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NEWS BRIEF 29 SUN DAY 26 July 2015

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NEWS BRIEF 29 SUN DAY 26 July 2015 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 29 SUN DAY 26 July 2015 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS DUBAI REVERSE RELOCATION TO DUBAI MAKING SHARJAH MORE AFFORDABLE FOR TENANTS STUDIOS, 1-BED APARTMENTS IN WHICH DUBAI AREAS OFFER BETTER YIELDS? FROM MECHANIC TO OWNER OF 22 BURJ KHALIFA UNITS IN DUBAI WHICH OF DUBAI'S HIGH-END AREAS MORE AFFORDABLE TO RENT IN Q2? DOWNTOWN DUBAI TOPS CHART FOR BIGGEST OFFICE DEALS IN Q2 SIX DEALS CROSS DH195 MILLION ON DUBAI'S PALM JUMEIRAH WHICH METRO STATION BUSIEST: CITY CENTRE OR BURJ KHALIFA – DUBAI MALL? ENSHAA BEGINS HANDOVER OF 169 PALAZZO VERSACE APARTMENTS IN DUBAI LULU TO OPEN FIVE-STAR HOTEL IN DUBAI’S BUSINESS BAY WASL PLANS TO OPEN 14 HOTELS IN DUBAI BY 2020 WASL TO BEGIN WORK ON FOUR MAJOR PROJECTS WORTH DH40BN RAMADAN SLOWDOWN FOR DUBAI HOTELS AS OCCUPANCY AND ROOM RATES DECLINE ABU DHABI ARCAPITA BUYS 285 LUXURY APARTMENTS AT ABU DHABI’S SAADIYAT BEACH RESIDENCES COMPLEX NEW ALDAR PROPERTIES ACCOUNTING METHOD ALLOWS OFF-PLAN SALES TO APPEAR EARLIER IN RESULTS OFF-PLAN DEVELOPERS IN THE UAE LAUNCH MORE ‘BUY NOW, PAY LATER’ OFFERS NORTHERN EMIRATES MAJOR SHARJAH HIGHWAY CLOSED UNTIL END OF YEAR; DUBAI-BOUND TRAFFIC DIVERTED R HOTELS TO INVEST DH150M IN AJMAN AS EMIRATE AIMS TO BOOST TOURISM SHARJAH RENTS FALL AS RESIDENTS EYE RETURN TO DUBAI OTHERS EMAAR IN TALKS OVER SEPARATION FROM INDIAN PARTNER, SAYS REPORT DUBAI’S DAMAC PLANS MORE LONDON PROJECTS TO FOLLOW LAUNCH OF VERSACE-THEMED DEVELOPMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REVERSE RELOCATION TO DUBAI MAKING SHARJAH MORE AFFORDABLE FOR TENANTS THURSDAY 23 JULY 2015 Rents in Sharjah, Ajman and other Northern Emirates are declining following the decline in Dubai rentals, which is prompting many tenants to move back to Dubai. According to the latest Asteco Northern Emirates Q2 2015 real estate report, rents in Sharjah and Ajman declined by 3 per cent quarter-on-quarter during the April-June quarter. This decline, the report states, is prompted by a rise in vacancy levels as new supply was handed over and the reverse relocation trend to Dubai, which has started to gain momentum. The report noted that enquiry levels were also lower compared with the previous quarter, supporting the theory that more people are keen to move back to Dubai now that rents have been cooling in the UAE’s second largest emirate. However, rental levels in the Northern Emirates remain much more affordable than Dubai. The report maintains that tenants can currently rent a two-bedroom apartment on the Sharjah Corniche between Dh48,000 and Dh80,000 per annum, or between Dh32,000 and Dh40,000 pa in Ajman. Compare that with the average rents for one-bed units in the ‘affordable’ Dubai developments – Dh52,000 pa in International City and Dh70,000 pa in Discovery Gardens. Asteco reports that although residential rental rates declined in Q2 2015, they were still higher in comparison with the previous year in Fujairah, Ras Al Khaimah and Umm Al Quwain. “Another reason for the decline in Ajman has been the handover of new supply in recent months. We've seen a large amount of new stock entering the market, at a time when newcomers to the city were fewer. This resulted in an internal movement, away from older buildings to newer properties, particularly one and two-bed units, as tenants upgrade,” said John Stevens, Managing Director, Asteco. Rental rates in high-end Fujairah buildings put a two-bedroom unit at an annual figure of Dh55,000- Dh62,000; in newer Ras Al Khaimah developments at Dh50,000-Dh65,000 pa; with Umm Al Quwain the most affordable at Dh28,000-Dh30,000 pa, albeit with lesser quality stock. Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION STUDIOS, 1-BED APARTMENTS IN WHICH DUBAI AREAS OFFER BETTER YIELDS? MONDAY 20 JULY 2015 Apartment sales in Dubai during the second quarter of 2015 were marked by a shift towards more affordable properties, says a new report by Asteco. Locations such as IMPZ, Dubai Silicon Oasis, International City, and the recently handed over Queue Point and Sky Courts developments in Dubailand witnessed sustained demand in Q2 as yields for studio and one-bedroom apartments in particular, remained attractive, the report notes. Affordability was also a priority for villa investors with Jumeirah Village recording a high number of transactions for some of the townhouse properties by Nakheel and in Indigo Ville, priced at Dh700,000 up to Dh1.2 million. In comparison, larger properties, including five and six-bedroom villas, saw minimal transactions completing in communities such as The Villa or Dubai Sports City, despite strong rental demand, the report said. “However, despite strong transaction levels, the increasingly competitive market environment, with a lot of new supply, means that the two per cent quarter-on-quarter decline is not going to be a temporary blip, with more pressure on owners to review their selling price, still to come,” John Stevens, Managing Director, Asteco. Off-plan properties at negative premiums Asteco also noted an emerging trend by a limited number of purchasers, who were advertising off-plan properties, not yet in the construction phase, at negative premiums, in an attempt to relinquish financial obligations. This quarter, it was the office sector that saw the most gains, with an average two per cent growth in rental rates, dependent on area, although average sales prices declined by one per cent. Leasing-wise, DIFC witnessed an 11 per cent quarter-on-quarter growth with existing stock almost fully occupied and companies eyeing expansion forced to seek space in nearby buildings, which has benefited development such as Central Park Towers, which attained rates of Dh180 and Dh250 per square foot for shell and core and fitted space respectively. Index Tower’s leasing rates also increased up to Dh350 per square foot, as full floors were subdivided to offer small, fitted space to companies looking to set up at the DIFC free zone. However, previous star performer Business Bay saw a 10 per cent quarter-on-quarter decline in leasing prices, affected by the handover of a substantial amount of office space, with Asteco predicting more pain to follow with a further 1.3 million square feet of new supply to be delivered in the next few years. “The office sales market has essentially moved away from investment buyers to one where end-users are the most common buyers for completed buildings. DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION “In the future we expect sales prices to come under pressure in areas where significant supply is due to be handed over,” said Stevens. Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION FROM MECHANIC TO OWNER OF 22 BURJ KHALIFA UNITS IN DUBAI MONDAY 20 JULY 2015 Friends teased him about his height. He replied by purchasing 23 flats in the tallest tower in the world, Burj Khalifa. “How can a short man like you even see the Burj Khalifa fully, let alone enter the world’s tallest tower? Can you enter this building?” a friend of George joked. Since then George decided to buy a flat in the world’s tallest tower and within a short period, he is the owner of 22 apartments, on different floors of Burj Khalifa. He recollects the apartment numbers for us: “10406, 90004, 8903 … I have recently completed a deal to purchase my 22nd flat in Burj Khalifa. “Now I own 22 flats in the tower and I will purchase more if I think the deal is good. My friend teased me once saying I cannot enter this prestigious building but I took it as a challenge. For me nothing is impossible,” George told 'Emirates24|7'. Hailing from a business family in Trichur, George came to Sharjah four decades ago and started working as an automobile mechanic. “A man’s mind is where his wealth is. My mind is in my family and the property and business that belongs to me,” he muses. “I began living in the Burj Khalifa as a tenant. Then I purchased my first flat investing some money I made from doing a project for Dubai Metro. Then I bought the second, third, fourth, fifth …and now 22nd apartment. “Because I have businesses in Dubai generating profit, I have found Burj Khalifa an ideal investment option,” he said, adding that he does not rent out his apartments because the first tenant left some scratches on the wall. “Every year I spend about Dh3 million to maintain my properties in Burj Khalifa. I have full faith in the visionary leadership of UAE and the long-term vision behind the creation of this world class icon in Dubai,” George asserts, adding that the real estate prices here may go up further, and as a businessman, he is never scared of slowdown or recession.
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