NEWS BRIEF 07 - Asteco Property Management...SAUDI SET TO OPEN 84 NEW HOTELS THIS YEAR ALONE...

DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN | KSA

© Asteco Property Management, 2018 asteco.com IN THE MIDDLE EAST FOR 30 YEARS

ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

RESEARCH DEPARTMENT

NEWS BRIEF 07

SUNDAY, 18 FEBRUARY 2018


© Asteco Property Management | 2018 | asteco.com

IN THE MIDDLE EAST FOR 30 YEARS



REAL ESTATE NEWS UAE / GCC

THERE IS MONEY TO BE MADE OUT OF DISTRESSED PROJECTS

VAT TO SEE DEVELOPERS LOCK HORNS WITH BUYERS, TENANTS

SAUDI SET TO OPEN 84 NEW HOTELS THIS YEAR ALONE

DSI LOSSES WIDEN TO DH1.4B IN 2017

ARABTEC SWINGS TO PROFITABILITY IN 2017

POST-HANDOVER PAYMENT PLANS TO SPEED UP PROJECT DELIVERIES IN 2018

DEVELOPERS AND BROKERS ABSORB VAT COSTS, FOR NOW

TOURISM JOBS: ON A PLATTER

MIDDLE EAST HOTELS' PERFORMANCE DIPS IN 2017, YET AFRICA HOTELS UPTICK

SAUDI INTRODUCES NEW RENT NETWORK WITH $67 CHARGE FOR REGISTRATION

WEIGHING UP THE PROS AND CONS OF BUYING A HOUSE

DUBAI

NEW PROPERTY THEMED TV SHOW AIRS FEB. 17

INTERNATIONAL OPERATIONS NETS DH3.6B FOR EMAAR PROPERTIES

UNION PROPERTIES SWING TO NET LOSS IN 2017

DAMAC GAINS IN REVENUES BUT DROPS IN NET PROFIT

DUBAI DEVELOPERS CANNOT THRIVE ON SWEETENED INCENTIVES

THESE DUBAI LOCATIONS COULD ACHIEVE PEAK REAL ESTATE PRICES IN THE SHORT

TERM

EMAAR PROPERTIES RECORDS $1.55B PROFIT IN 2017

DUBAI OUTLET MALL DEVELOPER SECURES DH1.25B FUNDING

NAKHEEL AWARDS DH79.7 MILLION CONSTRUCTION CONTRACT FOR ST. REGIS BEACH

CLUB

EMAAR DEVELOPMENT FULL-YEAR 2017 NET INCOME CLIMBS 30%

AMLAK FINANCE 2017 NET PROFIT MORE THAN HALVES AS REVENUES SLUMP

FIVE ABSOLUTELY AFFORDABLE PLACES WHERE YOU CAN LIVE IN DUBAI

SECONDARY, OFF-PLAN PROPERTY SALES IN DUBAI CONTINUE AT A GOOD CLIP


© Asteco Property Management, 2018 asteco.com

DEFINING LANDSCAPES SINCE 1985



REAL ESTATE NEWS BEACHFRONT, GOLF COURSES, MARINAS, CANALS - DUBAI OFFERS IT ALL

PROPERTY LAUNCHES COME THICK AND FAST

DUBAI PROPERTY MARKET 'CONTINUES TO SHOW GROWTH', SAYS DAMAC'S SAJWANI

DUBAI STILL OFFERS THE BEST DEVELOPER MARGINS IN REGION

SHAIKH ZAYED ROAD IS NOT DONE SCALING HEIGHTS

ESHRAQ PROPERTIES SWINGS TO PROFIT IN 2017

ABU DHABI

ALDAR PROPERTIES POSTS NET PROFIT OF DH2B FOR 2017

THIS IS THE HOUSE EMIRATIS WANT TO BUILD

BUILDING A HAPPY HOME

ALDAR PLANS $1.47B CAPEX OVER TWO YEARS

HOW ADNEC CREATED 22,300 JOBS IN ABU DHABI IN 2017

APARTMENT RENTS ON THE RISE IN ABU DHABI

NEW DH4B CHEMICAL COMPLEX TO BE BUILT IN KIZAD

AVERAGE SALES PRICES FOR ABU DHABI FLATS DECREASE IN Q4

NORTHERN EMIRATES

AL AIN SQUARE SET FOR EXPANSION

NEW VILLAS LAUNCHED IN SHARJAH COMMUNITY

RAK PROPERTIES POSTS 10% JUMP IN NET PROFIT FOR 2017

RENTS IN THIS SHARJAH AREA DROP TO ALMOST HALF IN 4TH QUARTER

INTERNATIONAL

INVESTORS SHOULD TAKE A TRIP TO UK’S REGENERATION SPOTS

TWO-THIRDS OF ALL U.S. HOUSING MARKETS AT RECORD HIGH HOME PRICES

BEST BUY CITIES: WHERE TO INVEST IN HOUSING IN 2018

EXCEPTIONAL YEAR SEES STRONG GROWTH IN FRENCH PROPERTY MARKET

CHINA DOMINATES GLOBAL CITY RANKINGS FOR HOUSE PRICE GROWTH

RESIDENTIAL PROPERTY MARKETS LIKELY TO CONTINUE TO BE SLOW IN DUBAI THIS

YEAR






THERE IS MONEY TO BE MADE OUT OF

DISTRESSED PROJECTS Wednesday, February 14, 2018

There is still money to be made from distressed projects in Dubai’s property market. And quite significant

amounts.

Aqua Properties is going full steam ahead on a high-rise project — called the Limelight — at Dubai Sports City

scheduled for completion by December. “It was a project that had gotten nowhere because the original developer

had left the country and the apartment owners were left stranded,” said Ali Tumbi, CEO at Aqua. “When we came

on board, we took up the whole business of reviving it and pumped in Dh60 million initially. Now, the project —

which will cost about Dh500 million — is at the 70 per cent mark.”

But the real good news for Aqua will come closer to the completion date. Of the 730 apartments, 690 units were

sold by the original developer before he skipped town. Since taking over, Aqua initiated contact with these buyers

first.

“But of the 690 buyers, we found that 30-35 per cent were not reachable ... and that’s not a bad thing as far as we

are concerned,” said Tumbi. “We would have been happy to retain 100 per cent, but if that’s not going to happen,

we won’t be unduly worried.

“In fact, as a financial model, this investment will provide quite a good return for us. All the payment receivables

related to the project are now at two times what it would cost us to complete it. That’s actually healthier than

what I would have got on a project if one were launched today.” (Aqua expects to channel about another Dh30

million to Dh40 million before completion and meet the rest of the funding requirements through apartment

owners.)

Meanwhile, at Jumeirah Village Circle (JVC), Global Capital Partners recently restarted work on a ground plus five-

storey residential building (with a built-up area of 125,000 square feet). The likely completion date is set for late

2019. “We already have a lease commitment for the entire building in place,” said Sameer Lakhani, Managing

Director of Global Capital Partners. “The pre-lease ensures there is no pressure exerted to go in for off-plan sales.

And that allows us to either retain the building or divest to an investor looking for long-term rental yields.

“All of the research we did indicated that at the mid-end of the market (commercial as well as residential), single

strata (in other words, single owner) buildings command a higher premia given that they attract single tenants.

That in turn offers stable longer term rental cash flows.”

Most of the distressed projects currently with new investor-developers had their origins from the “first boom-bust

cycle”. Between 2012-14, quite a few of these had changed hands with the Dubai Land Department and Rera [Real

Estate Regulatory Agency] overseeing the entire process. “It is a rigorous set of steps that Dubai’s regulators have

in place for reviving such projects ... and thus the time taken to make the transition can get quite lengthy,” said

Lakhani. “Our JVC project was revived after the requisite approvals were taken from the Land Department, Rera

and the Dubai Courts.

Weathering the price cycle

“In the current real estate cycle, there have been no distress projects that have been registered to date. This could

indicate that developers for the most part have weathered the price cycle much better this time around. This is






obviously due to a combination of factors — the regulatory oversight on the part of Rera as well as the better

capitalisation on the part of developers.”

Aqua Properties, meanwhile, will keep its options open on whether to take up further distressed properties or

not. “Left to me, I would definitely go for others, but it’s best to wait until the property market picks up

momentum,” said Tumbi. “It’s not as if distressed projects will suddenly disappear completely. The way I see it,

there will be some becoming available over the next decade. There’s always be that one or two developers stuck

with a project they can’t take forward.

“Distress is a natural factor of every property market.”

For Aqua, getting into development and buying up distressed assets is a more recent foray. It had started off as a

pure-play brokerage firm and in 2013-14 decided to take up projects directly.

As far as Tumbi is concerned, development is where the money is these days. “Our direct development portfolio is

Dh650 million as of now. On a group level, the development operations make up 80 per cent of revenues. In a

good year for the property market, a brokerage business could fetch Dh5 million to Dh10 million. But even in a

bad year, development and sales can still fetch you Dh20 million. That explains why being a developer is so vital

for our revenue mix.”

Source: Gulf News

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VAT TO SEE DEVELOPERS LOCK HORNS

WITH BUYERS, TENANTS Tuesday, February 13, 2018

Dubai’s developers and landlords are likely to absorb value-added tax (VAT)-related costs on residential property

transactions at a time when buyers and tenants are extremely sensitive to sudden increases in their budgets.

While there is no direct VAT on residential property sales or leases, it will come in the form of cost add-ons on

utility, maintenance and agency fees, according to a new update from Asteco, the real estate services firm.

“Some of these charges are expected to be initially absorbed by owners/landlords,” the report adds. More so

where they have direct influence such as maintenance and service charges.

Summer could be the time when property owners and tenants will start giving serious attention to the VAT

component on their facilities service costs. It would also open up some intense negotiations with service

providers and developers, market sources say.

As for developers targetting end-users, especially the price-conscious ones, they will have to push projects

offering studios at less than Dh500,000 or one-beds for Dh1 million rather than just saying the per square foot

price is below the Dh1,000 level.

Across the board, tenants now have the power to dictate terms and get landlords to comply.

“There has been a steady rise in project completions, which has put the bargaining power firmly in the hands of

tenants who have taken advantage of the increased choice and competitive rates to relocate to new properties or

renegotiate existing contracts,” the report states.

“Proactive landlords looking to secure new leases and/or retain tenants increasingly offered incentives including,

but not limited to, rent-free periods of up to two months, increased payment frequency [up to 12 cheques] and

all/part of the utilities absorbed.”

Asteco projects 23,000 new apartments to be ready for occupation this year, against the 13,900 units that were

completed in 2017.

