NEWS BRIEF 48 SUN DAY 06 December 2015
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ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 48 SUN DAY 06 December 2015 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE CONSTRUCTION CONSULTANCY SWEETT GROUP TO PULL OUT OF THE MIDDLE EAST UAE’S SAGER GROUP PUTS ITS STAMP ON ROYAL MAIL HQ PROJECT IN LONDON NEW ARRIVAL IN DUBAI MARINA TOPS OUT IN UAE’S 10 TALLEST RESIDENTIAL TOWERS INDIAN DEVELOPERS SWEETEN PROPERTY DEALS FOR NRIS IN UAE DUBAI DARING TO BE DIFFERENT: DANUBE'S RIZWAN SAJAN SHEIKH MOHAMMED ISSUES NEW LAWS TO DRIVE DUBAI SMART CITY BID NEW LUXURY DUBAI HOTEL OPENS, TO UNVEIL BENTLEY SUITE IN EARLY 2016 DUBAI WILL BE HOME TO TWO REPLICAS OF PARIS EIFFEL TOWER TOP 5 COMMUNITIES FOR TENANTS IN DUBAI EXPERTS WARN NEW DUBAI STATISTICS LAW COULD AFFECT TRANSPARENCY, PROPERTY SECTOR EMAAR JV SECURES APPROVAL FOR HO CHI MINH CITY PROJECT EXPATS IN GULF MOST LIKELY TO BE ABLE TO AFFORD PROPERTY, HSBC STUDY SAYS DUBAI’S DEPA TO CUT JOBS AS IT SEEKS TO TRIM COSTS DUBAI’S DELAYED IMG WORLDS OF ADVENTURE THEME PARK TO OPEN EARLY 2016 'THE ADDRESS' IS NOW AT EMAAR'S DUBAI OPERA DISTRICT DAMAC PROPERTIES SWEETENS DEALS FOR BUYERS FROM CHINA WITH A FREE FLIGHT TO DUBAI NEW ARRIVAL IN DUBAI MARINA TOPS OUT IN UAE’S 10 TALLEST RESIDENTIAL TOWERS ABU DHABI 2-BED SERVICED APARTMENTS IN ABU DHABI FOR UNDER DH150,000 PRESTIGIOUS LOCATION AND BRAND ADD PREMIUM TO DH4M ABU DHABI APARTMENT CIMGLOBAL OPENS ABU DHABI OFFICE AND TARGETS MICE SECTOR DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION INDIAN DEVELOPERS SWEETEN PROPERTY DEALS FOR NRIS IN UAE TUESDAY 01 NOVEMBER 2015 The real estate outlook for India is 'extremely bright' with the sector set to witness growth driven by new government initiatives, according to JLL, a global real estate consultancy. “The outlook is extremely bright owing to several factors that are now playing out. Firstly, the economy is on an upswing, and this will result in better demand. Secondly, due to the Smart Cities, ‘Housing for all by 2022’ and Amrut initiatives being activated by the government, the real estate sector is going to see a lot of action,” said Ashwinder Raj Singh, CEO – Residential Services, JLL India. “Thirdly, the recent announcement by the government easing the foreign direct investment norms in construction sector will give a boost to the construction sector. The rules regarding minimum built-up area and the capital requirement will go a long way in helping to alleviate the sector’s liquidity issues, and will give a lot of stimulus for growth.” Though there are various forms of investment such as gold, fixed deposits, the equity market and bonds available, Singh stated real estate is the safest bet in the long run – and the most reliable investment instrument,. “Most of the properties built a few decades ago have easily yielded a return of 200-300 per cent. No other investment tool can give comparable results,” he added. The three-day Indian Property Show, which opened at Dubai World Trade Centre on Tuesday by Bollywood actor Arbaaz Khan, features over 170 developers from all over India, showcasing more 600 projects and about 45,000 properties. Buyers' view Amit Kumar, a non-resident Indian (NRI), hailing from Punjab, is hunting for a two-bedroom apartment in NCR. “There are good offers from developers, but I still find the prices quite high and I am not sure whether I will be buying now,” he stated. Sahili Pandit, an administrative secretary with a local firm, states that the cost of property is high in Mumbai and hence is looking for a house in Pune. “Pune is cheaper than Mumbai, but prices are going up. I have come prepared to at least book an apartment here at the exhibition that offers me flexible payment option,” she revealed. Weaker rupee Sunil Jaiswal, President – Sumansa Exhibitions, organizers of Indian Property Show, said: ““With rupee depreciation by 20 per cent around US dollar – which translated into bigger remittance – this is a very good time specifically for NRIs to invest in Indian property.” He added: “The other driving force is that real-estate is one of the fastest-growing sectors in India with positive prospects and with higher returns on property. Already, projects like 100 smart cities planned across India have captured NRIs’ eye and with the government easing foreign direct investment flow in such projects, the investment is expected to boost further.” DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION One UAE dirham was fetching Rs18.11 Indian rupees on Tuesday afternoon. Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION 'THE ADDRESS' IS NOW AT EMAAR'S DUBAI OPERA DISTRICT SUNDAY 06 DECEMBER 2015 The Dubai Opera district in Downtown Dubai is set to witness a new project, with Emaar Properties cashing in on its popular The Address brand. The Dubai bourse-listed developer is planning to launch The Address Residence Dubai Opera on December 12, 2015, property agents told Emirates 24|7. According to agents, the project, located close to Burj Khalifa, the world’s tallest tower, and Burj Lake, will consist of 65-storey residential tower and a 55-storey hotel/serviced apartment tower. Each of the towers will have gross floor space of nearly 590,000 square feet. The design of the towers is inspired by the seafaring history of the Middle East, with the terrace apartments offering views of Burj Khalifa, the Opera District and the Dubai Fountain. The company has not disclosed launch prices, but agents have started to approach clientele for bookings. "The planned completion date is July 2020," agents said. Emirates 24|7 reported in May 2015 that the developer had launched Forte, its second tower in the Opera District after Opera Grand, with units commanding prices of as high as Dh2,700 per square feet. Dubai Opera, the centrepiece of the Opera District, is set for completion in March 2016 and will be as iconic in appearance as the world-famous Sydney Opera House, according to Emaar. As for Dubai Opera, the Arabian dhow has been the inspiration behind its architecture. The 2,000-seat, multi-format performing arts venue in the emirate will have the ability to transform into three modes; from a theatre to a concert hall and into a “flat floor” form, becoming a banquet of event hall. Emaar reported a 16 per cent increase in its nine-month 2015 net profits of Dh3.048 billion, compared to Dh2.622 billion during the same period in 2014. Revenues for period stood at Dh9.849 billion, up 25 per cent over the same period last year at Dh7.888 billion. Demand for the launches in Dubai, especially from end-use investors, has been strong with total sales during the first nine months of year at Dh7.513 billion while sales in international markets during the same period were valued at Dh3.929 billion, the developer has said. In August 2015, Lookup.ae, a local real estate portal, said a total of 120 new projects have been launched in Dubai in the past 24 months, with investors being drawn to the off-plan market due to attractive prices and payment plans. Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DAMAC PROPERTIES SWEETENS DEALS FOR BUYERS FROM CHINA WITH A FREE FLIGHT TO DUBAI SUNDAY 29 NOVEMBER 2015 The property developer Damac is seeking to entice Chinese buyers into the Dubai market by offering a free holiday to the emirate. The company and its Shenzhen-based partner Qfang, with which it signed a deal this month, has offered Chinese investors between now and the end of January the chance to visit the city with a free flight ticket, hotel stay and visa. According to Damac, prices for its property range from Dh1.8million to Dh36.8m. “The idea of this offer is based on our belief that the Dubai real estate market can offer very lucrative returns for investors from China, and from all over the world,” said Ziad El Chaar, the managing director of Damac Properties. “The return on investment for Damac projects is between 7 and 8 per cent in a tax-free environment.” Qfang’s chairman Liang Wenhua said the offer was “intended to reward Chinese buyers with a special gift by allowing them to visit Dubai and discover in person the magnificent attributes that this metropolitan city is offering”. Damac Properties has been making a concerted effort to sell the Dubai property market in China over the past few months as the stronger dollar has made the market less affordable to Russians and buyers from the euro zone. Its first deal was signed with broker 5i5j in June. A roadshow followed in August.