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The Son Also Rises! WE ARE in the 10TH YEAR! Energised for Tomorrow Emerging Stronger from Recession

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The Son Also Rises! WE ARE in the 10TH YEAR! Energised for Tomorrow Emerging Stronger from Recession Going strongWE with COMPLETE uninterrupted publishing 10 YEARS! record since 2008! VOL. 10, NO. 12 SEPTEMBER 2018 GulfGulfThe region’s premier monthly PropertyProperty for lifestyle, real estate and construction GULF PROPERTY SEPTEMBER GULF PROPERTY SEPTEMBER 2018 GULF PROPERTY SEPTEMBER GULF PROPERTY SEPTEMBER 2018 GULF PROPERTY SEPTEMBER GULF PROPERTY SEPTEMBER 2018 GULF PROPERTY SEPTEMBER GULF PROPERTY SEPTEMBER 2018 2018 Slowdown in real estate weighs on half-year results EXCLUSIVE INTERVIEW 2018 2018 2018 Tom Rhodes, Cityscape Global COVER STORY Vassilis Bazinis, Regus Talal Al Gaddah, CEO Gary Dalton, Zoom Properties MAG Lifestyle Development Talal Al Gaddah The son also rises! WE ARE IN THE 10TH YEAR! Energised for Tomorrow Emerging stronger from recession Real Estate GulfGulfThe region’s premier monthly forPropertyProperty lifestyle, real estate and construction Nine years of uninterrupted publication during the Runs on Yardi worst recession in history When others abandoned the real estate market, we 20,000 continued to support it Circulation We have emerged stronger from the crisis Drive retail value with Property redefines living cloud-based, integrated Software Property redefines living We redefine perception We understand exceptional commercial & retail property management. Maximise shopping centre revenue with connected retail management solutions. + 971-4-4322679 Yardi.com/ae Content is king! Buy property, Sell property, But read onlyGulf Property! PAN ASIAN MEDIA MFZLLC, P.O. Box 39865, Dubai, UAE; Tel: +9714 2281021; Fax: +9714 2281051; Email: [email protected]; Web: www.gulfpropertyme.com DRIVING REAL ESTTAAATETE INVESTMEENT OPPORTUNITIEES SSORCA PRO TYPER MARKEETS GL ABO LLLYY TERSREGI NDNLINED AO SAAVVE AED1000 TTHEHE HOMMEE OF RREAEEAAL EESSTTAAATETETE INNVEESSTTMENTMMENEENNTNT CitCiCityttyyscscapaapepee GGlooobalal hashhaass ggrownw to bbeccomomeme tthehe lalargargrgeseeststst andad mommostos trustu edd aannunnuuuauall meememeetinetinting poppointooininntnt foorr theth pprroopeopopertyperty ety marmmarkaarkr ett to sstimulatimm late ccrrooss-borsbo b ddererer iinnveestment,stmmemenent,nt pprommmomototo e ttranaansparspsppararenencyencencncyny in tthehhee mamarkrkrketet,et annnd prpropopelpelpelel tthehee iinduinindustryndustryddustduuusttry acaacrroosssss thetthhhee ggloglobe.globeglobloblloobobee.. ee eveneentntnt attrt aactss a dynamicc listis of innveste tors,rs hhomommmemebuyeebbubbuyuuyy eerersers,rss,s, ddeeveloeelelopelopers,opersoopperersr s, 2 4 OCTOBER 20188 governmentntt aauthorauthorities,oritess aanandd realaall eestatstattate pprrooffeessesessiessionals.sionalssionaononalonalsnaaalss DDuDubaiuubaibaai Woorldrldd Traadede Ceentrntrt | U EAe ++97149797171414 33333636 55151611166161 iinnfoo@[email protected] wwww.cityww.cityww.ccitytyssccaapeglobal.cpeegglobbal.cal.ccoomm Platinum Sponsorr Platinum Sponsor Platinum Sponsor atStr egic Partner Official Airline ArOfficial abic spaperwNe Official Russian RRegionalegional TV News Official Business Regionnal Media RRegionalegional Media Org byanised ationPublic artnerP artnerP Parrtner artnerP The region’s premier monthly for lifestyle, real estate and construction GulfGulfWe are in thePropertyProperty 10th year 20,000Advertisement COPIES FREE DISTRIBUTION! Rates Effective from January 2018 till December 2018 Size Dimension Single Insertion Six Insertions 12 Insertions In centimetres Rate [$/AED] Rate [$/AED] Rate [$/AED] Front Gate Fold H: 27.5 X W: 40 8,000/30,000 40,000/150,000 80,000/300,000 Outside Back Cover H: 27.5 X W: 20.5 6,000/22,000 30,000/110,000 60,000/220,000 Inside Front Cover H: 27.5 X W: 20.5 4,000/15,000 20,000/75,000 40,000/150,000 Inside Back Cover H: 27.5 X W: 20.5 4,000/15,000 20,000/75,000 40,000/150,000 Double Spread H: 28.1 X W: 41.6 5,000/18,300 25,000/91,000 50,000/183,000 Full Page H: 27.5 X W: 20.5 3,000/11,000 15,000/55,000 30,000/110,000 Half Page H: 13.5 X W: 20.5 1,500/5,500 7,500/25,000 15,000/55,000 Cover Appearance H: 29.7 X W: 20.5 20,000/75,000 Kindly Note: 1. All pages are of full-colour glossy paper 2. Materials deadlines to be strictly adhered to 4. Rates for annual bookings are subject to availability and negotiation Sponsorship No. Description Rate in US$ Rate in AED 1. Section sponsorship 20,000 75,000 Special Report/Supplement Special Reports and supplements on mega projects, country reports, sectoral reports and to celebrate corporate milestones/anniversaries of major corporations/players To be attached/added to each copies of the main magazine No Description Rate Rate All rates are per issue (Once a year) in US$ in AED 1. A12-page corporate supplement (Insert) 10,000 37,000 2. A20-page supplement (Insert) 15,000 55,000 3. A40-page A-4 book (Detached) 40,000 145,000 Online Sponsorship Gulf Property has a dynamic website that will help advertisers