday, Jan 10, 2020

UAE-based Jannah Hotels & Resorts has revealed plans to open a new four-star property in Dubai in February

2020, with another set to launch in Sharjah in 2022.

The CEO of Jannah Hotels & Resorts, Richard Haddad, announced plans to open Jannah Dubai Creekside in

February, followed by Jannah Ras Al Khor in 2022.

He also said Jannah Hotels & Resorts has started talks with Tajakistan with plans to expand the scope of the brand

to Central Asia.

Haddad also announced a partnership with Typsy which aims to provide a convenient way of training staff

through the use of apps.

Jannah Hotels & Resorts was founded in the spirit of the noble Bedouin hospitality and its portfolio includes

Jannah Burj Al Sarab – Abu Dhabi with 224 rooms and 94 suites, Jannah Marina Bay Suites – Dubai Marina with

115 hotel apartments, Jannah Place Dubai Marina – Dubai Marina with 133 hotel apartments, and Jannah Resort &

Villas Ras Al Khaimah with 100 hotel apartments and 24 villas.


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DUR HOSPITALITY INKS DEAL TO RUN

THREE MADINAH HOTELS Saturday, Jan 11, 2020

Dur Hospitality has signed contracts to lease, manage and operate three hotels in the central area of Madinah,

Saudi Arabia with Al-Manakha Urban Project Development Holding Company.

Dur said it will manage the hotels through its subsidiary Makarem, the hotel brand specialising in hosting pilgrims

and religious tourists in the kingdom’s two holy cities.

The new hotels will include 1,365 rooms scheduled to open in two phases, the first in 2021 and the second in

2022.

Sultan Al Otaibi, CEO of Dur Hospitality, said: “We seek to contribute to the long-term goals of the Saudi Vision

2030 through our expansion and development plans in Makkah and Madinah, which are evident through our

hotel brand Makarem and our goal to increase the number of rooms to 5,000 by 2023.

"This is a pioneering development to provide world class hotel services in the spirit of the Saudi hospitality."

Walid Al Ahmadi, CEO of Al-Manakha Urban Project Development Holding Company, said the project will also

offer public squares, shopping areas and parks.


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LOGISTICS GIANT DHL EXPRESS REVEALS

ABU DHABI EXPANSION PLANS Friday, Jan 10, 2020

DHL Express is planning major expansion in the UAE as part of a AED365 million development of the Express

Integrator cluster at the East Midfield Development Zone located in Abu Dhabi Airports Free Zone (ADAFZ).

Abu Dhabi Airports Free Zone Authority, a subsidiary of Abu Dhabi Airports, has signed an expansive 27-year

Musataha agreement with Middle East General Enterprises (MGE) to facilitate the presence of DHL Express in

ADAFZ.

The long-term relationship is in line with ADAFZ’s commitment to providing world-class infrastructure to enable

express cargo companies to expand their operations at AUH and increase their transportation and cargo

volumes.

DHL Express will serve as a key client within ADAFZ’s Express Integrator cluster, and in close collaboration with

MGE combined will invest up to AED365 million in the new facility.

The DHL expansion will cover 30,000 square metres and aims to be operational by the fourth quarter of 2021.

DHL’s operations at Abu Dhabi International Airport have grown significantly over the years, starting with a facility

at AUH Cargo Village, prior to expanding to more than 4,300 square metres in the Logistics Park, and now to an

expansive plot of land with both airside and landside access.

Sheikh Mohammad Bin Hamad Bin Tahnoon Al Nahyan, chairman of Abu Dhabi Airports, said: “The signing of this

agreement is a testament to Abu Dhabi’s position as an international gateway for trade and commerce

throughout the Middle East, as well as the long-standing relationship between Abu Dhabi Airports and DHL.

"E-commerce is transforming the retail landscape throughout the region and we look forward to playing our role

in supporting the growth of this new industry through our world-class infrastructure at Abu Dhabi International

Airport.”

Bryan Thompson, CEO of Abu Dhabi Airports, said: “We are delighted to be working with DHL as we continue to

enhance Abu Dhabi’s position as an international transport and logistics centre, in line with our mission of

becoming the world’s leading airports group.”

Nour Suliman, CEO, DHL Express MENA, added: “The collaboration reiterates DHL’s strategic mission to

strengthen our facilities and key positions across the UAE and the wider Middle East region. In line with our long-

term objectives the new facility at Abu Dhabi International Airport is our latest investment to support global trade

to and from the capital of the UAE.

“We are confident that the new facility will meet the increasing demand for a faster and more efficient operational

process."


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DUBAI DEVELOPER SAID TO PLAN IPO, EYES

GLOBAL EXPANSION Wednesday, Jan 08, 2020

MAG Group’s real estate development arm, MAG Development, plans to raise funds through an IPO and expand

abroad, CEO Sar Haffar told local media.

In an interview with the Abu Dhabi-based National newspaper, Haffar said that “we are transforming the business

into a corporate structure, and we are working on [an] IPO-readiness plan that should be implemented within a

year or two, depending on how quickly we develop that.”

Haffar provided no further details on how much the company hopes to raise through the IPO or the size of the

stake it plans to sell.

“The idea is to be ready to have all the process in place before we go public,” he added. “We are working in

coordination with some kind of advisers on this. The company would be listed in Dubai.”

Additionally, Haffar said that MAG Developments is already eying opportunities to expand in both Africa and Asia,

with three projects planned for 2020.

While he did not provide any more details on the locations, Haffar said that said that the projects will be mixed-

use developments.

“We will announce something in due time,” he said. “Every project is going to be in the size of MAG City [in

Meydan], which we broke ground [on] recently.”


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https://www.thenational.ae/business/mag-development-plans-dubai-ipo-as-it-eyes-overseas-expansion-1.961089







DUBAI'S REAL ESTATE MARKET SHOWING

SIGNS OF RECOVERY, SAY EXPERTS Thursday, Jan 09, 2020

Dubai’s real estate sector may be showing early signs of a recovery, but the emirate still has a way to go to hit the

figures last seen pre-December 2014 when the price of oil tumbled, according to industry experts.

Statistics released this week by Data Finder, the real estate insights and data platform under the Property Finder

Group, revealed 5,051 sales were recorded with the Dubai Land Department (DLD) in November, hitting an 11-

year high on a monthly basis.

This eclipsed the 4,774 overall property sales registered in October and the 4,007 transactions recorded in

September – with a total of 13,832 transactions over the three-month timeframe.

Taimur Khan, associate partner, Development Consultancy and Research at Knight Frank Middle East told Arabian

Business Dubai’s residential market is “showing very early signs of recovery”. He said transaction volumes in 2019

increased by 22 percent compared to 2018, while mainstream prices fell by 5.9 percent in the year to December

2019, down from an 8.6 percent decline witness over the same period the previous year.

However, he warned: “Given the level of supply being delivered to the market currently and that which is expected

to be delivered in 2020, we do not anticipate prices will begin recovering over the course of this year.”

New legislation

The introduction of new legislation in 2019 helped boost the sector, in particular the creation of the higher

committee for real estate, headed by Sheikh Mohammed, Ruler of Dubai, and senior property developers, that’s

aimed at achieving a much-needed balance between supply and demand in the sector.

While recent approvals to ease visa and foreign business ownership regulations – the latter allowing for 100

percent on-shore business ownership for 122 activities across 13 sectors, are also expected to drive additional

demand.

Richard Paul, head of professional services and consultancy at Savills Middle East, told Arabian Business: “Policy

changes and improved investment sentiments throughout 2019 indicate a shift from ‘caution’, which was

prevalent for the past few quarters, to ‘cautious optimism’.”

Regulation changes

Regulation changes have also been implemented by Dubai’s Real Estate Regulatory Agency (RERA),

including guidelines to improve real estate agents, restructuring the legal provisions of the agency and the launch

of the Real Estate Investment Opportunities initiative, to attract a wider range of real estate investors to the

emirate.