But actual deliveries could still come up short as has been the case for years now.

“The number of new project launches is likely to ease off as the market finds a new equilibrium.” said John

Stevens, managing director of Asteco.

Landlords in Sharjah and the other northern emirates will also need to keep watch on what’s happening in Dubai.

If rents decline further in Dubai, they will have no option but change their asking rates accordingly.

“Continuous delivery of supply in Dubai will hinder the recovery of rental rates throughout the [northern]

emirates, especially in Sharjah and Ajman,” the report says.

Source: Gulf News

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SAUDI SET TO OPEN 84 NEW HOTELS THIS

YEAR ALONE Tuesday, February 13, 2018

This year is set to be a bumper one for Saudi Arabia’s hotels, with almost 60 per cent of the country’s current

construction pipeline forecast to open in 2018, according to a new report published on Tuesday.

That amounts to 84 new hotels opening this year in total, bringing with them 27,281 new rooms.

According to the report, Riyadh, Jeddah, Makkah and Al Khobar remain the busiest areas for hotel construction

across the country.

Each of these locations rank highly in the Middle East’s top ten most active cities for hospitality development,

sitting third, fourth, sixth and tenth respectively.

The Hilton is identified in the report as the brand with the most hotel developments currently underway

throughout the country.

In a separate statement, Kamel Ajami, Hilton’s vice president of operations for Saudi Arabia and the Levant, said:

“Saudi Arabia is one of the most important markets in this region, with new legislation and government reforms

making the kingdom more accessible than ever. It represents our largest development pipeline in the Middle

East.”

Travel data site STR’s preliminary January 2018 figures for hotels in Jeddah, Saudi Arabia, indicate a mostly

negative performance due to supply growth, with revenue per available room (RevPAR) shrinking by -2.1 per cent

to 370.33 Saudi riyals.

Source: Gulf News

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DSI LOSSES WIDEN TO DH1.4B IN 2017 Wednesday, February 14, 2018

Drake and Scull International (DSI) reported on Wednesday Dh1.39 billion in net loss for 2017, as losses widened

from the Dh815 million recorded in 2016.

In the fourth quarter of 2017 alone, however, the company recorded a profit of Dh700,000, a turnaround from the

Dh518 million in losses in the fourth quarter of 2016.

Revenues for the year also slowed down to Dh2.7 billion from Dh3.2 billion a year earlier.

The losses come during a year that saw the contractor complete its capital restructuring programme, which

included reducing its capital by 75 per cent followed by a capital increase.

The latter move saw Tabarak Investment injecting Dh500 million to raise DSI’s capital. DSI said the capital will be

used to accelerate project execution, secure new projects, and pursue new opportunities. DSI’s capital currently

stands at Dh1.07 billion.

DSI also completed the restructuring of its bank debt in the UAE and secured new credit lines.

In its statement on Wednesday, the Dubai-listed company did not elaborate on its outlook or why its losses

widened during the year. The company said it executed “several organisational restructuring initiatives” in the

fourth quarter of 2017 to reduce costs and streamline operations.

Legacy projects

“The company continues with its operational review across key markets, and is undertaking key measures to

mitigate contingent exposure of legacy projects,” the statement said.

“The group is also accelerating projects bidding in key markets across all sectors and is undertaking several

proactive measures to regain market share …”

The total projects backlog at the end of 2017 stood at Dh5.5 billion, DSI said.

DSI’s share prices were nearly flat on Wednesday, ending the day 0.54 per cent higher at Dh1.86 as investor

appetite remained subdued due to uncertainty in international stock markets.

Losses per share in 2017 were at Dh1.1 compared to Dh0.32 in 2016.

Source: Gulf News

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ARABTEC SWINGS TO PROFITABILITY IN

2017 Wednesday, February 14, 2018

The figure puts net profit in the fourth quarter of 2017 alone at Dh47.8 million, according to Gulf News

calculations, marking the fourth consecutive quarter of profitability following nearly two years of mounting losses.

Profits for the last quarter beat analysts’ expectations by around 21 per cent.

Revenues also grew in 2017, reaching Dh9.14 billion, an increase of 12 per cent year-on-year.

In a statement to the Dubai bourse, where Arabtec is listed, the company said its backlog reached Dh17.2 billion

as of December 31, 2017, “with a solid pipeline” of tender opportunities going forward.

“…We have stabilised the business in 2017, creating a solid foundation that we will build on through 2018.

Together with our core values, we remain committed to building a successful and sustainable future for Arabtec

and all its stakeholders,” said Hamish Tyrwhitt, group chief executive officer of Arabtec.

Operationally, in the fourth quarter of the year, Arabtec won new project awards including a Dh950 million

contract from Emaar Properties, a Dh1 billion contract from Dubai Properties, and a Dh250 million contract from

TAV Tepe Akfen Construction.

Marwan Shurrab, head of high net worth and retail equities at Al Ramz Capital, said the outlook for Arabtec was

positive, driven by the capital restructuring programme, which has helped the company turn around its financial

performance.

In 2017, Arabtec implemented a capital restructuring programme that saw the company reduce its capital to

Dh1.5 billion to extinguish Dh4.6 billion in accumulated losses. It was followed by a Dh1.5 billion rights issue.

Arabtec’s capital currently stands at Dh1.5 billion.

“Revenues have gone up, and operational income has gone up, so at the end of the day, the company is not only

winning new awards, they’re also making better margins on them, so this is impacting the overall profitability of

the company and putting it in a much better position than where it was almost a year ago,” Shurrab said.

Shurrab pointed that Arabtec has also been able to get new projects on top of the ones it is currently

constructing, ensuring a revenue stream.

In its statement, Arabtec said it continued to leverage synergies from its investments in the fourth quarter of

2017.

Arabtec’s share prices ended the day 2.86 per cent higher to reach Dh2.52 as buying activity remained subdued

amid uncertainty due to volatility in international equity markets.

Source: Gulf News

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POST-HANDOVER PAYMENT PLANS TO

SPEED UP PROJECT DELIVERIES IN 2018 Tuesday, February 13, 2018

There is likely to be a surge in property deliveries over the next few years as construction-linked, post-completion

payment plans encourage developers to finish projects within the stipulated timeframes, estimates property

consultancy Asteco.

"The number of new project launches is likely to ease off in 2018 as the market finds a new equilibrium," said John

Stevens, managing director, Asteco.

It estimates 23,000 apartments and 8,500 villas are expected to be delivered in Dubai this year. But actual

deliveries could be much less as has been the case for years now.

Sales prices and rents are expected to continue to come under pressure in Dubai with a more pronounced drop

anticipated for the latter as a result of the sheer amount of supply projected for delivery this year.

Tenants now have the power to dictate terms to landlords. "There has been a steady rise in project completions,

which has put the bargaining power firmly in the hands of tenants who have taken advantage of the increased

choice and competitive rates to relocate to new properties or renegotiate existing contracts," Asteco stated.

"Proactive landlords looking to secure new leases and/or retain tenants increasingly offered incentives including,

but not limited to, rent-free periods of up to 2 months, increased payment frequency [up to 12 cheques] and

all/part of the utilities absorbed," Stevens added.

The real estate services firm also believes the centre of Dubai continues to shift away from its traditional core

(around the Dubai International Airport and along Sheikh Zayed Road) and towards the new Al Maktoum

International Airport and the area surrounding the Sheikh Mohammed Bin Zayed Road, a move encouraged by

ongoing infrastructure and development projects in the run-up to Expo 2020.

Investors are now more sensitive to the price point of properties as opposed to the price per square foot,

meaning units that were previously advertised below the Dh1,000 per sqft mark will be marketed for instance at

below Dh500,000 for studios or Dh1 million for one-bedroom apartments to entice take-up.

Although residential sales and leasing is generally exempt, the introduction of value-added tax will indirectly affect

tenants and investors as the tax is applicable to items such as maintenance, utility and agency fees. However,

given current market conditions, some of these charges are expected to be initially absorbed by owners and

landlords.

Abu Dhabi

Rents and sales prices are expected to record moderate declines as a result of the continuous delivery of new

supply during a period of moderate economic and market growth, explains Asteco.

Approximately 9,000 residential units, including 6,200 apartments and 2,800 villas and townhouses, are

anticipated for completion this year, predominantly in Reem Island, Al Raha Beach and Yas Island. Based on

previous years, the delivery of some of this inventory may be delayed until 2019.

Off-plan quality projects offering attractive sales prices and payment plans will continue to benefit from good

demand.






Northern Emirates

The Northern Emirates will remain an affordable alternative for mid-income earners. However, the continuous

delivery of supply in Dubai will hinder the recovery of rents throughout the emirates, specifically in Sharjah and

Ajman, due to their proximity.

With the increase in new project launches, ongoing construction activity and the implementation of diversification

initiatives, the Northern Emirates, notably Sharjah, are aiming to become less dependent on real estate demand

from Dubai in the medium to long-term. However, in the short term, Dubai's real estate market sentiment will

continue to affect rents and sales prices in the Northern Emirates.

Source: Khaleej Times

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DEVELOPERS AND BROKERS ABSORB VAT

COSTS, FOR NOW Tuesday, February 13, 2018

Developers in Dubai are not passing on value added tax-related costs to property buyers as yet. This is, in turn,

affecting their margins. But at some point, they are likely to do so since their margins continue to be squeezed.

Contractors have already started passing on VAT-related costs to developers in the UAE.

For residential properties, the primary market purchase (direct from developer) if the property is off-plan or ready

for less than 3 years is not subject to VAT, according to the law.

"Thus, developers cannot pass the VAT on to buyers. VAT is a consumer tax and should the law be amended in

future to include the primary market sales, then one could assume that the VAT will be passed on to buyers," says

Adrian Popica, general manager, House Hunters Real Estate Brokers.

"Developers in Dubai have so far not passed on the higher VAT-related costs they have been incurring on projects

to property buyers. For residential developments, there is no VAT on the property for the first 3 years from

completion. So, developers can recover the VAT they are charged on things like design, materials, construction

and contracting as they form part of the developer's business costs. In fact, in the few launches that have already

been seen in 2018, developers have not noticeably passed on any VAT to the buyer," observes Zaki Ameer,

founder, Dream Design Real Estate.

Much also depends on the contracts signed between the developer and the property buyer. The property

purchase price is fixed at the time of purchase through a legal agreement and generally contracts have provision

for any additional government fees to be levied to the property buyer in which case the developer can pass such

additional cost to the buyers. However, there remains ambiguity for properties purchased before December 2017

and which are still under construction on whether VAT can be classed under additional government fees, say

market observers.

