20080721 Ast 1042 Qr 2008Q2 Ne Rel

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20080721 Ast 1042 Qr 2008Q2 Ne Rel Northern Emirates Report Q2 2008 Contracting Property Services Development Residential Report Umm Al Quwain Studios HIGHLIGHTS IN THIS ISSUE Increase by 24% Umm Al Quwain Studios Increase by 24% p .1 Last quarter we reported Ras Al Khaimah showing the highest growth rates. This quarter Umm Al Quwain leads with an increase in studio rentals by 24 percent. Overall, Umm al Quwain and Ajman Booms With Ras Al Khaimah showed a 14 percent growth for all unit types, with Umm al Quwain as the Development p.2 least expensive emirate. UAE Residential Comparison p.4 Ajman continues to command the highest rental values for studios, one and three-bedroom units in the Northern Emirates (excluding Sharjah). Pervasive inflation in rental rates in Sharjah has led expatriates to relocate to Ajman. This has put pressure on Ajman’s real estate market and consequently rising its property rentals. Asteco is the largest property services company in the UAE. Asteco also has Average Apartment Rental Rates (Q2 2008) offices in Qatar, Bahrain and Jordan. Location Studio 1 BR 2 BR 3 BR ASTECO’S SERVICES Umm Al Quwain 23,500 32,500 42,500 50,000 Sales and Leasing Fujairah 26,000 35,000 44,000 54,000 Property Management Ras Al Khaimah 28,500 37,500 45,000 57,500 Investment Agency Ajman 29,100 39,800 43,950 59,750 Valuation The table below highlights property rental rates in certain areas in Ajman. In general, Corniche Market Research Road maintains the highest rental values because of its waterside location. Studios in this Property Consultancy area lead rental values with AED 32,500, an increase of seven percent since last quarter. The areas of Al Nakeel and Al Naimia recorded the highest growth at 10 percent and 11 percent Furnishing and Design respectively. Studios attract the largest share of the market due to a high bachelor populace employed in the growing construction industry. FOR ADDITIONAL INFORMATION, Average Ajman Apartment Rental Rates (Q2 2008) PLEASE CONTACT: 70,000 Judy Lam 60,000 Regional Research Manager 50,000 Tel: +971 4 4037777 40,000 Fax: +971 4 4037778 AED/pa 30,000 Email: [email protected] 20,000 10,000 0 Sheikh Corniche Sheikh Al Quds Al Nakeel Al Naimia Al Karama Al Bustan Al Itihad Al Zahra Hamid Road Road Khalifa Road Road Studio 1 BR 2 BR 3 BR Customer Service Centre: +971 4 403 77 00 www.asteco.com Residential Report Unlike the rest of the Northern Emirates, Sharjah is the bustling Two-bedroom apartments have recorded the highest increase with metropolis of the North with rental values to reflect this. Sharjah, the 17 percent in the last three months, due to the number of families closest emirate to Dubai, has become the residence of choice for many moving from Dubai to Sharjah. Three-bedroom apartments saw a 14 expatriates. Dubai Real Estate Regulatory Authority’s (RERA) stringent percent rental growth, whereas studios and one-bedroom apartments regulations against shared accommodation has further increased increased by 10 and eight percent respectively. demand for affordable housing in Sharjah. Average Sharjah Apartment Rental Rates and Percentage Change (Q1-Q2 2008) 80,000 18% 16% 70,000 14% 60,000 12% 50,000 10% 40,000 AED/pa 8% 30,000 6% 20,000 4% 10,000 2% 0 0% Studio 1 BR 2 BR 3 BR Average Q1 2008 Average Q2 2008 Percentage Change Ajman Booms with Development In the last three months, there has been significant activity in master- Land values of projects, ranging from AED 70 to over AED 200 per planned projects launched in Ajman. As witnessed in Cityscape Abu square foot on built-up area, have experienced an upsurge of 10 to Dhabi, many projects being showcased created a buzz among buyers 20 percent. The following is a list of projects launched in Ajman, 75 and investors. Emirates City, a master-planned community set to percent of which are located on Emirates Road strip. emulate Dubai has already begun construction of buildings, which are expected to be completed by 2010. Ajman One Awali City Downtown Al Helio Ajman Uptown Marmooka City Ajman Marina Berjal City The Pearl Emirates City Eye of Ajman Green City Al Itihad City Ameera Village Al Zorah Emirates Lake Towers Al Humaid City 02 For additional information call +971 4 403 77 00 or email [email protected] Overview NE Property Law Property Law in the Emirate of Sharjah Property Law in the Emirate of Ajman Law No. (10) of 1972 supplemented by Law No. (4) of 1980 and No local property laws have been issued in the Emirate of Ajman Amiri Decree No. (1) of 1981 and Executive Council’s decision No. 32 except Amiri Decree No. (6) of 2005 regulating landlord and tenant and 38 of 2005 regarding the sale and property in Sharjah regulate relationship