News Brief 46 Sunday, 12 November 2017
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ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 46 SUNDAY, 12 NOVEMBER 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 MAKE SURE THE OQOOD CERTIFICATES ARE ISSUED ON TIME THE BAD BOYS OF ENERGY CONSUMPTION THE PROS AND CONS OF USING A REAL ESTATE AGENT ARABTEC SWINGS TO DH17.8M PROFIT IN THIRD QUARTER THERE IS NO GOING BACK ON REFORMS FOR GULF STATES MID-MARKET HOTELS TO APPEAL TO EXPO VISITORS BUILDING EFFICIENCY MUST START FROM THE DESIGN PROCESS EMIRATES ON CLOUD NINE AS PROFIT SOARS 111% KINGDOM HOLDING LIKELY TO RETAIN ASSETS FOLLOWING ALWALEED ARREST DUBAI'S SHUAA CAPITAL EYES CONTROLLING STAKE IN KUWAIT'S GLOBAL INVESTMENT HOUSE MIDDLE EAST INVESTORS GLOBALLY DEPLOY $10 BILLION IN COMMERCIAL REAL ESTATE RETAIL SECTOR REMAINS BRIGHT SPOT OF BAHRAIN'S PROPERTY MARKET LISTING OF ETIHAD REIT ‘POSTPONED UNTIL NEXT YEAR’ DUBAI OFF-PLAN SALES OVERTAKE READY FOR FIRST TIME SINCE 2008 DUBAI’S OFF-PLAN PROPERTIES RECORD 18,000 DEALS IN 10 MONTHS MOTOR CITY: FOCUS ON HEALTH AND FITNESS DUBAI’S HOUSING HANDOVER UPSURGE LOOKING FOR THE BARGAINS AZIZI CONFIRMS NOVEMBER LAUNCH FOR DH25B PROJECT DUBAI IS SIXTH MOST VISITED CITY ON EARTH: EUROMONITOR DUBAI TOURIST ARRIVALS UP 7.5% THIS YEAR RECORD NUMBER OF TOURISTS FLOCK TO DUBAI IN JANUARY-SEPTEMBER THIS YEAR EMPOWER COOLS DUBAI’S SEVEN PRESTIGIOUS BUILDINGS 28,600 BUILDINGS UNDER CONSTRUCTION IN DUBAI - 5,633 COMPLETED THIS YEAR 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 WASL TO LAUNCH 3RD TOWER OF PARK GATE RESIDENCES FOR SALE SOON OFFPLAN TRUMPS DUBAI READY HOME SALES IN 10 MONTHS HOW THE EARLY BIRDS ARE REAPING GOOD RETURNS AT DUBAILAND HERE'S A VIABLE OPTION FOR COST-CONSCIOUS BUYERS, TENANTS IN DUBAI DH41M DUBAI HILLS 'BLANK CANVAS' VILLA AWAITS NEW OWNER'S ARTISTRY CAN I DEMAND A MONTH'S FREE RENT RENT FOR NOISY CONSTRUCTION WORK NEXT TO MY DUBAI APARTMENT? AMLAK SAYS THAT THIRD QUARTER PROFIT DOUBLES AFTER IMPAIRMENT REVERSAL DUBAI’S SHUAA CAPITAL SWINGS TO PROFIT IN THIRD QUARTER, EYES ACQUISITIONS ABU DHABI MUBADALA SIGNS DEAL WITH FRENCH FIRMS TO INVEST UP TO €1B NORTHERN EMIRATES AJMAN A MAJOR ATTRACTION AT WORLD TRAVEL MARKET AL ISLAMI FOODS OPENS ITS LARGEST FACTORY IN THE MIDDLE EAST SHARJAH TO HOST LARGEST ENTREPRENEURSHIP FESTIVAL IN THE UAE INTERNATIONAL SHORT-LEASE PROPERTY IN LONDON INDIA'S ECONOMIC WOES HIT DEMAND FOR DUBAI REAL ESTATE MORTGAGE APPLICATION VOLUMES IN U.S. GO FLAT IN EARLY NOVEMBER LOS ANGELES NOW LEAST AFFORDABLE HOUSING MARKET IN U.S. 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 MAKE SURE THE OQOOD CERTIFICATES ARE ISSUED ON TIME Wednesday, November 8, 2017 In recent months, it has been highlighted that for a number of new launches by private sector developers, the “Oqood” contract has not been registered. This has served in many cases as a marketing tool in order to facilitate speculation and entice the customer. This issue needs to be highlighted both for the investor/enduser as well as the developer for the gravity that it carries. In 2008, Dubai imposed Law Number 13, which laid out a number of responsibilities for the developer to adhere to. Article 3 of the said Law is clear when it states: “Any disposition that occurs in respect of any real property unit sold off plan will be entered in the Interim Property Register, and any sale or any other legal disposition that transfers or restricts ownership will be void unless entered in the Register”. In a number of cases, the local courts have ruled repeatedly that failure on part of the developer to register the contracts in an expeditious manner not only renders the contract null and void, but that the entire amounts be refunded to the investor along with penalties of a grievous nature. In particular, the Dubai Court of Cassation has predominantly ruled in favour of investors even when the developer has appealed. It has only been in certain select cases where the buyer has not fulfilled his initial purchase conditions and considerations of the contract did the courts consider an exception. Given this clarity, it is somewhat puzzling that investors and purchasers of the real estate are not getting their Oqood contracts from the developer in certain cases. In point of fact, to quell the speculation, Law number 13 stipulates that for all developers who had issued contracts before the passage of the law, they had 60 days to register the same contracts in the Interim Property Register. This highlighted the expediency with which the courts