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News Brief #15 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF #15 SUNDAY 14 APRIL 2013 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS GCC/MENA FDI flow into GCC rebounds Mena hotels achieve positive start to the year ABU DHABI New shopping mall in Al Bahia to open this year Futuristic tower's future back on 5,000 new flats to push rents down on Abu Dhabi's Reem Island TASWEEK to present AED 500 million integrated housing project at Cityscape Abu Dhabi 2013 DUBAI Dubai Al Qouz 4 internal road works completed Emaar launches new 188 villas in Reem, 3-bedroom priced less than Dh1 million Tecom adds 160 new companies to ICT cluster High demand drives Dubai office, retail rents up Damac flats from Dh449,000 Rashid Tunnels project nears completion Emaar releases additional units after ‘mad scramble’ at Dh1 million villa launch Nakheel wins fight over islands Serviced residences offer sure-fire formula Shifting trends - Dubai tenants now head towards property ownerships, reports Bayut Increasing rents in Dubai drive tenants towards lower budget homes Seven Tides appoints Better Homes as exclusive sales agent for new Palm Jumeirah luxury resort residences JLT, Dubai Marina, Palm prices rise by up to 10% in Q1 Luxury Dubai villa prices up 9% since Q3 2012 Dubai's DPG launches sales at delayed Mudon project Limitless says Dubai business park is now 73% full NORTHERN EMIRATES New mall and residences planned in Sharjah BAHRAIN Khaleeji Commercial Bank Signs MoU with Ebrahim Abdulaal Group to Offer Property Finance KSA Injaz: Saudi real estate sector to see accelerated growth in line with Mortgage Law and Additional Loan Program DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION Dubai Al Quoz 4 internal road works completed SUNDAY 7 APRIL 2013 Dubai’s Roads & Transport Authority (RTA) has completed the construction of internal roads of Al Quoz 4 Residential Area Project in District 359; which is bordered by Al Waha Road to the north, Al Khail Road to the east, Latifa bin Hamdan Road to the south, and Al Asayel Road to the west. Al Quoz Residential Area 4 Project comprises the construction of 8 km-long roads covering internal roads, roadside parking spaces, street lighting, road marking, light signals and traffic safety works, including rainwater drainage systems and protection of the existing utility lines in the project area. “By completing project works in Al Quoz 4 Residential Area Project, which started in May 2012, the RTA has provided smooth traffic flow in the internal roads across the entire area and smooth entry and exit of residents,” said Maitha bin Udai, CEO of RTA Traffic & Roads Agency. “Al Quoz area currently has projects underway including the R 911 Project at Al Qouz 2, which covers an area of 225 hectares in Area 355 comprising 3.7 km-long dual carriageway, 7 km-long two-way streets with roadside parking slots, seven roundabouts, and street lighting works in addition to storm-water drainage and sewage networks. “Al Quoz 3 is also seeing the construction of 3.3 km-long one-way streets along with roadside parking spaces, and 5.3 km-long roads along with associated logistical services,” said Maitha. Source: Emirates Business 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION Emaar launches new 188 villas in Reem, 3-bedroom priced less than Dh1 million MONDAY 8 APRIL 2013 Emaar Properties will launch sales of 188 townhouses in Mira, the first residential community in Reem. Located near Arabian Ranches, the Dubai developer will launch various types of Mediterranean-styled townhouses with prices starting at Dh988,888 for 3-bedroom homes. A full-fledged lifestyle community focused on leisure, Reem marks the first time that a gated community in Dubai will feature a desert botanical park, camping facilities, sand surfing and camel riding trails, go karting track, dune buggies, rock climbing wall and a skate park. Anchored by a sweeping central park, the development will also feature interactive fountains, walkways and a centrepiece water feature. Adding to the convenience of residents are mosques, a central park, retail plaza, residents’ club, restaurants and cafes, nurseries and primary schools, jogging and bicycle paths, a cricket pitch and several football fields, a miniature golf course and an amphitheatre outdoor cinema – all set within the neighbourhood. Sale will commence on Saturday April 13 at the Emaar Sales Centre in Emaar Square, Downtown Dubai, on a first-come, first-served