Simon Townsend, senior director – strategic advisory, CBRE, told Arabian Business: “As we enter 2020, we can

expect the further enforcement of RERA regulations; this will continue to protect the interests of the market

participants and will only serve to further increase interest in the UAE as it becomes a global hub for real estate.”

Key trend

One key trend in 2019 was the increase of incentives offered by developers to attract buyers and tenants. This

included extended post-handover payment plans ranging from three years to up to 20 years, rent-to-own

https://www.arabianbusiness.com/news/435217-dubai-property-deals-hit-new-11-year-high-in-november

https://www.arabianbusiness.com/property/427365-striking-balance

https://www.arabianbusiness.com/property/427365-striking-balance

https://www.arabianbusiness.com/property/432440-dubai-land-department-sets-out-ten-guidelines-to-improve-real-estate-agents

https://www.arabianbusiness.com/real-estate/428052-dubai-ruler-issues-new-law-on-countrys-real-estate-regulatory-agency

https://www.arabianbusiness.com/banking-finance/423248-dubai-launches-new-initiative-to-open-up-property-investment-market

https://www.arabianbusiness.com/property/427167-incentives-for-buyers-approach-still-being-used-by-dubai-developers







schemes and guaranteed rental returns, cut-price school fees, a buy-one-get-one-free model and waved

completion fees.

Townsend expects this to continue. He said: “This year, we can also expect to see a continued focus on providing

the community with flexibility including longer payment periods, rent-to-own schemes and more access to

homebuyer funding structures.”


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UAE'S DANUBE SAYS $81M RESORTZ

PROJECT COMPLETED IN DUBAI Thursday, Jan 09, 2020

UAE-based developer Danube Properties has announced the completion of Resortz, a AED300 million ($81

million) luxury resorts-style project in Dubai.

Located in Arjan, close to Dubai Miracle Gardens, Resortz is a low-rise luxury residential community that was

launched in 2017 and sold out a few weeks after its launch.

Resortz, which offers 444 residential and retail units, is Danube Properties' seventh project.

“This is the first project completion announcement in the new year, and we started 2020 with a very positive note.

This is our third project to have completed in just seven months – a feat difficult to match,” said Rizwan Sajan,

founder and chairman of Danube Group.

“In the year of the Expo 2020, we believe the demand for homes will soar. Many homes will be offered to tourists

as holiday homes through different online channels and our investors and buyers stand to gain from the rising

demand this year.

“When the going gets tough, the tough get going. We are strong enough to navigate out of any critical situation.”

Resortz was developed in the form of a five-star luxury resort with green landscaped community spaces, open

swimming pool, water features, outdoor catering, barbecue area and children’s play area.

Atif Rahman, director and partner of Danube Properties, said: “Resortz raises the bar in the residential property

development and urban lifestyle... With Resortz, we wanted to offer a royal lifestyle to our customers at an

affordable price... We have spent more than AED3 million in upgradation and add-on features to offer a better

customer experience to make our residents truly happy."


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EMAAR REVEALS PLAN TO CREATE ONE OF

DUBAI'S 'MOST DESIRABLE ADDRESSES' Thursday, Jan 09, 2020

Emaar Properties on Thursday launched Burj Crown, a new, 44-storey luxury residential tower located on Sheikh

Mohammed bin Rashid Boulevard with direct views of Dubai Opera and Burj Khalifa.

Designed by Hong-Kong based architecture firm LWK Partners, the 440-unit tower offers one, two and three-

bedroom apartments, all with views of Dubai’s most famous landmarks.

“Burj Crown will undoubtedly become one of the most desirable addresses in Dubai,” said Mohamed Alabbar,

chairman of Emaar.

“We are delighted with the contribution of LWK Partners, who have designed an exceptional addition to the ever-

evolving skyline in the heart of Downtown Dubai. With exceptional amenities and direct views to Dubai Opera

district, Burj Crown presents an unmissable investment opportunity,” he added.

In designing the concept for Burj Crown, Emaar said it considered all aspect of residents’ experience and boasts a

wide range of amenities gathered at the Leisure Deck - a large outdoor area with green spaces to relax and

unwind.

Additional features also include an outdoor children’s playground, a dedicated barbecue area, and a swimming

pool for children and adults.

The new tower is within walking distance of attractions including Burj Khalifa, The Dubai Mall, The Dubai

Fountains, Burj Park and Dubai Opera.

It also features an ‘Active Roof’ rooftop area which provides residents with a community outdoor space with views

of Burj Khalifa. Other innovations including a footbridge linking the podium to the adjacent tower, which is clad in

a material that appears reflective during the day and transparent at night.


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DUBAI PROPERTY PRICES SAID TO BE

'MORE AFFORDABLE THAN 2005' Saturday, Jan 11, 2020

Property prices in Dubai have bottomed out are now more affordable than in 2005 when the freehold market

began in the city, according to broker Fidu Properties.

The Chinese company operating in the UAE property market claimed it is the "best time to invest" in the Dubai

real estate sector – considering current price levels and the lucrative options on offer to investors and end-users.

The company said in a statement that landlords are being more flexible than ever before when it comes to the

price points or rental-free periods.

It said that from a developer perspective, they can expect yields of between 7-9 percent in the mid-market

segment and despite corrections, rentals are still high, adding that Dubai still needs about 30,000-40,000 new

homes each year.

From an investor’s viewpoint, Fidu said developers are offering heavy incentives to attract property buyers with

long-term payment plans of five to 10 to even 15 years for a ready property for home buyers.

"Moreover, with the Real Estate Regulatory Agency also coming up with its supporting regulations, things will only

improve from here on," said Fidu. "RERA is regulating the market and pushing the ‘sick’ projects into liquidation," it

added.

Fidu's comments follows a report by ValuStrat last month which said that capital values and rents in Dubai are

forecast to continue to soften this year but at a slower rate.

The consultancy said that the city will see increasingly affordable rents in 2020, particularly for townhouses and

small villas.

The forecast was part of ValuStrat's latest research which showed that property prices in Dubai were down 10.7

percent on average on an annual basis in the fourth quarter of 2019.

Fidu has previously announced targeting investments worth AED5 billion in the UAE in the coming three years,

with nearly 450 branches across GCC and Asian subcontinent.

Fidu, which opened its regional office in Dubai, said it aims to create around 3,000 jobs in the region.


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DUBAI RULER ENACTS NEW DIFC LAW ON

PROPERTY LEASING Saturday, Jan 11, 2020

Dubai International Financial Centre (DIFC) on Saturday announced that Sheikh Mohammed bin Rashid Al

Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has enacted a new property leasing

law covering the financial hub.

It said the enactment of DIFC’s new leasing law and regulations will enhance the property market and reflects the

centre’s commitment to maintaining a legal and regulatory framework aligned with international best practice.

The new regulations introduce areas of protection and assurance to lessors and lessees entering into lease deals

at properties based in the DIFC.

They will introduce a tenancy deposit scheme for residential leases to be administered by the Registrar of Real

Property and will impose a maximum limit on security deposits collected by residential lessors.

The new law will also introduce clearer provisions relating to the termination of leases.

Essa Kazim, governor of DIFC, said: “Enacting the new DIFC leasing law will not only provide clearer guidance for

thousands of landlords and tenants in the DIFC, but advancing our legislation also represents a key step for

delivering on our landmark expansion plan that will transform the future of finance.

“We continue to level up our legal and regulatory framework and prioritise ease of doing business in the DIFC so

that existing and prospective clients can operate with confidence within our strict legal parameters.

"With the added value of being based on internationally recognised Common Law, we have full confidence the

new law will enhance protections for landlords and tenants alike while asserting the DIFC as a stable and enabling

environment from which to reside and prosper.”


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FLEXIBILITY IN BANKS’ LENDING CAP TO

‘REINVIGORATE’ REAL ESTATE DEMAND Tuesday, Jan 07, 2020

Industry analysts believe a more flexible cap on how much banks can allocate for property lending will ultimately

be beneficial for the real estate industry. The Union Law No.10 of 1980 regarding the Central Bank & Organisation

of Financial Institutions and Activities had previously mandated banks in the UAE to cap their exposure to

commercial or residential building construction to a maximum 20 per cent of their total deposits.

