Week 33 SUNDAY, 18 AUGUST 2019

ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

UAE / GCC / MENA

WORK STARTS ON COASTAL VILLAGE PART OF SAUDI MEGA TOURISM PROJECT

AFFORDABILITY SEEN AS GROWING CHALLENGE FOR SAUDI REAL ESTATE MARKET

WHY CO-WORKING SPACES COULD BE THE FUTURE IN SAUDI ARABIA

RIYADH'S MIDSCALE HOTEL SECTOR FORECAST TO SEE STRONGEST GROWTH

THE BEST TIME TO GET A SECOND MORTGAGE

UPCOMING ICONIC SKYSCRAPERS TO ADD MORE GLAMOUR TO UAE SKYLINE

INVESTORS MORE BULLISH ON UAE'S ECONOMY COMPARED TO OTHER GLOBAL MARKETS

DUBAI

HOMEFRONT: 'IS IT SAFE TO PAY MY RENT TO THE LANDLORD'S POWER OF ATTORNEY?'

NEW DUBAI RESIDENTIAL UNITS TO PUSH REAL ESTATE PRICES DOWN FURTHER, REPORT SAYS

DUBAI REPORTS RISE IN FIRST-HALF TOURIST NUMBERS

DUBAI ISSUES ALMOST 15,000 NEW BUSINESS LICENCES IN FIRST HALF OF YEAR

NEARLY 21,000 PROPERTIES COMPLETED IN DUBAI DURING H1

CONSTRUCTION AWARDS SLUMP HITS H1 PROFITS OF DUBAI'S ARABTEC

MAISON PRIVEE INKS DEAL FOR $100M PALM JUMEIRAH HOMES PORTFOLIO

UAE'S IBC EYES $5BN DEAL TO ACQUIRE 10,000 HOLIDAY HOMES IN DUBAI

DUBAI DEVELOPER TO PAY BUYER'S SCHOOL FEES FOR A YEAR

UAE DEVELOPER AZIZI LAUNCHES NEW DIVISION TO ADD DUBAI RETAIL PORTFOLIO

IN PRICEY MIRDIF, A NEW PROJECT FOR BUDGET-CONSCIOUS HOMEBUYERS

OVER TWO-THIRDS OF WORKS ON AL QUDRA-LEHBAB PROJECT COMPLETED

DUBAI DEVELOPERS RACING AGAINST TIME TO COMPLETE, HANDOVER PROJECTS

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

REAL ESTATE NEWS

NEW COMMUNITIES IN DUBAI WILL SEE MORE RENTAL DEMAND

ABU DHABI

INFRASTRUCTURE WORK STARTS ON ALDAR'S $544M ALREEMAN PROJECT

DEFLATION TAKES HOLD IN ABU DHABI AS HOUSING COSTS FALL

ADNEC SAYS CONTRIBUTED $630M TO ABU DHABI ECONOMY IN H1

INTERNATIONAL

BERLIN RENT FREEZE UNNERVES INVESTORS

EGYPT'S RED SEA COAST TO GET A NEW MEGA RESORT

GULF INVESTORS OFFERED CHANCE TO BECOME UK HOME OWNERS OVERNIGHT

ASSET MANAGEMENT SALES LEASING  VALUATION & ADVISORY BUILDING CONSULTANCY OWNER ASSOCIATION

HOMEFRONT: 'IS IT SAFE TO PAY MY RENT TO THE LANDLORD'S POWER OF ATTORNEY?' Thursday, Aug 15, 2019 I need to renew my current lease but the owner's representative insists I make the cheque payable to the Power of Attorney (POA) and not the owner. I am very uncomfortable with this. In the past, I have seen you write in your column that you should only make a cheque payable to the owner, as there can be many shady things the owner/representative has already done. This might include not paying service fees, not reimbursing me for major expenses in the apartment and so on. My lease expires in three weeks and they are only springing this on me now (in the final moments of the contract). They also have still not paid me over Dh4,000 for work I paid for, which they agreed to reimburse. Plus the landlord's agent has my security deposit and I have little time to find a new place. Does the Real Estate Regulatory Agency or the Dubai Land Department have a rule that cheques should be payable to the owner of property – in other words, the person whose name is listed on the title deed? What do you suggest? Risk paying the POA or find another place to live? RT, Dubai Any rental payments have to be made in the name of the owner (as per the title deed) and this includes if there is more than one person represented. This is the Rera rule. I realise that sometimes an owner may not have a bank account in the UAE, if they are not residing here, but this is easily resolved by transferring monies via bank transfer etc. The only time a tenant should write the rental cheque to anybody other than the owner is if the owner has appointed a representative with POA. In these instances, you must make sure the POA document is legal and by that I mean in date. POA documents generally have a validity date of two years so please check this. Also, carefully read the document thoroughly and ensure the person with POA can indeed receive the rent in his/her name. The reason rental cheques should be in the owner's name is obviously to avoid any fraud. As mentioned, check the POA document carefully and, if it is all OK, it is allowed to pay the rent this way. If it makes you feel more secure and for added comfort, you could always ask the owner directly to email you (so that it is in writing) that he is happy for you to write out the rent cheque in the name of the POA. You can do this just to check that the owner's representative is acting in accordance with the owner's wishes. You can never be too careful in these situations as rental cheques have been misappropriated by individuals far too many times. These crooks have managed to get their hands on money illegally by using fake documents. 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

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NEW DUBAI RESIDENTIAL UNITS TO PUSH REAL ESTATE PRICES DOWN FURTHER, REPORT SAYS Tuesday, Aug 13, 2019 A record number of residential units expected to come online in the second half of the year will push Dubai property prices lower, according to a report by the portal Property Finder on Tuesday. A total of 20,978 residential units were completed in the first half of 2019 comprising 14,999 apartments, 1,084 serviced apartments and 4,895 villas and town houses, according to Property Finder estimates. An additional 38,426 residential units within 152 projects that have at least an 85 per cent completion status as of July, are scheduled to be delivered by the end of the year. “With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units,” said Lynnette Abad, director of data and research at Property Finder. “Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors,” she said. Notable handovers this year so far, include the DT1 tower in Downtown Dubai with 130 apartments, Al Sarfa compound by Meraas in Al Sufouh with 44 villas, Sidra Community (512 villas) and the Maple I and Maple II sub- communities of Dubai Hills Estate (1,312 villas). Villas were also added in Sobha Hartland Estate in Mohammed Bin Rashid City (48) and in Emaar’s Vida Hills (426 apartments). Within the master-planned community of Town Square by Nshama, six additional projects were expected by the end of 2018. So far this year, 579 units in Safi Apartments and 680 additional units in Zahra Breeze were completed, and others can be expected to follow by the end of the year, according to the report. New projects slated for the remainder of the year include the first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 town houses in Serena and Jenna apartments in Town Square. Phase 1 and 2 of Azizi Victoria with 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments and three towers yielding 1,427 apartments in Al Habtoor City are also scheduled for completion this year. “Overall residential stock is expected to reach 637,000 units by the end of 2020, correlating to more than a 10 per cent increase in recent years. While there are concerns of supply increasing ahead of demand, a more affordable market overall would be a welcome trend for residents and investors,” Property Finder said. The latest survey comes as rents and sale prices continue to decline in Dubai. Average apartment prices in the emirate declined 15.1 per cent in the second quarter of the year, compared with the second quarter of 2018 with villa and town house prices dropping 14.7 per cent during the same period, a report by property consultancy Cavendish Maxwell recently said.

