News Brief 46

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NEWS BRIEF 46

SUN DAY 27 NOVEMBER 2016

RESEARCH DEPARTMENT

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REAL ESTATE NEWS

DUBAI DUBAI PROPERTY PRICES TO RISE IN 2017, BUT HOW QUICKLY?

DATABASE FOR DUBAI BUILDINGS SET TO COMPLETE NEXT YEAR DUBAI GRANTED LAND DECREE A CATALYST FOR CITY BUILDING, SAYS OFFICIAL DUBAI MARINA LOCATION WITHOUT THE STAIRS FOR DH11.5M BAD DEBTS IN DUBAI: CAN EXPATS RETURN WITHOUT GETTING ARRESTED? DUBAI’S RESIDENTS WANT INSTANT ACCESS TO THEIR SHOPPING SPRINGS AND MEADOWS ARE NOT FOR BARGAIN CHASERS

A MILLENNIAL-DRIVEN CHANGE TO HOSPITALITY

IT’S ADVANTAGE TIME FOR DUBAI PROPERTY BUYERS

DUBAI METRO BRIDGE IN IBN BATTUTA MALL OFFICIALLY OPENS

DUBAI PLANNING NEW LAW TO RESOLVE RENTAL DISPUTES, SAYS DLD OFFICIAL

DUBAI LANDLORDS FEEL THE SQUEEZE AS TENANTS SEEK TO DOWNSIZE NORTHERN EMIRATES AJMAN SEEKS TO REBUILD INVESTOR CONFIDENCE BY STRENGTHENING REAL ESTATE LAWS

AVERAGE RENTS IN SHARJAH STILL 38% CHEAPER THAN 2008 SAYS ASTECO REPORT INTERNATIONAL HERE BE DRAGONS AS UK PROPERTY SECTOR ENTERS UNCHARTED TERRITORY AFTER BREXIT VOTE US STILL OF INTEREST FOR MIDDLE EAST REAL ESTATE INVESTORS

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HERE BE DRAGONS AS UK PROPERTY SECTOR ENTERS UNCHARTED TERRITORY

AFTER BREXIT VOTE

Sunday, 20 November, 2016

Confidence in the UK housing market is now at a three-year low, according to the Halifax building society’s monthly survey.

This is the time of year when property experts scratch their heads and try very hard to forecast what will happen in the next 12 months.

But JLL and Savills, two of the UK’s leading property consultancies, have highlighted the difficulty of looking forward at this point in time.

Adam Challis, the head of UK residential research at property consultancy JLL, summarised his forecasts with the title Uncharted Territory. Recalling the maps that the early explorers were aiming to fill in, he pointed out that the unknown was usually marked "Here Be Dragons".

For the record, JLL is expecting GDP to slow to 1.2 per cent in 2017, down from 3.5 per cent in 2014.

It does not see it pick up again until post-Brexit 2020, when it has pencilled in 2.3 per cent growth.

On average UK house prices, JLL sees just 0.5 per cent growth in 2017, down from the estimated 7 per cent growth of this year. Prices will stay subdued for the next two to three years, before beginning to rise more strongly in 2020, it says.

JLL believes Brexit uncertainty will continue to be the overriding characteristic of 2017.

Lower consumer confidence, lower investment from business and a small rise in unemployment are all expected to dampen GDP growth.

Savills also says Brexit makes the job of forecasting more perilous. It sees no growth in house prices next year and a fall in values in prime central London. It expects a slight uptick in growth (to 2.2 per cent) in 2018, with a pick up of 5.5 per cent growth in 2019.

Over five years it expects to see London house prices grow by 11 per cent, considerably outperformed by the east and south-east of England where growth will be 19 per cent and 17 per cent, respectively, it says.

"A realisation that Brexit feeds into the wider economy, people’s prospects for earnings, people’s prospects for employment and then that beginning to filter through into the hard economic reality ... is likely to make buyers more cautious," Lucian Cook, the director of residential research at Savills, tells The National.

Increases in the stamp duty property tax on the most expensive homes have also hit demand, especially in central London, where some buyers have negotiated price cuts or delayed purchases. Savills does not forecast a return to

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current levels of growth until at least 2022, with price rises cooling again at the start of the decade due to an expected increase in interest rates from 0.25 per cent, which would push up borrowing costs.

But the UK’s housing problems are not just to do with the economy stagnating in the face of political uncertainty and Brexit headwinds. Supply has been constrained for many years and has not yet recovered to the 184,000 housing starts seen in 2007, the year before the start of the financial crisis. The most recent estimate of the country’s housing need came from the House of Lords economic affairs committee, which reckoned 300,000 homes a year are required.

The Prime Minister Theresa May has suggested she will take an interventionist approach, therefore adding to the upheaval in a market that lurches from one new initiative to another.

The mayor of London, Sadiq Khan, has also pledged to investigate foreign ownership of property in the capital, claiming it is one of the factors that causes rising house prices and means Londoners cannot afford to buy in the city where they live.

Mr. Challis says such investment is necessary. "There are too many myths about the negative impacts and not enough voices arguing for the important role that investment capital plays to underwrite development activity to deliver both private and affordable homes," he says.

He contends that, far from restricting supply to the city’s population, overseas buyers provide a supply of properties to rent. He suggests that 85 to 90 per cent of Asian buyers in London plan to rent out their property, and many buy for their children who are attending university in the UK. The number of vacant homes has also declined consistently in the past 11 years, and was at 203,596 in 2015, down 36 per cent since 2004.

Yolande Barnes, the director of Savills world research department, estimates that 7 per cent of property in London is owned by foreign buyers, with more in high-end locations in the centre of the city. Source: The National Back to Index

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US STILL OF INTEREST FOR MIDDLE EAST

REAL ESTATE INVESTORS

Monday, 14 November, 2016

Analysts are predicting that Middle East sovereign wealth funds will continue to buy big chunks of real estate in America’s biggest cities despite Donald Trump’s election victory.

Over the past year, the funds, which have traditionally invested in high-profile London buildings such as the Shard and the Berkeley Square estate, have moved much of their buying appetite to North America and Asia following the Brexit vote.