“If the bank’s total deposits are Dh100 billion, the bank could finance real estate construction of up to Dh20

billion,” explains Girish Advani, head of assets — retail banking at Noor Bank.

However, the Central Bank of the UAE (CBUAE) announced in 2018 it would do away with the hard cap, and late

last year CBUAE governor Mubarak Rashed Al Mansoori confirmed that banks would be allowed to exceed the

cap, although he also warned of the risks. “The moment they want to lend higher than 20 per cent there is a

capital charge, so they need to assess the risk [and] the return profile of this investment,” said Al Mansoori.

Responsible lending

Removing the fixed ceiling offers banks more flexibility by giving them the liberty to decide on their risk-and-

reward ratios, says Advani. “This, in turn, will pave the way for more responsible lending and self-governance on

the bank’s part. This brings about more transparency and stability to the real estate sector,” he adds.

Chris Whitehead, managing partner at Gulf Sotheby’s International Realty, believes increasing the lending capacity

is a significant step to further revitalising the property sector. “With the increased lending fund predicted, banks

will want to activate it to capitalise on the loan returns, so in theory this should stimulate the banks to become

more attractive to customers,” says Whitehead. “The new laws will be a catalyst for both sectors — banking and

real estate. And with additional flexibility this will inject otherwise unused funds into the real estate sector for the

long term, helping first or second mortgage buyers.”

The change

A new regulation is still a work in progress, even as the Central Bank has the flexibility to impose a new ceiling in

cases where banks exceed the current lending limit, says Ambareen Musa, founder and CEO of Souqalmal.com.

“The cap… mainly limited banks’ loan exposure to the property sector, and therefore, also limited their credit risk

following such lending,” says Musa. “The new move adopts a more market-driven outlook where the Central Bank

has the flexibility to regulate lending based on how the real estate market performs. The real estate market has

been going through a lull for quite some time, and the regulatory change in lending cap could be just the push

needed to reinvigorate demand.”

However, with the new rule, lenders in the UAE will have to be cautious about increasing real estate lending and

extending higher loan-to-value ratios. “In the wake of relaxation of the rules around mortgage lending, the onus is

on banks to avoid riskier lending practices by adopting prudent risk assessment and upholding underwriting

standards,” says Musa.

The impact

Allowing banks to lend more than 20 per cent of the value of their holdings will increase liquidity and ultimately

help make funding available to a broader range of buyers. “The theory being the greater the liquidity and funding







available, the more accessible banks will make mortgages — hopefully lowering interest rates and making

mortgages easier to obtain,” explains Nick Grassick, managing director of PH Real Estate. “By making mortgages

more affordable and easier to secure, this should lower the entry barrier for tenants to become homeowners.

This will further add to the increasing number of buyers who are taking advantage of record levels of

affordability.”

However, while this new policy eases the 20 per cent restriction on the total amount available to finance

properties by the banks, the individual mortgage limit remains at 65-75 per cent of the home value. This is still

considered high as the property buyers have to put in 25-35 per cent as a down payment when purchasing real

estate in Dubai. Raising the loan-to-value ratio on individual purchases, especially for first-time buyers, will further

encourage and boost property investments, according to property experts.

Source: Gulf News

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DUBAI AWAITS 42,000 NEW HOMES THIS

YEAR Tuesday, Jan 07, 2020

Dubai: Dubai will absorb a further 42,000 new homes (excluding those in Remraam) this year on top of the 30,143

units delivered through the whole of 2019 - more than enough to ensure property prices and rental values

continue to remain under pressure.

This will also be the top priority for Dubai’s Higher Committee on Real Estate, which will come up with guidelines

on optimum ways to manage future demand and supply.

For now, Dubai will have to factor in how best to deal with imminent supply.

“We believe 42,000 units — 42,109 to be precise — will make it to completion in 2020 and that’s only because

these have gone past the 70 per cent mark in construction,” said Firas Al Msaddi, CEO of fam Properties.

“Now, it’s quite unlikely that developers behind these projects cannot finish the rest in the next 12 months. In fact,

some of the expected completions will be of projects that were meant to be delivered much earlier than in 2020.”

If this materialises, the 41,000 odd units will represent a new high in terms of handovers in Dubai. But when

placed in context with other numbers, this doesn’t look that impressive.

“Official data show that there are more than 157,630 units (excluding Remraam in Dubailand) under construction

- of which 65,770 (excluding Remraam) are to be delivered this year,” said Al Msaddi. “But that’s never going to

happen, and we will actually see the 42,000 new homes.”

Less is good

From a wider market perspective, having to deal with far fewer new home completions will be a good thing for

Dubai real estate and its investors. Piling on more pressure from supply - especially when many worry about

oversupply - would not have helped anyone in terms of price stability.

“The final delivery rate for 2019 is at 48 per cent, an improvement on previous years but not by only that much,”

said Al Msaddi. (Delivery or materialisation rates indicate the difference between what was initially expected to be

completed in a year and the actual final count. It also includes any rescheduled projects from previous years to be

completed in 2019.)

Firas Al Msaddi, CEO of fam Properties. says Dubai real estate sector needs to make a switch to secondary market

deals rather than rely predominantly on offplan launches.Image Credit: Gulf News Archive

Based on fam’s data, sourced from Land Department transactions, there were 32,106 units ready in Dubai last

year. There were a further 67,133 units that were supposed to have been complete during the period... but didn’t

make the cut.

“Developers and investors will keep a close eye on future handovers - even if the population keeps increasing, it

may take a good three to five years before all the new homes can be absorbed,” said Al Msaddi.

Who’s buying

The next few days will see more reports coming out on 2019 property transactions in Dubai. Market sources have

been insistent that these need to be verifiable and stripped off any hype.







Al Msaddi says that international investors are still seeing yield opportunities in Dubai, even as rentals drop

further as more supply comes to market.

“The best thing that’s happening right now is the pick up in the secondary market or for ready properties,” he

added. “That’s where any future recovery will come from - and not from more offplan launches. If there’s no one

to buy ready homes, what good will all the offplan launches do?

“Between 2018 and 2019, the decline in ready home sales was only 1.5 per cent (this includes plots because Land

Department classifies them as “ready”). But that’s massive improvement on the 19 per cent fall ready home sales

had in 2018 compared to 2017.

“Because investors will only keep coming in if they are convinced they can resell their assets in the secondary

market. If it’s only developers and their offplan launches, the market cannot sustain itself.

“It needs to be a buyers’ market... as well as a seller’s.”

Ready vs. offplan

In the last two years, Dubai developers have done well for themselves using post-handover payment plans of

three-five years and even longer, as well as offer direct financing for buyers. This explains offplan’s dominance

during this period, and why demand for ready was so muted.

In 2017 and 2018, 86,241 new homes were launched as offplan, with most of their completions scheduled from

mid-2020 onwards.

“This has sucked off liquidity that could have gone for secondary market deals,” said Al Msaddi. “It’s a

misconception that offplan prices are lower than in ready. Look at Downtown - ready units are 25 per cent lower

in the secondary market. And it’s not only the case at the Downtown.

“What Dubai’s property market needs is a consolidation in the secondary market.”

THREE PROSPECTIVE BUSY SPOTS FOR INVESTORS

According to Naval Vohra, CEO at Appello Real Estate, investors wanting to look beyond Dubai’s established

locations should head their way to these three emerging destinations:

* Dubai Hills Estate

“It seems to be able to weather any market dips. Dubai Hills Estate fared well across all price points – no matter

what the market fluctuations in 2019 – and has been a popular for both investors and end-users.”

* Bluewaters Island

“It has suddenly come alive thanks to new hotel launches. It took a while, but a raft of new launches means it’s

going to appeal to a wider demographic and pull in the crowds – not least because of the first Caesars Palace

hotels in the Middle East.”