and the real estate developer community to reach a worldwide audience. Description Rate in US$ Rate in AED Section sponsor (Per month) 5,000 18,300 Section sponsor (Per year) 50,000 183,000 The rates are tentative and are subjected to change. Media Facts Size : W: 20.5 cm X H: 27.5 cm For all inquiries, kindly contact: Date of publication : 1st of each month Pan Asian Media MFZ LLC Circulation : 20,000 per month P.O. Box 39865, Dubai, UAE Material deadline : 20th of every month Tel : +9714 2281021 Subscription : Dh250 per year Fax : +9714 2281051 Distribution : Through subscription and retail sales E-mail : [email protected] Availability : Major newspaper and magazine : [email protected] stands, retail outlets, books and station- Website : www.gulfpropertyme.com ary shops, duty free outlets, etc EDITORIAL 40 COVERSTORY CONTENTS UAE cuts business licensing costs to help SMEs 50 Property prices and rents in Northern Emirates fall 52 Property prices Half-yearly profit fall reflects decline in real estate market 54 become lucrative Emaar profit up to Dh3.3bn 56 Aldar profit down to Dh1.1bn 58 The current real estate prices make them attractive for new home buyers. However, mass migration from rented homes to EXECUTIVEOPINION 70 CITYSCAPE freehold ownership is yet to be felt in the Jihad Azour/IMF 31 market in a big way Mohanad Alqadiya/Harbor 33 Dhiren Gupta/Mortgage 4C 35 FOCALPOINT rices of properties in Dubai have become very at- Dubai Land deals fall 15.9% to tractive for new home buyers as developers con- Dh111 billion in H1 2018 36 tinue to sweeten their offers with discounts, waive of registration fees as well as offering five to 10 COVERSTORY year payment plan so that the end-users could MAG Lifestyle Development’s move into freehold homes. Many developers have gone portfolio exceeds Dh25 bn 40 out of their ways to even waive the property registration Pfees while others have offered special summer discounts MARKETUPDATE on top of the lowered price. Rents in Dubai nosedive 48 INTERVIEW All these are good news for the consumers who had for Workspace revolution is on 60 a long time being priced out and have remained on the 60 INTERVIEW Digital disruption to eliminate sidelines while the race for ultra luxury properties continue brokerage business 64 to dominate the market for a long time. However, time has Cityscape to allow sales 70 changed for the better – at least for them. Now, suddenly it has not only become a buyer’s market, but also it has PROJECTUPDATE become their market – people in the mid-income bracket Danube sells out Lawnz 66 – could not dare to dream of owning a home in Dubai. Warner Bros come to UAE 76 Although the middle income families are yet to jump in REGULARFEATURES the property bandwagon, the latest success of the sell-out Realty Bytes 10 launch of Danube Properties’ Dh550 million Lawnz has Spotlight 78 demonstrated a very important reality – if the location, price, quality and developer’s credibility remains good, GULF PROPERTY LICENCE there is no shortage of buyers. The region’s premier Licenced by RAK Media City, monthly for lifestyle, real authorised by the National Lawnz, by Danube was sold out in a few days and buy- estate, construction and Media Council. Gulf Property is building materials ers were seen queueing up to lay their hands on the apart- a publication of Pan Asian ments. It offers studios from Dh290,000, one-bedroom Media MFZ-LLC apartment from Dh499,000 and two-bedroom apartment EDITORIAL for Dh699,000! The success of Lawnz should be an eye- EDITOR EDITORIAL AND opener for other developers. T. Akhtar [email protected] COMMERCIAL ADDRESS We expect the price of a studio to go down to Dh250,000 Pan Asian Media MFZ-LLC STAFF WRITER P.O. Box No.: 39865. – the level of pricing we had seen in 2004-05, before Dubai, UAE things had started to go out of hand in 2007-08. Shayaree Islam [email protected] Tel : (9714) 2281021 Fax : (9714) 2281051 EDITORIAL COORDINATOR E-mail – T. Akhtar Zeba Malik [email protected] [email protected] Web www.gulfpropertyme.com PUBLISHER T. Akhtar CIRCULATION Pan Asian Media MFZ LLC 20,000 copies Gulf Property 09 REALTYBYTES he headline season- ally adjusted Emi- rates NBD UAE Purchasing Man- agers’ Index (PMI) – a composite indicator de- signed to give an accurate Toverview of operating condi- tions in the non-oil private sector economy – fell to 55.8 in July, from 57.1 in June and the lowest reading in three months. “The figure remained well People travelling on holidays. UAE non-oil private sector growth slows down, says Emirates above the neutral 50.0 mark, NBD Purchasing Managers’ Index however, signaling a sharp improvement in business conditions across the non-oil private sector in July. The lat- est expansion was broadly in line with the average seen in the year-to-date,” it said. UAE non-oil growth “Although output growth UAE non-oil growth eased to a three-month low in July’s survey, the pace of expansion was sharp overall and well above the series’ slowsmainedslows muted and below the down:down: PMIPMIdate, the employment index historical average.
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