But property advisers say that Mr. Trump’s victory will not have the same effect.

"Donald Trump, during his campaign, made a lot of promises but we now know that he is toning down everything," said Fadi Moussalli, the head of JLL’s international capital group in the Middle East and North Africa. "If the economy is in good health, which is important for real estate, then I believe investing in the US still makes a lot of sense for Middle Eastern investors."

According to JLL, cross-border capital flows into London property fell by 44 per cent in the first six months of this year, compared with a year earlier. The US and Canada were the only regions to show increases in the amount of cross-border property investment during the period.

CBRE has likewise reported that London’s influence as an investment destination is waning. It said that the city received 32 per cent of the cash spent on property by Middle Eastern investors in the first quarter of 2016, down from 43 per cent in 2013.

Economists are concerned that the uncertainty surrounding Mr Trump’s presidency will lead to lower growth, with Bank of America Merrill Lynch cutting its forecasts for US GDP in next year to 1.8 per cent from 2.1 per cent.

But with the Dow Jones Industrial Average climbing to record highs and the US Dollar Index reaching its highest level since 2003 in the days after the election, property advisers say that it is a good time to buy American.

"Overall, we expect to see continued interest in the US from Middle Eastern investors, although as yet it remains unclear exactly what policies president-elect Trump intends [or will be able] to implement and what impact these may have on real estate or other capital flows," said Nick Axford, CBRE’s head of global research.

"Having spent considerable time building up long-term portfolios of high-quality real estate assets, it appears unlikely that SWFs will become net sellers as a matter of policy in either the US or the UK."

Earlier this year, Qatar’s sovereign wealth fund paid US$622 million for a 10 per cent stake in the company that owns New York’s Empire State Building as part of a plan to boost its North American assets.

Qatar Investment Authority (QIA), which already owns stakes in Europe’s tallest building, The Shard, the Canary Wharf Estate, Harrods and the Olympic Park in London, said that it had bought a 9.9 per cent stake in Empire State Realty Trust, acquiring 29.6 million shares in the group at $21 each.

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The high-profile property purchase is expected to be the first of many from QIA, which last year opened a New York office as the state-owned investment fund seeks to increase its North American portfolio and diversify away from the UK and Europe, where it already has large exposure. Source: The National Back to Index

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DUBAI PROPERTY PRICES TO RISE IN 2017,

BUT HOW QUICKLY?

Monday, 21 November, 2016

Brokers and analysts are certain that Dubai residential house prices will rise next year but disagree over the speed of the property market’s recovery.

Two reports yesterday by JLL and dubizzle and by Core Savills are forecasting that Dubai’s property market will recover much faster than the end of next year, which their rival Cluttons had set as a target on Sunday.

All three brokers expect house prices and rents to rise at various points next year as the emirate’s economy recovers and construction jobs are created to build Expo 2020 infrastructure.

According to the report by property broker JLL and website dubizzle, average asking rents and sales prices in the city are 4 per cent lower than they were a year ago. However, during the third quarter they remained largely unchanged.

"While it is always hard to recognise the precise bottom of a cycle until after the market recovers again, we feel there is limited further downside potential in rentals from this point," said Craig Plumb, the head of research at JLL, and Ann Boothello, the senior product marketing manager at dubizzle, the report’s authors.

"Trends in sales prices also provide a similar picture of the market poised close to the bottom of its current cycle with no movement in Q3 2016," they said.

According to JLL and dubizzle, property sales prices in Dubai have fallen by 15 per cent over the past two years and rents are down by about 10 per cent.

Rival property broker Core Savills said that it had already seen an increase in sales prices in some of Dubai’s lower to midmarket submarkets.

It said that average sales prices in areas such as Dubai Silicon Oasis, Dubai Sports City, International City and Discovery Gardens had risen between 3 and 5 per cent from their lowest levels at the start of 2016.

However, prices in prime areas such as Downtown Dubai, Dubai Marina and Palm Jumeirah continue to witness marginal sales price contractions in the range of between 1 and 2 per cent quarter-on-quarter.

"The prime segment indicates further room for price softening before marking an expected uptick in 2017," said Prathyusha Gurrapu, senior manager for research at Core Savills. "This has led some of the players to announce that the market is still at the bottom, while a nuanced analysis of the situation displays a wider spread in the real estate cycle."

The news comes as brokers continue to report a slump in both sales and rentals at the top end of the Dubai market as senior executive jobs are retrenched and companies cut back on lavish housing allowances.

On Sunday, Cluttons reported that prices for Burj Khalifa apartments had fallen 15 per cent year-on-year and prices at The Palm Jumeirah fell by 12 per cent, in stark contrast to flattening prices in mid-market areas.

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According to Core Savills, transactions for homes in the city priced at less than Dh1 million made up nearly half of all transactions in the city so far this year. It found that so called "affordable housing" accounted for 46 per cent of sales transactions – up from 38 per cent a year earlier.

Property portal Propertyfinder said that more than half of its online property searches for rental homes were for homes advertised at Dh100,000 per year or less, yet properties within this range account for only a quarter of listings. Source: The National Back to Index

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DATABASE FOR DUBAI BUILDINGS SET TO

COMPLETE NEXT YEAR

Wednesday, 23 November, 2016

A new building classification system being developed by Dubai Land Department will be complete by the end of 2017.

Mohamad Khodr Al Dah, the head of the organization’s technical affairs department, said that about 44 per cent of all non-freehold areas have now been classified, comprising 2,000 plots and 230,000 individual units.

The Land Department started work on the system in June last year because records in non-freehold areas are not as detailed as in newer parts of the city, he said.

"In JLT, I can tell you how many parking spaces there are, how many units there are, how much is in the common areas.

"In older parts of Dubai, we don’t have that luxury. We don’t know with each plot what’s on it. Sometimes we have to go to Google Earth to see if a plot is built or not, because the data is not continually updated with the authorities," he added.