* Dubai Creek Harbour

“People love living by the water - it’s a fact. And just a short drive from Downtown Dubai. Investors should look

here because market trends show that waterfront properties are a great point of investment in Dubai, so even if

you want to move out of your waterfront house after a while, you can lease out the property and receive a high

return on investment.”

Source: Gulf News

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PREPARING A BUDGET FOR A READY

PROPERTY MORTGAGE Tuesday, Jan 07, 2020

The first and foremost thing to be noted when buying a house would be the purchase cost, i.e. the property value.

Be it a ready property or under-construction one, homebuyers must prepare a significant amount to make the

purchase. Banks or financial institutions offer a mortgage loan for both under-construction and ready properties.

In such a case, the buyer must accumulate funds for the down payment. If the homebuyer is planning to purchase

without any financial assistance, then it is a totally different scenario.

A ready-to-move-in house is where the buyer can immediately occupy the property after purchasing it. The buyer

must have an approximate value in mind and plan according to accumulate funds for the purchase. Once a

significant amount is accumulated and the desired property is found, the parties can sign the deal and complete

the purchase.

Usually, the value of a ready-to-move-in property depends on the demand-and-supply situation in the market. If

the supply is positive, then the price of the property can be affordable for a buyer. In such cases, it would be more

profitable for the buyer. The buyer can pay an advance to lock in the price of the property and finish the purchase

once the loan is disbursed.

Payment type

When purchasing a ready property, a buyer pays a lump-sum amount to the seller. The buyer needs to prepare

for the down payment, loan amount, property registration costs, loan processing fees and a few other additional

expenses. These expenses need to be cleared in one go.

Along with setting a property value and saving for a down payment, buyers must keep their debt burden ratio

(DBR) nominal with a good credit score. If the DBR is high and the credit score of the loan applicant is bad, then

UAE banks won’t approve the loan. When the down payment funds and the preferred house are set, but the

mortgage loan gets rejected, it can be a difficult situation for the buyer to complete the purchase.

Down payment and additional costs

The down payment would be a minimum 25-30 per cent of the property value. Assuming a property worth Dh1

million, then the buyer must save at least Dh250,000-Dh300,000 for the down payment. Additional pre-purchase

costs such as loan processing fees, mortgage registration fees, registration fees and Land Department fees can

reach around 10 per cent of the property value, which means an additional Dh100,000 is needed upfront. So

overall the buyer must be prepared with around Dh350,000-Dh400,000 to make the purchase.

EMI

One of the primary components that make a ready property differ from an under-construction one would be the

equated monthly installments (EMI). The EMI of the mortgage loan is calculated right after the loan amount is

disbursed. Whereas, in the case of an under-construction property, you can opt for a loan in which the calculation

of EMI will begin after construction is completed.

Purchasing a ready property definitely requires a certain level of prior planning in terms of finances. If prepared

financially with a low DBR and good credit history, it is easier for a buyer to get home mortgage pre-approval and







find a ready-to-move-in house. But if one has to take out the retirement savings or emergency funds for the down

payment and other expenses, then the buyer must ensure to put back the used amount at the earliest.

Nikhil Rastogi is co-founder of mymoneysouq.com.

Source: Gulf News

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BUSINESS BAY, DOWNTOWN DUBAI LEAD

20% GROWTH IN REAL ESTATE

TRANSACTIONS IN 2019 Tuesday, Jan 07, 2020

Dubai registered a total of 41,988 real estate transactions last year, according to Dubai-based real estate insights

and data platform Data Finder. This represents a growth of 20 per cent in the volume of registered property sales

transactions compared to 34,961 transactions in 2018.

The top five areas that witnessed the highest overall property sales transactions were Business Bay (3,146),

Downtown Burj Khalifa (2,816), Dubai Creek Harbour (2,492), Dubai Hills Estate (2,373) and Dubai South (2,048).

For off-plan sales, the top five performing areas in Dubai were Dubai Creek Harbour (2,423 transactions),

Downtown (2,088), Dubai Hills Estate (1,949), Dubai South (1,942) and Business Bay (1,811). On the secondary

market, areas that witnessed the most sales were International City (1,342), Business Bay (1,335), Dubai Marina

(1,280), Jumeirah Village Circle (1,108) and Jumeirah Lakes Towers (851).

“Going into 2020 and leading up to the Expo, we are expecting transaction levels to increase and prices to stabilise

in certain areas. We have already started to see certain market dynamics shift as a direct effect from Expo and

these trends will most likely continue throughout the year,” says Lynnette Abad, director of data and research at

Property Finder.

Off-plan vs secondary transactions

According to Data Finder, there continues to be a preference for off-plan properties, with this asset class

accounting for an overall 23,643 transactions last year. This could be because of attractive prices and incentives

offered by developers such as waiving of service fees, a wide range of post-handover payment plans, discount on

registration charges and commissions and guaranteed rental returns. However, new off-plan launches were

considerably down from their 2017 and 2018 levels.

With several potential buyers still unable to afford the down payment stipulated by the UAE Central Bank to

qualify for a mortgage, purchasers are increasingly opting for developer-sponsored payment plans to fund their

off-plan properties. This has resulted in several first-time homebuyers getting on the property ladder.

Buyer’s marker

Dubai registered 18,345 transactions in the secondary market last year. With new homes becoming completed

thick and fast, developers are forced to come up with rent-to-own schemes and other initiatives to make sure that

they are not left with unsold ready units. This makes it a perfect buyer’s market, with attractive prices, good deals

and plenty of options to choose from. However, in such schemes, the price of a property is typically higher than a

comparable property currently on the market, says Abad.

As per Data Finder project and supply data, there were over 45,000 units completed last year, which was the

highest amount of units completed in one year over the last five years.

According to Nazish Khan, chief operating officer at Fidu Properties, “From an investor’s viewpoint, developers are

offering heavy incentives to attract property buyers with increased preferences to buy instead of renting these

days, with convenient long-term payment plans of five to 10 to even 15 years for a ready property. Developers are







recognising this trend and the need to entice tenants into investing in the properties and in turn offering them

payment plans that are convenient and hassle-free. For investors, it makes perfect sense to invest in an area that

offers the highest return on investment and long-term appreciation.”

Popular areas for renting

Dubai Marina was the most popular area for renting last year with an average rental price of Dh98,405, says Lewis

Allsopp, CEO of Allsopp & Allsopp. “This is the second consecutive year that it has come out on top,” says Allsopp.

“Dubai Marina is a vibrant community and is very popular with tenants who are new to Dubai. The community

caters to everyone with studio apartments for singles, an array of properties for couples and large apartments

and a few town houses for families. Coming a very close second for rental popularity is Downtown Dubai where

the average rental price for 2019 was Dh109,000.

“Dubai Marina, Downtown Dubai and the Palm Jumeirah will continue to be Dubai’s most sought-after

communities among tenants. When expats move to the city, these pillar communities are already familiar with

them and reflect a vibrant and cosmopolitan life.”

Source: Gulf News

Back to Index







DUBAI EXPECTS 1,507 BRANDED

RESIDENCES THIS YEAR Tuesday, Jan 07, 2020

Dubai’s first Andaz branded luxury designer residences opened their doors on the right trunk of the Palm

Jumeirah last month. The property boasts 300m of pristine private beach and 116 bespoke units where residents

can live the “Andaz” way – rooted in local culture and surrounded by style. This latest addition to the branded

residence market in Dubai comes soon after the introduction of the Royal Atlantis Residences, also on The Palm

Jumeirah in October. According to the 2019 Savills report on branded residences, Dubai is set to topple New York

as the global capital of branded residences. Paul Tostevin, director of Savills World Research, said, “As market

conditions and buyer preferences evolve, there is huge potential for the branded residences sector in Dubai.

Branded property is positioned to stand out in more challenging market conditions.”