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Source: The National

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BERLIN RENT FREEZE UNNERVES INVESTORS Saturday, Aug 10, 2019 Berlin’s plan to freeze rents in the city for five years has spooked investors facing leaner returns amid a public backlash against big apartment owners, once among the best-performing stocks. The combined market value of Germany’s 60 publicly traded landlords fell by about $8 billion (Dh29.38bn) in the second quarter, according to data compiled by the European Public Real Estate Association. The 7 per cent decline from the previous three months was by far the worst performance among European countries. One of the biggest losers was Deutsche Wohnen, Berlin’s largest apartment owner and the focus of protests about rising rents and the shrinking supply of housing in Germany’s capital. Its shares have dropped by almost a quarter since the city government announced its intention to rein in landlords. Berlin, a city where renters are by far in the majority, was previously known for its ultra-low living costs. However, a property boom drove up rents by more than 50 per cent since 2011 and turned landlords like Deutsche Wohnen and Vonovia into top performers on the stock exchange. Now the prospect of a clampdown on rents threatens to sully the market’s reputation as a reliable source of returns. Cities around the world are grappling with an affordable housing crisis after a decade of loose monetary policy sent asset values soaring even as incomes stagnated. That’s leading to a raft of new policy propositions from taxing overseas buyers to capping rents in cities from Vancouver to Sydney. Berlin announced the rent-cap plan in June. The likely effect of the measure will remain unclear until the city’s senate finalises the details in October. To add to the uncertainty, the legislation may face a legal challenge after it’s introduced in January, Bloomberg Intelligence analysts Iwona Hovenko and Sue Munden said in a note. “We’re moving in a fatal direction,” said Jakob Maehren, a German real estate investor whose closely held company owns 2,000 apartments. “Berlin is our home market but we’ve decided to reduce our investments here because of these measures, which won’t help the average renter at all.” About a third of Maehren’s properties are in the capital. The rest are in German cities including Leipzig, Dresden and Magdeburg. In response to the rent-freeze plan, Germany’s biggest landlord urged the Social Democratic-led government to use the measure as an opportunity to find long-term solutions to its housing crisis. “We don’t want cities like London,’’ where only the super-rich can afford to live in downtown neighbourhoods, Vonovia chief executive Rolf Buch said. Less than 10 per cent of the company’s apartments are in Berlin. For its part, Deutsche Wohnen said it would make a greater effort to protect renters. “We want to improve the situation on the German residential market and will take our tenants’ individual capacities more into account in future,” chief executive Michael Zahn said. Rogier Quirijns, a portfolio manager at Cohen & Steers, said he’s long been an advocate of Berlin residential- property stocks. “Berlin rents are still relatively cheap and should be able to grow, but we wouldn’t recommend” investing in Berlin real estate companies in light of the political climate, he said in an interview. Landlords with properties across Germany are a better bet, he added.

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Peter Papadakos, a senior analyst at Green Street Advisors, is more upbeat about the Berlin market’s long-term prospects. The fact that other European cities, including Barcelona and Helsinki, are also taking steps to control rents should ensure that German cities continue to lure investors, he said. “Good luck trying to find large, liquid residential real estate companies outside of Germany,” he said. “The reversal of this knee-jerk reaction will take time, but I think the country’s attractiveness as a destination for residential real estate isn’t likely to be questioned.” Source: The National Back to Index

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DUBAI REPORTS RISE IN FIRST-HALF TOURIST NUMBERS Saturday, Aug 17, 2019 The number of international overnight visitors to Dubai increased by 3 per cent in the first half of 2019, to 8.36 million, according to new figures from the emirate's Department of Tourism and Commerce Marketing (Dubai Tourism). Numbers were boosted by an 11 per cent year-on-year increase in visitors from China, to 501,000. Visitor numbers from Oman also saw a spike — up 28 per cent year-on-year to 499,000 — and the number of tourists arriving from the Philippines also grew 29 per cent to 216,000. These helped to offset declines from markets such as India and the UK, which have been affected by a strong dollar, to which the dirham is pegged. "Designed to counter unforeseen macroeconomic variables faced by the global travel ecosystem and mitigate impediments associated with over-reliance on any one market or region, we have been long-standing proponents of a globally diversified market strategy — which continues to support our resilience as a sector," said Saeed Almarri, director general of Dubai Tourism. Visitor numbers from India, Dubai's biggest tourism source market, declined 8 per cent year-on-year to 997,000, while numbers from the third-biggest source market, the UK, dropped 2 per cent to 586,000. Dubai has become more expensive for tourists from both markets, as the Indian rupee has declined in value against the dollar by 2.5 per cent since the start of the year, while the pound is 4.7 per cent lower. Saudi Arabia remained the second-biggest source market, with visitor numbers up 2 per cent year-on-year to 755,000 during the six-month period. Dubai Tourism said that during the Eid Al Fitr break visitor numbers increased by 4.9 per cent. China is now the fourth-biggest tourism source market, followed by Oman. Dubai Tourism attributed its success in attracting more Chinese visitors to a 'three-pronged' approach that included direct-to-consumer awareness campaigns on certain platforms, customised trip-planning and improving the experience for Chinese visitors in Dubai through in-city improvements such as the creation of a Dubai Mini-Assistant app on the WeChat platform and digital audio tours available on mobile phones. "Stakeholder engagement is crucial to generating tourism growth," Mr Almarri said. Figures from Dubai Tourism and consultancy firm STR showed that both the average daily rate charged by hoteliers and revenue per available room continued to fall during the first half of the year, however, as the supply of new hotel rooms continues to build ahead of next year's Expo 2020 event. Dubai Tourism figures show the number of rooms increased 6 per cent year-on-year to 118,345 as the number of hotels grew 2 per cent to 714. STR said in the second quarter, revenue per available room (revpar) fell 13.1 per cent to Dh344.65 per night as occupancy levels dropped 0.9 per cent to 67.1 per cent. "Supply has now outgrown demand in Dubai for six consecutive quarters," STR said last month, with the addition of new supply meaning that revpar sank to its lowest level since 2003. However, the consultancy said that June was the strongest month of the quarter, witnessing a 30.5 per cent uptick in demand.

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Source: The National

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EGYPT'S RED SEA COAST TO GET A NEW MEGA RESORT Saturday, Aug 10, 2019 Rixos Hotels agreed to manage its largest all-inclusive luxury resort in the world on Egypt’s Red Sea Riviera as it continues its expansion push across the Middle East. The luxury Turkish hotel brand, in which hospitality Group Accor acquired a 50 per cent stake in 2017, has partnered with the Eastern Company for Investment and Touristic Development to takeover and renovate an existing beachfront property on Egypt's Red Sea coast, near Hurghada, about 300km north-east of Luxor. Scheduled for completion in 2020, it will be re-launched as the Rixos Hurghada Makadi Bay – a 1,636-key mega- resort with leisure, sports and entertainment facilities. “This marks a pivotal moment in the growth story of our brand, bringing to market our largest resort globally and offering our most comprehensive range of facilities and unique and dynamic entertainment experiences yet,” said Fettah Tamince, founder and chairman of Rixos Hotels, which was established in 2000. The resort will feature villas, indoor and outdoor spa and fitness facilities, a waterpark, conference centre and an expansive entertainment area with an amphitheatre. “Our vision is to transform Makadi Bay into the leading leisure and entertainment destination on the Red Sea and in this respect, the [tie-up with] Rixos brand ... makes strategic sense,” said Mahmoud El Sayed Moussa El- Sharkawy, chief executive of the Eastern Company for Investment and Touristic Development. The Rixos Hurghada resort is the first project of its kind since Accor bought into Rixos in 2017, which increased the brand’s footprint to four resorts in Egypt where its already operates properties in Alamein and Sharm El Sheikh and eight across the Middle East. “This unique takeover opportunity strengthens the Rixos offering in Egypt’s Red Sea Riviera and highlights the strong collaboration Accor has established with Rixos team to develop the brand regionally and globally,” said Mark Willis, chief executive of Accor Middle East & Africa. The renovation plan of the existing development in Makadi Bay will be phased in two stages, each spanning a year, with phase one already underway and including the refurbishment and expansion of the resort hotel. When phase one is complete, Rixos Hurghada Makadi Bay will be officially launched and will feature 815 rooms including villas. Phase two will start as soon as the refashioned property opens its doors. Rixos Hurghada will expand Accor’s footprint in Egypt to 25 properties with 13 more projects in the pipeline across its portfolio of brands including Fairmont and Mövenpick, it said. On Egypt’s Red Sea and north coast, the company’s portfolio includes Rixos Sharm El Sheikh, Rixos Alamein and Rixos Premium Seagate in Nabq Bay, as well as Mövenpick El Gouna and Mövenpick Soma Bay. Source: The National Back to Index

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DUBAI ISSUES ALMOST 15,000 NEW BUSINESS LICENCES IN FIRST HALF OF YEAR Saturday, Aug 17, 2019 The Department of Economic Development's Business Registration and Licensing (BRL) section issued 14,737 new licences during the first half of 2019. Of the licences issued, 52 per cent were commercial, 45 per cent professional, 2 per cent tourism-related and 1 per cent related to industry, the DED said. The "Business Map" digital platform of DED, designed to illustrate the economic ecosystem of Dubai by providing data on each licence category including the number issued and distribution of licences on a monthly basis, saw 81 business licences being issued daily during the first half of the year. The Business Map showed that new business owners accounted for 88 per cent of the licences issued during the first half. "Women increased their share among new business owners to 12 per cent, underlining Dubai’s importance as an ideal launchpad for all entrepreneurs and investors," the DED said. The top 10 nationalities that secured the new licences were Indians, Bangladeshis, Pakistanis, Egyptians, British, Saudis, Jordanians, Chinese, Filipinos and Sudanese. The DED said Bur Dubai area accounted for the largest share at 7,584 of the new licences issued in the first hald followed by Deira (7,135). The top sub-regions were: Burj Khalifa (1,747); Al Garhoud (1,284); Port Saeed (986); followed by Al Fahidi; Al Barsha 1; Dubai World Trade Centre 1; Al Marrar; Al Khubaisi; Naif and Oud Maitha. During the first six months of 2019, the DED said the number of Trade Name Reservations reached 22,456, while 17,798 Initial Approvals and 16,084 Licence Modifcations were granted. The DED said that it recorded 73,404 transactions for Licence Renewal in the first half of 2019, including 34,250 related to Auto Renewal via text message, while BRL issued 1,149 instant licences, which are processed in a single step without the need for either a memorandum of association or an existing location for the first year. Of the total number of licences issued during the first six months, 7,392 were for Limited Liability Companies, 3,883 for Sole Proprietorship companies, and 2,686 for Civil Companies, the DED said. Source: The National Back to Index