"In the current market conditions, property buyers will not entertain such an increase in price. I believe such an

increase in cost cannot be charged to the customer and we decided to absorb the definite increase in cost. In this

scenario, it will be from the developer's margin that such cost will be paid for ongoing projects. I am sure that for

all future projects, cost estimates will include a VAT component in order to avoid an impact on the bottom line,"

reckons Atif Rahman, director and partner at Danube Properties.

Says Shaher Mousli, CEO, Arthur Mackenzy Properties Group: "Our major involvement is within the residential

real estate sector, which is exempted from VAT, hence there has been no price shift as far as our real estate

offerings are concerned. It will affect our margins but we have a plan in place that will cover this."

Contractors have increased their cost and are charging developers VAT on building materials. "While it does affect

our margins, we have been able to accommodate them by making bulk purchases based on our development

pipeline," adds Mousli.

"For contracts awarded before VAT and if the works are still ongoing, the VAT will be applicable on the

outstanding balance only," clarifies Danube Properties' Rahman.

Meanwhile, a few brokerages in the UAE are absorbing VAT charges to incentivise property buyers and tenants. A

property brokerage firm in Dubai recently announced that it is absorbing all VAT-related charges on commissions

for transactions on a building in City Walk.






This comes on top of other add-ons brokerages and developers are already deploying, such as waiver of

registration fees.

"It is likely that more and more brokers will absorb VAT, especially in the off-plan space as the conditions soften

and investors recalibrate to the secondary market," says Hussain Alladin, head of IR and research, Global Capital

Partners.

"Today, the incentives include post-handover payment plan, return guarantees, absorption of VAT and transfer

fees as well as even buyback agreements. But it's become increasingly clear that these incentives are now

becoming exhausted and that developers do not have much leeway to offer further to investors. This is part of

the reason why off-plan launches are slowing down. The only incentive that now remains is the inevitable

reduction of the price," explains Alladin.

"In the long run, VAT waivers/absorption cannot be sustainable for brokerages. However, for short-term

promotions, it can be one of the ways to incentivise buyers. It all depends on the availability, marketing strategy

and most importantly the customer's interest in a certain product," concludes Popica.


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TOURISM JOBS: ON A PLATTER Wednesday, February 14, 2018

Travel and tourism sector will continue to play a vital role in the UAE's economy, giving fillip to its GDP. The sector

is estimated to create thousands of new jobs over the next eight years, thanks to a host of factors, especially new

retail, leisure and entertainment offerings and medical tourism.

Overall, 77,400 new jobs will come up in travel and tourism sector across the UAE. It means the number of people

working in travel and tourism (T&T) sector will increase from 317,300 in 2016 to 394,700 by 2026 in the UAE,

according to World Travel and Tourism Council report.

In Dubai, the number of residents working in T&T are projected to increase from 169,100 in 2016 to 223,600 by

2026, creating 54,500 new jobs in the emirate over the next eight years. This means around 12.2 per cent of

people in Dubai will be working in the tourism by 2026 as against 10.8 per cent in 2016, according to the report.

"Expo 2020, expansion of the emirate's retail, attractions, leisure and entertainment offerings, new mega projects,

and further development of Al Maktoum International Airport are expected to fuel the growth in travel and

tourism," said Hamad Buamim, president and CEO, Dubai Chamber of Commerce and Industry.

In addition, Buamim believes medical tourism, and meetings, incentives, conferences and exhibitions (Mice) will

strengthen Dubai's reputation as one of the world's most sought-after tourism destinations.

"Dubai has already made considerable headway in reaching its 2020 tourism goal as the emirate welcomed a

record 15.8 million international visitors in 2017. This has been supported by the rising number of visitors in

recent years from key markets such as India, Saudi Arabia, the UK, Russia and China, as well as progress in

diversifying source markets. I expect this growth trend to continue as UAE-based airlines expand their reach to

new destinations and boost Dubai's global profile," Buamim said.

Laurent Voivenel, senior vice-president, operations and development for the Middle East, Africa and India, Swiss-

Belhotel International, said exciting leisure, family and cultural attractions such as Dubai Opera, City Walk, IMG

Worlds of Adventure, Dubai Water Canal, Dubai Parks and Resorts, Etihad Museum, La Perle by Dragone and

Dubai Frame have all further added to appeal as well as contributed to steep rise in leisure tourism.

He stated that the UAE's decision to grant visas on arrival to Chinese and Russian tourists has also significantly

increased the number of visitors. The "Middle East and Africa - City Travel and Tourism Impact 2017" report by

WTTC projected that UAE's travel and tourism GDP will increase from $18.7 billion in 2016 to $34.6 billion by 2026,

growing by 6.4 per cent during the period.

The report forecast that the sector's contribution into the emirate's GDP will increase from $11.4 billion, or 9.4 per

cent, in 2016 to $20.9 billion, or 10.6 per cent, by 2026. Dubai currently commands 60.9 per cent share of UAE's

tourism GDP. According to WTTC, Dubai witnessed the second highest international spend of city travel and

tourism of 87.6 per cent in 2016 among the regional cities.

The report said that Dubai and Abu Dhabi were the fastest growing cities outside of Asia, helped primarily by

international demand. They are linked to rising demand from Asia but also benefited greatly from improved

connectivity. Both cities are home to important hub airports for airlines on intercontinental routes.

The "Middle East and Africa - City Travel and Tourism Impact 2017" report sees strong 6.3 per cent and 2.8 per

cent growth in overall GDP and employment, respectively, during 2016-26 period.


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MIDDLE EAST HOTELS' PERFORMANCE DIPS

IN 2017, YET AFRICA HOTELS UPTICK Tuesday, February 13, 2018

According to STR, hotels in the Middle East reported negative 2017 performance results, while hotels in Africa

posted growth across the three key performance metrics.

STR reports the following data for the Middle East, Africa and Kuwait comparing the full calendar year 2017 to

prior year 2016.

Middle East

Occupancy: -1.1% to 65.0%

Average daily rate (ADR): -4.5% to US$164.33

Revenue per available room (RevPAR): -5.6% to US$106.89

Africa

Occupancy: +5.6% to 58.0%

Average daily rate (ADR): +7.4% to US$104.15

Revenue per available room (RevPAR): +13.4% to US$60.43

Kuwait

Occupancy: +8.8% to 56.7%

ADR: -4.7% to KWD62.17

RevPAR: +3.7% to KWD35.23

Source: World Property Journal

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SAUDI INTRODUCES NEW RENT NETWORK

WITH $67 CHARGE FOR REGISTRATION Tuesday, February 13, 2018

Saudi Arabia on Monday launched a new digital rent network designed to reduce disputes and simplify

proceedings for landlords, tenants and agents.

‘Ejar’ will provide contract documentation and e-payments and guarantee the commitment of real estate agents

to document a unified lease contract, which will be considered an executive bond, according to Saudi Press

Agency.

A registration fee of SAR250 ($67) will be charged for residential rental contracts and SAR400 ($107) for

commercial rental contracts.

Communications and IT minister Abdullah Al-Sawahah said the classification of the contract as a bond would

allow the holder to directly approach the kingdom’s courts and help avoid long judicial processes.

He added that the new system would automate procedures for more than 2.5 million housing units.

The launch comes a week after the kingdom unveiled plans to spend $32bn on subsidised home loans to boost

the housing market.

The housing ministry intends to hand over 125,000 housing units in partnership with the private sector in 2018,

compared to 110,000 last year, and is aiming for 480,000 handovers by 2020 and 1.2 million by 2030.

The kingdom aims for the percentage of Saudi citizens that own homes to increase from a current 50 per cent to

60 per cent in 2020 and 70 per cent in 2030.

Source: Gulf Business

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WEIGHING UP THE PROS AND CONS OF

BUYING A HOUSE Thursday, February 15, 2018

“Congratulations!,” enthused the scrawl on the key fob. “You are now the proud owner of your first home.”

A nice, personal, seemingly genuine message from the estate agent.

It was a written to a 30-something-year-old I know who this week crossed a fundamental financial milestone – as

current convention would have us believe.

Owning a home is a dream for the majority - I think it’s safe to say that.

Who wouldn’t want to wake up in a place they love, done exactly to their taste. But, assuming this could only

happen if you take out a huge loan from a bank, the big questions to contemplate include: is the stress of paying

down the debt going to cripple you – emotionally and or financially? And is it the best use of your money?

Property ownership is often equated with personal prosperity. But the numbers don’t always reflect this – and

increasingly so.

You might be tempted to buy – what with Abu Dhabi’s real estate market seeing a steep decline in prices in the

past year, according to Knight Frank’s Global Residential Cities Index 2017.

But, before you decide to do this, check what your monthly payment on a mortgage would be – you’d need a 25

per cent deposit, too, and compare it with the cost of renting a similar property.

Don’t forget to add the hefty charges and fees associated with buying – including transfer fees, mortgage

registration if a Dubai property, and estate agent fees. Now take all that money, including the deposit, and punch

it in to a compound interest calculator. As an example, I used Dh300,000 as the deposit (25 per cent plus various

fees for a fictional Dh1 million property), over a 25-year period, with Dh3,560 being paid in monthly (in lieu of

mortgage payment). At 3 per cent the amount compounded to over Dh2.2m. That’s without doing a thing. No

maintenance, repairs, tax or the equivalent.

This is an example of opportunity cost. Another example would be putting some money in low-cost index funds.

The point is, work out the maths. And then look at the cost of renting, and just putting the deposit – assuming you

have this pot – into an investment or compounding account. Better still, put the difference between monthly rent

and a mortgage payment into an investment. With rent coming down - in some places it’s a double-digit decline -

it’s reasonable to assume that rent will cost less than a mortgage payment.

An example of this is what’s happening in London. A recent report by UK property website Zoopla revealed that

after seven years, the typical tenant in the capital, London, is £82,412 (Dh425,338) better off than someone who

buys an equivalent property with a 10 per cent deposit. It claimed that it takes 18 years for the buyer to be better

off than the renter. Why? Because, currently, monthly rent is significantly lower than a monthly mortgage

payment for an equivalent property. London and UAE properties are similar in that they are priced at many times

the average salary. Still itching to buy?

A word of caution, however. It depends on how you define "better off". Yes, you’d be better off because you’d

have more disposable income every month – but, to stay ahead of the game, saving must become investments –

preferably investments that provide passive income.






A huge mental shift is to want to rent – not to look at it as a "waste of money" - because it could be going towards

paying a mortgage.