Market pipeline

Declan King, managing director and group head real estate at ValuStrat, said an estimated 1,507 branded units

are expected to come into the market this year. The current ready stock of luxury branded real estate in Dubai

includes Armani Residences at Burj Khalifa, The Address Residences, Trump Estates, Palazzo Versace, Kempinski,

Paramount, Nikki Beach Residences, Ritz Carlton, Fairmont Residences The Palm, Rixos, Anantara and Bvlgari

Residences in Jumeirah Bay. As per data on hand, upcoming supply of branded serviced apartments will include

Milano Giovanni JVC, The Residences JLT (Vivanta by Taj), Vida Residence The Hills, The Address Residence Sky

View and The Address Fountain View 1, to name a few.

Location advantage

With the Palm Jumeirah symbolic of beachfront and luxury resort living in Dubai, Maria Morris, head of residential

at Knight Frank Middle East, says the island has cemented its position as one of the best locations, not only in

Dubai but globally, for the very best in lifestyle living. “The branded residence offering in Dubai has raised its bar

with the introduction of projects such as The Royal Atlantis Residences,” says Morris. “Located adjacent to its

sister hotel, the iconic Atlantis The Palm resort, The Royal Atlantis will provide a selection of two-, three-, four- and

five-bedroom homes with prices starting from Dh6.995 million.” Morris says such branded units not only benefit

from all the world-class amenities and experiences that one would expect from a best-in-class hotel, but they also

occupy one of the world’s most prime locations in global real estate terms.

Research by ValuStrat reveals that branded real estate enjoys both higher capital values and improved recurring

income from leasing and room rates. “In a region often obsessed with brands, from coffee to cars, real estate is

no different. Consumers pay more for property that has the cache of a premium name,” explains Kings. “Property

buyers spend more at initial purchase, and tenants pay more to stay. Demand could stem from individuals

looking for both an attractive investment as well as a desirable lifestyle. Branded real estate could also provide a

certain level of confidence for buyers – especially in emerging and maturing markets – who don’t particularly

know who to trust and place their money for investment.”

Morris agrees to this and says, “The appeal of branded residences, not only in Dubai but globally, has

strengthened year on year.”

Other recent announcements of branded residences in Dubai include the Tonino Lamborghini Residences in

Meydan by Orient Pearls and Damac Towers by Paramount, which is opening in Business Bay. Also, branded real







estate under famous personalities are now going in focus. For example, Emaar has a new residential

development named after Lebanese designer Eli Saab.

Right operator

The Andaz designer residences will cater to everything from extended business trips to long-term lets. The 25

studio, 66 one-bedroom and 26 two-bedroom apartments range from 46-145 sq m and offer distinctive features,

including unique recreational facilities and a variety of dining and entertainment options.

“The global citizen is looking for a more sophisticated offering in Dubai that will elevate their living experience.

The added benefit of buying a branded residences is not only the amazing amenities that form part of the overall

development, but ultimately it is the credibility of the brand itself,” says Morris. “The level of service and overall

experience that a high-end luxury brand brings to a residential development are what set most developments

apart when buyers are selecting their next home.

“However, it is important for the brand to be the right one. It is quite simple for a developer to enter into a license

agreement with any operator, but for the branded residences to be exceptional, it has to be the right operator

that aligns with the level of service that the buyers expect.”

Branded residences offer the best of both worlds – the quality of service of a hotel, with the comfort of a personal

space to call home. “In addition, several of the very high-end branded developments will also provide tailored a la

carte services for residents from everything such as catering for dinner parties, housekeeping and even down to

stocking the fridge,” says Morris. “It is these added extras that our clients value when they are travelling around

the world and want to maximise their leisure time in their branded residence with family and friends.”

Buying advantage

Talking about the several advantages to buying branded residences, Morris says the service provision and

amenities, the management and guaranteed maintenance of the developments, and most importantly the overall

quality are the key points. “It is in the interest of the operators and developers to protect their own brand

position, and as such that investment advantage is passed on to the residential element of the development,”

says Morris. “In addition, properties with a brand association can command significant premiums ahead of

comparable non-branded product, however, this is also coupled with location and the quality of the individual

offering itself.”

The Andaz philosophy: Kifah Bin Hussein talks about the designer residences

What is the Andaz philosophy?

Andaz, translated from Hindi, means personal style. We want both our guests and residents to curate their own

experience based on personal tastes and preferences, but an Andaz property will also seek out the cultural

pressure points of each location – from local artists to regional tastes. It is our aim that everyone who walks

through our doors enters a visitor and leaves a local.

Who are the developers of the project?

The developers are Wasl Hospitality, a subsidiary of Dubai Real Estate Corporation, a public corporation

established by the government of Dubai.

Do you see a healthy demand for branded residences in the Expo year?

What we are offering both residents and visitors to Dubai are the first Andaz branded luxury designer residences,

which deliver impeccable design and competitively priced contemporary living spaces in a prime Palm Jumeirah

location. What really sets us apart from competitors is the design and the personalised service, which is delivered

by our teams in a friendly and welcoming way. You might be living in a five-star property but it still feels like

home.







We expect 25 million visits during Expo 2020. This is expected to have a positive impact and fuel demand across

the city’s hospitality scene. In terms of the designer residences, the 25 studio, 65 one-bedroom and 26 two-

bedroom apartments are ideal for everyone from single business travellers to families visiting the UAE for the

World Expo – particularly as they will give guests a real flavour of the region.

What kind of “ease of living” does Andaz provide?

Our contemporary-designed spaces not only offer value but also the chance for global travellers to embrace the

local. Each space is filled with local delights – from geometric rugs inspired by Sadu, an ancient Bedouin

embroidery technique, to marble breakfast bars flanked by handcrafted metal sculptures by local artists.

Each designer residence has been individually designed in collaboration with Glintmeijer Design Studio and Akaas

Visual Arts, one of the region’s leading art consulting companies. Centered on contemporary Arabic arts and

crafts, every square inch has been carefully considered, delivering visual surprises at every turn.

Each apartment has everything a modern traveller might need, from coffeemakers and induction cookers to 50-

inch flat panel smart interactive TVs and walk-in closets – but they also offer incredible views across Palm

Jumeirah and the city skyline, access to the hotel’s approachable bars and restaurants designed to embrace the

local community and, above all, a real sense of style. Residents can expect a range of distinct dining venues, 14th-

floor boutique spa, pristine private beach and state-of-the-art fitness centre.

Source: Gulf News

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DUBAI’S PROPERTY VALUATIONS NEED

TWEAKING Wednesday, Jan 08, 2020

The law of unintended consequences is often associated with American sociologist Robert Merton, though its

general spirit appears in many forms. Not least in Adam Smith’s notion of the “Invisible Hand”.

The idea is that when people intervene in systems with a lot of moving parts, especially ecologies and economies,

the intervention, because of the complex interrelationships among the system’s parts, will have effects beyond

those intended. Including many that were unforeseen or unforeseeable.

Examples abound. Prohibition led to the rise of organized crime in the US. A ban on the hunting of mountain lions

in Australia had the unintended consequence of endangering local joggers.

Because governments typically ban only things for which people have a taste, when bans do arise, people find a

way to satisfy those tastes either through substitutes or black markets. The consequence is typically a rise in

prices as consumers flock to satiate their appetite.

Ban the offplan

It is in this context that many have suggested for a temporary ban in real estate residential construction. Not only

to arrest the decline in asset prices (despite mounting evidence that these may have already bottomed out), but

also to balance demand and supply dynamics and reduce the burden of depleting cashflows for existing

developers. (Which itself is an unintended consequence of payment plans, and led to a rise in demand for such

assets in the primary market at the expense of secondary market sales).

Secndary market stumbles

Furthermore, as secondary market sales traded at a higher discount to primary market transactions, and because

valuations could not account for the discrepancy between these two variables, there was a stronger disincentive

to purchase from the secondary market. Thus creating a vicious cycle as valuations could not account for the

healthy demand that was inherent in the system for “new builds”.

Consequently, as the system caught up, primary launches receded, as developers catered to the completion of

existing projects. It led to a dominance in market share for one developer, as others struggled to complete their

projects on time.

