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News Brief 35 Sun Day 28 August 2016

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News Brief 35 Sun Day 28 August 2016 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 35 SUN DAY 28 AUGUST 2016 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2016 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE GULF INVESTORS MAINTAIN INTEREST IN TURKISH PROPERTY DESPITE TURMOIL UAE CLADDING FIRMS INVEST IN UPGRADES TO PRODUCE MORE FIRE-RESISTANT PANELS THE FIVE IMPORTANT THINGS IN BUSINESS RIGHT NOW DUBAI SME PROFILE: BUILDING ENGINEERS FIND THEIR NICHE IN DUBAI MURRAY & ROBERTS GROUP TO CLOSE ITS CONSTRUCTION FIRM REGION’S WEALTHY TO CONTINUE DIVERSIFICATION INTO OVERSEAS PROPERTY HLG CHIEF RELEASED FROM CUSTODY AS HABTOOR EXITS JOINT VENTURE DUBAI’S DRAKE & SCULL SAYS IT HAS NOT HIRED ADVISER TO SEEK INVESTMENT ORASCOM SECOND-QUARTER PROFIT SLIDES SCAM ALERT: UAE WARNS RESIDENTS AGAINST FRAUD PROPERTY ADS DUBAI MUNICIPALITY SUPERVISES 25,000 BUILDINGS UNDER CONSTRUCTION REVEALED: TOP 5 LOCALITIES TO RENT AND BUY A HOUSE IN DUBAI HABTOOR LEIGHTON GROUP CHIEF EXECUTIVE ARRESTED IN DUBAI WOULD YOU PAY DH107 MILLION FOR THIS MINIMALIST PROPERTY MASTERPIECE? – IN PICTURES NEW MALL AT WORLD TRADE CENTER OPENS FOR MANHATTAN SHOPPERS DUBAI WATER CANAL, JEWEL OF THE CREEK AND OTHER INFRASTRUCTURE PROJECTS A BOON FOR CONTRACTORS ‘IMMINENT’ RISE IN DUBAI HOUSE PRICES AS CONDITIONS IMPROVE, NEW REPORT SAYS DUBAI DEVELOPER NAKHEEL BRINGS AN END TO DEBT RESTRUCTURING SAGA WITH DH4.4BN PAYMENT HANDOVER OF DUBAI PROJECTS DELAYED AS AUTHORITIES GET TOUGH ON FIRE SAFETY FIRST LOOK INSIDE DUBAI OPERA AHEAD OF GRAND OPENING DUBAI’S DAMAC AWARDS DH967M CONTRACT TO BUILD AYKON LONDON ONE DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2016 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS TOWER BROOKFIELD AND DIFC AGREE ON ARBITRATION OVER ALLEGED GATE BUILDING DEFECTS DRAKE & SCULL INTERNATIONAL SHARES FALL SHARPLY IN DUBAI AS IT REVIEWS BUSINESS ACTIVITIES ABU DHABI DH2.9 BILLION GRANT TO KICK-START BUILDING OF BAHRAIN’S NORTH CITY LOW OIL PRICES CONTINUE TO BITE INTO ABU DHABI HOUSING RENTS GCC/INTERNATIONAL LONDON’S BBC TELEVISION CENTRE TO BE PITCHED TO DUBAI PROPERTY BUYERS QATAR INVESTMENT AUTHORITY BUYS 9.9 PER CENT STAKE IN EMPIRE STATE BUILDING OWNER TIMING IS CRUCIAL WHEN IT COMES TO LONDON PROPERTY CHINA’S INVESTMENT IN $10.7BN CITY IN OMAN TO PROVIDE BUILDING BOOST BRITAIN’S MEDAL HAUL AT THE RIO GAMES ECLIPSES BREXIT AND HOUSE PRICE WOES NEW YORK TOPPLES LONDON FROM PROPERTY PINNACLE AS BREXIT DETERS FOREIGN INVESTORS DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2016 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION SCAM ALERT: UAE WARNS RESIDENTS AGAINST FRAUD PROPERTY ADS Saturday, 27 August, 2016 The UAE Ministry of Interior has alerted residents and citizens of scam operations through fake companies promoting the sale of real estate abroad through advertisements in the media, according to a report in Arabic daily Emarat Al Youm. The Ministry called on people to exercise caution when making an investment in order to not become a victim of any scam. The case emerged when residents and citizens told Emarat Al Youm of the proliferation of advertisements in local online journals promoted the sale of real estate and land in some Arab and European countries. They questioned the validity and legality of dealing with these companies. They confirmed that when they communicate with the advertisers asking them to preview the property, they insisted to preview it via the photo without a preview on the ground. They emphasised that this raises their suspicion and doubts about the authenticity of such deals and companies. Lt. Colonel Hammoud Al Affari, Deputy Director of the Law Respect Culture Bureau at MOI, told Emarat Al Youm that some such individuals have exploited the media through fake advertisements aimed at getting money to provide services. He added that some of these ads might be a trap to defraud people and rob their money or make fake deals. He pointed out that those swindlers adopting very professional manners to trap their victims do not disclose all relevant information on real estate sales, the right location, or a statement, or being free of obligations, or exaggerate the real price of the said property. Al Affari appealed individuals to exercise caution where some of those swindlers resort to using psychological methods to influence on people and they play on their desire for quick profit. Al Affari stressed that people must make sure that the company that publishes such ads is registered in the UAE as per the applicable laws. Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2016 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DUBAI MUNICIPALITY SUPERVISES 25,000 BUILDINGS UNDER CONSTRUCTION Thursday, 25 August, 2016 The Buildings Department of Dubai Municipality is undertaking engineering supervision of 25,124 buildings under construction in various areas of the Emirate of Dubai. The engineering supervision process includes inspection and control of all construction works. Building permits were issued for various kinds of multi-storied buildings, general and industrial buildings, private villas and investment villas as well as additions, amendments and decoration works. Khalid Mohammed Saleh, Director of Buildings Department at Dubai Municipality said that the municipality receives requests for technical audit of all these projects under implementation as per stages of work. "During the first half of the year, the municipality received 25,419 requests for structural audit, which is a 20 percent increase from the number of last year's requests for the same period," he said. "We also received more than 3,000 requests for scrutiny for issuing completion certificates and the first half of the year saw issuance of certificates to 5,837 buildings, whereas the number was 2,906 during the same period last year," said Saleh. He pointed out that the increase in the number of requests for technical audit reflects a positive movement in the labour market especially in the construction sector. Abdullah Shezawi, Head of Engineering Supervision section at the Building Department said that the section undertakes regular engineering inspection at all sites under construction by stages of work and also based on the importance and type of technical and construction risks associated with the work stage. "The electronic system of the Engineering Supervision section fixes the visit dates specified for each site based on the risk study carried out by the section and also by checking with the global best practices in the field," he said. Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2016 asteco.com | astecoreports.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REVEALED: TOP 5 LOCALITIES TO RENT AND BUY A HOUSE IN DUBAI Thursday, 25 August, 2016 With the year moving beyond the first half, Dubai Land Department (DLD) data shows healthy transactional activity in Dubai. Investment in Dubai’s real estate sector in the first half of the year crossed Dh57 billion, and there has been encouraging news coming out of Sharjah’s realty market too, with the city pulling in investment worth Dh12.1bn in the first six months of the year. The real estate market in Abu Dhabi, as always, continues to lure investors with high rental returns on investment and a great promise of capital value appreciation. Dynamic Dubai In July 2016, Dubai’s real estate market remained strong with rental yields going as high as 6.5 per cent in select apartment categories. Overall, however, apartment rents became more affordable with a total downward adjustment in July of 2 per cent year-on-year. Average yield across all bed categories was recorded at 5.6 per cent. As per Bayut’s findings, the average rent for studio apartments in Dubai remained stable at Dh57,000 compared to the average studio rents in the first half of 2016. However, the average was down 6 per cent in a year-on-year comparison with July 2015. The units returned an average rental yield of 6.3 per cent in July 2016, with the average rent for 1-bed units recorded at Dh92,000 and rental yield hovering close to the 6.5-per cent mark. The average rent was 7 per cent less in July 2016 than the average rent in the first half of 2016. Two-bed apartments fetched owners Dh145,000 in July after a downward adjustment of 3 per cent. However, rental yield remained attractive at 6 per cent. Commanding Dh206,000, average rent of 3-bed units remained stable when compared with H1 2016 values, and the rental yield was 5.4 per cent in July 2016. The largest apartments, the 4+ bed category, returned an average annual rent of Dh304,000 in July 2016, exhibiting a 2 per cent drop in value from H1 2016. Average yield for these units was recorded at 4 per cent. Top 5 localities for renting an apartment in Dubai (July 2016) 1. Dubai Marina 2. Jumeirah Lakes Towers (JLT) 3. Downtown Dubai 4. Bur Dubai DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2016 asteco.com | astecoreports.com Page 6 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION 5.
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