NEWS BRIEF 14 SUN DAY 05 April 2015

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RESEARCH DEPARTMENT

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REAL ESTATE NEWS UAE LOW COST HOUSING IS VITAL FOR UAE COMMUNITIES UAE HOTEL SPACE RISES BUT YIELDS STAY STEADY

DUBAI HAMDAN LAUNCHES MY LOCATION INITIATIVE DH5,000 FINE FOR RENTING OUT FLATS 'ILLEGALLY' DUBAI BUILDINGS TO HAVE FRIENDLY 'GREEN CEMENT' INTERNATIONAL CITY, DSO OR DISCOVERY: LOWEST RENT? 11 CASES WITH DUBAI'S CANCELLED REAL ESTATE PROJECTS PANEL EXPECT DUBAI HOUSING RENTS TO FALL IN NEXT SIX MONTHS EMAAR LAUNCHES 'DOWNTOWN VIEWS' APARTMENTS LINKED TO DUBAI MALL PROPERTY SALES COLD CALLS BACK; TARGETTED DUBAI RESIDENTS TOO BUSY TO COMPLAIN RENTAL RATES REMAIN STABLE IN FIRST QUARTER: TASWEEK REAL ESTATE DEVELOPMENT DUBAI PROPERTY SALES DEFY MARKET PREDICTIONS DH34M EMIRATES CROWN PENTHOUSE THE EPITOME OF DUBAI LIVING ARABTEC APPOINTS NEW CHIEF EXECUTIVE AT CONSTRUCTION ARM THE HUNGER GAMES JOINS MOTIONGATE DUBAI THEME PARK LINE-UP TAJ OPENS SECOND DUBAI HOTEL AS INDIANS FLOCK TO UAE RUSSIAN VISITOR NUMBERS TO DUBAI DOWN 36 PER CENT IN FEBRUARY DAMAC PINS HOPES ON SUBURBAN VILLAS IN DUBAI AZIZI PRESSES AHEAD WITH THOUSANDS OF APARTMENTS IN DUBAI RISING DUBAI OFFICE VALUES PAY OFF FOR EMIRATES REIT FRENCH TRANSIT FIRM IN ETIHAD RAIL BID HAMDAN LAUNCHES MY LOCATION INITIATIVE

ABU DHABI ABU DHABI HOTEL RATES RISE ABOVE $200 MARK WITH MORE TRAVELLERS COMING IN

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LOW COST HOUSING IS VITAL FOR UAE

COMMUNITIES

WEDNESDAY 01 APRIL 2015 Every community has a variety of people. There will always be some people who are wealthy, a large number of middle class professionals and many labourers. It is important that all these categories of wage earners are able to live with dignity and comfort despite the wide disparity in their ability to spend. In the new communities of the UAE this is particularly important, as far too many new developments focus on attracting the wealthy and ignore the middle and low earners. This is why government support for affordable housing is vital. Dubai did well in a previous generation when Shaikh Rashid’s government built low cost housing in the Karama and Satwa colonies, which meant that people on modest salaries could find good housing that suited their needs. It also had an effect on the rest of the housing market and the supply of affordable housing helped to keep prices lower than they would otherwise have been. This cannot be managed by ordering developers to build and rent cheap housing units. Companies are here to make money and will not be able to match the social expectations of such a move. It requires the government to either become a landlord itself or work with companies that are tasked to meet its social expectations, for which they would be compensated by the government. Plans to build such social housing should go ahead in the UAE’s variety of communities, as the alternative of commuting for hours between emirates that do not have adequate shared mass transit routes, leads to a vast wastage of time and manpower. Source: Gulf News Back to Index

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DUBAI PROPERTY SALES DEFY MARKET PREDICTIONS

MONDAY 30 MARCH 2015 All talk of demand for property in Dubai being in terminal decline is greatly exaggerated, industry insiders said on the first day of the International Property Show. “In the first quarter of this year, Damac Properties is looking at somewhere north of Dh2.7 billion in off-plan sales — and that’s similar to what we had in the fourth quarter of 2014,” said Ziad Al Chaar, Managing Director. “Traditionally, fourth quarters are always the busiest period for property sales, but if our Q1- 2015 transactions are matching those, it does mean that a lot of people are still interested in buying in Dubai. “We have not changed any of our terms and conditions in the sales contracts to prop up the first quarter numbers. What we had, in January, such as buyers getting a car if they booked units, were only applicable during DSF. “If some people keep saying the market is in correction phase, it’s their problem. That’s not happening with us ... and other developers in Dubai need to send out a strong message about what’s happening in the market. “International buyers are still buying from us, at Akoya, Akoya Oxygen or one of the many hotel apartments we are developing. In the last three months, we held 50 active interactions in overseas markets trying to get through to buyers. One of our teams has just come back talking about potential interest in Dubai from buyers in Shenzhen [China]. “It’s the responsibility of all the leading developers to scale up their international marketing efforts. The buyers are out there and they are interested in Dubai for the simple reason that registration charges are low.” That Dubai’s residential property transactions are still holding up is confirmed by other sources. “Based on our estimates, February transactions — for off-plan and completed — would be around Dh2.37 billion, against January’s Dh2 billion or so,” said Chandrakant Whabi, CEO of Acrohouse Properties. “That does compare well with the sub-Dh2 billion volumes recorded in both November and December. “First quarter 2015 numbers also have a few transactions for very high-end properties in Emirates Hills and elsewhere, and that would have skewed the figures, but only slightly.” But the circumstances are such that developers may have to make changes on their upcoming launches. No one in the market wants a situation where a lot of new inventory comes in at

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about the same time and remains unsold. That would have consequences for the secondary market too.

