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News Brief 43 Sunday, 22 October 2017

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News Brief 43 Sunday, 22 October 2017 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 43 SUNDAY, 22 OCTOBER 2017 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2017 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC UAE’S WATERFRONT APPEAL REIMAGINING OUR URBAN CENTRES THE GROWTH OF ISLAMIC REITS SELECTING THE RIGHT HOME MORTGAGE PROJECTS LINKED TO EXPO 2020 WORTH $33 BILLION NEARLY 150 NATIONS CONFIRM PARTICIPATION IN EXPO 2020 TEN EXPO 2020 DUBAI FACTS WITH VAT, GULF BANKS WILL EXPERIENCE COST VARIATIONS SAUDI ARABIA’S PIF SETS UP REAL ESTATE REFINANCE COMPANY DUBAI WHERE DUBAI RENTS HAVE RISEN AND FALLEN, Q3 2017 DAMAC NET PROFIT CLOCKS IN AT DH2.3 BILLION, WHILE SALES GAIN 13% TO DH6B DUBAI OFF-PLAN SALES START TO DWARF READY UNITS HEADING FOR THE ROOFTOPS TO GENERATE POWER DAMAC NINE-MONTH REVENUES IN SOLID TERRITORY MARINA ARCADE: SETTLE INTO A PLUSH LIFESTYLE DLD OPENS INVESTMENT LANE FOR DIFC ENTITIES DEYAAR REVENUE UP 96% TO DH512M IN FIRST 9 MONTHS AZIZI EDGES CLOSER TO DH25B MEGA LAUNCH DUBAI IN LINE TO ABSORB NEARLY 15,000 APARTMENTS THIS YEAR DUBAI’S RENTAL DIPS TO CONTINUE INTO NEXT YEAR MAG PROJECT BECOMES BIGGEST ROLLS-ROYCE GHOST FLEET OWNER DUBAI’S OFFICE RENTS CONTINUE IN STABILITY MODE REVEALED: TOP NATIONALITIES LOOKING TO BUY DUBAI PROPERTIES BIGGEST FACTORY OUTLET OPENS DOORS IN DUBAI DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management | 2017 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS DUBAI OFF-PLAN SALES UP 118% AT DH4B GAP CLOSES BETWEEN DUBAI'S PRIMARY, SECONDARY MARKETS COMING UP: DH25 BILLION MEGA PROJECT IN HEART OF DUBAI 'AFFORDABLE' HOMES STILL OUT OF BOUNDS FOR END-USERS IN DUBAI DUBAI HOME BELOW DH1 MILLION? I WILL BUY ENBD REIT DEPLOYS $105 MILLION FROM NASDAQ DUBAI LISTING JVC, DUBAI MARINA MOST PREFERRED BY FOREIGN HOME BUYERS BENGHATTI COMPLETES 5 PROJECTS DH1B AHEAD OF SCHEDULE WHAT HAPPENS TO ABSCONDERS THAT FLEE MORTGAGED DUBAI PROPERTIES IN NEGATIVE EQUITY? ADDRESS RESIDENCES JUMEIRAH RESORT + SPA APPOINTS MAIN CONTRACTOR DAMAC'S Q3 PROFITS DOWN 20% AS COST OF SALES SOA OFF-PLAN SALES DRIVING DOWN DUBAI’S RESIDENTIAL PROPERTY PRICES DUBAI HOLDING 'RE-EVALUATING' JUMEIRAH CENTRAL ABU DHABI INVEST AD IN JOINT VENTURE WITH CANADA'S BROOKFIELD ASSET MANAGEMENT ADIA SIGNS $1BN INVESTMENT DEAL WITH INDIA'S NIIF NORTHERN EMIRATES 362 RESIDENTIAL PLOTS GRANTED TO SHARJAH CITIZENS INTERNATIONAL PAKISTAN’S DEVELOPERS UNFAZED BY RECENT PRICE DROPS HONG KONG SKYSCRAPER SOLD FOR RECORD $5.15 BILLION: REPORT WHY PAKISTAN'S PROPERTY SECTOR IS FLOURISHING DANUBE EYEING LARGER FOOTPRINT IN PAKISTAN HOW DO FOREIGN BUYERS REACT TO A STRONG US DOLLAR? THE UNUSUAL PLACES IN LONDON TO BUY A £1M PENTHOUSE LONDON HOUSE PRICES CONTINUE TO DECLINE DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2017 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION UAE’S WATERFRONT APPEAL Wednesday, October 18, 2017 The UAE offers some of finest waterfront developments in the world. It is becoming a global hub for an ever- growing portfolio of exclusive projects set adjacent artificially created canals, lakes, beaches and marinas. The waterside communities are a hot favourite among the elite, holiday home buyers and investors who desire a sense of seclusion in their luxury waterfront homes, and yet have all the amenities of leisure, comfort and lavish living. Many waterfront communities all over the UAE provide residents with an urban lifestyle and the conveniences of retail shops, dining outlets, yacht clubs, sporting facilities and several other recreational and cultural activities. PW looks at what makes the UAE’s premium waterfront developments so desirable to residents, investors and tourists. Abu Dhabi In the capital, developer Aldar is catering to this demand with its vibrant residential offerings in Reem Island, Al Raha Beach and Yas Island. Talal Al Dhiyebi, chief development officer of Aldar Properties, says, “Each of our destinations embodies the ideal balance between stunning views of the waterfront, beautiful landscapes, a range of community amenities, and proximity to the main facilities.” Reem Island, located adjacent to the central business district on Al Maryah Island, is five minutes away from the city centre. It offers convenient access to excellent facilities and stunning views of the Arabian Gulf. Al Dhiyebi says, “The 2.4km Reem Island canal, which opened in April, now flows alongside 35 plots within Aldar’s master- planned community. It brings waterside views, promenades, seating and areas for exercise and socialising to the island’s steadily growing population, as well as visitors from other parts of the city.” Al Raha Beach is built on 5.2 