Complex forces

There is something oddly beautiful about the tendrils of causality in complex systems. And none of this is to say

that the inevitable chances of being surprised by our interventions means that we give into pessimism. Rather it is

an invitation to understand the complex forces at work in an advanced economy.

Simone Weil stated that “a modern economy consists in certain methods of production, consumption, and

exchange, which are continually varying (and need to be constantly measured), however which depend on certain

fundamental relationships: between the production and circulation of goods, between the circulation of goods

and money, between money and production and between money and consumption”.







The key variable here is the measurement problem; how we perceive and measure these constantly changing

relationships, rather than convert them into an abstraction that defies all definition. And then made responsible

for every hardship that is endured by oneself or others.

Even though the introduction of payment plans (itself encouraged by IFRS 15) led to a flurry of new projects that

have suppressed asset prices, it has been the measurement problem that has compounded the decline and

confusion, despite an ever increasing numbers of transactions.

A further unintended consequence of payment plans was that, at the margin, it converted certain tenants,

thereby reducing rents as developers started to “mimic” rental payments as a method to lure buyers. Despite the

yawning gap between the primary and secondary market prices, there has been no comprehensive measurement

tool in place that accurately gauges the appetite for demand.

Instead, standard valuation techniques have exacerbated the disincentive for snapping up secondary market

values, thereby creating an intended consequence of exaggerating market declines, when in fact it has been the

valuation techniques that have been at fault.

An easy fix to the above is not a blanket ban on construction, but rather a more nuanced set of mechanisms that

acknowledge these differing valuation techniques and putting in place a mechanism that allows for developers to

not stall their projects, through a combination of liquidity spigots, financial prerequisites (such as financial close)

and lending caps (which have already been raised). And allows for an orderly clearance of such inventory.

Again, at the margin, a relaxation on the collateral minimums banks require would also allow for an increase in

mortgage demand appetite, thereby increasing liquidity into the marketplace.

As we gradually increase our understanding of large complicated systems, we will develop new ways to glimpse

the unintended consequences of our actions. And while there will always be unintended consequences, they

needn’t be completely unanticipated.

- Sameer Lakhani is Managing Director at Global Capital Partners.

Source: Gulf News

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DUBAI'S DMCC INKS DEAL WITH CHINA'S

CHENGDU HI-TECH ZONE Tuesday, Jan 07, 2020

Dubai Multi Commodities Centre, Dubai's biggest free zone by number of companies, signed an agreement with

Chengdu Hi-Tech Industrial Development Zone to allow more Chinese companies to set up and trade locally

within the UAE.

The agreement, signed on the sidelines of the China-UAE Conference on Islamic Banking and Finance, would also

boost bilateral ties between the two countries, DMCC said in a statement.

“The Chengdu partnership will help Chinese companies enter the UAE market and build a foothold to expand

trade locally and regionally. Crucially, the partnership will also serve to strengthen the increasingly important UAE-

China bilateral trade ties,” said Sanjeev Dutta, executive director for commodities and financial services at DMCC.

Chengdu hi-tech zone, which is home to the research centres of global giants such as Tencent Holdings and

Siemens, is a technology park that has become known for nurturing many of China's so-called 'unicorn'

companies (privately-owned start-ups with a valuation of over $1 billion). Officials said that they are hoping to

attract such companies to the UAE market through the partnership.

DMCC, which has close to 500 Chinese member companies, has been lobbying extensively to attract high-growth

Chinese firms to its fold and tap into trade flows emanating from China’s Belt and Road initiative. In June last year,

the free zone signed agreements with the Hangzhou China Council for the Promotion of International Trade, and

the Department of Commerce of Shandong Province in Qingdao as part of a roadshow in China, the world's

second-largest economy.

Trade between China and Dubai reached Dh139 billion in 2018, making it the Emirate's top trading partner. On a

country level, trade between the UAE and China is also expected to boom to Dh257bn by 2020 as investments

between the countries gain pace, according to a previous statement by DMCC.


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DUBAI’S LOGISTICS FIRM TRISTAR BUYS

LAND IN OMAN’S DUQM PORT IN

EXPANSION PUSH Wednesday, Jan 08, 2020

Dubai's Tristar Group, an oil and gas sector-focused logistics company, acquired more than 11,000 square metres

of land in Oman’s Duqm port as it expands its operations in the sultanate.

The parcel of land will have a 3,048-square metre covered warehouse with a capacity of 5,000 pallet position and

an open yard that could be used for expansion, the company said on Tuesday, without specifying the value of the

transaction. The logistics warehouse project will also have the facility to provide third and fourth-party logistics

services, it added.

Tristar , which counts Kuwait's Agility and Gulf Investment Corporation among its shareholders, provides

transportation and storage facilities to international and local oil companies, and operates across 20 countries

within three continents.

“The expansion of our presence in Oman to Duqm further strengthens our value proposition as we continue to

serve the future requirements of our international oil and gas customers as well as major local companies," said

Eugene Mayne, group chief executive of Tristar. "We constantly seek to build partnerships through which we can

expand our service offering to our customers across the GCC and beyond, and the Port of Duqm provides us with

the perfect platform to do so.”

The company’s investment in Duqm comes on the heels of a recent opening of phase 2 of its Rusayl Industrial

Estate, near Muscat International Airport. Spanning across 15,000 square metres, the plot consists of an office

building and a warehouse with a capacity of 1,000 pallet position, a five-bay workshop with two inspection pits

and a wash-down bay.

The Duqm port is emerging as one of the major logistics player in the region — partly assisted by major

investments from China in recent years. Oman Wanfang, a consortium of Chinese companies, pledged to invest

about $10.7 billion (Dh39.27bn) to develop the Duqm free zone in 2016. Groundbreaking at the site began a year

later.

Duqm could prove to be crucial for the global shipping industry as it provides an alternate route to the Strait of

Hormuz, an important oil shipping route. With US-Iran tensions on the rise and its proximity to the growth

markets of Asia, Duqm port has seen increased investment interest. The US last year also signed a deal with

Oman that would allow the country increased access to Duqm port and its infrastructure.


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HOMEFRONT: 'WHY AM I LIABLE FOR

MOULDY WALLS MY LANDLORD NEVER

FIXED?' Wednesday, Jan 08, 2020

I recently moved out of my home in Abu Dhabi. When I left I had a number of issues with the unit. On the first

viewing, I noticed the paint was chipping where the paint had bubbled down the wall. Within a couple of months

of moving in, the paint blistered causing the chips to fall off the wall and a mould-like substance started growing. I

told the landlord and the building's maintenance man about it several times. The maintenance man said the

landlord would fix it but he never did and the mouldy area just kept getting bigger, with the wallpaper also peeling

away. I showed the landlord the problems the first year I lived there and he did not appear to care. But when I

handed back the keys, he told me I needed to fix all the issues with the wall, which were essentially the issues I

had flagged to him and he had never resolved. He added that I had never told him or the maintenance man about

the issues, which is untrue as both my wife and I reported the problem. What are my options here? On another

note, I was told by someone the tenancy contract is not legal if it is just on a piece of paper bought from a

bookstore and not registered with the Abu Dhabi Government. WR, Abu Dhabi

Maintenance issues are one of the main causes of problems between landlords and tenants. The tenant has a

responsibility to give back the property at the end of the tenancy in exactly the same condition it was given at the

start of the term.

Having said this, the landlord has the responsibility to maintain the property during the term of the tenancy in a

habitable state that is commensurate with the rent received. Given what you say in your email, without either

written proof or photographic evidence that you did inform the landlord of the paint/wall problems, it now

remains a he said/she said scenario. Your only recourse, therefore, is to try and come to some sort of an

agreement. This can only be resolved by a face-to-face meeting with the landlord. Failing this, you have no

alternative but to file a case at the Rental Dispute Settlement Committee, which is part of the Judicial Department.

You can call them on 800 2353 or visit their website for more information.

With reference to the tenancy agreement, all rental contracts have to be registered under the Tawtheeq system.