supplemented by Amiri Decree (11) of 2006*. ownership of property. UAE and GCC nationals are currently permitted to own property Pursuant to this decision the sale of property in Sharjah will be in all areas of the Emirate of Ajman. made only to UAE and GCC nationals. Foreigners are not generally permitted to own property except Exceptions are permitted only with the Ruler’s approval. by way of Amiri Decree and in specific areas and practice No property in Sharjah may be sold to foreigners. indicates that the Emirate of Ajman is flexible in grating the exemption. Property Law in the Emirate of Ras Al Khaimah Law of 2004 regulating flat ownership in Ras Al Khaimah Property Law in the Emirate of Umm Al Quwain supplemented by Decision Nos. (18) of 2005, (20) of 2005 as Law No. (3) of 2006 regarding real estate ownership allows UAE amended by Decision No. 7 of 2006 provides for the ownership of and GCC nationals and Public Joint Stock Companies to own property in this Emirate. property anywhere in the Emirate. Foreigners can own floors without land, a 99 year usufruct right UAE nationals can own property in all areas of Ras Al Khaimah. and a 50 year musataha right in designated investment areas. GCC nationals are not specifically provided for in this decision but in practice they are treated in the same way as UAE Property Law in the Emirate of Fujairah nationals. Currently there are no real estate laws nor decrees issued regarding Foreigners can own property in specific investment projects property registration and ownership in this Emirate. The provisions provided that they establish a company in the Ras Al Khaimah of the Civil Code and instructions of the Ruler therefore continue to Free Zone or in the Al Hamra Free Zone and purchase the regulate the real estate sector. property in the name of the company, i.e. foreign nationals *As of June 2008, the Ajman Government issued Amiri Decree No 7 and 8, cannot buy directly in their individual capacity. 2008 regulating the real estate sector. Further details will be available at a later date. The above legal information is supplied courtesy of Al Tamimi & Co. Mortgage Market Update Mortgages in the Northern Emirates remain more difficult to find than improve investor confidence. Developers operating in the Northern in Dubai and Abu Dhabi. However, emirates such as Umm Al Quwain Emirates have also started negotiations with several banks in an effort are creating the necessary laws for banks to provide finance and to back their projects. Indicative Key UAE Mortgage Lenders and Terms* Loan to Loan to Value Early Rate (Interest Maximum Lender Value for for Non- Redemption Arrangement Fee % or Profit) % Term Years Residents % Residents % Penalty % ADCB 6.75 - 7.25 90 N/A 1 - 3 1 (max AED 75,000) 25 Amlak 6.5 - 8.75 90 70 - 80 4 0.75 20 Barclays 7.25 - 8.55 90 75 3 - 5 1 (max AED 30,000) 25 CBD 6.0 - 6.75 80 N/A 1 - 3 1 (max AED 30,000) 25 Commercial Bank of Dubai 7.25 - 8.25 75 - 85 75 - 85 0 - 2 1 (min AED 5,000) 25 HSBC 7.99 70 - 80 65 - 70 0 1 15 - 20 Lloyds TSB 6.25 - 7.5 85 60 - 70 1 - 2 1 (min AED 5,000) 20 National Bank of Dubai 7.0 - 8.25 90 N/A 1 - 2 1 (max AED 30,000) 30 RAK Bank 6.95 - 8.7 75 - 90 75 1 1 - 1.25 (max AED 30,000) 25 Standard Chartered 5.75 - 6.25 90 N/A 2 - 5 1 20 Tamweel 7.4 - 8.65 95 70 2 - 5 1 (max AED 17,000) 25 Notes: 1. Life insurance and a medical examination are generally required for most policies of more than AED 2 million. 2. Acceptable age range for borrowers is 21 to 65. *subject to change, circumstances and approval by lender John Charcol Dubai is an independent mortgage broker based in Dubai. For queries or assistance in relation to mortgages, contact John Charcol’s sales team in Dubai on 800 CHARCOL (+971 4 329 7011 if dialling from outside the UAE) or by email to [email protected] For additional information call +971 4 403 77 00 or email [email protected] www.asteco.com 03 Overview UAE Residential Comparison The graphs below show the current average rental rates (in AED ‘000) for apartments and the rental increase (percentage) over the last three months for the different units across the Emirates. 26% 18% 16% 80 10% 12% 32 29 29 26 24 Studio 0% Dubai Sharjah Ajman Ras Al Khaimah Fujairah Umm Al Quwain 15% 13% 118 118 9% 8% 6% 5% 42 40 38 35 33 One-Bedroom Dubai Abu Dhabi Sharjah Ajman Ras Al Khaimah Fujairah Umm Al Quwain 174 160 17% 13% 10% 7% 61 7% 7% 44 45 44 43 Two-Bedrooms Dubai Abu Dhabi Sharjah Ajman Ras Al Khaimah Fujairah Umm Al Quwain 209 208 16% 15% 12% 11% 9% 8% 71 60 58 54 50 Three-Bedrooms Dubai Abu Dhabi Sharjah Ajman Ras Al Khaimah Fujairah Umm Al Quwain No percentage values are shown for Abu Dhabi due to a change from apartments across the board to quality apartments.
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