As for the secondary market, anything that is built continues to have takers — “We are now seeing a shift to end-user clients looking for luxury good quality homes to live in,” said Luke Hexter, Head of International Markets at Luxhabitat. “Off-plan projects have tied up a lot of capital … so we could see a surplus of completed properties handed over in the coming months. However, as always, good quality stock at the right price always sells.” Through the second half of last year, property values did come some way off from their highs. But it is for a prospective buyer to decide whether values have softened enough for him to make an entry now. “Some parts of Dubai had seen higher prices than [even in] the boom times of 2008 … for example, Dubai Marina was 4 per cent more expensive on average in [early] 2014,” Hexter said. “Government measures to cool the market have had their desired effect and recent pricing and [property] transfers reflect this.” Source: Gulf News Back to Index

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RENTAL RATES REMAIN STABLE IN FIRST QUARTER: TASWEEK REAL

ESTATE DEVELOPMENT

SUNDAY 29 MARCH 2015 Property leasing and selling prices remained relatively stable in the first quarter of 2015 in anticipation of the awarding of mega projects in Abu Dhabi and Dubai, according to the latest report from Tasweek Real Estate Development. The projects are expected to attract more professional human resources into the UAE, leading to a rise in demand for luxury units until the end of the first half of this year, Tasweek said in a statement. “Market movements were steady and deliberate across the UAE during the first quarter, with most developers adopting a ‘wait and see’ attitude that we expect to carry over in the coming couple of months,” said Masoud Al Awar, chief executive officer of Tasweek Real Estate. He added that there were positive indicators for growth and new opportunities in the next quarters. Tasweek also predicted a correction in the price of free hold units in Abu Dhabi following an announcement about the start of unit sales in Al Reem Island Towers. In its report, the company said the local residential market in Abu Dhabi was stable in the first two months of the year, though landlords kept protecting rental rates by reducing supply. Source: Gulf News Back to Index

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PROPERTY SALES COLD CALLS BACK; TARGETTED DUBAI RESIDENTS TOO

BUSY TO COMPLAIN

SUNDAY 05 APRIL 2015 “A new project launch in Dubai, great payment plan, no commission, no need to stand in queue.” These messages are now being conveyed, either through phone calls or messages by real estate brokers trying to entice buyers. “It is the best way to reach customers and inform them of new launches and various payment options, so they can become property owners rather than renters,” says a senior official of a local brokerage firm, on condition of anonymity. “We are only calling and sending emails or SMSes to people who have registered with us. You don’t know if someone may decide to buy, but if they tell us not to call, we stop calling,” he asserts. Officials from other real estate brokerage firms admitted they do resort to cold calling, but emphasise they only call registered customers. However, if you are getting bombarded with unsolicited calls or SMSes, you can file a complaint with Dubai’s Real Estate Regulatory Agency (Rera), which had previously warned property agents not to cold call or send telemarketing SMS messages to unregistered customers. “I get a number of calls from real estate brokers and despite telling them I don’t wish to buy, I still get calls from their office. “I can say no to them over the phone, block their emails, but now I am getting many SMSs on new launches,” Suhasna M, who works as manager in an oil company, told 'Emirates 24|7'. “I don’t know how but it seems they have got hold of some database that has my number and email ID. I am not planning to buy any property.” S Alexander, a Bulgarian working in Dubai, echoes the same view. “I do get at least seven to eight calls in a week from real estate brokers. I have asked many not to call me, but they have their colleagues calling. Since I don’t have time to complain to Rera, I just let it go.” This website reported earlier that Rera has been encouraging people to register complaints against real estate agencies making cold calls. “A new regulatory article has been introduced by us that covers telemarketing.

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“We encourage anyone who has a complaint in this regard to contact us and request to speak with the Inspection Department,” Yousif Al Hashimi, Deputy Chief Executive Officer, Rera, has said. The article also stated real estate brokers are not allowed to make either telemarketing phone calls or send telemarketing messages to property owners who have not registered their properties for sale or rent in the real estate offices using the official templates. Source: Emirates 24/7 Back to Index

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EMAAR LAUNCHES 'DOWNTOWN VIEWS' APARTMENTS LINKED TO DUBAI MALL

THURSDAY 02 APRIL 2015 Emaar Properties has launched its newest residential project called ‘Downtown Views.’ With Downtown Views overlooking Downtown Dubai, Emaar is offering the opportunity to own residences that are directly linked to The Dubai Mall. Downtown Views is located on a nine-storey podium that is part of the ongoing expansion of The Dubai Mall. Downtown Views, a collection of only 418 residences, will feature 1, 2 and 3-bedroom apartments as well as a collection of duplexes at the highest levels of the 55-storey structure. Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “Downtown Views’ biggest attraction is the location, directly linked to The Dubai Mall’s ongoing expansion. Downtown Views apartments offer investors the choice of furnishing the homes of their choice. Several homes offer views of The Dubai Fountain and Burj Khalifa. Downtown Views is also within walkable distance of Mohammed bin Rashid Boulevard. Downtown Views homes are also connected directly to the travellator that links The Dubai Mall with the Burj Khalifa/The Dubai Mall Metro station. Potential investors can register interest online at www.emaar.com. The sales will be held on April 4, 2015, at three locations – Dubai, Abu Dhabi and Doha – simultaneously from 10am UAE time. The sales in Dubai are at the Emaar Pavilion on Mohammed bin Rashid Boulevard, Downtown Dubai and in Abu Dhabi at the Emaar Sales Centre in Al Nahda Tower. The sale in Doha will be held at Four Seasons Hotel. Emaar is also offering long-term investors and end-users the opportunity to register for the Emaar Preferred Access programme, also at www.emaar.com. Investors who make a down payment of 30 percent of the total value of the property and maintain ownership until handover is completed will be offered preferred access and the opportunity to own homes, subject to conditions. Interested investors and end-users can also skip the line and register for the programme even on the day of the launch. ‘Skip the line’ avoids the need for waiting in the regular queues for property purchases or early registrations. More information on the project is also available through the new ‘Online Sales Centre’ feature on Emaar’s e-Services App that can be downloaded on iPads and iPhones. Potential customers can use the app to register interest and reserve the home for a period of five calendar days.

