Week 29 SUNDAY, 21 JULY 2019 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS UAE / GCC / MENA HOMEFRONT: 'I'M LEAVING THE UAE. HOW DO I ENSURE MY APARTMENT HANDOVER GOES SMOOTHLY?' MENA START-UP DEALS RISE TO A RECORD IN FIRST HALF OF THE YEAR INDIA'S OYO LAUNCHES CAPITAL O HOTELS IN THE UAE UAE CHANGES SPONSORSHIP RULES FOR LOW-PAID WORKERS AMID UAE VISA REFORMS, HOME BUYERS AWAIT WHAT’S NEXT HOW TO USE YOUR RENTAL PAYMENTS TO BECOME AN OWNER IN UAE DUBAI, ABU DHABI OUTLOOKS IMPROVE SUBSTANTIALLY UAE REALTY SET TO STABILISE UAE HEADED TOWARDS A 'BUYER'S MARKET' IN THE RESIDENTIAL SECTOR SAUDI ARABIA'S NON-OIL SECTOR TO GROW 2.9% IN 2019 ON GOVERNMENT SPENDING, IMF SAYS REVEALED: UAE RESIDENTS' MOST PREFERRED SPOTS FOR STAYCATIONS DUBAI DUBAI BEEFS UP TRANSPORT SYSTEM TO SERVE 25 MILLION VISITORS TO EXPO 2020 EMAAR PROPERTIES ACCOUNTS FOR ONE-THIRD OF DUBAI DEALS IN FIRST HALF OF 2019 THE NEXT EVOLUTION IN REAL ESTATE IN DUBAI WHERE ARE THEY NOW? DUBAI HEART WATER PARK RESORT WHERE ARE THEY NOW? DUBAI'S TECHNOSPHERE MONTENEGRO'S 'BLESSED BY NATURE' PAVILION AT EXPO 2020 DUBAI WHERE ARE THEY NOW? BRAD PITT'S ECO-FRIENDLY DUBAI PROJECTS CHINA STATE TO BUILD EMAAR'S MARINA VISTA PROJECT IN DUBAI WHERE ARE THEY NOW? DUBAI'S UNDERWATER TENNIS STADIUM ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION REAL ESTATE NEWS WORLD'S FIRST ROPELESS ELEVATORS TO FEATURE AT EXPO 2020 INFRASTRUCTURE PROJECT WORTH $212M FOR NEW DUBAI MALL 45% COMPLETE RENTING A HOUSE IN DUBAI: LEARN HOW EJARI WORKS DUBAI TOURISM HAS STRONG GROWTH POTENTIAL FOR NEXT DECADE AVERAGE DUBAI HOUSE PRICE FALLS TO $670,000 IN JUNE REVEALED: EMAAR'S PLAN TO BUILD ITS FIRST 3D PRINTED HOME IN DUBAI WHERE ARE THEY NOW? DUBAI'S INTERNATIONAL CHESS CITY JUMEIRAH PARK PERFECT FOR LUXURY LIVING ABU DHABI NEW PAYMENT PLANS ROLLED OUT FOR SIX DEVELOPMENTS IN ABU DHABI ADX COMMISSION FEES CUT TO BOOST ABU DHABI FURTHER BUYERS AND TENANTS CALLING THE SHOTS IN ABU DHABI REAL ESTATE MARKET $490M ABU DHABI HOMES PROJECT FOR EMIRATIS REVEALED ABU DHABI GETTING AFFORDABLE, SO IT'S A GOOD TIME TO NEGOTIATE INTEREST SOARS AFTER ABU DHABI OPENS UP PROPERTY MARKET, PRICES FALL WORK STARTS ON $41M AL AIN ZOO UPGRADE PROJECT ABU DHABI HOTELS SET TO POST HIGHEST JUNE OCCUPANCY FOR FIVE YEARS INTERNATIONAL LONDON HOUSE PRICES TUMBLE AT FASTEST RATE IN 10 YEARS LONDON HOUSING MARKET WEAKENED LONG BEFORE BREXIT VOTE ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION LONDON HOUSE PRICES TUMBLE AT FASTEST RATE IN 10 YEARS Wednesday, July 17, 2019 House prices in London fell at the fastest rate in almost 10 years in May, according to data that also showed consumer price inflation held at the Bank of England's 2% target for a second month running in June. House prices in the capital fell 4.4 per cent in annual terms, marking the biggest fall since August 2009, the Office for National Statistics (ONS) said. Extending a period of weakness in the property since the Brexit vote more than three years ago, house price growth across the United Kingdom slowed to 1.2 per cent, matching February's six- year low. Some other surveys have suggested recently that the housing market might be past the worst of its slowdown. London house prices are now 6.4 per cent below their July 2017 peak, a disappointment to some homeowners but a much smaller fall than the 17.8 per cent peak-to-trough hit during the global financial crisis. Furthermore, the current downturn in the capital represents only a small hit given that London house prices have almost doubled since the financial crisis, leaving the city unaffordable for many buyers. Separate data from the ONS showed not only stable consumer price inflation but also a reduction in pipeline price pressures for British factories. Households, whose spending drives Britain's economy, have been helped by modest rates of inflation combined with the lowest unemployment rate in 44 years and rising wages. The ONS said producer input costs, which eventually feed through into prices on the high street, fell 0.3 per cent in annual terms in June, the first decline in three years. Source: The National Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION HOMEFRONT: 'I'M LEAVING THE UAE. HOW DO I ENSURE MY APARTMENT HANDOVER GOES SMOOTHLY?' Wednesday, July 17, 2019 I'm leaving the UAE at the end of