I’m referring to the idea of home ownership as a forced savings plan. It goes like this:

For 25 years, you make a large payment towards paying down the balance on your mortgage. When you've paid it

off, you own the house outright. The flaw in this strategy is that house prices can significantly underperform other

forms of investment. But, you’d still have a roof over your head.

So, what do renters have to do to make sure they don’t end up with no where to live, and no money to pay for

rent when they no longer earn?

In a word, discipline. They need to have the discipline to commit to a savings plan that becomes an investment

plan. For people who lack the ability and discipline to commit to this, housing is a nice fail-safe, but not always one

that provides financial gain.

Home ownership is widely regarded as being the only sensible option. It’s a view pushed by real estate agents,

lenders, parents, friends, family. There are some though, who see mortgages as a form of peonage – a type of

indebted servitude to banks.

There’s nothing wrong with sinking a chunk of money into a deposit if it works for you – just think it through.

In the case of the 30-something who bought into 25 years of debt, I feel he’s been cajoled by family – but the thing

is, it is he who carries that debt. Not them.

I do hope it is the best thing for him, his finances - and his faculties.

Source: The National

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NEW PROPERTY THEMED TV SHOW AIRS

FEB. 17 Wednesday, February 14, 2018

A new TV show airing on MBC hopes to make a compelling case for investors considering property investments in

Dubai and elsewhere in the region. MBC has tied up with Dubai Land Department for the show, called “Mohemma

Akaria”, which will feature 15 episodes. The first of these will be broadcast on February 17.

“Our partnership [with MBC] will help us to strengthen our promotion efforts, attract more investors, and

consolidate real estate awareness across the region,” said Sultan Butti Bin Mejren, Director-General at the

government agency.

The programme, produced by One Way Ticket Production, has received multiple sponsors, including Azizi

Developers, Binghatti Developers, Tamleek Real Estate Registration Trustee, and Danube.

“This programme is the first of its kind in the region and features a unique combination of entertainment and

education,” said Ali Jaber, Group TV Director of MBC Group.

The weekly series will be presented by the property consultant Mohanad Al Wadiya. It will also offer an insight

into celebrity homes and of residents based in the Gulf, the intricacies of the real estate market, and the

significance of investment.

Source: Gulf News

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INTERNATIONAL OPERATIONS NETS

DH3.6B FOR EMAAR PROPERTIES Wednesday, February 14, 2018

International operations fetched Emaar Properties Dh3.6 billion, a growth of 35 per cent on 2016’s Dh2.66 billion.

This tally means that non-UAE operations now account for 19 per cent of the developer’s 2017 numbers, which

saw revenues of Dh18.81 billion, up 21 per cent on 2016’s Dh15.54 billion.

Net operating profit for the period was Dh5.7 billion, a sharp 16 per cent increase on the Dh4.91 billion.

“With our significant sales backlog and a robust development pipeline in the UAE and in high-growth international

markets, we will continue to deliver on our founding objective,” Mohammad Al Abbar, Chairman, said in a

statement on Wednesday. “The growth of our businesses in 2017 — across all markets — reflects the success of

our focus on delivering high quality lifestyle choices.” (Costs were up 26 per cent to Dh5.1 billion, up by 26 per

cent, while other income provided Dh197 million.) During the fourth quarter, Emaar had revenues of Dh5.36

billion, 21 per cent higher than in the fourth quarter of 2016. Net operating profit totalled Dh1.357 billion for

during the same period, 5 per cent up on a year ago number.

The hospitality and leisure arm brought in top-line numbers of Dh2.72 billion last year. The three hotel brands —

Address Hotels + Resorts, Vida Hotels and Resorts and Rove Hotels (joint venture with Meraas) — had an average

occupancy of 79 per cent and higher than Dubai’s industry average. Three new hotels opened last year, all in

Dubai, and also has upcoming openings in Saudi Arabia, Turkey, Egypt, Bahrain and the Maldives.

The “hospitality and leisure operations have also gained further traction through geographic expansion and the

creation of innovative experiences,” Alabbar stated.

The shopping malls, hospitality and leisure and entertainment businesses together now account for revenues of

Dh6.35 billion, representing 34 per cent of the total revenue for 2017 and 6 per cent higher than 2016’s Dh5.97

billion.

It was last year that Emaar listed its UAE-focused property development business. The IPO for Emaar

Development sold off a 20 per cent stake and raised Dh4.82 billion. (A Dh4 billion dividend was announced from

the proceeds of the IPO.) The property development business has handed over 45,900 residential units in Dubai

and overseas since 2002, with 34,800 units being in the UAE. Last year Emaar had rolled out new launches in

Dubai Creek Harbour, Dubai Hills Estate, Emaar South, Arabian Ranches II and Downtown Dubai.

Source: Gulf News

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UNION PROPERTIES SWING TO NET LOSS

IN 2017 Wednesday, February 14, 2018

Union Properties said on Wednesday it swung into a net loss in 2017 even as revenues fell.

Union Properties reported a net loss of Dh2.3 billion, compared to a profit of Dh211 million. Total revenues fell to

Dh639 million in 2017 from Dh962 million, the company said in a statement posted on Dubai Financial Market’s

website.

Total assets fell to Dh5.6 billion in 2017, from Dh7.926 billion in the year before period. Shareholders equity fell to

Dh2.6 billion in 2017 from Dh5 billion.

Last month, Union Properties sold off its entire stake in Emicool to Dubai Investments for Dh500 million.

Union Properties said in the previous statement it will invest the proceeds from the transaction in enhancing its

investment portfolio, expanding its operations and projects, and supporting its growth strategy.

“After finalising the development of the company’s long-term strategy in the second half of last year and following

the successful launch of several new projects and subsidiaries, the sale of our entire stake in Emicool is part of

our new strategic investment approach,” said Nasset Butti Bin Yousuf, chairman of Union Properties on January

21. Shares of Union Properties fell 1.98 per cent to Dh0.89 on Wednesday.

Source: Gulf News

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DAMAC GAINS IN REVENUES BUT DROPS IN

NET PROFIT Wednesday, February 14, 2018

Damac Properties recorded a 4 per cent increase in revenues to Dh7.5 billion but saw net profit down 25 per cent

to Dh2.8 billion for 2017 (from Dh3.69 billion). The board has proposed dividend of Dh1.5 billion (at Dh0.25 a

share).

But looking at the wider picture, Damac pulled in some sizeable numbers. Booked sales last year were at Dh7.5

billion and up from the Dh7 billion a year ago. The developer was a major beneficiary of the surge in off-plan sales

that Dubai’s property market recorded all through last year.

There was a drop in margins, but that was “mainly due to international project deliveries during the year,” the

company said in a statement. But its projects in the UAE still command margins of 52.1 per cent, which it deemed

“healthy”.

“Dubai’s property market continues to show growth as increasing demand returns to the market, and this is

reflected in our booked sales,” said Hussain Sajwani, Damac Chairman. “Our medium- to long-term outlook

remains positive, with continued local demand as well and stronger interest by international investors. Our major

projects including Damac Hills, Akoya Oxygen and Aykon City continue to appeal to expats and international

investors alike.”

Construction continues at 6,500 villas and apartments at Akoya Oxygen, while the golf course is also shaping up.

“Dubai’s property sector is feeling the positive effects of the emirate’s appeal,” said Sajwani. “This is evident from

the growing sales transactions at Dubai Land Department and we are confident of the growth prospects for the

sector going forward.” (The chairman had recently sounded out the possibility of selling a stake in the company to

a strategic investor. This could go up to 15 per cent of the promoter’s equity.)

Last year, Damac delivered 2,304 residential units, of which 1,452 units were at the flagship Damac Hills

community and 852 units at its overseas projects, including a two-tower project in Saudi Arabia (the Damac

Esclusiva — 454 units) as well as its first project in Jordan (The Heights — 398 units) and comprising three towers.

It is also expanding its residential leasing base, principally at Damac Hills. Of the 328 units, 97 per cent have been

leased as of end December. Damac also commenced operations at the 305-key Maison Royale The Distinction in

Downtown Dubai, bringing the number of hotels in the portfolio to six.

Source: Gulf News

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DUBAI DEVELOPERS CANNOT THRIVE ON

SWEETENED INCENTIVES Wednesday, February 14, 2018

With competition growing among developers to provide the most attractive offers, the focus now is to see

whether they can continue with spreading out of post-handover payment plans. While such plans are pretty

commonplace, the competition has been extended to offering increasingly longer plans, sometimes of up to eight

years.

For buyers, going the off-plan route, it is an opportunity to have ownership of a property on favourable terms,

and without having to pay in full upfront. Plus, this is aided by the structured payment plans for an agreed

duration.

Of course, the factors prompting investors to buy off-plan boils down to the launch price. If this price from the

developer is going to be much lower than the final handover price, that would put them near instant capital gain.

For some investors, it is an opportunity for them to sell the property before the construction completion … and if

there is capital gain, cash in. This would work if there is another opportunity for them and they need the liquidity.

Or decide to cash out after weighing up the cost of owning a property, like that associated with maintenance.

There is also the opportunity for buyers to achieve decent capital appreciation at the secondary sales stage, as

these are often padded up with other incentives, including furniture assistance and on property management

services.

Some of the big developers in Dubai, effectively government-controlled, are of the mindset that the current

supply and demand will, to a point, run together. Their belief is this should then allow a fair market return on

investment, and in theory stabilise the market. And end up benefiting developers and end users.

Cautiously optimistic

For smaller and less established developers, the issues are that offering longer and cheaper payment plans is a

race effectively to the bottom. Having such payment plans provide the unwelcome possibility that someone may

default after losing a job, market conditions could change, or uncertainty that post 2020 may not bring the upturn

many were hoping for.

However, many in the market are cautiously optimistic that demand is still there as more renters start looking to

move into these off-plan buying agreements. They realise that today the market is very much a buyers’ one,

where there is the freedom to pick and choose a payment plan that fits their budgets.

This outlook appears to align with Dubai’s population growth forecasts and a favourable environment to invest. It

could even mean that the upcoming units released into the market over the next five years should be filled up.

Only offering quality projects and payment plans that fulfil the needed requirements will help the target customer

and create lucrative dividends for partners.

Source: Gulf News

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THESE DUBAI LOCATIONS COULD ACHIEVE

PEAK REAL ESTATE PRICES IN THE SHORT

TERM Wednesday, February 14, 2018

Dubai’s real estate cycle, which peaked in mid-2014, went through a correction phase throughout the following

years, with citywide capital values losing 15.3 per cent on a weighted average basis since peak. But once we

breakdown the Dubai cycle into submarket micro cycles, we discover more interesting patterns. Submarkets are

usually defined by location, but in the ValuStrat Price Index’s (VPI) case, is further classified based on hedonic

attributes, which basically means that the VPI monitors asset capital movements based on quality, views, age,

facilities, amenities, etc.