"When we go to that level, we know there is a building there, but we don’t know if it’s commercial or residential, and we don’t know the [number of] units."

The department’s work has involved visits to each plot and the completion of a standard, 64-point questionnaire assessing each building’s facilities.

This will be used to eventually form a "star rating" for buildings.

Mr. Al Dah said that work in mapping the building stock had now been completed in Deira and is under way in Bur Dubai and Mankhool.

After this, Za’abeel and Oud Metha will be mapped, then Hatta and buildings along Sheikh Zayed Road.

"We want to finish Sheikh Zayed Road before the summer, then it’s easy because there will be one team blasting Jumeirah… and there will be one team in the industrial zones," he said.

"We’re doing it as an experiment to see what we have. Later there might be a fee charged if you want to update your data. If your apartment is a one-star and you’ve done some works on it, you can come and pay a fee and then we can re-survey it. But we still haven’t decided anything. Source: The National Back to Index

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DUBAI GRANTED LAND DECREE A CATALYST FOR CITY BUILDING, SAYS OFFICIAL

Wednesday, 23 November, 2016

A decree allowing for the mortgaging of granted land in Dubai will spur development across the city, says a top official.

Banks have sometimes been reluctant to lend to Emiratis using such land as mortgage collateral because of recoverability and security of tenure issues, said Mohamad Khodr Al Dah, a director of the department’s technical affairs division.

"It was much hit and miss and very risky for the banks, and the procedure was not clear for locals," Mr Al Dah told reporters on the sidelines of a Chestertons Market Talk event "This law has really cleaned it up. What it says is that we, the government, allow the banks to mortgage, we allow you to take a loan on it, we allow you to benefit financially from the plot but with a big caveat – the money you get from the bank has to be spent on this plot."

Granted land is property that is owned by the Dubai government, which is given to Emiratis either for residential, commercial or industrial purposes.

It cannot be sold by those who hold it but it can be inherited and, under a law passed in 2010, be converted into freehold on payment of a percentage of its value to the government.

Granted land also has to be used for the specific purpose for it was first granted.

The aim of the decree is to allow the landowner to be able to use funds for investment into the site – be it a factory, car showroom or a residential plot.

"The regulations will not allow you to put a five-star restaurant where they are fixing ships. But what the government wants to see is if you are a shipbuilder, you can take money to build a shipbuilding factory."

He also said that by law there are time limits associated with the grant and that land that remains undeveloped can be taken back by the government if it is not developed.

"The whole point of granting the land is not to make the ¬local rich but to develop the city," said Mr. Al Dah.

Ismail Al Hammadi, the managing director of Al Ruwad Real Estate, said that the decree served two useful purposes: providing capital to accelerate construction while also protecting the rights of investors.

He said it would also indirectly contribute towards plans to develop Dubai’s industrial sector by providing finance that will allow business owners to improve their sites.

Still, the effect on the wider property market may be limited said Jesse Downs, the managing director of consultancy firm Phidar Advisory.

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"Banks rarely accept land as sole collateral because land is particularly illiquid in periods of slow growth or decline," she said. "Banks require collateral to mitigate risk, which most likely arise during market down cycles. In times of decline and uncertainty, land prices can easily fall 50 per cent in prime and secondary locations – often, there is no demand for land. As long as Dubai’s real estate market remains volatile, land will have a limited role as collateral." Source: The National Back to Index

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DUBAI MARINA LOCATION WITHOUT THE STAIRS FOR DH11.5M

Thursday, 24 November, 2016

Known as a city in which penthouse living is very much in vogue, Dubai’s urbanites have traditionally been drawn towards the tallest towers with the finest city views.

But high profile building fires such as a blaze which engulfed the Address Downtown Dubai tower on New Year’s Eve last year and a massive fire at the Marina Torch Tower in Dubai Marina are prompting many of the city’s wealthy elite to search for apartments on the less picturesque lower floors.

"Over the last couple of years we have been getting more and more calls from potential buyers who are looking for luxury apartments but something on a low floor," says Daniel Garofoli, a property broker at the high-end Dubai estate agent Luxhabitat who focuses on selling penthouses in Dubai Marina. "There are a lot of people out there who are worried about building fires these days in Dubai."

Traditionally, Dubai apartments at the top of the city’s towering skyscrapers are reserved for those with the highest salaries including palatial duplex and triplex penthouses complete with private swimming pools, large balconies and servants quarters. Meanwhile the lower floors are often reserved for retail, offices or less swish flats for those who cannot afford a room with a view.

Mr. Garofoli is currently marketing what he calls a "marina villa" - a three-storey luxury penthouse located on the ground floor of Park Island tower in Dubai Marina which comes with an eye watering price tag of Dh11.5 million.

The 4,000 square foot apartment is located in the middle of four high rise towers each stretching up more than 45 floors above the marina meaning that whoever buys this property gets a Marina location without the stairs.

The apartment/villa comes fully furnished and fully upgraded with even the pipes and wiring removed and re- done and a US-style water purifying drinking system added. Even the light bulbs have been changed for expensive European brands. The previous owners have installed Rimadesio glass doors from Italy and super-posh branded furniture throughout.

So far the property has been on the market for the last four weeks and Mr. Garofoli says that it has been getting at least two viewings a week with interest coming from prominent individuals including a Turkish footballer.

Q&A

Do people really pay more for flats on higher floors in Dubai Marina?

Yes. According to property broker Core Savills, apartments on higher floors and with better views of the Marina can command premiums for both sales and rents sometimes of as much as 20 or 30 per cent compared with similar flats on the ground floor.

How high do the towers get?

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Dubai Marina includes a cluster of high rise buildings known as "the tallest block in the world". Towers in this block include some of the world’s tallest buildings such as the 413.4-metre Princess Tower, 426.5m Marina 101,

380.5m Elite Residences, the 336.8m Marina Torch and 285m Sulafa Tower.

Why are some Dubai residents worried about fire?