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WORK STARTS ON COASTAL VILLAGE PART OF SAUDI MEGA TOURISM PROJECT Saturday, Aug 17, 2019 The Red Sea Development Company (TRSDC), the master developer behind one of the world’s most ambitious tourism initiatives in Saudi Arabia, has announced the start of work on part of the mega project. The company said it has commenced development of the Coastal Village, a residential and commercial area that will house the workers, staff and management of The Red Sea Project. Construction of corporate offices is already underway on the Coastal Village site. Scheduled for completion by the second quarter of 2020, the offices will become the centre of operations for the development. They will accommodate 500 people and provide supporting amenities including a 160-seat restaurant and 100- seat auditorium, a statement said. TRSDC added that it has also signed a contract for construction of the first 10 residential apartment buildings within the Coastal Village which will ultimately become home to around 14,000 people who will be employed in roles at the destination when the first phase opens in 2022. It will also provide temporary housing for 25,000 workers who will be building the infrastructure and assets. “Delivering and operating a destination as ambitious as The Red Sea Project requires a happy, healthy and fulfilled community of people enjoying a high standard of living and the amenities necessary to support a modern lifestyle,” said John Pagano, CEO of The Red Sea Development Company. “The Coastal Village will be a vibrant and engaging community combining the highest quality accommodation, environmentally sensitive corporate offices and a wide range of leisure and recreational facilities, all delivered in a way that is fully aligned with our commitment to sustainability.” The construction partner for the design and build of the management offices is Saudi group Al Majal Al Arabi, which recently signed a contract with TRSDC to build 5,000 residential units for construction workers at the destination. The construction partner for the development of the residential apartments will be Saudi Amana Contracting, a subsidiary of UAE-based Amana Contracting Group, which recently won the contract to design and build a management hotel to serve the Coastal Village. The first five apartment buildings are expected to be completed by the third quarter of 2020 and the remaining five by Q4 in the same year, delivering a total of 300 apartments. Some of the properties will initially provide accommodation for the construction workers who will be hired to develop the destination and will later be repurposed to meet the needs of employees working at the various hotels, commercial and retail assets, entertainment facilities and corporate offices that will make up The Red Sea Project. The Red Sea Project is on track for completion by the end of 2022, including 14 luxury hotels offering 3,000 rooms across five islands and two inland resorts. It will also include a marina, entertainment facilities, an airport, and the necessary supporting logistics and utilities infrastructure.

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Source: Arabian Business

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NEARLY 21,000 PROPERTIES COMPLETED IN DUBAI DURING H1 Friday, Aug 16, 2019 Developers are completing construction and handing over projects with speed ahead of Expo 2020 Dubai despite a sustained correction in prices, according to new research. The Property Finder Trends report for the first half of 2019 showed that a total of 20,978 residential units were completed. The total comprised 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes. The report also showed that, as of July, there are an additional 38,426 residential units within 152 projects that have at least an 85 percent completion status and are scheduled to be completed by the end of the year. According to Data Finder, the real estate insights and data platform of the Property Finder Group, this breaks down to 29,397 apartments, 3,387 villas/townhouses, and 5,642 serviced apartments. However, it added that even with a high completion status, not all projects will achieve completion this year. Overall residential stock is expected to reach 637,000 units by the end of 2020. Some of 2019’s notable handovers so far include the DT1 tower in Downtown Dubai which added 130 apartments, 44 villas within Al Sarfa compound by Meraas in Al Sufouh, 512 villas in the Sidra Community and another 1,312 villas in the Maple I and Maple II sub-communities of Dubai Hills Estate, 48 villas in Sobha’s Hartland Estate in Mohammed Bin Rashid City and 426 apartments in Emaar’s Vida Hills. “With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units. Increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. For the sales market, an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors,” said Lynnette Abad, director of data and research, Property Finder. Notable completions that are expected for the remainder of the year are the first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 townhouses in Serena, Jenna apartments in Town Square, phase 1 and 2 of Azizi Victoria yielding 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments in total and three towers yielding 1,427 apartments in Al Habtoor City, according to Data Finder. Source: Arabian Business Back to Index

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CONSTRUCTION AWARDS SLUMP HITS H1 PROFITS OF DUBAI'S ARABTEC Wednesday, Aug 14, 2019 Dubai-based contracting giant Arabtec Holding on Wednesday recorded a net profit of AED58 million on revenue of AED4.2 billion for the first half of 2019. The company said total revenue declined by 12.4 percent and net profit fell by 48.8 percent compared to the same period last year. It said this reduction was mainly attributed to a decrease in awards in the construction sector in H1 in addition to a number of legacy projects completing through 2019. Arabtec added that its backlog remained strong at AED14 billion despite a decline in new awards during the first half of 2019. Total debt was reduced by AED373 million in H1 and net debt to equity ratios improved. Group CEO, Peter Pollard said: “We remain committed to our strategy of diversifying our backlog across the infrastructure and industrial sectors. During the first half of the year, we have secured new contracts in the industrial sector which we expect to continue given the strength of the pipeline. "With a particular focus on strengthening our balance sheet, we continue to reduce our debt by AED373 million during H1 2019. I am pleased with the progress we are making on completing a number of legacy projects that have been with the Group for a number of years. "Many of these projects are about to be handed over in the coming months which will allow us to better focus on our current projects and securing new profitable projects. "Our strong pipeline of tender opportunities coupled with Arabtec’s long- standing market reputation provides us with a strong base to grow the company and deliver on our strategic roadmap. We also remain focused on diversifying our backlog geographically and we are selectively evaluating opportunities in other GCC countries and MENA region.” Source: Arabian Business Back to Index

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INFRASTRUCTURE WORK STARTS ON ALDAR'S $544M ALREEMAN PROJECT Saturday, Aug 10, 2019 Aldar Properties has announced that work has started on the infrastructure in Alreeman, a $544 million master- planned residential and commercial investment zone in the Alshamkha which was launched earlier this year. Tristar Engineering & Construction, as the main contractor, has been given a AED794 million contract, with the handover of the work on the 2.8 million sq m development expected by July 2021. As part of the 24-month contract, Tristar’s mandate will include the construction of roads and infrastructure alongside all works related to earth, storm drainage and sewerage. The contractor’s work will also include installing the gas network, water works, irrigation and telecom systems, in addition to general road works, street lighting and landscaping. Alreeman includes a series of residential clusters that will feature single and multi-residential villas and apartments, complemented by retail space, F&B, mosques, sports, education and commercial facilities In a construction update, Aldar also reported steady progress across all of its developments on Yas Island. At Yas Acres, the flagship golf and waterfront villa and townhouse development, all 652 launched villas and townhouses are at various stages of completion. It added that structural works at Water’s Edge are progressing across all 13 buildings while concrete works are complete across the entire Mayan project, Aldar’s luxury apartment development. On Saadiyat Island, Aldar said construction is substantially complete at Mamsha Al Saadiyat with finishing works underway. Jawaher Saadiyat, the island’s exclusive gated community of villas and townhouses, is also making good progress ahead of handovers this year, the developer said. On Reem Island, work on the Bridges, a six building, 1,272 home development, is "progressing well", Aldar said, while at Alghadeer, Aldar’s sustainability focused masterplan, excavation works are now almost complete. Work on the mock-up villas is well underway, and infrastructure works have commenced. Situated close to the border of Abu Dhabi and Dubai, Alghadeer is features over 14,000 homes, commercial properties, cultural and institutional amenities and entertainment attractions to be built over the coming 15 years. Source: Arabian Business Back to Index