By analysing submarkets that peaked nearly four years ago, we find several locations appear to have bottomed

out or are possibly very close to doing so. Jumeirah Lakes Towers (JLT), Jumeirah Beach Residence and the most

transacted area, Dubai Marina, are good examples of well-located communities that continue to see price drops,

albeit at decelerating rates of decline.

Present-day buyers can try mitigating against further price deterioration by negotiating a discount from the seller;

this is already happening as evidenced when comparing asking prices with actual transacted prices. Investors may

feel these locations have the potential of medium-term capital appreciation and possible recovery of some of the

declines seen since the last market peak price falls of 28.8 per cent in JLT, 19.6 per cent in Jumeirah Islands, 15.2

per cent in Jumeirah Park and 20.9 per cent in Arabian Ranches since 2014.

Garden Homes

Case in point, Palm Jumeirah villa prices are currently 4.2 per cent below the 2014 peak, but four-bedroom

Garden Homes, particularly those located closer to Frond ends and enjoying better sea views, have already

exceeded their previous peaks. On average, peak prices in August 2014 amounted to Dh18.3 million, while as of

December 2017 those same villas averaged Dh19.1 million in value.

Dubai locations for capital appreciation

Given the overwhelming off-plan activity in Downtown Dubai, which put pressure on ready property sales volume,

capital values for ready properties there gained 7.6 per cent since January last year. This is driven by the

desirability for relatively older but strategically located Emaar buildings, particularly with high construction activity

surrounding it, as savvy investors are aware that these projects will be handed over in two to three years at most,

leaving the area with less land for developers to build on and potentially raising capital values towards their

previous peaks in the medium term. If we exclude Armani hotel apartments, Burj Khalifa apartment capital values

seemed to have stabilised since last year registering a 10.3 per cent average decline from peak; prices today are

now equal to what they were in January 2014.

Trough stage

Even within the city’s most prime locations, how much investors gain in capital appreciation very much depends

on timing; it makes sense to enter the market at its trough stage, and in some cases when there are early signs of

capital appreciation. But it also makes sense to have a clear understanding of the master development and what






is under construction as these buildings will soon be completed, affecting nearby properties positively. It’s natural

that at this current stage of the cycle, the most desirable properties go first — the ones with better views, layouts,

quality and location.

It must be said that while some investors feel that such peak prices may be obtainable in the medium term,

future growth can’t be guaranteed. Dubai’s market performance is not only driven by demand and supply

dynamics, but also on economic forces that very much directs the sentiment of investors.

Source: Gulf News

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EMAAR PROPERTIES RECORDS $1.55B

PROFIT IN 2017 Sunday, February 11, 2018

Dubai-based Emaar Properties said on Sunday it posted a net profit of $1.55 billion (Dh5.69 billion) in 2017, about

8 per cent higher than a year earlier.

The developer of the more than 160-storey Burj Khalifa, the world’s tallest tower, had made $1.43 billion in net

profit in 2016.

The latest statement came after Emaar chairman Mohammad Al Abbar said on Wednesday the firm had made

$1.8 billion in profit and close to $5 billion in sales in 2017.

The company clarified on Saturday that the figure was before depreciation.

Source: Gulf News

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DUBAI OUTLET MALL DEVELOPER SECURES

DH1.25B FUNDING Tuesday, February 13, 2018

The owner of Dubai Outlet Mall has secured Dh1.25 billion in funding for a major expansion of the shopping

destination. The expanded facility is scheduled for a 2019 fourth-quarter opening and will add 3 million square

feet to the existing 1.1 million square feet of built-up area.

The Sharia-compliant financing involved Dubai Islamic Bank, Ajman Bank, Al Hilal Bank and Noor Bank.

“This move and the eventual expansion of Dubai Outlet Mall also marks our intent to set new industry standards

in the value shopping space; meeting customer expectations and enhancing our position as an industry leader,”

said Mohammad Khammas, CEO of Al Ahli Holding Group, the owner of the Mall, in a statement. (Part of the

funds raised will also be used for general corporate purposes.)

The current premises of Dubai Outlet Mall have been functioning for a decade now. According to Adnan Chilwan,

Group CEO of Dubai Islamic Bank, “We are pleased to be associated with the Dubai Outlet Mall expansion which

will position it on a strong growth trajectory while being a distinctive addition to Dubai’s retail offering.”

Apart from the mall, Al Ahli Holding Group’s interests extend to real estate and turnkey construction, retail and

trading, as well as lifestyle, fitness and entertainment interests.

Source: Gulf News

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NAKHEEL AWARDS DH79.7 MILLION

CONSTRUCTION CONTRACT FOR ST. REGIS

BEACH CLUB Tuesday, February 13, 2018

Developer Nakheel says that construction is under way on the Palm’s St. Regis Beach Club, with the company

awarding a contract worth Dh79.7 million to Ghantoot Gulf Contracting.

The contract is to build the beachfront facility, which will offer restaurants, lifestyle and fitness venues with

extensive views of the Arabian Gulf.

Due to open in 2019, the St. Regis Beach Club will become an extension to the St. Regis Dubai hotel on the Palm, a

289-room hotel forming part of Nakheel’s 52-storey Palm Tower, under construction nearby.

Source: Gulf News

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EMAAR DEVELOPMENT FULL-YEAR 2017

NET INCOME CLIMBS 30% Tuesday, February 13, 2018

Emaar Development, the Dubai-listed real estate arm of UAE's biggest developer Emaar Properties, recorded a 30

per cent jump in 2017 full-year net income as it continued to launch and deliver projects.

The company reported net profit of Dh2.74 billion for the 12-month period to the end of December, up from

Dh2.11bn reported a year earlier, the company said in a statement to the Dubai Financial Market, where its

shares are traded. Total revenue for the last financial year came in at Dh8.86bn, a year-on-year jump of 28 per

cent, from Dh6.89bn at the end of 2016, it said without giving details of its quarterly financial performance.

The company floated its shares on DFM in the fourth quarter of 2017 in the largest listing since 2014 and overall

the third-largest offering on DFM. It said total sales reached Dh18.03bn, a rise of 25 per cent compared to

Dh14.41bn recorded at the end of 2016. The growth was driven by the launch of 9,531 residential units in about

21 new developments in various master-planned developments.

“The positive performance of Emaar Development highlights the potential of the company to shape the cities of

the future in the UAE,” Mohamed Alabbar, chairman of Emaar Development and Emaar Properties, said. “With the

IPO and listing, we are creating long-term value for our shareholders. We will continue to focus on building iconic

developments that catalyse the economy.”

The firm said sales backlog reached Dh41bn as of December 31, underpinning the firm’s “robust fundamentals”

with more than 24,000 residential units to be delivered over the next four years. The company has handed over

more than 34,700 residential units since 2002, it noted.

Creek Gate, Harbour Gate, Creek Rise, Address Harbour Point, Island Park and Cove in Dubai Creek Harbour, Park

Ridge and Club Villas in Dubai Hills Estate and Vida Dubai Mall in Downtown Dubai are among the new projects

launched last year. The projects with a total sales value of Dh20.08bn, including sold and unsold units, recorded

strong investor response, the company said.


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AMLAK FINANCE 2017 NET PROFIT MORE

THAN HALVES AS REVENUES SLUMP Monday, February 12, 2018

Dubai-based mortgage lenderAmlak Finance on Monday recorded more than 50 per cent slump in 2017 full-year

net profit after revenues declined for Sharia-compliant home financier amid a softer property market.

The lender reported full-year net income of Dh51.33 million for the 12-month period to December end, down

from Dh107.04m reported year-earlier, the company said in a statement to Dubai Financial Market, where its

shares are traded.

The net operating profit decreased to Dh176.1m at the end of last year from Dh234.44m for 2016. Total revenues

dropped to Dh432.45m from Dh778.19m for the same period, the company said without explaining why its profits

and revenues have decline. The earning per share also more than halved for to Dh0.027 from Dh0.071.

The property market in the Dubai, the home-base for Amlak, has generally recovered well from the 2008 real

estate crash which saw sale prices more than halve in some areas of the emirate, although it has faced headwinds

in the past two years as the slump in oil prices slowed down the economy, leading to job losses and lower housing

allowances amid an increase in supply.

During 2017, residential property rents declined at a more pronounced rate than sales prices, resulting in yield

compression in most communities, according to Cavendish Maxwell’s 2017 Year in Review report, which is based

on figures from its Property Monitor real estate database. The 12-month decline in residential rents across Dubai

averaged 4 per cent as of December 2017, compared to a 2 per cent average decline in residential sales prices.

Amlak in January reported completion of construction of its first residential development in the UAE, a move

aimed at creating recurring revenue lines. The Dh138m development in Dubai’s Mirdiff community, which spans

over a 180,085 square feet area, comprises 54 villas that include four- to five-bedroom units.

The company, which also did not provide the fourth-quarter earnings details, in November said its third-quarter

profit more than doubled after a reversal of impairment on Islamic financing and investment assets. Net income

came in at Dh11.8m in the three months ended September 30, up from Dh5.67m in the same period last year, it

said in a bourse filing at the time.


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FIVE ABSOLUTELY AFFORDABLE PLACES

WHERE YOU CAN LIVE IN DUBAI Wednesday, February 14, 2018

Rents in Dubai are not exactly on the lower side, and they do take away a decent chunk of your salary. However,

every cloud has a silver lining and Dubai has its own share of areas where finding a dwelling would not a burn a

hole in your pocket.

Here are 5 areas in the city where you can find affordable and suitable accommodation whether you are single or

with family, with either monthly or annual payment options.

Bur Dubai

Bur Dubai is one place where you can find accommodation starting from only Dh550 up to Dh3,000 monthly for a

room. If you are hunting for a studio apartment, then you can get a furnished studio for Dh42,000 up to Dh97,000

annually while an unfurnished studio would cost approximately Dh3,000 to Dh5,000 cheaper. To sum up, a studio

can be available for a monthly rent of Dh3,500 to Dh5,000.

The International City

Here, you can easily grab a studio apartment for a price lesser than that of a rented room. Being quite away from

the Dubai Metro lines, rents in this area are very low compared to other parts of the city. A monthly rental for a

studio would cost around Dh3,000 up to Dh4,500, based on the furnishings in apartment, or number of rooms.