In July a fire broke out on the 60th floor of the 75-storey Sulafa Tower in Dubai Marina. The blaze was the latest in a series of high profile tower block fires which have damaged property throughout the UAE. Most dramatically, the world watched as fire blazed at the 63 storey Address Downtown Dubai hotel on New Year’s Eve last year. Also last year, more than 100 flats were damaged in a fire in The Torch building in Dubai Marina – one of the tallest buildings in the world. Despite the damage no lives were lost in the fires.

Is it worth splashing out for luxury property at the moment?

Most property brokers in Dubai say that the luxury end of the market in Dubai is continuing to dip as the number of high level jobs in the city declines in the wake of the city’s slowing economy. According to Cluttons, average housing prices in Dubai fell 2.6 per cent in the third quarter of 2016. The agent predicts that average house prices are unlikely to correct until the middle of 2017 at the earliest while it says the top end of the sales market could lag the rest of the market. However, others are more optimistic. Mr. Garofoli says that he has had a record year in terms of sales. "The luxury market is always the last to fall and the first to recover," he says. "For our clients there is no crisis. People are investing in a lifestyle." Source: The National Back to Index

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AJMAN SEEKS TO REBUILD INVESTOR CONFIDENCE BY STRENGTHENING REAL

ESTATE LAWS

Thursday, 24 November, 2016

The emirate of Ajman is planning to introduce new real estate regulations which will give it greater authority to reassign stalled projects to companies that have the resources to complete them, the head of the emirate’s real estate regulatory authority said yesterday.

Ajman’s real estate market experienced a bust following the global financial crisis in 2008, and many of the projects launched before then remain undeveloped.

"We are upgrading the existing law because the market has been changing. You have to change," said Yafea Eid Alfaraj, executive director of Ajman’s Real Estate Regulatory Authority (Arra).

"At the same time, the buildings which have been pending since the recession, we have to do something with them."

Speaking to The National at an event to publicise the emirate’s inaugural real estate conference, which takes place on December 14, Mr. Alfaraj said that the law was being introduced to generate "more trust in the market". He declined to say when it will be introduced or provide further details.

The most high-profile example of Ajman’s unfinished projects is Emirates City. The Dh15 billion project was initially meant to contain 92 towers, but only a handful were ever delivered.

Mr. Alfaraj admitted the emirate’s reputation had suffered, but said it has been rebuilt as rules have tightened and escrow accounts put in place. He said prices in the emirate are stable, and year-to-date transactions are up 39 per cent year-on-year at Dh1.5bn.

Ahmed Saffarini, the chief executive of architectural and engineering consultancy Adnan Saffarini, argued that the conference was a sign of the efforts being made to improve the environment for investors. His firm, which is a sponsor of the conference, is the master planner for both the 1,504-villa Ajman Uptown project and Emirates City.

"There were lots of problems with real estate in Ajman – the same as what happened in Dubai in the beginning," he said.

"They (Arra) have made a lot of effort, they’ve succeeded in doing certain mediations and problem-solving for many people and now they want to make a forward push for the investors and to build more trust."

He said progress is being made at Emirates City, with six towers currently close to handover stage.

Another sponsor, Alef Real Estate, recently appointed a main contractor to restart work on the Fortune Residency tower at Emirates City. The company specialises in distressed projects and bought Fortune Residency 12 months ago, although it took six months to obtain the title deed, according to director Adnan Arshad Butt.

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He expects the project, which is 55 per cent complete, to be ready in "two years maximum".

Mr. Butt said that although there is "a lot of negativity" surrounding Emirates City, his company has invested because of the profit potential.

"Where can you get a flat for Dh250,000? Not everybody has Dh1 million to invest in Dubai." Source: The National Back to Index

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BAD DEBTS IN DUBAI: CAN EXPATS RETURN

WITHOUT GETTING ARRESTED?

Sunday, 27 November, 2016

If you’re one of those hundreds of borrowers who once fled the UAE for failing to settle mounting loans, the doors are still open for you to come back and start your expatriate life again – without landing behind bars.

According to legal experts in the UAE, there are still ways to secure another employment opportunity in the emirate, even if you’ve once been a runaway.

The risk of getting arrested at the airport, however, is high – especially if there is still a police case pending in court or an arrest warrant is waiting - so it’s better to plan your return.

Back in 2009, when the global economy fell into a recession, a significant number of expatriates who racked up huge debts running into several hundreds and thousands of dirhams, absconded without repaying their banks or lenders. A lot of these expatriates now want to return to the UAE, to seek employment opportunities.

Returning Dubai expats who think they have a police case filed against them are strongly advised to do some research before traveling to Dubai, or even passing through the airport.

“If an expat has an ongoing police complaint against them, there is a risk they will be arrested and detained upon arrival in the UAE, even if only transferring flights,” noted Paul Hughes, legal director of commercial litigation at Addleshaw Goddard Middle East.

Tourist visa

Even if you have secured a tourist visa to Dubai, it doesn’t guarantee you free entry into UAE, either. “If the former resident was able to secure a visit visa to UAE, it does not follow that he has no pending criminal or police case,” added Barney Almazar, director at the corporate-commercial department of Gulf Law Middle East, Philippines and United Kingdom.

“The authorities will be more than happy to grant him a UAE visa, so he can voluntarily ‘surrender’ when he enters the country. A visa will be denied if the applicant with a pending police case is inside the country. But if the applicant is outside the country, it will be approved.”

The main goal of the absconding expat is to have all police complaints lifted first. This can be achieved by getting in touch with their respective lenders.

According to Hughes, any expat may be able to negotiate a settlement with their creditor in exchange for the withdrawal of a police complaint. In most cases, the bank or lender will ask the borrower to pay the outstanding balance/s in full. Making the bank agree to an instalment plan could also be an option.

Settlement agreement

“If an agreement can be reached, we would recommend entering into a formal settlement agreement which, among other things, directs the creditor to withdraw its police complaint once the debt has been satisfied,” said Hughes.

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“Any debtor would be advised to await a written confirmation that the arrest warrant/police case has been withdrawn before traveling.

If it’s not possible to negotiate with the bank while you’re outside the country, hiring the services of a lawyer in the UAE would be a good option.

