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NEWS BRIEF #43 SUNDAY 27 October 2013 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF #43 SUNDAY 27 October 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 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS GCC/MENA GCC hospitality sector growth catalyst for 2014 Arabian Travel Market expansion UAE UAE banks stand to gain from Dubai's property cooling measures: Fitch UAE inflation set to rise but stay manageable -analysts ABU DHABI Experience first-of-its-kind Arabian Nights Village in Abu Dhabi TDIC announces main contractor for Cranleigh Abu Dhabi Abu Dhabi to demolish 250 old buildings to boost image World Trade Center Mall opens in the heart of Abu Dhabi Abu Dhabi Airports first major milestone for Midfield Terminal Building ahead of schedule Abu Dhabi chases private investors for community projects DUBAI AED60,000 for 2-bedroom: What Dubai renters' search for affordable housing reveals Dubai's Emirates NBD among world's Top-10 bank buildings Mohammed green light for Jumeirah Corniche development Al Maktoum International at Dubai World Central: New chapter in emirate's aviation history Which nationalities bought most property in Dubai Dubai developer's public notice to defaulters No rent hike in this Dubai free zone Dubai World Central in investment surge Dubai's World Expo 2020 win to accelerate office space demand Arabtec Construction awarded final phase contract for the AED 550 million Tiara Hotel on Palm Jumeirah Abyaar completes the construction works of Hilliana Tower and sells all units propertyfinder.ae's latest quarterly report reveals emerging demand in Dubailand and Dubai Sports City Dubai property investors can register to seek stalled projects' update QATAR Office space demand in Diplomatic District on the upswing High demand for luxury properties Average residential rents in Doha up 16%year-on-year DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION KSA Jabal Omar Development: Hill gets USD29m extension Landlords warned: Don't house illegals Multibillion riyal housing schemes under way in Jubail Industrial City Saudi construction sector poised for growth as SR 487.5 billion allocated for housing and infrastructure development All land plots of beach community 2 phases one, two, three and four were completely sold out at Al Murooj district in King Abdullah Economic City OTHER Apartment prices jump 13% in Jordan Warehouse rentals set to capture market 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 AED60,000 FOR 2-BEDROOM: WHAT DUBAI RENTERS' SEARCH FOR AFFORDABLE HOUSING REVEALS MONDAY 21 OCTOBER 2013 Rising rents and prices of residential apartments in established communities with access to Sheikh Zayed Road are making areas like Dubailand and Dubai Sports City more popular among renters and buyers. The third quarter report of propertyfinder.ae states that the largest proportion of future stock is expected to be delivered in Dubailand and Dubai Sports City. The number of people searching for apartments in Dubai Sports City rose significantly, as the community jumped seven positions to take 11th position on the website's most searched rental communities' list. DSC was in 18th position for the same period last year. Two-bedroom apartments in Dubailand are currently being leased for Dh60,000 to Dh80,000 per annum, while lease rates are between Dh70,000 and Dh100,000 pa in Dubai Sports City. In comparison, rents in up market Downtown Dubai ranged between Dh140,000 and Dh350,000 per annum. The industry view is that secondary locations are improving due to the affordable factor. Buyers' search International City also moved up one place in the list of most searched locations for buying property in, while Jumeirah Village Circle, placed 18th in the first quarter ranking, rose to seventh position. According to propertyfinder.ae, nearly 3,400 units are being added to Dubai's residential stock inventory in communities such as Jumeirah Park, Dubailand and Downtown Jebel Ali in the third quarter. "The residential market is seeing robust recovery in tandem with economic growth, improving demographics, government spending on infrastructure, increasing housing regulation and positive investor sentiment," says Renan Bourdeau, Managing Director and Partner, propertyfinder.ae. "With future stock that is expected to hit the market in 2015 also located in emerging neighborhoods such as Dubai Sports City , Business Bay and Jumeirah Village, demand for sale and rental properties in these communities is likely to continue growing," he adds. 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 1 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION JABAL OMAR DEVELOPMENT: HILL GETS USD29M EXTENSION TUESDAY 22 OCTOBER 2013 Hill International, a global leader in managing construction risk, announced that it had received a contract extension from Jabal Omar Development Company in connection with the Jabal Omar development in Makkah. The two-year contract extension has an estimated value to Hill of around SR 107.5 million. The Jabal Omar development, situated on 57 acres, includes 37 towers with a total built-up area of 2.0 million square meters (21.5 million square feet) of space, including hospitality, residential, retail, commercial and religious facilities. Hill has been the project manager on the development since 2010. "We are honored that JODC continues to rely upon Hill's project management expertise," Mohammed Al- Rais, senior vice president and managing director (Middle East) for Hill's Project Management Group, was quoted as saying in a statement seen here. "We are confident that our team's performance will continue to exceed our client's expectations," Al-Rais added. Source: Arab News 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 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION OFF ICE SPACE DEMAND IN DIPLOMATIC DISTRICT ON THE UPSWING MONDAY 21 OCTOBER 2013 The demand for office space in the Diplomatic District is on an upswing, says a real estate expert and warns that this could push the rentals up. "High levels of take-up has reduced the vacancy rate in the prime area and increased the potential for rental inflation," said Mark Proudley (pictured). Giving an insight into Qatar's real estate market at a joint ARGUS Software-DTZ seminar here yesterday, Proudley, Associate Director, DTZ, said there is approximately 156,000 sq m of vacant space being marketed to lease in the area. This means that only 10 percent of space would be left to be rented out. "This is a significant reduction in vacancy rate, which stood at 16 percent at the end of 2012." Current office stock in the prime Diplomatic District is estimated at 1.54 million sq m. Proudley said a further 680,000 sq m leasable area of prime commercial space that is currently under construction, though about 50 percent of that future supply is already committed to various occupiers. Presenting an overview of Qatar's Q3 (third quarter) 2013 real estate market, he said that in addition to the Diplomatic District there is new prime commercial stock under construction at Lusail. One tower is complete and three more towers are in the next stages of construction. These four buildings will together create a further 95,000 sq m of prime commercial accommodation. "DTZ understands that all of this commercial accommodation has been leased to Government related occupiers." Citing figures, Proudley said the net take-up of prime office accommodation in the first nine months of 2013 stands at about 262,000 sq m. That is well above the five-year average for this period, which is 101,000sq m. According to him, rental rates for commercial accommodation have remained comparatively stable since 2011. In the Diplomatic District, rents can vary significantly according the quantum and quality of accommodation. It is possible for large space users seeking in excess of 5,000 sq m to secure secondary accommodation from rental rates as low as QR145 per sqm/month. Rental rates of good quality commercial stock in secondary locations range from QR120-150 per sq m/month. Rates of tertiary office locations, such as office accommodation above retail can be acquired at rates from QR80-100 per sq m/ month. Taking into account the high levels of take-up recorded in 2013, reduced vacancy rates and limited availability of the stock in the pipeline supply, DTZ forecasts that rental rates will start to increase in 2014. Source: The Peninsula 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 Back to Index
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