Nevertheless, the amount of rentals are meant to be between Dh28,000 and Dh35,000 annually. While those

looking for a room, can book their abode from Dh500 to Dh2,100.

Deira

In spite of the hustle and bustle of Deira with ample places to hang out at even at odd hours, you can find a place

to put up at affordable prices. A room in Deira would be priced from Dh450 Up to Dh3,500 based on the furniture,

washroom, and kitchen. However, a studio apartment could cost around Dh3500 monthly, and from Dh25,000 up

to Dh75,000 based on the view and furniture.

Karama

Karama is in the vicinity of Deira, hence the rentals are also similar to that of Deira. Karama and Deira have

endless options for restaurants, groceries, cafes, supermarkets, making them most sought after places to live. A

room in Karama can be found in the price range of Dh600 up to Dh4,200, while rent for a studio could be between

45,000 and Dh57,000 annually. Monthly rent for studio apartments could be approximately around Dh3,700.

Al Barsha South

Find a studio apartment in Al Barsha South for around Dh5,900 to Dh7,600 and from Dh35,000 to Dh72,000

annually. If you are looking for a room, then you could seal the deal for Dh800 up to Dh4,500 which would quality

interiors.


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SECONDARY, OFF-PLAN PROPERTY SALES

IN DUBAI CONTINUE AT A GOOD CLIP Tuesday, February 13, 2018

Contrary to the notion that sales in Dubai have slowed down in January at a noteable rate, a breakdown and

analysis of total number of transactions in the secondary and off-plan market shows otherwise.

Ready villas/townhouses

According to Property Monitor data, the number of transactions in the secondary market has remained consistent

between October 2017 to January 2018. For villas/townhouses in the secondary market, the total number of

transactions between October to December ranged from 167 to 182 transactions per month, whereas in January,

164 transactions were recorded.

For villas/townhouses in the secondary market, the top three areas generating sales volume in October 2017 were

Emirates Living with 37 transactions, Arabian Ranches with 27 and Reem (Mira) with 17. Emirates Living witnessed

an increase to 50 secondary market transfers while Arabian Ranches remained relatively constant with 25

transactions in January. Between November 2017 and January 2018, Emirates Living and Arabian Ranches

remained the top two generating sales volume areas in the secondary market.

In January 2018, the average sales price according to the Property Monitor Index for a villa/townhouse in Emirates

Living was Dh2,387,083 for a three-bedroom, Dh3,164,500 for a four-bedroom and Dh6,785,714 for a five-

bedroom. While in Arabian Ranches, the average sales price for a villa/townhouse was Dh3,212,986 for a three-

bedroom, Dh3,475,000 for a four-bedroom and Dh4,293,648 for a five-bedroom.

Between November 2017 and January 2018, Town Square overtook Reem (Mira) as the top area in sales volume

due to its attractive middle-range price point. In January 2018, the average sales price for a villa/townhouse in

Town Square was Dh1,612,083 for a three-bedroom and Dh1,913,750 for a four-bedroom.

Secondary market - apartments

Apartments in the secondary market were transacting at a much higher rate with the total number of transactions

between October to December ranged from 782 to 851 transactions per month, whereas in January, 706

transactions were recorded. For apartments, the top three areas generating sales volume in January 2018 were

Dubai Marina with 134 transactions, Dubai Sports City with 103 and International City with 92. From October to

January, Dubai Marina and International City remained among the top three areas with relatively consistent

numbers of transactions. In January 2018, the average sales price according to the Property Monitor Index for an

apartment in Dubai Marina was Dh1,309,216 for a studio, Dh1,243,892 for a one-bedroom and Dh1,931,498 for a

two-bedroom. In Dubai Sports City, the average sales price for an apartment was Dh614,464 for a studio,

Dh801,172 for a one-bedroom and Dh1,252,020 for a two-bedroom. Interestingly, Dubai Sports City almost

doubled its sales volume from 54 transfers in October to 103 transfers in January due to an influx of new supply.

One of the handovers towards the end of 2017 was Elite Sports Residence 10, which generated 50 secondary

transferred sales in January 2018.

Off-plan market

In the off-plan market, there was a slight decrease in the total sales volume for villas/townhouses between

October 2017 and January 2018. However, the sales volume for apartments are in line with and consistent with






that of 2017. Between October and January, the sales volume for apartments in the off-plan market have ranged

from 1,650 to 1,850, except for December which had 2,169 transactions.

The top three areas generating off-plan sales volume for apartments in January 2018 were Meydan One with 227

off-plan transactions, Business Bay with 186 and Jumeirah Village Circle with 168. All 227 off-plan transactions for

Meydan One are in Azizi Riviera, with the first phase scheduled for completion in Q1 of 2019.

In January 2018, the average sales price according to the Property Monitor Index for an apartment in Azizi Riviera

is Dh519,267 for a studio, Dh855,329 for a one-bedroom and Dh1,396,306 for a two-bedroom.

Similar to Azizi Riviera, the average sales price for an apartment in Jumeirah Village Circle is Dh622,354 for a

studio, Dh823,098 for a one-bedroom and Dh1,459,577 for a two-bedroom.

Priced slightly higher, the average sales price for an apartment in Business Bay is Dh1,176,036 for a studio,

Dh1,339,818 for a one-bedroom and Dh1,595,294 for a two-bedroom.


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BEACHFRONT, GOLF COURSES, MARINAS,

CANALS - DUBAI OFFERS IT ALL Tuesday, February 13, 2018

When I take the occasional break from marketing international properties to clients from around the world,

there's a game I like to play. If money were no object, where in Dubai would I like to live? Would it be a beachfront

penthouse at Alef Residences? A stunning mansion at XXII Carat? Or maybe something in Downtown would suit

my fancy, such as one of the gorgeous full-floor penthouses at The 118 Downtown. Perhaps a luxury home

overlooking the Dubai Canal at Volante.

As a purveyor of luxury homes and developments, it's interesting to stop and think which property truly captures

the essence of luxury for me. This of course brings me to that age-old question that I have been asked quite often

by clients and colleagues alike - what is luxury? With regard to real estate, especially in Dubai, people have a fixed

idea of what defines luxury, and it usually takes the form of an incredibly large and glamorous mansion with

cavernous interiors and stunning views of the city.

Dubai has a number of established luxury communities with homes that certainly fit that image, and each

community has its specific USPs that make it popular among residents. The Alef and XXII Carat, for example, are

two very distinct developments that share a fantastic location - the Palm Jumeirah. The former is a luxury

apartment and penthouse development with spacious contemporary interiors and overlooking beautiful ocean

panoramas. It is fully serviced by the adjoining W Hotel and has an exclusive Resident's Club.

XXII Carat, on the other hand, is a very limited collection of beachfront villas in their own private enclave, with a

very opulent interior design scheme. In an area like Downtown Dubai, you will find The 118 Downtown, which also

features an exclusive selection of residences and a bespoke concierge service to handle the small details of your

everyday life. If I were to consider a more established community and one geared toward families, I would

certainly look into one of the splendid villas at Emirates Hills. Over the past few weeks, I have had the privilege of

meeting with vendors in the area for the purposes of appraising their homes, and each villa I have seen has

managed to surpass the one before it. The same can be said for the villas at Al Barari, and one particular villa I

viewed just last week that features a truly magnificent sense of interior design. With incredible facilities that

include custom-designed European kitchens, home gyms, private theatres and gorgeous pool decks, these villas

possess the rare quality of being a great family home as well as a place to entertain guests.

Ultimately, whatever their specialty and the perks they offer, the key factors that hold true across all of these

areas are good architecture, well-planned interior design, high quality materials and, most importantly, location.

Dubai's finest properties, and the ones that I would be most likely to consider buying, all contain just the right

combination of these elements, delivering stylish and elegant homes that are well-connected to the rest of the

city. If it were up to me, I could play this game all day as the options really endless. Of course, while the question

of the best place to live in Dubai is purely hypothetical, it is one that our private client office does indeed get

asked quite frequently. Thankfully, our answers are not limited by the price tag.

We are very fortunate to live in a city that offers such diversity in its lifestyles. From beachfront to golf course,

from skyline views to stunning marinas and water canals, polo fields to nature reserves and lush green parks.

Dubai truly is a place where luxury resides.


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PROPERTY LAUNCHES COME THICK AND

FAST Monday, February 12, 2018

After a subdued January, developers in Dubai are upping the ante for property launches in February. The luxury

end of the market is seeing a lot of activity, with two launches on the Palm Jumeirah this week.

Following the announcement of the Royal Atlantis Resort & Residences by Kerzner International, boutique

developer Innovate Living has announced the launch of its flagship project, Palme Couture Residences, on the

trunk of the Palm Jumeirah.

It will feature 14 suites (lateral apartments, townhouses and duplexes) ranging in size from 5,028 to 10,715 square

feet. A 7-bedroom penthouse will span a staggering 19,247 sqft. The price ranges from Dh3,600 to Dh4,000 per

sqft, said the developer.

The developer will launch sales on all units only after completion. Palme Couture Residences are scheduled to be

ready by the middle of February 2018.

Kareem Fahmy, founder and CEO of Innovate Living, said: "Innovate Living operates a diversified portfolio of

projects in sectors such as development, F&B, interior design, refurbishment and maintenance. Our investments

in a range of projects are valued at over $125 million across different divisions."

Joey Elaty, Palm Jumeirah senior advisor at Luxhabitat, told Khaleej Times: "These kinds of properties aren't sold

on a 'per square footage' basis per se because of the level of individuality of each of the units. There seems to be

a promising demand for these types of properties but the market for the ultra high-end is not like the mass

market properties. The market is smaller but Dubai is the best place for these developments because of what the

city stands for - the best of the best, ultra-luxury and world-class. These are end-user products for those who can

appreciate the finer things in life."

The price for Royal Atlantis Residences range from Dh8.5 million to Dh47 million while those at Palme Couture

start from Dh18 million and go up to Dh58 million, according to Luxhabitat.


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DUBAI PROPERTY MARKET 'CONTINUES TO

SHOW GROWTH', SAYS DAMAC'S SAJWANI Wednesday, February 14, 2018

Dubai’s property market continues to show signs of growth with increasing demand returning to the market,

according to Damac Properties chairman.

The luxury developer reported a net profit of $762 million in its yearly profits announced earlier today (a drop of

25% on last year), which was based on sales worth $2 billion (AED7.5bn) during the year.

Hussain Sajwani, chairman of Damac Properties, said the company’s yearly figures showed there was a “returning

demand” in the property market in the emirate, adding that the company’s outlook was positive in the medium to

long term.