Hughes recalled a case of an expat who had sought their assistance over bad loans. The Indian national had left the country with a trail of unpaid debts. His creditors had filed complaints at three police stations and a standing warrant of arrest had been issued.

"We were instructed to meet with the creditor at each of the police stations to satisfy the debt in full. In return, each creditor withdrew their complaint and the arrest warrant was lifted within 24 hours. That individual subsequently returned to Dubai and started working again,” Hughes told Gulf News.

Easier approach

Almazar said it is actually easier to arrange for “waiver of interests and penalties” if the borrower is outside the UAE because there is no “immediate threat of imprisonment.”

“They can appoint a representative in the UAE who can negotiate a settlement with the bank. The representative can likewise clear their names with the police and immigration once the clearance and release documents have been issued by the bank,” Almazar advised.

“A settlement agreement under the letterhead of the bank, stamped and signed by the bank’s officer is a must before making any payment. This will ensure that the bank has authorized the waiver of penalties or reduction of outstanding balance.”

Those who fail to negotiate with the bank may request for the Central Bank assistance.

Settling debts shouldn’t just be the concern of returning expats. Even if you choose not to go back to the UAE, it is still a good idea to clear all your debt, because the long arm of the law can still reach you.

Almazar said that banks can still pursue the claim in the expat’s home country or in places where the borrower has assets to cover for the unpaid liability.

“Once the UAE court has issued the decision, the UAE police may only execute the decision within the country. Thus, the bank will have to request the debtor’s home country court to recognize the decision of the UAE court.”

“This procedure is known as the recognition of foreign judgment. Once the local court has recognized the foreign decision, the local police will be able to execute the decision against the debtor.”

Hughes said that if a very large amount is involved, banks or lenders will find ways to go after the concerned borrower outside the UAE. Creditors can obtain a “money judgment” from the Dubai International Financial Centre (DIFC) courts that can be enforced overseas. This is applicable to countries that have forged a memorandum of understanding with the DIFC courts for “mutual recognition and enforcement of monetary judgments.” These jurisdictions include England and Wales, Singapore, New South Wales (Australia) and China, according to Hughes.

“A judgment from the UAE Courts for a debt may also be enforceable in a debtor's home country depending on that country's approach to enforcing foreign judgments and whether any bilateral treaties are in place with the UAE for the enforcement of judgments.”

Tips for loan absconders who want to return to Dubai:

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1.) Check if there is a police complaint or arrest warrant against you. You can instruct a lawyer or representative in UAE to do this.

2.) Don’t travel to or make a quick stopover at Dubai airport. Passengers with flight connections to UAE face the risk of getting arrested if there’s been a case against them.

3.) Negotiate with the bank/lender in order to lift any police complaint or arrest warrant.

4.) If it’s difficult to get in touch with the creditor, find a representative in UAE who can negotiate a settlement with the bank. If the bank is uncooperative, seek the Central Bank assistance.

5.) If a police complaint has been filed, the authorised representative will then meet with the bank at the concerned police station to satisfy the debt in full.

6.) Ensure that the creditor will issue a settlement agreement: printed on paper with the letterhead of the bank, stamped and signed by the bank’s officer. One lawyer advised that this document is ready before making any payment because this will attest that your creditor has waived the penalties or reduced/cleared your debt. Source: Gulf News Back to Index

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DUBAI’S RESIDENTS WANT INSTANT

ACCESS TO THEIR SHOPPING

Wednesday, 23 November, 2016

Dubai’s residents want to do their shopping — or even the dining out — closer to home. And they are willing to patronise “hidden gems” at their doorstep if they can cut out the travelling.

According to the results of a survey for Dubai Properties, 82 per cent would like to buy from home-grown shops and restaurants more often, and 81 per cent preferred a location closer to home for dining out and daily shopping.

“The latest consumer shopping and dining habits suggest that malls, once the hub of commercial life in the UAE, are quickly losing their edge in favour of “hidden gems” conveniently located closer to home within a residential community or mixed-use commercial area,” said Juma Bin Darwish, Executive Director Retail and Hotel Asset Management at Dubai Properties.

Not just that, 67 per cent prefer to support home grown businesses over big brands and 56 per cent are more likely to seek out home-grown stores offering something different. Source: Gulf News Back to Index

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SPRINGS AND MEADOWS ARE NOT FOR

BARGAIN CHASERS

Wednesday, 23 November, 2016

Don’t go bargain hunting at two of Dubai’s enduringly popular freehold choices — The Springs and The Meadows. Property values there have gone up by a hefty 6 per cent from what they were as late as January this year.

The villa prices at The Springs are at around Dh1.7 million and going up to Dh3.4 million, while those at The Meadows are from Dh3.9 million and close at Dh6.5 million. Some of the “Hattan” villas at The Meadows can command Dh8 million.

“There are definitely more buyers in this district than sellers, particularly for The Springs due to the lower entry point, a perceived maturity reached by the Emirates Living communities, and a deeper market than in many other smaller developments,” said David Godchaux, CEO of Core Savills.

“The geography is also increasingly perceived by investors as one of the best in Dubai, with mature infrastructure and a strategic location, as the city continues to expand south and outside its core locations.

“There is virtually no land remaining in the close surroundings of Emirates Living to develop. All these factors, combined with a relatively stronger and proven rental market in the bottom to upper mid-market segment contribute to the area being one of the most favoured by long term investors.

“Especially in comparison to some of the many new villa developments spread across very large areas in the outer parts of town which carry less certain long term exit strategies. The resulting gap between supply and demand has been casting upward pressure on prices, with investors already owning properties adopting a wait-and-see approach trying to achieve higher exit prices.” Source: Gulf News Back to Index

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IT’S ADVANTAGE TIME FOR DUBAI

PROPERTY BUYERS

Wednesday, 23 November, 2016

Buyers scouting for property in Dubai are having the best of both worlds — they can buy new off-plan launches at prices well below what they would have commanded just two years ago. Or if they want to get into a ready property immediately, they could snap up deals on apartments that are still on average 13 per cent lower from their mid-2014 peaks.