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Source: Emirates 24/7

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EXPECT DUBAI HOUSING RENTS TO

FALL IN NEXT SIX MONTHS

THURSDAY 02 APRIL 2015 Residential rents in Dubai rose 3 per cent in the first quarter 2015 compared to a decline of 1 per cent reported in the fourth quarter 014, according to report by a chartered surveyor and property consultancy firm. “Even though the pace of apartment rental increases lost much of its vigour by the end of 2014, quarter-on-quarter (qoq) rent growth in Q1 2015 outdid Q4 2014. Average qoq rentals increased to 3 per cent in Q1 compared to qoq fall of 1 per cent in Q4 2014,” Land Sterling said in the new report. The pace of rental decline in Palm Jumeirah continued, but narrowed down to 2 per cent in Q1 compared to an average 8 per cent in Q4 2014. The report said International City, Dubai Silicon Oasis and Jumeirah Village Circle (JVC) performed the best in terms of yearly rental growth at 11 per cent, 10 per cent and 8 per cent, respectively. The consultancy predicted that even though rent hikes in the first quarter go against the current market softening sentiment, it is the “mid-two quarters that are rental demand dampeners and may see a wider rental declines.” “Rental correction will eventually set in with a number of project handovers scheduled throughout the year especially in communities such as Dubai Sports City, JVC and Business Bay,” the report said. Villa rental market, which lost its steam in Q2 2014, saw rent stagnation continuing in the first quarter, the fourth successive quarter. First quarter decline and the previous quarters of 2014 was limited up to 5 per cent. Four- and five-bedroom villa performed better compared to two- and three-bedroom villas on rental side, the report added. Though cash buyers continue to dominate the transaction volumes, the company said it has observed an upsurge in mortgage buyers based on the enquiries received since January 2015. “This is in line with the current wave of affordable project launches that appeal to long term buyers who rely on mortgages to fulﬁll their ﬁnancing needs,” it added. JLL, a real estate consultancy, said Dubai residents could expect rental declines this year, with even rent-free periods being offered to tenants followed by Knight Frank, a UK-based consultancy, projecting residential rents to fall by five per cent and property prices to go down by 5 to 10 per cent in 2015. Source: Emirates 24/7 Back to Index

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11 CASES WITH DUBAI'S CANCELLED REAL ESTATE PROJECTS PANEL

WEDNESDAY 01 APRIL 2015 Eleven projects are currently under hearing at the Cancelled Real Estate Projects Committee, according to an update by Dubai Courts. The latest update states that two projects by Khyool Investment – Abjar Tower and Faras 2 – have been liquidated and money has been distributed among investors. Dubai Court states there is no specific time period for the judgment to be passed in projects that are under consideration and all investors are being informed of the final judgment using different ways of communication listed in advance on its website. It adds that the judgments, orders and decisions issued by the committee shall be final, peremptory and not appealable by all means of a regular appeal and shall be executed by the implement department of the court. The projects names are: # Ahmed Abdul Rahim Al Attar Properties Toronto Vancouver # Azizi Investments Al Masa Ii # Fortune Serene Limited Fortune Serene # 32 Group Properties Limited Paris Residence # Sama Emirates Estate Development The Sama World Tower # Alternative Capital Invest Gmbh Victory Bay Tower Sami Q Tower # Sungwon (Fze) Santeview Hydra Properties

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Hydra Towers

# Khalifa Alabbar Real Estate Development Spark Submission of the above projects closed on March 31, 2015. In January 2015, Emirates 24|7 published the cancellation list of 166 projects issued by the Dubai Courts with 17 projects (Reliance 1 to 16) under hearing by the committee (No details given on it). Source: Emirates 24/7 Back to Index

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INTERNATIONAL CITY, DSO OR DISCOVERY: LOWEST RENT?

TUESDAY 31 MARCH 2015 Rents in Dubai remained stable in first quarter 2015, but prices have declined by two per cent, according to a new report. “The first two months of 2015 saw continued stabilisation in Dubai’s residential sales and rental markets. “Transactions slowed down 20 per cent in January and 17 per cent in February compared to the same months in 2014. “This indicates consumer patience and growing confidence for the future,” Tasweek, a real estate consultancy, said in its Q1 2015 report. International City offers the lowest rental rates in the emirate, it added, revealing current rent for studio units averaging Dh38,000 per annum (pa), one-beds Dh53,000 pa and two-beds Dh70,000 pa. The second lowest option for renters is Dubai Silicon Oasis (DSO) where studio units are leasing for Dh47,000 pa, one-bed units for Dh57,000 pa and two-bed units for Dh90,000 pa. In Discovery Gardens, average rents for studio apartments were at Dh59,000 pa, with one- beds at Dh76,000 pa and two-beds at Dh104,000 pa. The consultancy revealed DSO was one of the communities with lowest rates for buying apartments, with studios selling for Dh493,000, one-beds for Dh694,000 and two-beds for Dh1.025 million. In Discovery Gardens, a studio is selling for Dh555,000, one bedroom for Dh690,000 and two- bed for Dh1.25 million. Though the locations are not specified, the report put prices of studio units at 555,000, one- bed units at Dh819,000 and two-bed apartments at Dh1.136 million on Sheikh Zayed Road. In January 2015, JLL, a real estate consultancy, said Dubai residents could expect rental declines this year, with landlords even offering rent-free periods to their existing tenants. The following month, Asteco, another property consultancy, said rents would soften this year as new properties come on stream and a more 'significant' drop is on the cards from 2016 onwards. Knight Frank, a UK-based consultancy, has also predicted residential rents to fall by five per cent and prices to fall by 5 to 10 per cent during the year. Tasweek said increase in number of commercial license issuances (average daily issuance of 100 new licenses) is expected to drive demand for offices as more jobs are created with “excess supply already being observed".