“Dubai’s property market continues to show growth as increasing demand returns to the market, and this is

reflected in our booked sales,” said Sajwani.

“Our medium to long term outlook remains positive, with continued local demand as well and stronger interest by

international investors. Our major projects in Dubai including Damac Hills, Akoya Oxygen and Aykon City continue

to appeal to expats and international investors alike, while our diverse product portfolio continues to attract a

wide variety of buyers for our off-plan and ready properties,” he added.

Damac delivered 20,236 units as of December 31 2017, which it described as “a milestone for the company and

the industry as a whole.”

Construction continues on over 6,500 villas, apartments at Akoya Oxygen, along with its golf course, and

community infrastructure. The community’s amenities, including wellbeing facilities, retail outlets, as well as

hospitality, food and beverage elements, are in various stages of planning and progress.

Source: Arabian Business

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DUBAI STILL OFFERS THE BEST DEVELOPER

MARGINS IN REGION Saturday, February 17, 2018

Despite the recent rise in costs, Dubai still offers the best option in the region for developer margins, according to

a top official at Damac Properties.

“Whether it’s Saudi Arabia or Jordan, the margins are half of what is there in Dubai and it’s how it will continue to

be,” said Adil Taqi, Chief Financial Officer. “It’s got nothing to do with a developer slashing sales prices to create

sales. It’s because these are the structural prices that a property sells in those markets.

“If anything, this reinforces our conviction that Dubai is the place to build … and continue building.”

In its 2017 financials, property sales in Dubai fetched Damac average margins of 52.1 per cent. But gross margins

dipped to 48.8 per cent against 2016’s 55.9 per cent, and that had principally to do with the returns from its non-

UAE operations. In 2017, Damac delivered just over 2,300 units of which those outside the UAE made up 852

homes. The developer had a net profit of Dh2.8 billion and down from Dh3.69 billion in 2016.

“I am not revealing any secrets when I say that selling prices are under pressure in Dubai,” said Taqi. “Payroll

costs, sales and brokerage costs and input expenses are all rising and taken together, these do eat away at

developer margins.

“There will be continuous pressure on developers, but the overall market is still showing signs of resilience. If any

proof was needed, we sold more in 2017 than the year before. There will continue to be opportunities to sell

volumes.” (In 2017, Damac booked sales of Dh7.5 billion and follows another Dh7 billion it did in 2016.) According

to the CFO, “From a geopolitical perspective, Dubai will turn even more attractive. It will be the place to be for

investors.”

Much depends on how Dubai’s developers can absorb the higher costs, which has also been brought on by the

roll-out of VAT. Building material costs have already seen a cost inflation, in part related to VAT.

So far, developers with off-plan releases have not stuck up a higher price, concerned that any such sudden move

could scare off potential investors. But leading developers have in recent days announced that new sales phases

at their existing projects will carry some sort of mark-up.

For Taqi, the key to running a tight operation is to maintain an “asset-lite equity” on the balance sheet. “There’s no

point in assets just sitting there for the sake of it — where possible developers will have to monetise them,” he

added. “If not, it’s just burdening the balance sheet. “We have Dh25 billion in assets, but Dh9 billion of that is

sitting as cash. We have Dh10 billion worth of development projects and some receivables.

“We typically sell between 5,000-6,000 units a year and leave aside a bit for rental purposes. There is some

strategic value from doing so, but rental income will always be insignificant relative to development in our case.

“What’s more important is that we maintain sufficient liquidity on the balance sheet. That would be the best

defence when markets turn cyclical and come under pressure.”

Selling or not selling the promoter’s equity

Recently, Hussain Sajwani, Damac’s founder and Chairman, suggested he would be willing to part with 15 per cent

of his shareholding to strategic investors.






“It’s above my pay grade to discuss whether it will happen or not ... and for the shareholders to answer,” said Adil

Taqi, CFO. “But if such a sale manages to inject more liquidity (to the stock) from a small divestment, then it would

do good.”

Source: Gulf News

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SHAIKH ZAYED ROAD IS NOT DONE

SCALING HEIGHTS Saturday, February 17, 2018

Azizi Developers is ready to give shape to its tall ambitions … two skyscraper projects on Shaikh Zayed Road and

with one of them to be the second tallest (at 570 metres plus) after the Burj Khalifa (at 830 metres right up to the

tip).

The combined cost of Azizi’s plans to aim for the skies is Dh4.5 billion, which includes the cost of the land. “For the

570-metre plus project, we bought the plot from Meydan last year,” said Mirwais Azizi, Chairman.

“Our plan is to have a hotel and residences, and to be managed by our new hospitality division. We are in the

process of registering the brand, and I’m not going to say anything about that now.

“I had asked Atkins [the architectural firm] for some changes to be made on the design, inside the building and

not the structure as such. Those details should be finished in the next four to five months, and at that point, the

construction will start.”

It was in September last that Azizi dropped hints of its high-rise moves.

Flagship tower

In fact, Meydan had two years ago announced a skyscraper (calling it Entisar) for that very site and had issued

detailed designs.

It was to be the flagship tower project for Meydan, and was to be one of the priciest residential properties in

Dubai.

It was later that Meydan announced plans for a super-tall structure at its Meydan One master-development in

MBR City.

“We will have 100 storeys for the hotel and 22 for the residences,” Azizi said.

The second venture on Shaikh Zayed Road will be just as visually striking — a twin-tower right on the Dubai Water

Canal and adjacent to the Safa Park.

Preliminary works had been going on the site for some time now.

Overdrive

It is also within range of the other twin-tower that has pride of place on SZ Road, the JW Marriott Marquis (355

metres high), but on the other side of the highway.

“Ours will be an all-residential property — our internal team felt this was the best option for that particular

location and not include a hospitality portion as well,” said Azizi.

The two projects will aim for completion within three to four years.

In fact, it was in the last two years that Azizi went into overdrive with its real estate portfolio and emerged as one

of the biggest names among Dubai’s privately-owned developers. Until then, it had primarily focused on mid-rise

projects in some of the Dubailand clusters.






But then came its interest in the Meydan-owned MBR City location. It went on a land buying spree, and which is

now taking shape through the “Riviera” and “Victoria” communities.

Completion

The Riviera — and yes, with an extensive waterside setting — will have 69 mid-rise and adding 16,000 units to

Dubai’s freehold inventory. The cost to develop — Dh12 billion.

The Chairman is quick to make one point quite clear — that this not going to be a project where completion dates

are set for the distant future.

“Half of the projects will finish before the end of 2019 and the other half before mid-2020,” he added. “Phase 1

and 2 of Riviera will finish in the first quarter of 2019; we are already at the ground level plus two basements at

the site.

“After that each floor will take about 10 days. By the end of July, all the structures should be complete and then

the finishing works start from August.

“For Phase 3 and 4, construction starts in March and I’ve been told by the sales team that a lot of buyers are

waiting for sales to start. As for phases 1 and 2, we have already sold more than 80 per cent.” (Prices for the

Riviera homes average Dh1,400-Dh1,450 a square foot, while the Victoria is around Dh1,350.”

But doesn’t he worry at some level that this year could be a difficult one for off-plan sales? The Chairman is not

one to harbour doubts — “I started with a small construction firm in Dubai 23 years ago and when I could, I got

into development. Everyone in the world seems to have some sort of awareness of Dubai and many want to have

a base here. It’s something that no one can deny.

“I don’t see any need to worry about 2018 or 2019 … If anything, I would tell everyone to invest more, develop

more.”

Azizi gets a taste for hospitality

Managing a hotel at a 570 metre plus skyscraper in the making on Shaikh Zayed Road is not enough for Azizi

Developers. The medium-term plan is to build and manage a portfolio of ten or more hotels in Dubai, including at

its Riviera and Victoria communities in MBR City. Azizi thus becomes the latest big-time freehold developer in

Dubai to make a push into hospitality.

Source: Gulf News

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ESHRAQ PROPERTIES SWINGS TO PROFIT IN

2017 Thursday, February 15, 2018

The company which is involved in the development of various projects in Abu Dhabi and Dubai said that it started

the construction of Marina Rise, a 233-apartment project on Reem Island, which is expected to be delivered by the

end of 2019. It also finalised the design of its Jumeirah Rise project in Dubai and will award the construction

contract in the second quarter of 2018.

Eshraq also made substantial progress in its negotiations with Reem Investments for the acquisition, which is

likely to be completed in the second quarter of the year, according to a statement by the company on Thursday.

Source: Property Wire

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ALDAR PROPERTIES POSTS NET PROFIT OF

DH2B FOR 2017 Thursday, February 15, 2018

Abu Dhabi’s Aldar Properties made a net profit of Dh2 billion in 2017, a slight drop compared to the previous year.

The company’s profit in 2017 was Dh2 billion compared to Dh2.78 billion in the previous year. The company

attributed the slight reduction in profit to a one-time charge of Dh495 million.

Underlying revenues of the firm was up 26 per cent to Dh6.2 billion and development sales hit Dh3.5 billion,

ahead of guidance, the company said on Thursday.

The company also reported fourth quarter development sales of Dh1.2 billion driven by Water’s Edge and West

Yas properties.

“We have bold plans for 2018 - exciting development launches and seeking opportunities to grow our portfolio in

existing and new markets,” said Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties.

“With solid foundations, an extensive land bank, deep industry experience and an enviable portfolio of assets,

Aldar is well positioned to achieve its strategy to deliver desirable destinations in Abu Dhabi in 2018 and beyond.”

The company will be proposing 12 fils per share dividend for 2017, up 9 per cent from 11 fils per share in 2016.

Source: Gulf News

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THIS IS THE HOUSE EMIRATIS WANT TO

BUILD Wednesday, February 14, 2018

In announcing Abu Dhabi’s largest housing development for Emiratis, developer Modon Properties also revealed

details about the extensive research it has done on the features that make a happy and comfortable home.

Modon’s Riyadh City is so named as a tribute to the UAE’s strong ties with its next-door neighbour Saudi Arabia.

Apart from its symbolic status, Riyadh City is a housing development with lofty ambitions.

Located between north Wathba and south Shamkha, Riyadh City is some 30km from the city centre, but residents

don’t have to worry about living so far away – like most “mini cities” being developed across the country, Riyadh

City will offer all amenities that residents will need, from health care facilities and schools to shopping centres and

leisure destinations.

But of course, this being a mainly housing development, the residences themselves are the crown jewels of

Riyadh City. And to make sure the houses match the needs of residents, Modon conducted a nationwide survey,

which it called the Build Your Happiness survey, wherein Emiratis were asked questions about their ideal homes.