If completed villas were what they want, they can have them for 11 per cent off on their 2014 highs, according to the latest data from the consultancy Reidin-GCP. For luxury property buyers, the current cost of acquisition would be even lower than these averages.

Dubai’s property market continues to tilt heavily in favour of buyers and what they want and at prices dictated by them. This remains the case even with the 1.3 per cent increase in apartment values citywide in recent weeks from their lowest point and 1.6 per cent on villas. Locations such as Jumeirah Lake Towers (JLT) have been quietly effecting a turnaround to the decline in apartment values it went through since 2014.

“Analysis of communities’ reveals that most have rebounded from their lows except for some of the high-end apartment areas such as Dubai Marina, Palm Jumeirah and Downtown,” states the Reidin-GCP report.

But transaction volumes are still far from catching up — data suggests that deals in Dubai’s freehold space are down 60 per cent from what they were during 2014. It means that market activity is driven by end users while most investors could still be biding their time before committing.

But there are still green shoots within muted deal flows — “From the start of the year activity is up 15 per cent in the January to October period, while from its lows it has rebounded by 25 per cent between July and October,” Reidin-GCP reports. “We opine that part of the reason why transactional activity has reduced has been due to the rising incidence of mortgages.”

But are investors better off sifting through the off-plan launches than chasing ready properties? Dubai South launches in recent weeks proved instant hits, selling out all units released on those days. And within hours.

Outside of the Dubai Southside story, “Off-plan properties trade at a discount — or premium — depending on the area and the stage of construction they are at,” said Sameer Lakhani, Managing Director of Global Capital Partners. “Currently, for most projects under construction, off-plan trades at similar levels to the secondary market, indicating that both the project and the market is firm.”

Dubai South launches carry an average of Dh700 per square foot, while Dubai Creek Harbour — where The Tower (the tallest structure in the making) will take centerstage — units carry Dh1,200 a square foot. Locations such as the Akoya development from Damac should see some increased secondary market now that the first handovers are nearing.

“There has been a steady rise in transaction values — both in the secondary market as well as in the off-plan space,” said Lakhani. “This indicates that demand remains stable to rising.

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“Yet another proxy that is used to gauge demand is mortgage activity, and we are seeing mortgage transactions rising across communities.”

Rentals in Dubai’s freehold are gaining, but selectively

Locations such as JLT, the Palm apartments and Al Furjan villas are going through a round of rental gains, though still way below from their highs. Outside of these locations, Dubai’s freehold space has seen home rents dip by 7.5 per cent on apartments and 11 per cent on villas, according to Reidin-GCP. (These are from the peak rentals these properties commanded.)

“These ‘green shoot’ could signal a bottoming out of rents as supply and demand dynamics balance themselves, predominately driven by delay of handovers,” it reports. Source: Gulf News Back to Index

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A MILLENNIAL-DRIVEN CHANGE TO HOSPITALITY

Wednesday, 23 November, 2016

Millennials are shaping the future of the hospitality industry, forcing hotels to develop differentiating strategies to ensure they continue to attract — and retain — guests. Given Dubai’s position as a global tourist destination, it comes as no surprise that some hotels are jumping on the bandwagon of innovation to present a more authentic travel experience.

Tech-savvy millennials carry different travel habits and expectations than previous generations. Indulging in authentic meals, socialising with locals and seeking unique cultural experiences are at the top of the to-do list.

Instead of seeking accommodation based on premium experiences and amenities such as spa treatments, millennials are likely to choose spaces based on requirements such as free Wi-Fi and easy access to public transport. In addition, millennials are constantly in search of differentiated products. Localisation (bringing the locale to the hotel) and personalisation (emphasising human touch-points) are becoming increasingly significant in determining accommodation choices.

Standing out from the crowd

As competition from holiday homes expands, so has the magnitude of its impact on the hotel market. Consequently, setting a differentiating and competitive strategy to strengthen the brand is imperative.

Launching sister chains aimed at holiday homes’ core market

The newest generation of travellers view hospitality as a place to experience and not just a place to sleep. With stiff competition from Airbnb and other holiday home providers, hotels have to adjust their offerings to retain their customers and meet the expectations of new clientele.

Various hotel brands have already realised this and have created sister chains targeting young, authentic and budget-conscious travellers. In early 2016 Hilton introduced ‘Tru by Hilton’, a chain focused on travellers looking to spend $75-$90 a night who, according to Hilton, make up 40 per cent of demand for hotel rooms.

Redeveloping technology and marketing strategies

Social media has played a major role in how hotels connect and communicate with their customers. Leveraging platforms such as Twitter, Facebook and Instagram to strengthen brand recognition is becoming crucial.

Technology also plays a key role in revolutionising hotel brands. According to Carlson Wagonlit Travel Company, 40 per cent of leisure travellers and 36 per cent of business travellers book overnight hotel accommodations using their mobile phone. Optimising the hotel’s booking engine for mobile viewing will improve the guest’s experience. Self-check-in, live chat and mobile keyless hotel access are all examples of how technology is advancing to improve the guest experience and ensure brand continuity.

Maintaining consistency

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While developing a brand strategy around ideas that travellers like to explore, maintaining a consistent experience not easily repeatable elsewhere is equally important. Creating loyalty programmes and offering rewards that align with guests’ lifestyle is crucial. While traditionally the norm is to reward frequent hotel guests with discounted rooms or meals, new-generation travellers are looking for relevant experiences.

The Clarion Collection Tapto (Nordic Choice) in Stockholm offers a walk-in closet for travellers. Guests are given a selection of their favourite clothing brands and if they like something they can add it to the bill. Aqua Aston Hospitality in Hawaii rewards its guests with a $20 Starbucks gift card every time a guest makes a reservation through the hotel’s site.

Dubai’s 5-star hotel offerings supported by world-class infrastructure, namely Emirates Airlines and Dubai International Airport, have cemented its position as a global tourist destination.