million sq m of natural beachfront, situated next to the main highway linking Abu Dhabi and Dubai. It offers a mix of premium residential, commercial, cultural, entertainment and public amenities. Al Dhiyebi says, “The diverse precincts are all residential and mixed-use developments with an array of facilities, including an exclusive clubhouse, retail outlets and swimming pools. With its abundance of dining choices, landscaped lawns and peaceful water fountains, Al Raha beach offers a welcoming ambience to residents of Al Bandar, Al Hadeel, Al Muneera and Al Zeina, as well as guests.” Waterfront premium Set across the tranquil blue waters of the Arabian Gulf, Yas Island is a serene sanctuary away from the bustle of Abu Dhabi’s urban environments. “While enjoying dramatic views of the capital’s central business district skyline, residents here enjoy quality lifestyle experiences,” says Al Dhiyebi. “These include relaxation on manicured beaches, access to exciting water sports via Yas Marina, rounds of golf on the world-class Yas Links course and fun at Yas Waterworld and Ferrari World amusement parks, all within the comforts of the neighbourhood.” Andrew Covill, director of Henry Wiltshire International, says waterfront homes anywhere in the world are considerably more valuable than an inland equivalent. There is at least a 20 per cent differential for any water view compared with a non-water view, says Covill, and that could increase dramatically if the property is located directly on the sea or has beachfront access. Although Abu Dhabi city is surrounded by water, it has relatively few true waterfront homes. “In Al Raha Beach, developments such as Al Muneera and Al Zeina have good sea views from many of the apartments, but some of the properties in Al Bandar have balconies directly over the sea,” says Covill. “While the price is somewhat higher, DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN DEFINING LANDSCAPES SINCE 1985 © Asteco Property Management, 2017 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION we believe that over the long term the investment value will be greater as the rarity value of an absolute waterfront home, as it is known in the business, will increase the value exponentially. “Al Hadeel is also due to be completed later this year, which is located adjacent to Al Bandar with great sea views and some apartments located very close to the water. We recommend buying apartments or villas as close to the water as possible if you cannot buy directly on it. The long-term investment will be worth it.” On Yas Island, the first new residential development, called Ansam, will be delivered this year. “An Andalusian- style design of white apartment buildings overlooking the Yas Links golf course and the sea beyond, the units are sure to be in high demand [with the] stunning views [and] all the leisure and hospitality [amenities] on Yas Island,” says Covill. “Mayan is a contemporary development on Yas Island, which is under construction and will be delivered in 2019. It is a mid-rise building with large amounts of glazing looking out to sea across the golf course and beach.” Unique products Saadiyat Island has high-end villas with a range of luxury hotels, beach club, golf club and the forthcoming Cultural District housing the Louvre, Guggenheim and other museums. The island features Saadiyat Beach Villas, which Covill says is a mature villa community that is highly regarded and popular among high-ranking executives and VIP buyers. “Hidd Al Saadiyat, a resort-style development of contemporary villas, will begin delivery of their villas in the coming weeks,” says Covill. “The absolute beachfront homes were snapped up when the project was first launched, and only a few have made it to the resale market as they are such a unique product in Abu Dhabi. “Studies show that beachfront property around the world can be worth 60-100 per cent more than an equivalent property inland, but the current resale units in this development are only priced at around a 20 per cent premium, making them a secure long-term investment. The five- to seven-bedroom homes are priced between Dh15 million and Dh20 million, with the largest specialist villas valuing up to Dh50 million.” Nudra, the new beachside villa development on Saadiyat Island, is the only gated development in Abu Dhabi with its own private beach for the residents. “It boasts only 37 land plots and villas within landscaped gardens with other key facilities like a beachfront clubhouse with gym and infinity pool overlooking the turquoise ocean,” says Covill. Dubai Master developer Nakheel’s famed waterfront and island projects such as Palm Jumeirah, The World Islands and Deira Islands have put Dubai on the world map as a popular place to live and visit.
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