Tawtheeq is Arabic for attestation and was introduced back in 2011. The system provides a framework to

safeguard the rights of landlords and tenants in relation to rented properties in the emirate of Abu Dhabi.

A rental contract is an agreement between both parties and is legally binding if clauses are written and agreed

upon by both parties and by signing of the same. Where you say your contract was not registered with the Abu

Dhabi Government, you presumably mean the Tawtheeq system. This would be difficult to believe because to

connect your water or electricity to the property, it has to be registered with Tawtheeq, otherwise the Abu Dhabi

Distribution Company would not connect to the services.

Renewals, cancellations and amendments all have to be updated in the system, therefore I assume your contract

is legal for the above reasons.

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

http://www.adjd.gov.ae/







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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MAG DEVELOPMENT PLANS DUBAI IPO AS

IT EYES OVERSEAS EXPANSION Wednesday, Jan 08, 2020

MAG Development, the real estate arm of investment holding firm MAG Group, is planning to raise funds through

an initial public offering as it eyes overseas expansion to boost growth, the company's chief executive said.

Dubai-based MAG Development is currently involved in a number of projects in Dubai and Sharjah including the

Dh4 billion MAG City scheme, launched last year in the Meydan District of Dubai.

“We are transforming the business into a corporate structure, and we are working on [an] IPO-readiness plan that

should be implemented within a year or two, depending on how quickly we develop that,” MAG Group chief

executive Sar Haffar told The National in an interview.

He did not divulge how much the company is looking to raise via its public offering or the size of the stake it will

sell.

“The idea is to be ready to have all the process in place before we go public. We are working in coordination with

some kind of advisers on this. The company would be listed in Dubai.”

The company, which has a number of projects under development in the UAE, is eyeing overseas expansion in

Asia and Africa. It is planning to launch three international projects this year.

Mr Haffar did not name the countries where it is planning to start projects.

“There is a plan to expand and we are focusing on certain markets and it will be mixed-use development. We will

announce something in due time," he said, without identifying the markets. "Every project is going to be in the

size of MAG City, which we broke ground [on] recently.”

The MAG City development at Meydan will be built in five phases, with the first and second phases expected to be

ready by 2023. The first phase will have five buildings containing 912 units and 150 townhouses, whereas phase

two will consist of four buildings of 600 units and 92 townhouses. All phases of the project are expected to be

complete by 2026.

“The purpose in phasing out is to cope with the demand we have and growth and it would be coherent,” he said

adding 85 per cent of Phase 1 project has been sold to expatriates as well as locals.

The project has been funded by the company's own income, as well as through sale proceeds.

Despite recent declines in house prices and rents in Dubai, Mr Haffar said the property market has reached a

"mature level" of development and was generally on an upward momentum.

“Like any other international city in the world, like Kuala Lumpur, Singapore or Hong Kong, they soar high at the

beginning reaching maturity and then they coast to a plateau at a certain level. Right now in MAG projects, end

users are buying, not just speculators and investors, which is a good sign.”

Many of the emirate's larger developers have also dropped expansion plans and limited new projects to a

minimum in line with market requirements, he said.

“So, whatever you are going to launch is going to be very well thought [out] based on demand. We are not just

building for the sake of building,” he said.







Expo 2020 will have a positive impact on the real estate, he added.

“It will stimulate the market ... boosting further investments into real estate. We will see international investors

will find Dubai as a very suitable market for investment.”

The real estate market has endured five years of declining prices following a drop in oil prices that began in 2014,

as well as ongoing concern about an oversupply of properties.

Dubai sales prices were 7 per cent lower year-on-year, for apartments and 9 per cent lower for villas in the third

quarter of 2019, according to a recent report from consultancy, JLL.

However, according to Property Finder data, the amount of transactions that took place in the Dubai real estate

market last year increased by 20 per cent year-on-year to 41,988. This was the highest rate of sales for 11 years.


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ENOC OPENS TWO SOLAR-POWERED

SERVICE STATIONS IN THE UAE Sunday, Jan 05, 2020

ENOC Group has opened two solar-powered service stations at Dubai Hills and Lehbab First.

The new stations are equipped with photovoltaic (PV) solar panels on the roof of the canopy, an advanced vapour

recovery system, next-gen fuel dispensers and fully integrated digital wall displays.

The openings take ENOC’s network of solar-powered service stations to 18 as well as 23 service stations with

smart displays.

Saif Humaid Al Falasi, Group CEO, ENOC, said: “The launch of the new service stations is in line with our vision to

invest into the country’s growing energy infrastructure and highlights our commitment to offer customers easy

access to fuel and other retail services.”

The service stations are compliant with Dubai Municipality Green Building Regulations, while the photovoltaic (PV)

solar panels can generate up to 150 kw/h of energy and will transmit the excess energy to Dubai Electricity and

Water Authority's main grid.

The Dubai Hills service station will have a Prowash, with one automatic and two manual car-wash bays and an

AutoPro, a provider of professional automotive services, with three bays for mechanical services, and eight smart

fuel dispensers.

The service station in Lehbab First is equipped with six smart fuel dispensers, three bays for automotive services,

a mosque and a space for restaurants.

Both the service stations also have Zoom, the C-Store owned by ENOC, which provides food and beverages.

ENOC currently operates 135 stations across the UAE, with plans to increase that number to 191 in the lead up to

Expo 2020 Dubai, which starts on October 20.


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ETIHAD AIRWAYS INKS NAMING RIGHTS

DEAL FOR YAS BAY ARENA Wednesday, Jan 08, 2020

Miral, the developer of Yas Island, on Wednesday finalised a partnership with Etihad Airways to secure exclusive

naming rights of Yas Bay Arena.

As part of the agreement, Abu Dhabi’s first-of-its-kind multi-purpose, indoor entertainment venue will officially be

named Etihad Arena, a statement said without giving a value for the deal.

It added that the new partnership will help position the Etihad Arena as one of the leading entertainment venues

in the region and an important addition to Yas Island and Abu Dhabi’s entertainment and tourism offering.

The Etihad Arena, which will be operated by Flash Entertainment, has been designed to accommodate large-scale

and private events, offering unique flexibility with a capacity ranging from 200 to 18,000 people.

Once open, the venue will host a variety of events including sporting competitions, corporate events, cultural

performances, concerts, and many other appealing activities throughout the year.

Etihad Arena is part of Yas Bay, a mixed-use development located on the southern end of Yas Island, which will

also include the Hilton Abu Dhabi Yas Island, a beach club as well as a pier that boasts 12 licensed cafes and

restaurants, and 19 retail outlets.

Tony Douglas, group CEO of Etihad Aviation Group, said: “It’s an honour to partner with an Abu Dhabi institution

such as Miral on this joint venture, that will further promote Abu Dhabi and Yas Island as a hub for entertainment,

tourism and culture.

"Etihad Arena complements our global presence at a number of sporting and entertainment venues, most

notably Etihad Stadium in Manchester, home of Manchester City Football Club. This new arena will bring an

abundance of talent to our capital, providing a diverse range of entertainment options for guests visiting our

beautiful city, or for those who call the UAE home.”

Mohamed Abdalla Al Zaabi, CEO of Miral, added: “As our national airline with international reach, Etihad Airways is

the ideal partner to help position the newly named Etihad Arena competitively on the local and regional map of

live entertainment destinations. The new venue will be a significant addition to the unique offerings on Yas Island

and in Abu Dhabi, creating unforgettable experiences, and helping us deliver on our vision to position Yas Island

as a top global destination for entertainment, leisure and business."


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MASHREQ SIGNS AGREEMENT WITH DIFC Tuesday, Jan 07, 2020

Mashreq has announced that it has signed an agreement with Dubai International Financial Centre (DIFC) which

will enable the bank to open Escrow accounts for owners' associations in DIFC's jurisdiction.

Under DIFC regulations, Mashreq Bank is also registered to provide services to owners' association companies.