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st affordable area was Dubai Investment Park where average price stood at Dh5,742 per square metre (psm) followed by DSO with prices of Dh7,889 psm; Jumeirah Lakes Towers Dh12,305 psm; Tecom Dh12,808 psm and Sheikh Zayed Road Dh17,655 psm. Source: Emirates 24/7 Back to Index

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DUBAI BUILDINGS TO HAVE FRIENDLY 'GREEN CEMENT'

MONDAY 30 MARCH 2015 Landlords and contractors must now use green cement for the construction of new buildings in Dubai as part of a strategy to protect the environment and reduce gas emissions, an official was quoted on Monday as saying. A new legislation forcing all landlords, contractors and consultancy companies to use this environment-friendly substance will be enforced on April 1, Dubai Municipality Director Hussein Lootah told local newspapers. He said the decision is intended to protect the environment by reducing emissions of carbon dioxide and other toxic gases. “The municipality will inspect new construction sites and check the cement used in buildings after the decision is enforced. Using green cement will be a pre-requisite for granting construction permission,” he said. Another municipal official said companies failing to abide by the new decision will be stopped and penalised. “Besides depriving them from construction permission, violating companies will be fined,” said Ahmed Al Badwawi, studies director at the municipality. Green cement, which was developed in Germany nearly three years ago, is material that meets or exceeds the functional performance capabilities of ordinary Portland cement by incorporating and optimising recycled materials, thereby reducing consumption of natural raw materials, water, and energy, resulting in a more sustainable construction material. Source: Emirates 24/7 Back to Index

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DH5,000 FINE FOR RENTING OUT

FLATS 'ILLEGALLY'

MONDAY 30 MARCH 2015 A fully-furnished one-bedroom apartment for lease on a monthly basis in Dubai’s Burj Khalifa: Rent Dh25,000. That is how a listing on one of the UAE’s major classified websites reads. This isn’t the only one, the number of such listings run in thousands. Unofficially, homeowners have been leasing their apartments as holiday homes or on short- term basis for years now, making more money than by offering their units on a 12-month contract. Now, those operating without a license will incur a fine. The Department of Tourism and Commerce Marketing (DTCM), Dubai, in a statement sent to Emirates 24|7, said those renting an apartment as a holiday home without a license will be fined Dh5,000. In June 2014, the department announced the operating of residential properties for use as holiday homes would be restricted to licensed operators. The announcement came after the government issued a decree related to holiday homes in 2013 in the run up to Expo 2020 as the emirate aims to attract 25 million tourists by 2020. So far, the department has issued 39 initial approvals, the statement sent to this website revealed. “We have been working closely with a number of property and hospitality management companies who are in full support of regulating this segment of the market and will themselves become licensed operators. “Overall, we have issued 39 initial approvals so far,” it added. Those applying for the license have to pay a fee of Dh110 on submission of the initial approval form. Once the initial approval has been given, there will be a cost for the final license to become an operator, which is not fixed and varies from one case to another. Besides, the applicant will have to pay a permit fee is Dh300 per year per bedroom plus Dh50 as a classification fee. Holiday home, according to DTCM, is classified as a furnished accommodation that is rented as a whole unit on a daily, weekly, monthly or annual basis without the issuance of an Ejari agreement but needs to be registered with the department.

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The owner of the unit in Burj Khalifa will make Dh300,000 a year if the apartment is rented on short term (leased for the entire 12 months), compared with the normal lease agreement of 12 months, which will fetch Dh200,000 to Dh220,000 per year. This means short-term leasing fetches 36 to 50 per cent higher return. In January 2015, Emirates 24|7 reported Issam Kazim, Chief Executive Officer, Dubai Corporation for Tourism and Commerce Marketing, saying, Dubai is aiming to become the world's most popular city destination by 2020, aiming to attract 25 million tourists in the next five years. The emirate is looking to increasing accommodation options for tourists, as it aims to attract 20 million tourists per year by 2020. It is expected to receive 20,000 rooms in 2016 and reach 150,000 keys by 2020. Source: Emirates 24/7 Back to Index

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HAMDAN LAUNCHES MY LOCATION

INITIATIVE

SATURDAY 04 APRIL 2015 In line with the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Duba, to transform Dubai into the smartest city in the world, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, inaugurated the Makani (My location) initiative for geographic address systems that was completed by the Dubai Municipality. The first of its kind in the world, the system will enable users to reach different locations across Dubai with great precision. The new Smart System receives its coordinates directly from satellites that provide various forms of information regarding access to buildings and installations. During his meeting with the project’s work team, Shaikh Hamdan placed the digital address plate of Emirates Towers on the building’s wall. Shaikh Hamdan said, “We are keen to launch quality initiatives that contribute to the achievement of the vision of Shaikh Mohammad to transform Dubai into the smartest city in the world and demonstrate our seriousness in creating a global role model of a smart city. “We always focus on providing innovative solutions for achieving happiness for both residents and visitors,” he added. “These solutions are linked to the details of their daily life and how to facilitate it. Since the announcement of the initiative to transform Dubai into the smartest city across the globe, the world is watching the emirate to make its experience a standard measure.” Shaikh Hamdan emphasised that the transition to a smart city model requires the development of applications and intelligent services, along with a qualitative change in engineering and finding the best digital infrastructure. In a city which has 10 million tourists visit it annually and where more than 200 nationalities reside, such a system is much needed, Shaikh Hamdan said. Source: Gulf News Back to Index

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FRENCH TRANSIT FIRM IN ETIHAD RAIL

BID

SUNDAY 29 MARCH 2015 The French transport company Keolis plans to bid for the passenger phase of Etihad Rail, as it looks to tap into an estimated US$3 billion worth of transport projects in the GCC, the company’s chief executive said yesterday. According to Jean-Pierre Farandou, the president of the executive board, the company targets a 10 per cent market share of the transport projects in the UAE, Saudi Arabia and Qatar. He added that the region has one of “the highest growth rates” for the group, ranking among the top three markets for Kerolis. In an effort to win more projects, the company has set up a joint venture with Emirates Transport, owing a 51 per cent stake of the company. The newly established company will be bidding for projects in this country. “The Middle East is an important piece of the future of the group,” said Mr Farandou. “There is a potential of $3bn of operational and maintenance projects over the coming three years.” “After the freight project of Etihad Rail, there will be the passenger’s project. Keolis is very interested.” Mr. Farandou added that his company will be involved in all tenders related to buses, light rail and metros in the GCC. Abu Dhabi bus projects and Saudi Arabia’s metro are among the coming opportunities that Keolis will be chasing, said Mr Farandou. Keolis is 70 per cent owned by the French National Railways Corporation (SNCF) and 30 per cent owned by the Canadian Institutional Fund Manager. Guillaume Pepy, the chairman and chief executive of SNCF, said that he does not expect the decline in oil prices to result in cancelled projects in the region, although there could be delays. “Perhaps the time frame could take a bit longer, but the need is there, definitely,” said Mr Pepy. Source: The National Back to Index