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ESHRAQ AWARDS CONTRACT TO BUILD DUBAI MIXED-USE PROJECT Friday, Aug 09, 2019 Eshraq Investments, the Abu Dhabi-based investment company, has awarded the construction contract for its Jumeirah Rise project in Jumeirah Village Circle, Dubai. The project consists of two mixed use tower and one hotel apartments, the company said as it announced that it made a net profit of AED4 million for the first six months of 2019. Eshraq said its diversification plans continued to pay off with each of its business divisions recording strong growth during the first half of the year. The company added that its leasing and hospitality businesses including its residential apartments in DIFC and Nuran Marina hotel apartments continued to outperform the market, with occupancy rates touching 100 percent and 88 percent respectively. Eshraq also said its investment portfolio generated strong income from investments and deposits. On the development front, Eshraq’s Marina Rise project in Reem Island construction is now over 40 percent complete and is targeted to be ready by the fourth quarter of 2020. The board has also approved the start of construction of the Jumeirah Rise project which will increase Eshraq's footprint and capacity with a new total leasable area of 35,500 square metres. In addition, the company said discussions are ongoing relating to the cross-listing of its shares on the Saudi Stock Exchange (Tadawul), with applications have been submitted to regulators. The directors also proposed the removal of the foreign ownership limit cap. Source: Arabian Business Back to Index

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MAISON PRIVEE INKS DEAL FOR $100M PALM JUMEIRAH HOMES PORTFOLIO Thursday, Aug 15, 2019 Maison Privee, a vacation rental provider for the luxury hospitality sector, has signed a deal to manage a portfolio of luxury signature villas on Palm Jumeirah, Dubai, valued at over $100 million. The property portfolio was acquired through a preferred partner relationship with Gulf Sotheby’s International Realty and its exclusive clientele. Maison Privee said in a statement that the partnership strengthens its position as the largest short-term rental operator on the Palm and supports its aspiration to be the largest operator of luxury properties in the UAE. Maison Privee co-founder and managing director, Paul Mallee, said: “Our focus is on growing our portfolio of luxury and unique properties whilst ensuring that our guest experience continues to ‘wow’ at every touch point.” Since its announcement of $4 million Series A funding last year, Maison Privee said it has continued to invest heavily in building the right team and infrastructure to support accelerated growth. Co-founder Rami Shamaa said: “Implementation of a very strong hotel-like corporate structure, IT stack and unique operating model has been fundamental to positioning us for such growth. “With the right structures in place, Maison Privee has the ability to expand its portfolio both in Dubai and internationally and is actively exploring expansion through acquisition or partnership,” he added. Source: Arabian Business Back to Index

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GULF INVESTORS OFFERED CHANCE TO BECOME UK HOME OWNERS OVERNIGHT Wednesday, Aug 14, 2019 A new online platform is promising Gulf investors the chance to become instant residential UK landlords, initially in the northern cities of Manchester and Liverpool. Dot Residential sets up limited companies to own the homes, allowing casual international investors to more easily to build a property portfolio. Under the company’s model, investors pay a 30 per cent deposit and can complete quickly on a Dot mortgage. Founded in April this year, the start up company has processed 20 transactions so far. Gray Stern, co-founder and CEO of Dot Residential, said he is specifically looking to target Gulf investors. Around one third of the firm's buyers hail from the Middle East region, including the UAE, Kuwait and Saudi Arabia. "There are many Middle Eastern investors who are actively searching for UK property. Our low-hanging fruit will be the British expats who are looking to easily invest in property," Stern said. The CEO aims to establish a new office in Dubai in 2019 to focus on the regional market. “We offer a marketplace of high quality property investments… we package up investments so it’s easy for customers – we offer everything in one solution including pre-vetted properties, finance deals, property management and interiors,” said Stern. Dot Residential bulk-buys properties at a discount from a developer and furnishes them to a ‘boutique hotel’ standard. The landlord must pay for this upfront, but Stern claims this leads to higher rents and less empty days. The company also charges landlords £500-£1,000 a year for filing accounts and can manage the properties for a 10 percent commission rate. The business started in Manchester and Liverpool, with 20 properties bought with $3 million in seed funding, mainly from US investors. The two cities have growing populations of young professionals, while rents in both cities are forecast to keep rising modestly. Stern said: “The buy-to-let market has moved out of London as yields are higher and stamp duty has chilled the investment market. "Previously investors would focus on London, but now they are now being a little more sophisticated in their portfolios and looking for cash flow generation assets further afield.” Louise Emmott, head of North West residential agency at property company JLL, said Manchester is becoming increasingly in demand as a city, as young people are priced out of London and businesses look to north-shore their offices Emmott said: “The demand for buy-to-let remains strong, especially with high demand for rental properties continuing. We have seen a spike in rental demand for apartments in Manchester city centre, with a 117 percent increase in people moving in to Manchester in July 2019 (compared to the same period last year).

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“The city of Manchester continues to prosper and has become a cosmopolitan place to live, with affordable property prices, thriving business, first rate leisure facilities and excellent transport links.”

Dot Residential plans to expand out to the northern UK cities of Leeds and Birmingham this year, as well as US cities such as Austin and Denver, where millennials priced out of big cities are increasingly moving. Dot Residential aims to provide ‘instant’ property buying services compared to the usual six-month process. “We want to be the Amazon one-click service for property buying. We act as a real estate manager and concierge; we have great partners for all the necessary services – we are a full turn-key solution,” said Stern. Dot Residential will be seeking Series A funding in early 2020 to expand globally. Stern said he plans for the firm to be the ‘world’s first tech-enabled global scale property platform’, focused on Middle Eastern and Asian buyers. Source: Arabian Business Back to Index

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UAE'S IBC EYES $5BN DEAL TO ACQUIRE 10,000 HOLIDAY HOMES IN DUBAI Wednesday, Aug 14, 2019 UAE-based IBC Group announced on Wednesday that it intends to acquire 10,000 properties in Dubai to furnish and manage as holiday homes. The company said it has contracted Berkshire Hathaway HomeServices Gulf Propertieson an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties. The deal is valued at $5 billion, with a possible scale up to acquiring one million properties in over 100 cities across the globe, a statement said. Operating in the UAE since 2014, the IBC Group has focused on private equity investment in real estate, arts and future technologies. The group is backed by global banking and finance leader Khurram Shroff, who is also the co-founder of The Gallery Suites Vacation Rentals, a worldwide short-term rental management firm, which focuses on providing specialised services to property investors, homeowners, and Airbnb hosts. IBC Group said it aims to become a key influencer in building the confidence in the real estate industry across the Middle East. It added that the properties to be acquired will be financed via an Islamic finance vehicle known as sukuk. “We believe in interfaith harmony and cater to all beliefs,” said Shroff. “For the Muslim traveler, providing Sharia- compliant vacation homes with standardised Qibla direction and prayer mats in each of our apartments will enhance our offerings in this sector.” The IBC Group said it perceives strong opportunities for growth in the short-term accommodation market in Dubai, especially in light of the approaching Expo 2020 event which is set to attract 25 million visitors from all around the world. Shroff added: “This partnership represents the coming together of organisations that each bring specific strengths to the table, which will ensure the delivery of the highest possible standards of services and facilities in the Dubai short term accommodation market”. Source: Arabian Business Back to Index

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DEFLATION TAKES HOLD IN ABU DHABI AS HOUSING COSTS FALL Wednesday, Aug 14, 2019 Deflation is becoming entrenched in Abu Dhabi, the UAE’s capital. Consumer prices in oil-rich Abu Dhabi declined for a second consecutive month, falling 1.4 percent in July from a year ago, according to a release by the emirate’s statistics service. The drop was the biggest since at least 2015, and the sixth in seven months, according to data compiled by Bloomberg. An index of prices for housing, water and electricity, which holds the biggest weight among a dozen constituents, dropped 3.6 percent last month. “In the foreseeable future, it is hard to see the housing sector bottoming out, given current market conditions,” said Mohamed Bardastani, the Dubai-based senior economist at Oxford Economics. “A mismatch in the supply and demand curve and weak employment numbers have weighed down on housing prices, and that is the case in both Dubai and Abu Dhabi.” The deflationary momentum began in the UAE, and neighbouring Saudi Arabia, because the introduction of value- added tax in 2018 created a high base for comparison. The prolonged slump in housing costs that’s now putting broader price growth into negative territory has kept it going. Source: Arabian Business Back to Index

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DUBAI DEVELOPER TO PAY BUYER'S SCHOOL FEES FOR A YEAR Wednesday, Aug 07, 2019 UAE-headquartered developer Seven Tides has launched an exclusive promotion in collaboration with Dubai Heights Academy for its Seven Residences The Palm project. Potential buyers can purchase studios, one-, two- and three-bedroom apartments in the luxury Palm Jumeirah development and receive free tuition for one child for one academic year – September 2019 to June 2020 or alternatively September 2020 to June 2021 - at the academy located in Al Barsha South. Abdulla Bin Sulayem, CEO, Seven Tides, said: “This is an excellent opportunity for serious investors to purchase a contemporary and stylish apartment in one of the most sought-after locations in Dubai at a competitive price point - with the added benefit of receiving free education for one child for the next academic year at one of the leading British curriculum teaching schools in the UAE.” Providing education from Foundation Stage 1 through to Year 6, Dubai Heights Academy teaches British Curriculum based on the English National Curriculum approved by the UK Government and taught in schools throughout England, Wales and international schools worldwide. Facilities at the school include outdoor play areas, computer and science labs, music rooms, a library, a multi- purpose sports hall, three temperature-controlled swimming pools, a football pitch, auditorium, Snoezelen room and a sensory gymnasium. Apartments at Seven Residences The Palm start from AED751,000, for studios. Construction work started in September 2018, with an estimated completion date of the third quarter of 2020. Source: Arabian Business Back to Index