However, increased concerns of regional unrest and the devaluing of non-US dollar pegged currencies resulted in a slowdown in tourist numbers, mainly from Russia and China. Coupled with strict competition from a growing supply pipeline, hotel operators now have to work harder to customise the guest experience and offer innovate products, to stand out from the crowd and ensure a recurring stream of revenues.

Case study

Located in Dubai’s well-established and vibrant centre, the Rove overlooks the city’s most exclusive landmarks, Burj Khalifa and The Dubai Mall. The product of a joint venture between two of the emirate’s largest developers, Rove is a distinct example of how hotels in Dubai need to rethink their strategies and focus on differentiating their product to ensure they maintain their competitive advantage and continue to attract customers.

The artsy and quirky interior offers a look into the local culture and showcases art pieces by home-grown talent. The use of space is also unique. Instead of only serving the purpose of check-in, the lobby area is designed as a social space for interaction with retro couches and bean bags. Corridors are decorated with life-size murals of the more traditional parts of Dubai featuring alleys and shop facades.

For business travellers the Rove offers spaces that can be customisable for all needs. By just visiting the website and choosing the set-up, from board rooms to theatre style and DIY layouts, meeting rooms can be tailored to serve your event’s purpose.

In addition to maintaining an interactive and user-friendly website, Rove’s marketing strategy utilises modern technology to reach out to customers. Advertising through social media, maintaining a daily blog with lifestyle views, and using a simple hashtag (#dreamworthy, #spaceisking, #artsy) has made it easy for people to recognise the brand.

A Rove mobile app is also currently being developed. Through the click of a button, visitors can unlock their room and check in and out from anywhere in Dubai.

These strategies to promote brand visibility particularly within a segment of the market that has been priced out for some time, is expected to drive the success of the Rove hotels. Source: Gulf News Back to Index

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DUBAI METRO BRIDGE IN IBN BATTUTA MALL OFFICIALLY OPENS

Thursday, 24 November, 2016

A new walkway connecting Ibn Battuta Mall with the Dubai Metro officially opened on Thursday, marking the completion of the Dh135 million expansion of Nakheel’s shopping complex.

The “Mall-Metro” link is the second element of the developer’s phase one expansion, which also includes a 300,000 square-foot extension to the mall that officially opened earlier this year. A second 4.7 million-square-foot expansion is under way.

The two-storey, 210 metre walkway means Dubai Metro and bus users can now directly access the mall and its 400 shops, restaurants and attractions.

The link itself features 90 new retail and dining outlets including a food court – the second at Ibn Battuta Mall – with around 20 restaurants.

“Today marks yet another major milestone for Nakheel and its rapidly-growing retail development portfolio. We continue to enhance and upgrade our existing malls with new facilities and attractions that benefit customers and retailers, while at the same time delivering a new and diverse range of retail and leisure developments,” said Ali Rashid Lootah, Nakheel chairman.

Nakheel Chairman Ali Rashid Lootah said, “Nakheel Malls’ project portfolio is set to become the largest in Dubai, with more than 17 million square feet of leasable space in operation or in the pipeline.”

With more than 20 million visitors a year, Ibn Battuta Mall is already one of Dubai’s “must-see” destinations.

Ibn Battuta Bridge

The Metro link is a natural progression for Ibn Battuta that will inspire more people to discover its stunning architecture, intriguing history and retail offering – and encourage those who would normally use the car to switch to public transport, said Nakheel. Source: Gulf News Back to Index

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AVERAGE RENTS IN SHARJAH STILL 38%

CHEAPER THAN 2008 SAYS ASTECO REPORT

Sunday, 27 November, 2016

Average rents in Sharjah are still 38% cheaper than in 2008, as additional supply keeps rates from increasing rapidly, according to the UAE Property Review Q3 2016 report from leading real estate consultancy Asteco.

The report revealed the Northern Emirates property market is stable. Sharjah apartment rents saw minimal changes in Q3, down by only 1%, RAK recorded a 1% rise compared to the previous quarter, while Ajman also witnessed an increase of 1% taking prices close to their 2008 peak levels (only 9% lower).

John Stevens, Managing Director, Asteco, said: “The stabilisation of the market was a knock-on effect, in part, to rental rates in Dubai also balancing out. As a result there was a minimal number of relocations taking place between Dubai and the Northern Emirates.”

New developments in Sharjah attracting investors include Sahara Tower 6 by Al Thuriah, which was announced during Cityscape 2016. Construction of the residential twin tower project has already started and will feature 376 residential units, which are now on sale and due for handover in Q4 2019.

On average, new developments in Sharjah range from AED20,000 to AED35,000 for a studio and AED45,000 to AED90,000 for a three bedroom unit. Rental rates in Al Majaz range from AED25,000 to AED35,000 for a studio, while three bedroom apartments are available from AED48,000 to AED90,000. Corniche prices start from AED26,000 to AED35,000 for a studio while three bedroom apartments span from AED60,000 to AED95,000.

Ras Al Khaimah was the star performer, albeit relatively, with a strong tourism and hospitality offering. Stevens said: “The Emirate currently has 3,600 hotel rooms, and its occupancy rate has risen to 71% with more than 40% of guests from the UAE. Furthermore, the RAK Free Zone, popular with many small and medium-sized businesses, has created both residential and office demand.”

Rental rates for newer buildings in RAK range from AED26,000 to AED40,000 for a studio and between AED85,000 to 110,000 for a three-bedroom apartment.

The rise in Ajman rental rates was attributed to the addition of better quality supply to its stock while also improving its overall offering to residents in terms of retail and road connectivity. High-end apartments in Ajman ranged from AED22,000 to AED38,000 for a studio while three-bedroom apartments were available between AED42,000 and AED72,000.

Rental rates in Fujairah remained stable over the quarter with new supply, such as the Fujairah housing project in Al Taween, which is now 95% completed, expected to be handed over before the end of 2016. Meanwhile Fujairah’s cultural centre has reached 55% completion with handover expected in Q2 2017. Rental rates typically varied from AED23,000 to AED28,000 for a studio and AED45,000 to AED60,000 for a three bedroom.