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UAE HOTEL SPACE RISES BUT YIELDS

STAY STEADY

SUNDAY 29 MARCH 2015 The UAE added a big chunk of new hotel space to accommodate an influx of new tourists last year – but a key measure of profitability remained flat. Room yields, a measure of a hotel’s financial performance, fell by 1.3 per cent in Dubai last year compared with the previous year, while yields in Abu Dhabi decreased by 0.1 per cent. Yields are expected to increase slightly this year. In February, a busy season for Dubai’s hotels, yields were down 5.6 per cent against the previous year. This was the result of a lower occupancy rate coupled with flat average room rates. Room yield is the product of total occupancy and average room rate, and provides an indication of the revenue that a typical room produces over a given time period. Occupancy in Dubai fell slightly by 2.3 percentage points to 79.7 per cent last year, down from 82 per cent in 2013, according to data from the consultancy Ernst and Young. This fall in occupancy followed the addition of 4,000 rooms across the year, taking the city’s total to 64,200 at the year’s end. Dubai expects to add 27,000 room keys over the next four years as part of announced projects. This figure is likely to increase as new projects are unveiled. Average room rates in Dubai stood at US$275 per night last year, but are expected to increase in most places in the emirate, according to data from the property consultancy Colliers International. Dubai hotel yields are expected to rise by between 1 and 2 per cent this year as slightly lower predicted occupancy rates are cancelled out by higher room charges. In Abu Dhabi, overall hotel supply rose by 8 per cent last year, with increased tourist numbers pushing occupancy to 73 per cent – a gain of 6 percentage points over the previous year. Overall tourist numbers increased by 20 per cent last year compared with the previous year – with 3.8 million visiting the emirate in total. Room rates fell slightly, dropping from $205 to $202 per night. They are expected to fall further this year, according to Colliers. Source: The National Back to Index

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RISING DUBAI OFFICE VALUES PAY OFF

FOR EMIRATES REIT

SUNDAY 29 MARCH 2015 Net asset values per share at the UAE’s first Sharia-compliant regulated real estate investment trust edged up at the start of the year as Emirates Reit benefited from rising office values in Dubai. In a statement to Nasdaq Dubai yesterday, the real estate investment trust reported that net asset value per share increased to US$1.408 per share at the end of February from $1.405 at the end of January after a revaluation gain. Emirates Reit reported that the trust’s real estate portfolio had been revalued by Asteco and CBRE in January at a total of $594.15 million, up 6 per cent from $560m in June as office values in the emirate continued to rise despite a slowdown in the housing market. The news comes as property brokers are reporting increases in rents and occupancy levels for some parts of the Dubai office market, which was hit hard during the global financial crisis. According to the property broker Asteco’s latest market report, after crashing by 65 per cent between 2008 and 2012, average office values in Dubai increased by 13 per cent last year. “The office market has lagged behind the residential market by a full 12 months, with rental rates lows in 2012 and slow growth from then,” said John Stevens, Asteco managing director. CBRE reported that rents for prime CBD locations in Dubai increased by 6 per cent during 2014 and rents for secondary offices in the city rose by 12 per cent year on year. It said that occupancy levels for CBD offices stood at 85 per cent at the end of the year, while the average for all Dubai office stock stood at 61 per cent. The reit owns a portfolio of seven commercial properties in Dubai: a 128,400 square feet office park in Knowledge Village; a 459,600 sq ft Gems World Academy school in Al Barsha South; 82,800 sq ft of The Loft offices in Dubai Media City; Building 24 – a 41,000 sq ft low- rise retail and office building in Dubai Internet City; all 22 shops at Le Grande Community Mall in Dubai Marina; two restaurants at the Indigo 7 building on Sheikh Zayed Road; and 17 of the 25 office floors at Index Tower in DIFC. Emirates Reit shares rose to a high of $1.50 in May last year after its IPO in April before plummeting to a low of $1.20 in December as global oil prices crashed. Since then it has bounced back again to $1.35 in January before falling again to about the $1.20 mark. Yesterday shares closed 0.81 per cent higher at US$1.25. Source: The National Back to Index

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AZIZI PRESSES AHEAD WITH THOUSANDS OF APARTMENTS IN

DUBAI

MONDAY 30 MARCH 2015 The Afghan developer Azizi Developments said it was pressing ahead with plans to build thousands of flats in Nakheel’s Al Furjan project and Palm Jumeirah as part of a Dh4.5 billion development plan. The company, which is owned by the chairman Mirwais Azizi, owner of the second-largest commercial bank in Afghanistan, said that it plans to develop a total of 15 blocks of flats in Al Furjan on the outskirts of Dubai. Azizi, which was hit hard by the global financial crisis, prompting Rera to cancel four of its original Al Furjan schemes, started construction work on the first five buildings in Al Furjan eight months ago. The blocks Azizi Iris, Azizi Liatris, Azizi Orchid, Azizi Yasmine and Azizi Feirouz, each comprise around 100 apartments and are set to be completed by the contractors SS Lootah and Modern Construction Company by the end of 2015. The company said that it had pre-sold all 99 apartments in Azizi Iris and had sold 70 per cent of the apartments in the other four blocks at an average price of Dh925 per square foot. Speaking at the International Property Show exhibition in Dubai yesterday, Azizi said that it expects to start marketing a second batch of a further five 12-storey towers over the next three months, which it plans to build next to the first five in Al Furjan as well as a block of 90 luxury apartments on the Crescent of Palm Jumeirah. “For us the market is not slowing down,” said Mohsen Kamel, the chairman’s senior adviser. Azizi acquired 12 plots of land in Al Furjan in 2007, but was forced to abandon its original plans as the global financial crisis hit. Azizi returned to the Dubai property market in 2013, redesigning its original towers to make them taller and bought 12 more plots at Al Furjan from Nakheel as well as three plots on Palm Jumeirah and a hotel plot in Dubai Healthcare City. The company said that eventually it plans to develop another five bigger apartment buildings, comprising about 150 apartments each at its Al Furjan development as well as a 700,000 sq ft hotel with a revolving restaurant. Source: The National Back to Index