The agreement was signed by Zain Qureshi, managing director and head of Real Estate Finance and Advisory at

Mashreq Bank and Jaber Al Suwaidi, senior vice president and registrar of Real Property at the DIFC Authority.

The Escrow account agreement will see Mashreq provide GTB products and solutions to owners' association

companies, providing them with a range of innovative and convenient payments solutions. More specifically, the

agreement will ensure independent management of the accounts of the owners' associations, and will collect

service charge contributions of owners in each account, while also monitoring their spending based on their

approved budgets.

Ahmed Abdelaal, CEO of Mashreq Bank, said: "We are committed to supporting the real estate sector of the UAE,

a vital pillar of the national economy. This partnership with DIFC will ensure that owners' associations as well as

their individual member's banking needs are being catered to. Moreover, the services will effectively safeguard

and control appropriate utilization of their funds, while offering them with quick and seamless service, as and

when they need it."

Arif Amiri, chief executive officer of DIFC Authority, said: "We are pleased to sign an MoU with Mashreq Bank, one

of our strategic partners, to support its services to real estate developers and owners' association based in the

Centre. Supporting our clients is a key priority as it truly reflects our dedication to providing an enabling

ecosystem from which financial institutions can thrive. As we commence our bold expansion plans, we look

forward to delivering a robust regulatory environment and building a closer partnership with Mashreq Bank."

Zain Qureshi noted that the initiative is another example of Mashreq Bank's wider support to the country's real

estate sector, by offering services which effectively safeguard and control appropriate utilization of owner

associations' funds. "As part of our remit, we will not only be able to open Escrow accounts for owners'

associations under DIFC's jurisdiction, but also provide them with extensive advisory services, if they require.

According to the agreement, owners' contributions will be deposited in the Escrow account, following which funds

will be disbursed based on DIFC's robust guidelines - which will promote further transparency and integrity."

As part of the agreement, Mashreq will act as a trustee between DIFC and owner association companies.

Companies can open an owners' association account - either a General Expense Account or/and a Reserve

Account. In line with its digitization strategy, Mashreq will also open virtual accounts for reconciliation purposes.

To ensure exceptional customer service, Mashreq Bank will also provide a dedicated Real Estate Trust team, who

will assist owner association companies with extensive advisory services as well as facilitate the opening of Escrow

accounts for them. Mashreq will also provide owners' associations with online access to their accounts in order to

enhance transparency in their operations.

Source: Khaleej Times

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REVEALED: HOW DUBAI PROPERTY DEALS

SOARED IN 2019 Tuesday, Jan 07, 2020

Dubai registered a total of 41,988 real estate sales transactions in 2019, up 20 percent compared to 2018,

according to new research.

Data Finder, the real estate insights and data platform under the Property Finder Group, said the figure

represents the highest number of deals registered annually in Dubai since 2008.

It also follows the formation in September of the Higher Real Estate Committee to rebalance supply and demand.

The report said the committee has helped inspire market confidence, with both October and November seeing

record number of transactions - 4,774 and 5,037, respectively.

December 2019 clocked 2,989 registered property sales transactions while other good months for property sales

in Dubai last year were July (4,234), September (4,007) and May (3,512).

The top five areas which witnessed the highest overall property sales transactions in 2019 were Business Bay

(3,146), Downtown Burj Khalifa (2,816), Dubai Creek Harbour (2,492), Dubai Hills Estate (2,373) and Dubai South

(2,048).

For off-plan sales, the top five performing areas in Dubai were Dubai Creek Harbour (2,423 transactions),

Downtown (2,088), Dubai Hills Estate (1,949), Dubai South (1,942) and Business Bay (1,811).

On the secondary market, areas that witnessed the most sales were International City (1,342), Business Bay

(1,335), Dubai Marina (1,280), Jumeirah Village Circle (1,108) and Jumeirah Lakes Towers (851).

“Going into 2020 and leading up to the Expo, we should continue to see transaction levels increase and prices

start to stabilise in certain areas. We have already started to see certain market dynamics shift as a direct effect

from Expo and these trends will most likely continue throughout the year,” says Lynnette Abad, director of Data

and Research, Property Finder.

She said there continues to be a preference for off-plan properties, with this asset class accounting for an overall

23,643 transactions in 2019, adding that this could be because of attractive prices and incentives offered by

developers.

The report also showed that Dubai registered 18,345 transactions in the secondary market last year.

It noted: "With new homes becoming completed thick and fast, developers are forced to come up with rent-to-

own schemes and other initiatives to make sure that they are not left with unsold, ready units. This makes it a

perfect buyer’s market, with attractive prices, good deals and plenty of options to choose from."

As per Data Finder project and supply data, there were over 45,000 units completed in 2019 which was the

highest amount of units completed in one year over the last five years.


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DUBAI REAL ESTATE TRANSACTIONS HIT 11-

YEAR HIGH IN 2019 Monday, Jan 06, 2020

Property sales transactions in Dubai hit an 11-year high in 2019, recording a growth of 20 per cent compared to

the previous year, as new government policies boosted the sector, according to Property Finder.

Total real estate transactions in Dubai reached 41,988 last year, new data the from real estate listings portal

found, which compares favourably to the 11,662 property sales transactions registered in the emirate in 2008 at

the height of the global financial crisis.

“Going into 2020 and leading up to the Expo, we should continue to see transaction levels increase and prices

start to stabilise in certain areas. We have already started to see certain market dynamics shift as a direct effect

from Expo and these trends will most likely continue throughout the year,” said Lynnette Abad, director of data

and research at Property Finder, in a statement on Monday.

Off-plan properties, accounted for 23,643 transactions in 2019, owing to attractive prices and incentives offered

by developers such as the waiving of service fees, a range of post-handover payment plans, discounts on

registration charges and commissions and guaranteed rental returns. However, new off-plan launches were

considerably down from their 2017 and 2018 levels, Property Finder said.

The top five areas with the highest overall property sales transactions in 2019 were Business Bay with 3,146

transactions, Downtown Burj Khalifa with 2,816, Dubai Creek Harbour with 2,492, Dubai Hills Estate with 2,373

and Dubai South with 2,048 deals.

There were also over 45,000 units completed in 2019, according to Property Finder – the highest number of units

finished in one year since 2014. Dubai also registered 18,345 transactions in the secondary market last year.

In September, Dubai formed a higher committee for real estate planning, headed by Deputy Ruler Sheikh

Maktoum bin Mohammed and a number of senior property developers. It aims to balance the supply in the

emirate's property sector through greater collaboration between government-related entities and private sector

firms.

Other measures rolled out by the government last year included 10-year visas for investors and professionals, as

well as reforms to real estate laws in Dubai.


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BAHRAIN STARTS WORK ON NEW $222M

EXPO CENTRE Monday, Jan 06, 2020

Bahrain is to start construction on a new international exhibition and convention centre, which is due to be

completed in two years’ time, it was reported on Monday.

Works, Municipalities Affairs and Urban Planning Minister Essam Khalaf has awarded the construction of the new

centre to Cebarco Bahrain, in a contract worth 83.6 million Bahraini dinars ($222.34 million) project, according

to a report by the Gulf Daily News (GDN) website.

The 308,000 square metre centre will be built in Sakhir, next to Bahrain International Circuit, on a 1.3 million sqm

site.

The facility will also include a 4,500-sq-m conference hall which will be divided into three separate hi-tech rooms,

in addition to 27 small and medium conference and meeting rooms with a total area of about 1,700 sq m, as well

as two Majlises for VIPs and parking space for 16,000 vehicles, the Bahrain News Agency reported.


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http://www.gdnonline.com/Details/715657/New-expo-centre-to-be-built-in-Sakhir

https://www.bna.bh/en/StateoftheartexhibitionconventioncentreinSakhirtobecompletedin2022.aspx?cms=q8FmFJgiscL2fwIzON1%2bDi4gv%2bVYZS2YTp8SUvMb2ms%3d







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

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undertaken by appropriately qualified valuers with

extensive local experience.

The Professional Services Asteco conducts

throughout the region include:

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