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UAE DEVELOPER AZIZI LAUNCHES NEW DIVISION TO ADD DUBAI RETAIL PORTFOLIO Wednesday, Aug 07, 2019 UAE-based Azizi Developments has announced the launch of a new retail division to add shops to its growing portfolio of properties across Dubai. Azizi Retail has launched the sale of a total of 329 retail units which are embedded into its master-planned communities and residential towers in Dubai. Farhad Azizi, CEO of Azizi Developments, said: “Retail spaces enhance our communities and are a lucrative investment that our research attributes to growing investor interest in strategically placed brick-and-mortar outlets. "It is a mutually beneficial integration whereby our residents benefit from lifestyle-enhancing leisure and convenience options, while commercial entities have a bustling environment to conduct prosperous businesses in.” Azizi Developments’ recently launched retail space spans across a total of over 410,000 sq ft. Azizi Riviera houses a total of 177 retail units, developments in Al Furjan comprise 70, Healthcare City towers are host to 42, Palm Jumeirah buildings have 18, and other buildings in Jebel Ali, Sports City, Studio City and Meydan offer 22. Azizi Developments has a portfolio worth over AED45 billion in Dubai, with more than 200 projects under various stages of development. Source: Arabian Business Back to Index

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AFFORDABILITY SEEN AS GROWING CHALLENGE FOR SAUDI REAL ESTATE MARKET Friday, Aug 09, 2019 Saudi Arabia's residential market remained under pressure in the first half of 2019 as a rising affordability challenge and the lack of suitable supply for middle and lower tier buyers continued to weigh, according to new research. Consultancy Knight Frank said, however, that transaction volumes in key Saudi cities have picked up significantly, indicating that the market may be heading towards the bottom of its cycle. On an annual basis, it said the price of Riyadh apartments have fallen by 6 percent, while villa values have slipped 2 percent. In Jeddah, that decline is more pronounced at 8 percent and 5 percent respectively. With a growing urban population and a mismatch in the provision of housing stock to low and middle tier buyers, housing affordability in Saudi Arabia is a rising challenge, Knight Frank said in a report. It added that despite challenging market conditions, various government initiatives aimed at boosting Saudi home ownership and government focus on the real estate sector as part of the economic diversification process is encouraging. The Sakani scheme has been put in place to tackle the rising affordability challenge and is driving substantial construction activity in the market. The main target of the government is to increase Saudi home ownership to 52 percent by 2020 and 70 percent by 2030. "Drivers for the residential market appear to be more positive for the longer term as we expect the housing market to remain supported by government efforts to boost home ownership among Saudis, the focus on the real estate sector as part of the diversification process and various urban regeneration initiatives," the report noted. Raya Majdalani, research manager at Knight Frank said: “The residential market remains under pressure as the rising affordability challenge and the lack of suitable supply for middle and lower tier buyers continue to weigh on the sector. In H1 2019 we have seen as significant pick up in transaction volumes across key cities which indicates that the market may be heading towards the bottom of its cycle.” Source: Arabian Business Back to Index

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WHY CO-WORKING SPACES COULD BE THE FUTURE IN SAUDI ARABIA Saturday, Aug 10, 2019 As Saudi Arabia’s economy continues to diversify and transform, its workplace needs are shifting and more co- working spaces will be required, according to new research. A joint study conducted by Monsha’at and Strategy&, part of the PwC network, said the requirements of workplaces in the kingdom have moved from long-term commitments in traditional office spaces to a more flexible, but sophisticated working environment, such as co-working spaces. Earlier this week, Kerten Hospitality announced the launch of its Ouspace concept in Jeddah with plans to open in Riyadh and Dubai in the future. Increasing the provision of these spaces – where freelancers, entrepreneurs, small and medium-sized enterprises (SMEs) can share offices and services – presents a major opportunity for investors to convert some of the country’s available commercial properties into environments in which companies of all sizes can thrive, the report said. The study highlighted that despite growing demand for co-working spaces in Saudi Arabia, their availability is limited and rents are relatively high. Co-living projects, a relatively new concept in the Gulf region, offers common spaces to socialise and interact. This is in stark contrast to the global co-working market, which has grown steadily for the past decade and in which growth is now accelerating. The rise of co-working spaces globally has been primarily driven by technological advances, economic interest, as well as factors such as improved internet connectivity, reliability, speed, and access to cloud storage, which has eroded the need for a custom office, the report added. Hilal Halaoui, partner with Strategy& Middle East, said: “The number of global co-working spaces has doubled in the past three years, and the number of people who use them globally has tripled. This demand for more modern workplaces is also being seen across the kingdom, resulting in the workplace transforming from traditional to sophisticated. "There is still a large supply shortage, however, and it is estimated that there are 3.4 co-working spaces in Saudi Arabia for every one million workers, compared to 32 for every million workers in the United States.” Globally, almost two-thirds of those using co-working space are younger than 40 years of age. In Saudi Arabia, more than half of the population is under 40 years old, which is precisely the demographic that wants co-working spaces. However, the supply shortage of co-working areas in Saudi Arabia means that major cities in the kingdom command rates that are among the highest globally, disproportionate to those cities’ commercial real estate rental prices, the report noted. Rabih El Chaar, principal with Strategy& Middle East, said: “If Saudi Arabia is to provide more co-working space, it will have to encourage investors to found partnerships with relevant stakeholders and promote investment”.

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To tackle this challenge, Monsha’at, a government body that supports, develops and nurtures the SME sector, said it is actively collaborating with organisations in the public sector as well as the private sector to support and improve co-working spaces on a number of fronts. Mohammed A Alariefy, general manager of entrepreneurship planning at Monsha’at, said: “We have identified the challenges of establishing co-working spaces in the kingdom, related to management capabilities, design, service quality, awareness, funding, and information. Investors who can overcome these challenges can help to address the urgent need for more co-working spaces and potentially benefit financially.” Source: Arabian Business Back to Index

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ADNEC SAYS CONTRIBUTED $630M TO ABU DHABI ECONOMY IN H1 Sunday, Aug 18, 2019 Abu Dhabi National Exhibitions Company has revealed that its businesses contributed AED2.3 billion ($630 million) to the local economy in the first six months of the year. In a statement, the company said that its Abu Dhabi National Exhibition Centre and Al Ain Convention Centre contributed 45 percent more to the economy compared to the same period in 2018. It added that the company's cumulative economic impact rose to AED34.3bn since it was established in 2005. The company said in a statement that this increase was as a result of hosting two major events on the MICE calendar - the International Defence Exhibition and World Future Energy Summit, both of which were held at ADNEC. The two venues hosted a total of 29 exhibitions, 108 conferences and events, as well as 88 special events and supported more than 12,502 jobs in business tourism related sectors in the first half of 2019. The venues’ surrounding hotels registered 343,100 overnight visitors, the statement added. In H1, ADNEC and AACC welcomed more than 1.5 million visitors from the UAE and across the world, marking an increase of 79 percent. Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development and ADNEC Group chairperson, said: "The UAE capital is leading the way in positioning itself as the region’s preferred business tourism hub and ADNEC’s H1 performance testifies to our concerted efforts to maintain this status." She added: "In line with our priority to contribute to achieving the Abu Dhabi Plan and its Economic Vision 2030, ADNEC will continue to drive the diversification and growth of the emirate’s economy as a central part of its strategy." Humaid Matar Al Dhaheri, Group CEO of ADNEC, said: "The impressive number of events hosted by our venues in the first half of 2019 reinforces our position as a leading destination in the flourishing business tourism sector." Abu Dhabi National Exhibition Centre is the largest venue operated by the company and offers 133,000 square metres of flexible events space. Source: Arabian Business Back to Index