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DAMAC PINS HOPES ON SUBURBAN

VILLAS IN DUBAI

MONDAY 30 MARCH 2015 Damac Properties is hoping that a switch from super-luxury apartments to more affordable suburban villas will help it weather the emirate’s property slowdown. The developer, which moved its listing from London to Dubai at the start of the year, said yesterday that customers had agreed to buy Dh2.8 billion of homes off plan in the first quarter of 2015 – up 6.2 per cent from Dh2.63bn in the final quarter of 2014. Damac has traditionally focused on building high-end apartments in the city centre, often with gimmicks such as cars or boats with the apartments they sell. That worked well when house prices in the city were rising by as much as 30 per cent a year, as they did in 2013. However, with the analysts JLL and Standard & Poor’s now predicting that average house prices in the city may fall by as much as a fifth this year, developers are attempting to change their product mix. Speaking at the International Property Show in Dubai, the Damac chief executive Ziad El Chaar said that the company’s decision to launch hundreds of affordable villas at its 55 million square feet Akoya Oxygen scheme on the Umm Sequeim Road and hundreds more villas at its Akoya scheme in Dubailand was paying off. “What we have done fairly successfully with the launch of Akoya Oxygen since August was realising that many people in Dubai have close to Dh2 million,” Mr El Chaar said. “They want to buy a three-bedroom unit. The only thing they can find for Dh2m is an apartment, while many of those people would prefer very much to buy a villa. So we designed for them in Akoya Oxygen the same size of apartment for the same budget.” Damac is not alone in its strategy. Over the past few years many big names in Dubai development have opted to develop new villa and town house master plans on the outskirts of the city. These include Emaar, which is developing hundreds of town houses at its Mira project in the Umm Sequeim Road area of the city, where it initially marketed three-bedroom town houses for as little as Dh988,888. Tecom is currently developing 440 new Villa Lantana properties in its DuBiotech community, which it has been marketing at prices starting at just over Dh3 million. And Dubai Properties is marketing villas starting at about Dh3 million at its nearby Mudon project. JLL predicted in January that average house prices and rents in Dubai would fall 10 per cent during 2015 owing to a lack of affordability in the market and the recent global oil price crash,

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while Standard & Poor’s said they would fall 20 per cent because of increased supply and weakening investor sentiment triggered by the tumbling price of oil.

Damac said that over the past 18 months prices in Akoya by Damac rose from Dh960 per sq ft to Dh1,360. Mr El Chaar said that the change in product mix was itself pushing down average prices in the emirate. “Prices have been stable in the key areas of this market for the last nine consecutive months. All of us developers we’ve put a product on the market which is a little bit away from the city centre and the price per sq ft of the product, for example in the Umm Sequeim Street area is different from Downtown,” he said. “Over the last nine to 12 months we have not seen a massive amount of projects being launched in the Burj area in the Marina. We’ve seen many more projects launched in the Umm Sequeim area or the Creek area where the price is not the same.” So yes, the average price in Dubai fell, but not because the market is cooling down but because you have now many different projects commanding a range of prices in different areas.” Source: The National Back to Index

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RUSSIAN VISITOR NUMBERS TO DUBAI DOWN 36 PER CENT IN FEBRUARY

MONDAY 30 MARCH 2015 Russian passenger traffic to Dubai fell by 36 per cent in February as their country’s economic meltdown took a further toll on tourism. Passenger traffic from Russian and CIS routes recorded their sharpest declines to date last month. The numbers were also down 22.7 per cent in January, data from Dubai International Airport showed yesterday. The introduction of international sanctions against Russia following its annexation of Crimea has battered its economy and sent the value of the rouble tumbling. Despite the sharp decline in Russian visitor numbers, Dubai International attracted 5.9 million passengers last month, a 5.3 per cent increase year on year. Routes to the India subcontinent registered the highest growth in February, followed by Western Europe and Asia. Doha came first in terms of top destination cities followed by London, Mumbai and Jeddah, the airport’s data showed. Cargo volumes inched up by 1.2 per cent to 191,002 tonnes compared to 188,702 tonnes in February last year. Last May, Emirates moved its cargo operations from Dubai International to Dubai’s second airport Al Maktoum International. Dubai International toppled London Heathrow as the world’s busiest airport by international travellers in 2014. Total passenger numbers grew 6.1 per cent to more than 70.47 million last year. Source: The National Back to Index