Demand levels for office space in Sharjah remained stagnant over the quarter with limited new supply entering the city, leaving rates unchanged for Q3.

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Stevens said: “The retail sector has started developing rapidly in Sharjah and Ajman as population levels support such expansions. For instance, new food and beverage outlets opened this quarter at the Al Majaz Waterfront and the Corniche areas in Sharjah, whereas the expansion of Ajman City Centre mall to nearly double its current size to 52,000 square metres, is anticipated to complete by the end of Q3 2017.” Source: Zawya Press Release 2016 Back to Index

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DU BAI PLANNING NEW LAW TO RESOLVE RENTAL DISPUTES, SAYS DLD OFFICIAL

Sunday, 27 November, 2016

Dubai Land Department (DLD) is working on a new law to reduce disputes between landlords and tenants, a senior government official told Arabian Business.

“We are working on a new law that will make things simpler for landlords and tenants,” said Mohammed Ahmed Yahya, deputy CEO Rental Affairs Sector, DLD.

“When there is a dispute between a landlord and tenant, it takes quite some time as there are certain gaps in the existing laws. We are now working to close this gap between the landlord and the tenant,” he said, without giving any timeframe on when the law will be issued.

The landlord and tenant relationship in Dubai is regulated by Law No. 26 of 2007 as amended by Law No. 33 of 2008. Any dispute between the parties is referred to the Rental Dispute Settlement Centre, with either party having to pay 3.5 percent of the annual rent as non-refundable fee to open their case.

Yahya also ruled out plans to make any changes in Decree No. 43 of 2013 which governs the percentages of maximum property rent increase allowed on tenancy contract renewals.

A landlord is allowed to increase rents from five to 20 percent only if the leased unit's rent is between 10 percent and 40 percent lower than the average market rental rate.

The DLD is planning to launch publicity campaigns next year which will make landlords and tenants aware of their rental rights.

“There are landlords and tenants who have no idea of what their rights are. So in 2017, we will be launching campaigns to allow them to understand their rights and duties under the law,” Yahya said.

As of now, people can send their rental queries to the department to: [email protected].

All the real estate laws and regulations are available on DLD's website both in Arabic and English. Source: Arabian Business Back to Index

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DUBAI LANDLORDS FEEL THE SQUEEZE AS

TENANTS SEEK TO DOWNSIZE

Saturday, 26 November, 2016

Increasing pressure is being placed on landlords in Dubai as budget conscious tenants continue to place emphasis on downgrading to smaller units or relocating to cheaper communities to get better value for money, according to a new report.

The latest Dubai Property Review Q3 2016 report by real estate consultancy Asteco showed that apartments in Jumeirah Village Circle and Dubai Sports City saw rates increase by 2 percent and 3 percent respectively.

It said the latter also recorded the highest growth over the year, averaging 13 percent as demand for affordable housing increased.

The report added that the mid to high end segment also saw some movement, with Business Bay recording a 5 percent decline due to new supply being handed over and budget conscious tenants looking for alternatives.

John Stevens, managing director, Asteco, said: “Although rental rates have remained relatively stable this quarter we are seeing a definite shift to more affordable areas such as Jumeirah Village and Dubai Sports City where rents are cheaper and an increasing number of amenities are coming on line as communities reach critical mass.”

In the villa market, rents in Jumeirah and Umm Suqeim recorded a significant year-on-year decline of 19 percent and 12 percent respectively, which was attributed to substantial new supply and an increasing number of budget- conscious tenants.

Stevens said: “Given that tenants have a wide range of options to choose from, they are more likely to negotiate with their landlord; and if their requirements are not met, they will vacate. Whilst this was noticeable in Jumeirah and Umm Suqeim, this trend has spread throughout the wider Dubai market.

“With more handovers expected in the next few months, we anticipate villa rental rates could come under further pressure.”

According to Reidin, sales transactions were down by 22 percent compared to Q2 and with many off-plan property launches at competitive rates, there is a possibility that developers could face some pressure in the near future.

Stevens noted: “Most of these recent releases had significantly lower asking prices compared with current market prices as developers expand into the affordable segment, by reducing unit sizes and launching projects in secondary locations.”

After dropping nearly 20 percent year-on-year, sales rates for apartments in Dubai Marina remained stable and it was a similar picture for DIFC, The Greens and JBR, according to the report.

“With ample options available in the market, at various prices and attractive payment plans, buyers have significant choice. They also appeared to be better informed compared to previous years, as they researched their options, pricing, payment plans and developers’ track record,” said Stevens.

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Source: Arabian Business

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With 30 years of Middle East experience, VALUATION & ADVISORY Asteco’s Valuation & Advisory Services Our professional advisory services are conducted by suitably qualified personnel all of whom have had Team brings together a group of the Gulf’s extensive real estate experience within the Middle leading real estate experts. East and internationally.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai, Our valuations are carried out in accordance with the Northern Emirates, Qatar, Jordan and the Kingdom of Royal Institution of Chartered Surveyors (RICS) and Saudi Arabia not only provides a deep understanding of International Valuation Standards (IVS) and are the local markets but also enables us to undertake large undertaken by appropriately qualified valuers with instructions where we can quickly apply resources to meet extensive local experience. clients requirements. The Professional Services Asteco conducts throughout Our breadth of experience across all the main property the region include: sectors is underpinned by our sales, leasing and investment teams transacting in the market and a wealth • Consultancy and Advisory Services of research that supports our decision making. • Market Research John Allen BSc MRICS • Valuation Services Director, Valuation & Advisory +971 4 403 7777 [email protected] SALES Asteco has established a large regional property sales division with representatives based in UAE, Saudi Julia Knibbs MSc Arabia, Qatar and Jordan. Associate Director – Research and Consultancy Our sales teams have extensive experience in the +971 4 403 7789 negotiation and sale of a variety of assets. [email protected] LEASING Asteco has been instrumental in the leasing of many high-profile developments across the GCC.

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SALES MANAGEMENT Our Sales Management services are comprehensive and encompass everything required for the successful completion and handover of units to individual unit owners.