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RIYADH'S MIDSCALE HOTEL SECTOR FORECAST TO SEE STRONGEST GROWTH Saturday, Aug 17, 2019 Riyadh’s three-star hotel market has been identified as the best opportunity for growth as the Saudi capital undergoes a period of rapid economic diversification with the introduction of a myriad of attractions, theme parks, sporting events and concerts, according to new research. Research from consultants Drees & Sommer said the Saudi government's planned $23 billion beautification project in Riyadh will prepare the city for a "more diversified tourism offering". “The three-star market will only account for approximately 19 percent of the total hotel market in 2019, and an estimated 17 percent in 2020. Therefore, developing this segment could have the potential to return the greatest success for developers and the capital’s long-term tourism growth aspirations by attracting budget-conscious guests and families,” said Filippo Sona, managing director of Drees & Sommer’s global hospitality division. “The Saudi tourism market has witnessed promising growth in recent years, particularly in domestic tourism and of course religious tourism.” Several high-profile sporting events have also underscored Riyadh’s reputation as a sports and entertainment destination in recent years, he said. The ABB FIA Formula E Championship’s inaugural event took place in the historic surrounds of Ad Diriyah in 2018 and will return later this year with a crowd of 100,000 people expected. The capital also hosted some of WWE’s biggest stars during the Crown Jewel event held in November 2018. The research also revealed Riyadh’s hotel market witnessed growth in revenue per available room (RevPAR) and occupancy of 7 percent and 3 percent respectively this year, with an anticipated 4,500 keys expected to be delivered across three-, four- and five-star accommodation by 2020. This takes the total to 21,573 in the capital, from a base of 17,073 in 2018, a 26 percent increase. The luxury segment continues to dominate the bulk of inventory coming online, as the room count for the five- star market in Riyadh accounted for 43 percent of total rooms in 2018 with 7,243 and this figure is expected to increase by 11 percent to 8,042 in 2019 and by 19 percent in 2020 to 9,584. In the four-star market, the total key count is expected to top 7,522 this year and 8,265 in 2020, a 10 percent increase. Average daily rates (ADR) are also predicted to become more resilient, with 2019 anticipated to return a 1 percent increase year-on-year, although a larger hotel room inventory could put downward pressure on rates. Source: Arabian Business Back to Index

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IN PRICEY MIRDIF, A NEW PROJECT FOR BUDGET-CONSCIOUS HOMEBUYERS Tuesday, Aug 13, 2019 Investors looking for affordable property and high-rental returns have plenty of options, including “vertical villas” in the Mirdif community. The place is close to Dubai International Airport and has easy access to Shaikh Mohammad Bin Zayed Road, Al Khawaneej Road and Al Awir Road, connecting easily to other areas in the city. “In recent years, reasonable rents and a growing volume of lifestyle amenities such as supermarkets, schools, malls, health care facilities, parks and entertainment options have increased Mirdif’s popularity with Dubai’s diverse population,” says Obaid Mohammed Al Salami, general manager of Dubai Investments Real Estate (DIRC), a subsidiary of Dubai Investments. DIRC is developing Mirdif Hills, a freehold mixed-use development near Mushrif Park. “The project is replete with all lifestyle attractions in a secure, gated environment,” says Al Salami. “One of the unique facets of Mirdif Hills is its vertical villas concept. Inspired by French architect Le Corbusier, the Vertical Villas series at Janayen Avenue comprises multiple villas built on top of each other. These resemble a building, giving a sustainable and environmentally friendly appearance.” In an interview with Property Weekly, Al Salami gives details about the recent handover and how Mirdif as a community has raised its attractiveness. Tell us about Mirdif Hills. Mirdif Hills is spread across 1 million sq ft, comprising residential, commercial and retail developments. The project is divided into three phases. The first phase consists of three main residential clusters, Janayen Avenue, Nasayem Avenue and Al Multaqa Avenue. The handover of Janayen was announced recently. Janayen Avenue is located around a gated garden with wide walkways and other lifestyle attractions. It comprises a mix of one-, two-, three-bedroom apartments and three- and four-bedroom duplexes. Other units within phase one are near completion. What does the full project consist of? With a total built-up area of 4 million sq ft, the development offers a total of 1,500 apartments. The three plots have a combined built-up area of approximately 3.3 million sq ft or 300,000 sq m. The project also features a four- star hotel by Millennium Hotels & Resorts with 116 rooms, 136 serviced apartments, retail units, a 150-bed hospital, restaurants and cafés. There are gardens, promenades, walkways, raised landscapes along with numerous leisure and entertainment facilities. Janayen cluster [was completed] in July, with Nasayem nearing completion and Al Multaqa Avenue over 50 per cent complete. What are the payment plans? We have sold a good number of units since launch. Also, impressive financing options are provided for property investments. The exclusive mortgage plan currently on offer with Emirates NBD includes financing up to 80 per cent of the market value, with a fixed interest rate at 2.85 per cent for five years and free partial payment up to 20 per cent of the outstanding balance every year. The loan tenure can be availed for up to 25 years with an option to finance Dubai Land Department (DLD) fees of up to 4 per cent as well.

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How can investors benefit from this project?

We strive to offer world-class homes that are affordable and yield high-rental returns. We also tailor to a mix of target groups covering families and a mix of both end users and investors. Land values in Mirdif are relatively high and comparable to established Jumeirah neighbourhoods at Dh400-Dh600 per sq ft. Developments like Mirdif Hills make a strong case for budget-conscious investors. We are expecting a growing rental yield in the area, which makes it lucrative for both buyers and investors. With off-plan property, those with long-term vision will reap the biggest rewards. However, it is advisable for off- plan buyers to factor in at least a 12-month delay and ask yourself what this will mean to your individual circumstances. Do you see any concern for oversupply? In Q1 2019 Dubai’s property market witnessed a fourth consecutive successful quarter of improved sales, both for off-plan and ready units. With enough prospective buyers out there, developers in Dubai — government-owned and private — are feeling emboldened to enrich the market with more launches. The value of real estate transactions in Dubai increased 33 per cent — Dh34 billion — in the first five months of the year, according to the Dubai Land Department. We therefore do not fully subscribe to the notion of there being a major slump. While the market has its challenges and goes through normal cycles, our research finds that the supply will meet the rising demand. Moreover, a strong driver in our industry is the shift from renting property to owning. Source: Gulf News Back to Index

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THE BEST TIME TO GET A SECOND MORTGAGE Tuesday, Aug 13, 2019 A house is an asset as it increases in value and builds equity over time. Homeowners can take advantage of the asset and make some extra money. A second mortgage is an option available for existing mortgage loan holders to get an extra amount to fulfill financial requirements. The second mortgage is nothing but another loan on a house which is already under a loan, so homeowners should opt for it only if it is needed. Despite its benefits, a second mortgage can backfire if you don’t get a clear understanding of the product. Here are some cases which can make a second mortgage a favourable option. Home renovation This is the most common reason homeowners opt for a second mortgage. Remodelling a house will add good value to the property as well. Debt consolidation If a homeowner has existing debt like a personal loan, a second mortgage can help clear that. Switching from an unsecured loan to a secured one is not a bad idea. But one has to consider the interest rates. Usually, the interest rates on secured loans are lesser than the unsecured ones. And being a mortgage loan, the finance is also provided for a higher term. Alternative to refinancing Refinancing is like getting a new loan by clearing the older one. On a second mortgage, the interest rates can be quite less in comparison to refinancing, and even the repayment period would be longer. The application process is also simpler. Down payment In the UAE, a minimum of 25 per cent of the property value should be borne by the applicant. In such scenarios getting a second mortgage would be helpful assuming you already are a mortgage loan holder. Higher education A second mortgage can be used to fund higher education expenses. But make sure this new mortgage is affordable than education loans. Nikitha Devi is a senior analyst at mymoneysouq.com. The views expressed here are her own. Source: Gulf News Back to Index

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OVER TWO-THIRDS OF WORKS ON AL QUDRA-LEHBAB PROJECT COMPLETED Saturday, Aug 17, 2019 More than two-thirds of construction works of Al Qudra-Lehbab Roads Intersection Project in Dubai have been completed, the Roads and Transport Authority (RTA) announced on Saturday. Mattar Al Tayer, RTA’s director-general and chairman of the board of executive directors, confirmed that 65 per cent of the construction works have been finished. The project upgrades the junction from intersecting roads into a flyover, enabling free traffic in all directions. “Lehbab Road is a key traffic corridor offering an alternative link to Expo Road, JAFZA and Abu Dhabi-bound traffic and vice versa without going through downtown areas. Completion rate reached 70 per cent in bridges and 90 per cent in the cycling bridge. The entire project is set for full completion by the end of this year,” said Al Tayer. The project includes the construction of two bridges on the collector road as well as ramps to serve right, left and U-turns. The project works also cover widening connecting streets, and a cycling bridge in addition to lighting works, rainwater drainage systems, and utility lines. Widening of Al Qudra Road has provided a key passageway starting from Jumeirah to Umm Suqeim Street, which had also been improved by the construction of two bridges of three lanes in each direction. The first bridge passes over the Eastern Parallel Road (Al Asayel Street), and the second crosses over the Western Parallel Road (First Al Khail Road), enabling smooth traffic on the flyover of Al Khail Road and at the Interchange of the Arabian Ranches on the Shaikh Mohammad Bin Zayed Road. It has eased the traffic to Al Qudra Road and further to Al Qudra Bridge crossing over Emirates Road up to Seih Assalam. RTA has undertaken improvements of Al Qudra Road over several phases starting with widening the road from one to three lanes in each direction over a 12km stretch from the Lehbab intersection to Bab Al Shams roundabout. Later on, roads improvements covered widening two bridges to three lanes in each direction and the construction of crossings for vehicles and camels. Works also included an 18km cycling track fitted with a rest area comprising facilities and shops for bike rental and accessories, a fully equipped clinic, cycling Gate, rest area, 10 shaded areas and bike racks. “RTA has accomplished 10 projects under the Improvement of Lehbab and Expo Roads over a 55km-long sector extending from Lehbab Police Station up to Shaikh Zayed Road. Improvement works included widening the road from two to four lanes in each direction and constructing a flyover at the 8th Interchange of the Shaikh Zayed Road comprising 24 bridges,” said Al Tayer. Source: Gulf News Back to Index