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TAJ OPENS SECOND DUBAI HOTEL AS INDIANS FLOCK TO UAE

TUESDAY 31 MARCH 2015 India’s oldest hotel operator has added a second property in Dubai as the emirate attracts rising numbers of tourists from the subcontinent. The Taj Group opened the 296-room luxury hotel in Dubai Downtown – 14 years after opening its first property in Deira. It comes as the number of Indian passengers passing through Dubai International Airport rises steadily. In February, 809,129 passengers from India passed through the airport, representing the largest group of passengers by nationality. “The Indian leisure market has taken off, and that’s certainly a factor but also there are more opportunities for the Indian brands now,” said John Podaras, a Dubai-based partner at the hospitality consultancy Hotel Development Resources. “Expo 2020 is also a factor, and already the Dubai machinery is gearing up for that.” Rising salaries over the past decade and of disposable income in India have led to an increase in overseas travellers, including those from smaller cities. The GDP per capita in India was last recorded in 2013 at US$1,165, well up from $740 in 2006. The UAE is the single largest country for air ticket bookings for outbound travel from India with the online travel agent ClearTrip.com. “We have seen this increase over the last three to four years with the increase in air capacity to the UAE from India,” said Amit Taneja, Clear-Trip’s chief revenue officer. “From the tourism perspective, Dubai is giving Singapore tough competition.” Dubai is the single largest market for hotel bookings on ClearTrip, followed by Singapore. Both the Taj and Oberoi, the other grand old hotel company from India, have had mixed success with hotel projects with some earlier announced projects yet to be opened. They include a Palm Jumeirah development for the Taj, and hotels slated for Yas Island and Al Raha Beach for Oberoi. Oberoi opened in Dubai’s Business Bay in 2013 and plans to open in Ajman this year. The Mumbai-based property company Hiranandani Group is working on a budget hotel with Accor in Dubai’s Business Bay that is expected to open in 2017. Also based in Mumbai, Suba Group of Hotels opened its first four-star property in Deira last year to tap into the Indian business traveller market. It expects to have a property near Dubai World Central’s Al Maktoum International Airport.

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Tourist numbers from India are forecast to grow to 50 million by 2020, having risen from 3.7 million in 1997 to 9.8 million in 2007, according to the United Nations World Tourism Organisation. Travel agencies such as Thomas Cook have started to offer package holidays from India for as little as 35,000 rupees (Dh2,056) for a five-day tour of Dubai that includes flights, hotels and sightseeing. India was the second-largest source market for Dubai and the largest for Abu Dhabi last year. Source: The National Back to Index

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THE HUNGER GAMES JOINS MOTIONGATE DUBAI THEME PARK

LINE-UP

TUESDAY 31 MARCH 2015 Hawk-eyed Katniss Everdeen and her evil nemesis President Snow are set to become Dubai’s newest residents after a deal to create a theme park inspired by the billion-dollar grossing film franchise. The operator Dubai Parks and Resorts said on Tuesday it is partnering the Canadian-American entertainment company Lionsgate to bring The Hunger Games franchise, which is also a best- selling book series, to its Hollywood-themed attraction Motiongate Dubai. The final film in the franchise, Mockingjay – Part 2, is scheduled for release at the end of this year. A Lionsgate zone will also feature a live stage show based on its Step Up film series. Motiongate, which is scheduled to open in October 2016, is expected to attract more than three million visits a year to its 27-ride “journey of films”. Along with the 4 million square feet Motiongate, Dubai Parks and Resorts will also operate a Legoland and a Bollywood-themed attraction, connected by a retail, dining and entertainment walkway called Riverland. Dubai Parks and Resorts, a unit of Meraas Holdings, reported an annual loss of Dh21 million for 2014, compared with a loss of Dh13m for 2013. The company’s total asset base grew to Dh6.88bn at the end of December. The Dh10.5bn project, comprising the three theme parks, is part of Dubai’s 2020 vision, which seeks to attract 20 million tourists a year to the emirate by 2020. Dubai Parks and Resorts announced in January that it had commenced construction for the Dreamworks zone, a 730,000 sq ft area housing 12 attractions and rides, which will form part of Motiongate Dubai. The company secured a Dh4.2bn finance facility, arranged by Goldman Sachs, in November, and raised Dh2.5bn via a share offering on the Dubai stock exchange in December. Meraas has promised to fund any cost overruns for the park’s construction through interest-free shareholder loans. Despite being six times oversubscribed, Dubai Parks and Resorts shares suffered after debuting on the Dubai Financial Market during a major sell-off, in which the headline index fell by 12 per cent in December. Yesterday, shares of Dubai Parks and Resorts closed up 0.7 per cent at 85.6 fils. They gained 17.2 per cent for the first quarter but are down 14.4 per cent since launch. Source: The National Back to Index

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ARABTEC APPOINTS NEW CHIEF EXECUTIVE AT CONSTRUCTION ARM

TUESDAY 31 MARCH 2015 Dubai’s largest builder Arabtec Holding has appointed the company veteran Raja Ghanma as the new chief executive of its construction arm. In a statement to the Dubai Financial Market, Arabtec Holding said that Mr Ghanma, who has worked at the company for the past 20 years, was previously the chief operating officer of Arabtec Construction. Mr. Ghanma, who was a board member of Arabtec Holding from 2008 to 2014, is a trusted pair of hands at the company, which is emerging from a turbulent year of hirings and firings. Arabtec Holding underwent a dramatic restructuring last summer after its former chief executive Hasan Ismaik left in June. Scores of jobs were axed across the company shortly afterwards. Mr. Ghanma replaces the oil and gas specialist Nabil Ailabouni, who was appointed to the position by Mr Ismaik in April last year. Before that the post was filled by the former Aldar chief executive Sami Asad, who took over for less than a year in August 2013 before moving on to head Arabtec’s Egyptian business. Arabtec Holding stock lost 0.44 per cent on Tuesday to close at Dh2.28. Shares in Arabtec are currently trading at about the same level they were at in January 2014 – before Mr. Ismaik’s expansion policy drove them up to a peak of Dh7.38 in early May last year. Source: The National Back to Index

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DH34M EMIRATES CROWN PENTHOUSE