wanted the issue to be resolved and made transparent. For the most part, this has now transpired, with Dubai’s Rera (Real Estate Regulatory Agency) becoming a model for other countries to replicate. India has already established its own version of Rera, and there are moves underway for other countries in Asia and the Far East to follow suit. It is under this ambit that recent reports of developers violating the laws has become somewhat concerning. Investors and end users have a right to insist for their Oqood contracts and it is under the responsibility of the developer to assure that this has been done. To be sure, this is very different from developers waiving the fees of registration. This is done as a marketing tool which is well within their rights to do so. However under no condition are the said developers exempt from registering the contract because of this waiver of fees that has been granted. It is the registration of such contracts that ensure all rights of the investor are protected in the event of project cancellation, a factor that became common place in the financial crisis between 2008-11. in many cases some of the fallout is still being dealt with today. Given that all of the contracts have been mandated to be registered, the level of transparency in the industry has gone up manifold. This makes it not only easier for institutional investors to understand what is going on in the markets, but also for the individual buyer to ascertain his or her rights and where they stand vis-a-vis each and every contractual issue and every real estate project. In terms of transparency, it has been an admirable achievement that has taken place in such a short period of time. All the more reason why investors need to be proactive and vigilant in terms of their rights, and not be lured by some of the developer antics in surrendering the rights that are guaranteed to them under the law. This vigilance will ensure the protection of rights of the investor and the stability of the market in the medium term. Source: Gulf News Back to Index 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 THE BAD BOYS OF ENERGY CONSUMPTION Wednesday, November 8, 2017 Sustainability stands at the core of the UAE energy policy, with the UAE Energy Plan 2050 focused on boosting clean energy, reducing dependence on natural gas, slashing CO2 emissions by nearly 70 per cent and improving energy efficiency by close to 40 per cent by the middle of the century. These initiatives could result in net savings of a whopping Dh700 billion. With buildings positioned as the highest consumers of energy, using up nearly 70 per cent of all energy produced in Dubai, the energy policy is strongly hinged on improving energy efficiencies in the built environment. Tall buildings and skyscrapers pose an additional challenge, with the design, infrastructure and maintenance demands of these structures creating several energy-intensive scenarios. The UAE’s energy policy takes into account the varied built area, including the old and the new, the tall and low, with energy regulations to control new building fit-outs balanced with retrofitting initiatives to improve energy efficiency of old buildings. But regulations, like the demand-side management initiative, need to be coupled with intensified education efforts and transparency in sharing the savings and benefits with building users, to maximise energy efficiency in buildings. Faisal Rashid, director of demand-side management at the Dubai Supreme Council of Energy, explains, “The Dubai Demand Side Management Strategy 2030 targets savings of 30 per cent on electricity and water. It targets primarily buildings, which comprise over 70 per cent of all consumption, and are thus a key focus for the implementation of the programme. The two key enablers are more stringent building codes and aggressive building retrofit programmes for existing buildings. The Supreme Council of Energy is working closely with other government entities in ensuring all savings are made known to building users and, upon implementation of EE measures, that all savings are measured and verified.” Designing for efficiency A critical part of energy conservation in all new build-outs in Dubai is the design of the building. This can have a significant impact on the energy consumption of the building across its entire life cycle, says Michele Pasca di Magliano, associate director of Zaha-Hadid Architects. “Tall buildings consume a great amount of energy during their construction and within their lifetime,” says Magliano.