this month. Can you give me a checklist for all the things I need to do to ensure handing over my apartment to the landlord goes smoothly. I have lived in a two-bedroom apartment in a tower in Jumeirah Lakes Towers for the last three years and want to ensure everything is done in the correct manner to secure my deposit. I also want to make sure the paperwork is in order ahead of my residence visa cancellation. I have a good relationship with the landlord but I still hear horror stories about when people move out. TM, Dubai The first thing that needs to be done is to inform the landlord that you will not be renewing your lease, for this I suggest you check your contract to see what the clauses say in terms of notice. Law 33 of 2008 amended Law 26 of 2007, which is the law that governs the relationship between landlords and tenants. The updated law did away with the need to give any notice when not renewing, however one must abide by the agreed terms in the rental contract which is binding. The property has to be returned in the same condition it was given at the start of the lease so if it was freshly painted and cleaned this is how you have to give it back. Ensure you repair any minor issues that fall under the tenant's responsibility as per your contract. Typically any maintenance items that require a cost less than Dh500 per item fall under the responsibility of the tenant. A few days before vacating, contact your utility companies explaining your departure. You will be given final bills for water, electricity, gas and cooling (if applicable) and internet/home services. Once all paid up, keep receipts and clearance letters/certificates for proof of nothing further outstanding. Don’t forget to visit your nearest happiness centre to cancel the Ejari too. Cancelling the Ejari is often a forgotten part of leaving a rented property by the tenant, mainly because it doesn't really affect the outgoing tenant as such. The Ejari cancellation is however very important for the landlord because a new Ejari cannot be issued until the old one is terminated. The cost to close the file is Dh40 and some landlords insist on the cancellation before releasing any residual tenancy deposit. Once all of the above is done, arrange for the landlord to visit the property with you just before departure in order to inspect it and organise for the return of your deposit. If one has already left the country, the landlord can send the remaining deposit owed through a bank transfer to the home country bank account of the tenant. Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for 35 years in London and Dubai. The opinions expressed do not constitute legal advice and are provided for information only. Source: The National Back to Index ABU DHABI | AL AIN | DUBAI SHARJAH | JORDAN | KSA 34+ YEARS IN THE MIDDLE EAST © Asteco Property Management | 2019 | asteco.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION NEW PAYMENT PLANS ROLLED OUT FOR SIX DEVELOPMENTS IN ABU DHABI Monday, July 15, 2019 Aldar Properties on Monday introduced new post-handover payment plans at six of its projects in Abu Dhabi. Customers will be able to buy villas, townhouses and apartments with no registration fee and payments spread over four to five years after handover for up to 60 per cent of the development value. The plan is applicable at its Mamsha, Jawaher, Yas Acres, Mayan, Alghadeer and Reflection developments. “Under the terms of the new post-handover payment plans, customers will be able to buy dream homes on beneficial terms at a choice of six prime developments in Abu Dhabi,” Maan Al Awlaqi, Executive Director, Commercial at Aldar said in a statement. The development comes as Abu Dhabi focuses on boosting the property market with a new real estate law that allows foreigners to own freehold property in designated zones. Earlier, ownership of property was only allowed to UAE and GCC nationals. Abu Dhabi government also launched a Dh50 billion Ghadan 21 programme that is expected to have a positive impact on the real estate sector in the emirate. Long-term visas are also being granted by the government for investors. In the first six months of this year, Abu Dhabi's real estate sector overall saw 10,000 transactions worth Dh31bn, according to a report by the Department of Urban Planning and Municipalities.