basis. Potential customers are requested to be on-site for registration at 7am. Located next to the Arabian Ranches extension, Reem is conveniently situated at the cross-roads of Al Qudra and Emirates Road. It is also in close proximity to the Arabian Ranches Golf Club, Dubai Polo & Equestrian Club and Global Village, and just over 20 minutes from Downtown Dubai and the Dubai International Airport. Ahmad Al Matrooshi, Managing Director, Emaar Properties, said: “We are giving a new interpretation to leisurely lifestyle with Reem, which meets the growing demand for villas and townhouses in Dubai. Every aspect of Reem has been carefully designed to offer an unprecedented lifestyle ambience that draws on the soothing comfort of traditional desert oasis.” He added: “Ideal for families seeking a relaxed environment, away from the bustle of the city, Reem will be a tranquil setting where residents can enjoy the thrills of the desert including buggy rides and camping. The distinguishing feature of Reem is its landscaping that places equal emphasis on greenery and sandy desert landscape. Reem is inspired by nature, and is envisaged to be a much sought-after community with its promise of a refreshing lifestyle. Mira will be the first of many similar residential communities to be developed in phases within Reem.” The three-bedroom Mira townhouses will a focus on spacious comfort. The townhouses reflect the world- class communities developed by Emaar in Dubai. All the houses will have spacious balconies, modern fittings and fixtures, driveways and courtyards. Emaar is currently launching the first phase of the project, with the homes scheduled for hand-over in 2016. Reem is the latest addition to the portfolio of residential project launches by Emaar in Dubai this year. It follows overwhelming customer response to the launch of The Address Residence Sky View, The Address DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION Residence Fountain Views I and II and The Address The BLVD, all in Downtown Dubai. Emaar has also launched CASA, a Moroccan-style villa community, as part of its Arabian Ranches extension. Source: Emirates Business 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION FDI flow into GCC rebounds MONDAY 8 APRIL 2013 Foreign direct investment (FDI) flow into Gulf hydrocarbon producers rebounded in 2012 after a decline for three successive years because of the cancellation of key projects in some regional countries, according to a regional report. The flow into the six-nation Gulf Cooperation Council (GCC), which controls over 40 per cent of the world’s recoverable crude deposits, stood at around $27.9 billion (Dh102 billion) last year compared with about $24.5 billion (Dh90 billion) in 2011, an increase of 13.8 per cent, the Kuwaiti-based Gulf Investment Corporation (GIC) said in its monthly economic bulletin. “The increase illustrates the improvement in the investment climate in the GCC countries and the emergence of new major investment opportunities in key sectors in member states,” said GIC, which is owned by the GCC governments. It gave no breakdown but the UAE and Saudi Arabia are expected to have attracted more than half those investments, mainly from the West and Asia. Official data showed FDI into the GCC plunged by nearly 35 per cent in 2011 for the third successive year mainly because of the cancellation of large projects in the UAE and Saudi Arabia, the largest Arab economies. It was the third year that such flows recede after they hit an all time high of $60.3 billion in 2008. “Inflows in 2011 were at their lowest level since 2004,” National Bank of Kuwait said, citing a recent report by the UN Conference on Trade and Development (UNCTAD). “The suspension or cancellation of a number of mega projects in the region particularly in Saudi Arabia and the UAE due to difficulties in securing project financing were cited by UNCTAD as major reasons for the contraction in inflows.” The report showed that in the UAE and Saudi Arabia, the number of cancelled or suspended construction projects as of end-2011 stood at about $958 billion and $354 billion, respectively. But FDI to the UAE has actually been increasing year-on-year since the Dubai debt problems of 2009, the report showed. Qatar, on the other hand, recorded negative net FDI inflows of -$86.8 million, which is most likely a result of repatriation of investments and proceeds by foreign corporations following completion of LNG infrastructure expansion.
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