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UPCOMING ICONIC SKYSCRAPERS TO ADD MORE GLAMOUR TO UAE SKYLINE Tuesday, Aug 13, 2019 Dh69b worth of landmark projects are currently underway across the UAE, with Dubai taking the lion's share. The UAE, especially Dubai, is home to some of the world's most-visited landmarks, attracting millions of visitors from different corners of the world. Known for its skyscrapers, the UAE is working on a number of new landmarks and skyscrapers set to open in couple of years, which would improve the country's profile and also attract more visitors to the country. BNC Network, which tracks thousands of construction works worth trillions of dollars in the region, has estimated that $18.85 billion (Dh69 billion) of landmark projects are currently underway across the UAE, with Dubai taking the lion's share. Of that figure, $15.62 billion (Dh57.33 billion) projects are being executed in the region's commercial capital alone. Most of these projects - from hospitality, retail and entertainment •- are either in the construction or tender phase, which will come up between March 2020 to December 2022. These include: 1. Dubai Exhibition City (Expo Village) 2. Meydan One Mall, Royal Atlantis Resort and Residence 3. Reem Mall, Uptown Tower 4. Maryah Plaza 5. ICD Brookfield Place 6. Dubai Creek Tower 7. Dubai Eye 8. Al Qana.

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"Dubai has some of the most iconic landmarks in the world. There are very few cities, if any, that can boast of the number of modern-day globally-recognised landmarks as Dubai," Avin Gidwani, CEO of BNC Network, told Khaleej Times. The UAE is already home to world-famous landmarks such as the Sheikh Zayed Mosque, Burj Al Arab, Burj Khalifa, Palm Atlantis, Louvre Abu Dhabi, The Dubai Mall, Cayan Tower and Dubai Frame, among countless others. An iconic tower, designed by architecture firm James Law Cybertecture and similar to the Apple iPod's design has also come up in Dubai. Some of the other landmark designs that have been listed on the James Law website for the UAE include the 500,000 sqft du headquarters in Abu Dhabi, Skygardens Abu Dhabi, Palm Jumeirah Edges, the du Telecommunication Tower designed in a shape of foldable smartphone and Shuffle Tower. Moreover, the world's tallest hotel, Gevora, is located in Dubai; prior to Gevora, the JW Marriott Marquis was named the tallest hotel. The Skyscraper Center's latest data showed that the UAE houses 621 buildings with a height of 150 metres and above, ranked fourth after China, the US and Japan. Similarly, Dubai is also ranked fourth - after Hong Kong, New York City and Shenzhen - with 190 buildings. Building data research firm Emporis disclosed that Dubai has around 50 skyscrapers under construction, with Creek Tower being the tallest tower under construction in the world. However, Dubai tops globally when it comes to skyscrapers that are 300 metres or more in height with 22 of them. Currently, there are 400 urban construction projects valued at more than $100 million each in tender or under construction stage across the UAE with a total value of over $107 billion (Dh392.7 billion), BNC Network said. Samir Hamadeh, general manager of Alpha Destination Management, says Dubai is among the world's most- visited cities and boasts the most iconic landmarks. "From the world's tallest building to the world's largest shopping mall by total area, Dubai has to its credit more than 200 Guinness World Records," Hamadeh added.

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Saleh Abdullah Lootah, CEO of Lootah Real Estate Development, believes that the UAE has bolstered its tourism through marvelous landmarks especially in Dubai.

"The emirate has achieved great progress in terms of the number of travellers visiting its famous landmarks. In fact, it is still on track to attract 20 million more visitors by 2020. Moreover, government sectors are also working hard together to reinforce this goal, beginning with making UAE one of the safest countries in the world - which contributes further to our dominance in the tourism industry," Lootah said. Source: Khaleej Times Back to Index

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DUBAI DEVELOPERS RACING AGAINST TIME TO COMPLETE, HANDOVER PROJECTS Tuesday, Aug 13, 2019 Property developers are racing against time to complete and handover residential projects despite a sustained correction in prices in Dubai this year as they completed record 20,978 units in first half of 2019, says a new report. According to the 'Property Finder Trends' report for January-June 2019, the total number of completed residential units included 14,999 apartments, 1,084 serviced apartments and 4,895 villas and townhomes. Overall residential stock in Dubai is expected to reach 637,000 units by the end of next year, reflecting an increase of 10 per cent. Experts said a price correction and higher supply will promote Dubai as an affordable market, aside from offering residents and investors an opportunity to bargain a better property deal in one of the most popular and developed cities of the world.

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Shaher Mousli, chairman of Arthur Mackenzy Properties Group, said the projected supply will surely create a surplus in available stock, which can - and in all probability will - result in an approximately 20 per cent softening in prices. "The fact that would motivate sales is payment plans and relaxed terms as opposed to the price itself," he said. The report further said that an additional 38,426 residential units within 152 projects across Dubai are expected to come online this year as these units were at least 85 per cent completed by the end of July. It said 29,397 apartments, 3,387 villas or townhouses and 5,642 serviced apartments are expected to be done by the end of this year. However, even with a high completion status, not all projects will achieve that this year, going by previous materialisation rates. Alan James Gammon, general manager of Samana Developers, said the current real estate market is dominated by news of deliveries as most developers were racing against time to deliver properties in time for Expo 2020 Dubai. "The current summer lull, we believe that by offering a well-priced quality product it creates a massive opportunity for end-users who were unable to join the property market due too previously high prices, as well as investors who might opt for large block-buying for higher returns due to the attractive return options," he said. Gammon said there is a strong indication that the real estate market will continue to grow due to attractive pricing and payment plans, which will encourage middle-income families to buy homes for the first time. Families with stable jobs and steady incomes are expected to continue to enter the market to take advantage of market conditions, he added. "We are a firm believers in the long-term sustainability of the UAE's real estate market. That's why we entered the market when many people started doubting it," he added. Lynnette Abad, director of data and research at Property Finder, said increased residential supply bodes well for residents as they will continue to have more leeway to negotiate prices in the rental market. "With a record number of units expected for the second half of the year, we can expect prices to decline further as the market continues to absorb these units," she said. For the sales market, Abad said an influx of new supply, without being outstripped by demand, will continue to make the city more affordable both for residents as well as investors. The report said 33,982 residential units were under construction in Dubai last year with a completion status of at least 65 per cent scheduled for 2019. "Less than a few thousand of those units ended up completed by the end of 2018, and most were pushed to 2019. With nearly 20,000 already completed in the first half of 2019, and another 38,426 with a status of at least 85 per cent complete, the market is set for some record numbers in completions," the report said. Atif Rahman, director and partner at Danube Properties, said the Dubai economy has the power to absorb the controlled supply that continues to add to the current inventory as the emirate continues to attract property buyers. "Besides, the current price and rent status make properties a very lucrative for investment and we expect massive investment in real estate in the next few months and years," he said. He said the announcement of Berkshire Hathaway entering Dubai is another evidence of how seriously global real estate expert feel about Dubai's realty industry.