THE EPITOME OF DUBAI LIVING

THURSDAY 02 APRIL 2015 For those who enjoy the high life, this vast 7,800 square foot five bedroom penthouse overlooking both Palm Jumeirah and Sky Dive Dubai provides the epitome of Dubai living. True, it may not be in the Burj Khalifa or on the Crescent of the Palm, but the apartment, located slap bang in the middle of Dubai Marina, the largest man made marina in the world, has views of both of these, Dubai’s most famous attractions. The grand apartment is located at the top of the 63-storey Emirates Crown, a 296 metre tower which was the sixth tallest building in Dubai and 45th tallest in the world when it was completed just before the global financial crisis hit Dubai in 2008. As with many things in Dubai, the blue glass tower topped with its pointy white ‘crown’ edifice, is starting to feel a little old hat these days with scores of new tall buildings overtaking it in height and the design reminding one a little of the sort of prefabricated sixth form blocks local authorities on a budget put up in the UK. But, inside the recently renovated apartment and checking out the view all of that is forgotten. With high ceilings, parque floors, and huge glass chandelier, the apartment exudes a sort of fin de siecle decadence which might not be to everyone’s style. Perhaps the most exciting part of the interior décor is the lounge fitted with a TV screen large enough to rival cinema screens in a number of small towns. There is also a master bathroom which includes a free-standing bath, separate shower and an onyx wall – one of those semi-translucent glowy yellow stone screens which you only see in posh offices and rich people’s bathrooms. But with a price tag of an eye watering Dh34 million, it’s little wonder that this apartment has been on the market since November with few bites so far from interested buyers. “This is a one off and very rare opportunity to buy an apartment of this quality of finish in Dubai,” says Victoria Garrett associate partner at selling agent Knight Frank’s Dubai office. “There are probably only a handful of buyers around the world who this sort of apartment would suit and who would have the sort of money to be able to afford the asking price so we expect a sale of this sort of property would take a while,” Ms Garrett added. Q&A Why Dubai Marina? As the largest man-made marina in the world, Dubai Marina offers residents a host of retail, leisure and dining opportunities, with The Dubai Marina Mall, the 5-star Address Dubai Marina Hotel, and Pier 7 being the stand out attractions. In addition to this, the stunning views, close

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proximity to the beach, and the luxurious yacht and city lifestyle that is portrayed throughout make Dubai Marina one of the most sought after addresses in Dubai.

Why not? As an established location in Dubai it’s also one of the more expensive places to buy or rent. If you’re looking for a value proposition then you’re better off in one of the emerging locations. Is it a good time to buy in Dubai? With JLL predicting that house prices in Dubai will fall by an average of 10 per cent and Standard & Poor’s predicting that prices could go down as much as 20 per cent this year many people would say no. However, that might mean that long term investors could manage to negotiate a bit of a bargain. What do the agents say? “To be honest the market is a lot slower and transaction volumes are lower,” says Victoria Garrett. “The market is slow across the board but we have still been achieving premium prices once the right person walks through the door.” Top 5 tallest residential buildings in Dubai Marina: Princess Tower – 414.0 meters 23 Marina – 392.75m Elite Residence – 381m Marina Torch – 348m Ocean Heights – 310m Source: The National Back to Index

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ABU DHABI HOTEL RATES RISE ABOVE $200 MARK WITH MORE TRAVELLERS

COMING IN

SATURDAY 04 APRIL 2015 Abu Dhabi hotel room rates have broken through the US$200 barrier, helped by rising passenger numbers through the airport. The average room rate in the emirate’s four- and five-star hotels touched $206.32 with an occupancy rate of 84 per cent last month, according to HotStats data. That was up from $162.37 and an occupancy rate of 80 per cent in the same month last year. Room rates have started to increase with strong demand, said Chris Hewett, a senior consultant at TRI Consulting. “I would say that it is premature to start indicating that the rates between Dubai and Abu Dhabi are narrowing at this stage, however we do foresee this to start occurring in the second half of the year,” he said. But the addition of 3,000 new rooms in the emirate this year could act as a brake on average daily room rate growth. As of January, Abu Dhabi had 102 hotels with 22,205 rooms. There were 58 hotel apartments with 6,366 rooms. While Abu Dhabi room rates inch higher, Dubai is showing signs of cooling down. Dubai room rates were $364.31 with an occupancy rate of 88.5 per cent in February, compared to $369.90 and 87.4 per cent in the same month last year. The rapid expansion of Etihad Airways and campaigns by the Abu Dhabi Tourism and Culture Authority in key source markets such as India, Saudi Arabia and Europe are among the key drivers in the growth of tourism in the capital. Passenger traffic through Abu Dhabi International Airport grew 20 per cent to 20 million passengers last year – a record for the airport. Airport authorities forecast similar passenger traffic this year. In February, the airport recorded 21.5 per cent growth compared to the same period last year. “The epicentre of the world has moved to pretty much where we are now,” said Ahmad Al Haddabi, the chief operations officer at Abu Dhabi Airports. “Travellers from Asia, Europe and Africa could discover a genuine leisure haven, with attractions for every taste in the emirate.” However, one hurdle that tourism chiefs will need to overcome is the comparatively short average stay, which fell 4 per cent last year to 2.99 nights.

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TCA Abu Dhabi has teamed up with 15 hotel groups accounting for 60 of the emirate’s four- and five-star hotels to tackle the issue.

Source: The National Back to Index

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With 30 years of Middle East experience, Asteco’s Valuation & Advisory Services VALUATION & ADVISORY team brings together a group of the Gulf’s Our professional advisory services are conducted by suitably qualified personnel all of whom have leading real estate experts. had extensive real estate experience within the Asteco’s network of offices in Abu Dhabi, Al Ain, Middle East and internationally. Dubai, Northern Emirates, Qatar, Jordan and the Kingdom of Saudi Arabia not only provides a deep Our valuations are carried out in accordance with understanding of the local markets but also enables the Royal Institution of Chartered Surveyors us to undertake large instructions where we can (RICS) and International Valuation Standards quickly apply resources to meet clients requirements. (IVS) and are undertaken by appropriately qualified valuers with extensive local experience. Our breadth of experience across all the main property sectors is underpinned by our sales, leasing and investment teams transacting in the market and The Professional Services Asteco conducts a wealth of research that supports our decision throughout the region include: making. John Allen BSc MRICS • Consultancy and Advisory Services Director, Valuation & Advisory • Market Research • Valuation Services +971 4 403 7777 [email protected]

SALES

Asteco has established a large regional property

Julia Knibbs MSc sales division with representatives based in UAE, Manager – Research and Consultancy - UAE Saudi Arabia, Qatar and Jordan. +971 4 403 7789 Our sales teams have extensive experience in the [email protected] negotiation and sale of a variety of assets.

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whether a single unit (IPM) or a regional mixed use portfolio. Our focus is on maximising value

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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.

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