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"In addition to that, a large number of end-users with stable jobs - who were priced out previously - are now finding the current prices lucrative and entering the market for the first time. Once this trend catches up, the trend will push up the demand high." Among notable handovers this year so far include the DT1 tower in Downtown Dubai, which added 130 apartments; 44 villas within Al Sarfa compound by wasl properties in Al Sufouh; 512 villas in the Sidra Community and another 1,312 villas in the Maple I and Maple II sub-communities of Dubai Hills Estate; 48 villas in Sobha's Hartland Estate in Mohammed bin Rashid City; and 426 apartments in Emaar's Vida Hills. Within the Town Square by Nshama, there were six additional projects that were expected by the end of 2018. So far this year, 579 units in Safi Apartments and 680 additional units in Zahra Breeze were completed, and others can be expected to follow by the end of 2019. The first phase of Arabella villas, Seventh Heaven in Al Barari, Acacia apartments in Park Heights within Dubai Hills Estate, 458 townhouses in Serena and Jenna apartments in Town Square are also expected to be completed in 2019. In addition, Phases 1 and 2 of Azizi Victoria yielding 2,550 apartments in total, Wind Tower 1 and 2 in Jumeirah Lakes Towers with 620 apartments and three towers yielding 1,427 apartments in Al Habtoor City are also expected to come online this year, according to the report. Source: Khaleej Times Back to Index

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NEW COMMUNITIES IN DUBAI WILL SEE MORE RENTAL DEMAND Wednesday, Aug 07, 2019 Residential rents in Dubai across categories continued to decline on the back of softer demand and pressure caused by upcoming supply, real estate surveys show. Analysts at Kamco Research said the highest declines in second quarter was witnessed in the affordable housing category. Compared to two years ago, apartment rents are more than 20 per cent cheaper, they said. Rents of two-bedroom apartments in this category declined by 4.6 per cent quarter on quarter to reach an average of Dh63,000 per year. Downward pressure on rents was also witnessed across mid to high-end (-2.7 per cent), and high to luxury-end apartments (-2.1 per cent). The villa segment in Dubai, however remained stable, as four-bedroom villa rents were broadly flat at an average of Dh195,000/year, Kamco analysts said. According to ‘Property Finder Trends’ report, median advertised apartment rents in Dubai were five per cent cheaper in first half compared to the same 2018 period. “The current average median annual rent for Dubai apartments is Dh79,650. Compared to first half of 2017, Dubai apartment rents are 21 per cent more affordable, in further evidence of how the city is moving towards more affordability,” Faisal Hasan, head of Investment Research at Kamco, said. “In Abu Dhabi’s residential market, the affordable segment was most affected during second quarter, while apartments at higher end locations were more stable, as per our analysis of published data by Asteco,” said Kamco. Low-end two-bedroom apartment rents declined by 3.7 per cent quarter on quarter to reach around Dh64,800 per year. The declines in high-end two bedroom apartments were minimal at 0.4 per cent quarter, while prime two bedroom apartments witnessed higher rents quarter (+0.8 per cent), as compared to first quarter 2018. Thomas Mathew, assistant vice-president, Kamco Research, said Kamco’s analysis of yields published by Property Monitor from end 2018 to June-19 suggests that yields expanded through 2019, in both Dubai and Abu Dhabi, reflecting the soft residential market in the UAE. “Affordable areas in Dubai have higher yields as they include smaller one-bedroom apartments, where demand for renting remains relatively higher than high-end and mid end areas. A similar trend was witnessed in Abu Dhabi, as yields expanded until June.” While some of this decline could be attributed to new affordable villa stock hitting the market and dragging down the median, established communities also saw a dip in rents. With 19,449 new residential properties completed in Dubai during H1 2019, it will be some time before supply levels are absorbed, said the report. “For the rental market, declines overall have seen a modest drop when comparing with prices from the last six months. The trend of being able to find bargains for everything from lower prices, an increased number of cheques as well as other incentives such as free utilities, are proving popular amongst renters,” said Lynnette Abad, director of Data and Research, Property Finder. Continued rent declines can be attributed in large to the amount of supply entering the Dubai market. According to Data Finder statistics, 2018 saw the overall completion of 33,363 residential units.

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For those looking to rent in the first half of 2019, Dubai Marina, Downtown Dubai, the Palm Jumeirah, Jumeirah and Al Barsha made the top five, in the same fashion as last year. In line with previous years, due to Dubai

Marina’s continued popularity, it pulled in around one and a half times the amount of demand as the next top searched community. “As more supply gets handed over in newer communities such as Town Square and Dubai Hills Estate, there is expected to be more rental demand in those areas as residents will spread out from the city centre looking for bargains and more bang for their buck,” analysts said. Apartment communities that saw the biggest rent declines in first half were Town Square (-10.1 per cent), Motor City (-6.4 per cent), Culture Village (-6.2 per cent), Dubai Investment Park (-6.1 per cent) and Arjan (-5.7 per cent). The only areas where rents registered marginal growth were City Walk and World Trade Centre. Damac Hills, Dubai Silicon Oasis, Dubai South and The Views clocked minor rent declines in the first half of this year. Source: Khaleej Times Back to Index

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INVESTORS MORE BULLISH ON UAE'S ECONOMY COMPARED TO OTHER GLOBAL MARKETS Saturday, Aug 17, 2019 Businessmen and investors in the UAE are more optimistic about the state of the country's economy than their counterparts across the globe about their respective domestic economies, a survey showed. In the UAE, 84 per cent of high net worth individuals and business owners take an optimistic stance on the state of their economy, almost unchanged compared to last quarter's results, according to UBS Global Wealth Management's new quarterly Investor Sentiment survey. The study of 3,899 investors and business owners with at least $1 million in investable assets showed that 81 per cent of UAE investors are bullish on regional stocks. "By comparison, investors globally expressed much lower levels of optimism on their domestic economies and stock markets. Fifty-nine per cent were optimistic on the domestic economy in the most recent quarter, and 55 per cent expressed bullish views on local stocks," the Swiss bank said. A recent report by EY said the UAE recorded the highest inbound investment in the Mena region, with 20 deals amounting to $14.4 billion in first half 2019, underscoring investor confidence in the economy. The oil and gas sector was the top target sector for inbound activity, accounting for $10.8 billion. Four out of the six inbound deals in the sector were in the UAE, including three mega deals, involving Adnoc's stake sale in its oil refining and pipeline business, according to EY. Cedric Lizin, head of UBS Wealth Management Dubai, said the survey shows clearly that investors in the UAE are among the world's most optimistic when it comes to their local economy. "However, we believe it is now important to translate that optimism into actual market participation, as opposed to cash holdings." UBS also recommends investors to continue to put money to work in a diversified portfolio, holding a positive overall stance on stocks for the rest of 2019. The survey, which polled more than 3,800 wealthy investors and entrepreneurs in 17 countries, shows UAE investors rank cybersecurity as one of their top concerns, with 48 per cent seeing it as a major worry. Among global investors, the current trade war was one of the top concerns, cited by 46 per cent of respondents - up seven percentage points quarter-over-quarter - at par with local politics, also cited by 46 per cent of respondents. Cybersecurity was the third-most common worry with 43 per cent. Latin American investors are the most optimistic in their economic outlook (76 per cent) and are the most bullish on their region's own stocks - 77 per cent - with Asia ranking second in the world at 60 per cent in terms of economic optimism, with 56 per cent expressing optimism in their local market outlook. When it comes to risks, the top three concerns among Asian investors are a global trade war (47 per cent), the country's long-term competitiveness (43 per cent) and cybersecurity (43 per cent). Source: Khaleej Times Back to Index

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With over 30 years of Middle East experience, Asteco’s VALUATION & ADVISORY Valuation & Advisory Services Team brings together a Our professional advisory services are conducted by group of the Gulf’s leading real estate experts. suitably qualified personnel all of whom have had extensive real estate experience within the Middle Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai, East and internationally. Northern Emirates, Qatar, and the Kingdom of Saudi

Arabia not only provides a deep understanding of the local Our valuations are carried out in accordance with the markets but also enables us to undertake large Royal Institution of Chartered Surveyors (RICS) and instructions where we can quickly apply resources to meet International Valuation Standards (IVS) and are clients requirements. undertaken by appropriately qualified valuers with Our breadth of experience across all the main property extensive local experience. sectors is underpinned by our sales, leasing and investment teams transacting in the market and a wealth The Professional Services Asteco conducts throughout of research that supports our decision-making. the region include:

• Consultancy and Advisory Services John Allen BSc MRICS • Market Research

Executive Director, Valuation & Advisory • Valuation Services +971 4 403 7777 [email protected] SALES Asteco has established a large regional property sales division with representatives based in UAE, Saudi Jenny Weidling BA (Hons) Arabia, Qatar and Jordan. Manager, Research & Advisory Our sales teams have extensive experience in the +971 4 403 7789 negotiation and sale of a variety of assets. [email protected] LEASING Asteco has been instrumental in the leasing of many high-profile developments across the GCC.

ASSET MANAGEMENT Asteco provides comprehensive asset management services to all property owners, whether a single unit (IPM) or a regional mixed use portfolio. Our focus is on maximising value for our Clients.

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Asteco has the experience, systems, procedures and manuals in place to provide streamlined comprehensive Association Management and Consultancy Services to residential, commercial and mixed use communities throughout the GCC Region.

BUILDING CONSULTANCY The Building Consultancy Team at Asteco have a wealth of experience supporting their Clients throughout all stages of the built asset lifecycle. Each of the team’s highly trained Surveyors have an in- depth knowledge of construction technology, building

pathology and effective project management methods which enable us to provide our Clients with a Comprehensive Building Consultancy Service.