Almost all of the respondents were in the 25-45 age bracket, which mainly comprises those with young families as

well as growing households. The survey revealed interesting results; for instance, a majority of respondents

preferred a modern design as opposed to a traditional layout.

“The main objective of this survey is to understand the housing needs of the modern-day Emirati family,” explains

Abdulla Al Sahi, CEO of Modon.

Al Sahi said the survey provided a good starting point in designing the villas and choosing the right mix of

amenities.

Riyadh City will occupy 8,000 hectares, equivalent to 40 times the area of Downtown Dubai. There will be 26,000

plots available for villa development — putting this in context, Modon says this will increase Abu Dhabi’s

residential area by 45 per cent.

Emiratis can acquire the plots through a loan from the Abu Dhabi Housing Authority. Plot owners can build their

own homes, but according to Modon 65 per cent of respondents don’t want to go through the trouble of

construction – they want Modon to build it for them.

“The idea is to offer Emiratis a one-stop shop for the building of their homes, so they don’t have to deal with third

parties, be it a construction consultant or a contractor,” says Al Sahi.

Here are the main takeaways from the survey.

Source: Gulf News

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BUILDING A HAPPY HOME Wednesday, February 14, 2018

There’s no place like home, or so the saying goes. But what makes a house a home? Certainly the people who live

there, the atmosphere, the energy and the emotions they evoke. What about the physical aspects of the home

itself? What are the distinct features that make it a happy and comfortable place to live, both as a standalone

property and as part of a community? As a homeowner, what makes you choose a particular address?

That is precisely what Modon Properties set out to discover in its Build Your Happiness nationwide survey. The

master developer, which is developing the recently announced Riyadh City housing mega project in Abu Dhabi,

surveyed Emiratis with the aim of understanding what they look for when it comes to the design of their ideal

home. Just over half of respondents (51.6 per cent) were within the 25-35 age group, followed by the 36-45 age

bracket (44.8 per cent), providing insight on the housing priorities for younger people.

Happy Home Emirati Survey Modon Properties

The survey reveals more than three-quarters of Emiratis (76.5 per cent) prefer a modern home design; under a

quarter (23.5 per cent) favour a more traditional design. The majority of respondents said they want their ideal

home to include a courtyard (91.5 per cent) and an outdoor tent space (88 per cent), which is traditionally used as

a majlis for social gatherings.

Medical, schools and shopping centres were the public facilities Emirati respondents prioritised most when

choosing a home. Meanwhile, access to these public facilities, the availability of land and housing loans, as well as

proximity to work and government entities were the main driving factors for moving to Riyadh City.

The findings of the survey will predominantly be used for Modon Properties’ villa designs, as well as the

development of Riyadh City as a sustainable and integrated community, says the developer’s CEO Abdulla Al Sahi.

“The main objective of this survey is to understand the housing needs of the modern-day Emirati family so that

we can build homes that meet their requirements and in accordance with the funds provided by the national

housing loans scheme,” says Al Sahi. “Based on the results, we have identified 12 [housing] typologies, which have

been approved by the Department of Urban Planning and Municipalities. These typologies primarily vary in size,

but offer something for every family and every budget.”

Riyadh City villa traditional design

Meanwhile, a whopping 94.5 per cent of respondents said they would want a home with more than five

bedrooms. “The need for additional space and flexibility is a clear requirement that came through in this survey,”

says Al Sahi. “That is why all our home designs are expandable, allowing Emiratis to expand their homes in

parallel with the growth of their families.”

Announced in November, Riyadh City is set to be the capital’s largest housing development, sprawled across 8,000

hectares, consisting of 26,000 plots and increasing Abu Dhabi’s residential area by 45 per cent. Taking shape in

what was known as North Wathba and South Shamkha, Riyadh City is just 30km from downtown Abu Dhabi and is

expected to be home to more than 200,000 UAE nationals. The infrastructure work for the northern area of the

project is already complete, with development plans for the southern area under way.

Modon Properties is developing the overall community infrastructure and making the land plots available to

Emiratis through various avenues, including the Abu Dhabi Housing Authority. Once a loan has been granted and

a plot assigned, landowners then have a choice to have their homes built by Modon Properties or another

developer. According to the survey, however, 65 per cent of Emiratis would like their homes to be built by Modon

Properties.






“The idea is to offer Emiratis a one-stop shop for the building of their homes, so they don’t have to deal with third

parties, be it a construction consultant or a contractor,” explains Al Sahi. “In addition, nine display villas will be

built, complete with gardens, so that prospective customers can actually see and experience the choices available

to them.”

Villas will range in size from 450-750 sq m before expansion and will fall under three categories: intermediate,

plus and gold. The developer will be revealing its villa designs at it sales centre, which is due to open later this

month, while villa construction and contract signing is slated in the second quarter.

Imkan: the art of placemaking

To say that Imkan has taken property development to another level would be a rather cavalier understatement.

After all, breathing life into a long-established industry is no easy feat, but that is exactly what Imkan, Abu Dhabi’s

emerging “placemaker”, has set out to do. The brainbox behind the recently announced Makers District has all but

taken the traditional approach to building communities. Using a refreshingly different and far more inspired

methodology, Imkan injects the invaluable elements of time, culture, sociology, psychology and law into

everything it does.

“Our core objective at Imkan is to create soulful places that enrich people’s lives,” says Walid El Hindi, CEO of

Imkan. “And we didn’t arrive at this objective at random. Unfortunately, many developments today are just a

commercial reapplication of things done in the past. This may have worked before, when the canvas was still

blank and the smallest drop of paint drew attention. But now, there is a lot of paint on the canvas, so you really

need to go the extra mile to stand out.”

This goes beyond doing something extraordinary, but truly adding value to the community, explains El Hindi. “It is

this unwavering resolution to bring meaning to people’s lives that is embedded in our DNA, and we do this by

studying all aspects of the community we live in — from its history and future to its very social fabric,” he says.

Makers District, which is being developed on Reem Island, was the result of extensive research that brought light

to the capital’s long-term vision. “Abu Dhabi is clearly trying to build a niche for itself as a hub of the arts and

culture. And so we asked ourselves, ‘how can we add to this vision?’” El Hindi says. “While doing our research, we

found that much of the capital’s investment is going towards the display of art. But to truly become a hub, you

need to provide the full spectrum — not just displaying art, but also creating it. And so that’s how Makers District

was born. We want to inspire and cultivate homegrown talent. We want the people who dream of having an

installation in the Louvre one day to live and work in Makers District.”

All entrepreneurs are welcome

But it’s not just the artists Imkan is after. An Dh8-billion waterfront project sprawled across 18 hectares, Makers

District is designed to attract and cater to all young, highly networked and creative workers, which Imkan says is

currently an underserved demographic in Abu Dhabi. “When people think of ‘makers’ they often think of artists,

but the true meaning of the word goes far beyond that. We believe every entrepreneur is a maker, regardless of

the field they specialise in,” explains El Hindi. “So whether you are a chef, a baker or a doctor, if you have the

passion and determination to think and work for yourself, you’re a maker.”

That is the mindset that Imkan aims to capture with Pixel, the developer’s first mixed-use project within Makers

District. With a built-up area of approximately 83,000 sq m, Pixel will offer 480 residential units across seven

mixed-use towers surrounded by quiet pocket gardens, and will frame a centralised pedestrianised plaza that will

be home to over 3,500 sq m of an artisanal mix of food and beverage, retail and office space.

“The population of the UAE and the wider region is unique in that nearly 70 per cent of residents are under the

age of 34. That is remarkable — it means people like me are a minority,” says El Hindi. “So we went to great

lengths to research and study the millennial mindset, and what clearly came out is this desire for autonomy.”






And so every aspect of Pixel has been designed with respect to the needs of today’s entrepreneur, from co-

working office spaces to restaurants and cafes. “At the end of they day, if you’re a freelancer, for example, you

probably don’t need expansive office space. You’re likely to be working from more than one place and just need a

base. We understand that and therefore offer a range of workspace options with that in mind,” explains El Hindi.

The first release of the Pixel towers has already been sold out, with more units being released in the first quarter

of this year. The project, which offers studio, one-, two- and three bedroom units, is also located just steps away

from The Artery, another example of Imkan’s ability to translate its research findings and forward thinking into

innovations built for the future.

Not just a car park

A hybrid cultural hub and parking garage in the shape of a DNA strand, The Artery is a 26,000-sq-m multiuse

building that serves as both an art space for makers to create and showcase their work, as well as a car park.

“In line with Abu Dhabi requirements, we had to provide parking space for 750 cars. However, our research

showed that the market for cars is going to change considerably in the coming years. With the rise of electric cars

and cab hailing services, car ownership will decrease as it transitions from asset to service. This ultimately means

that in the long term, we may not need all that parking space. So we had to think very carefully about how we

designed this structure and created a space that can be used as both a parking garage and a creative

powerhouse.”

The design of the sophisticated structure, which is the first building to be launched in Makers District, has been

awarded to Copenhagen and New York-based Bjarke Ingels Group (BIG). The globally recognised architectural

firm, most recently having won the Agha Khan Award for Architecture, is also responsible for designing Pixel’s

15,000-sq-m landscaped public realm.

Meanwhile, the design of the Pixel towers was awarded to Rotterdam-based MVRDV, which is recognised for its

collaborative, research-based design method, and its portfolio of award-winning projects worldwide.

The developer has also appointed Ramboll as lead consultant for the entire first phase of Makers District. With

over 1,000 residential units, 11,000 sq m of commercial and retail space and a construction value of Dh2 billion,

phase one is scheduled for completion in 2020.

“At the end of the day, it’s not just about the aesthetic ‘wow’ factor. There are many places that are beautiful on

the outside, but can you truly say they are soulful? Not necessarily,” says El Hindi. “And that is why we only work

with partners who genuinely understand this and share our vision.”

Desirable destinations

For a residential property to be successful, it should play at least one of the following roles: provide a comfortable

place to live, serve as a rewarding investment or demonstrate an opportunity of upward mobility as people climb

the property ladder. This is a principle of Aldar Properties, the Abu Dhabi-based real estate developer. “For

homeowners and tenants alike, it is all about the quality, an enriching experience and lifestyle — a place you call

home. This demands urban amenities, a sense of community, convenience of location and facilities, good views

and maintenance services,” the developer said in a statement.

Investors, on the other hand, are after a good return on investment with expectations of capital growth or a yield

play. “They want to see strong, sustainable demand for property over a period of years and they want comfort

that Abu Dhabi will continue to be a desirable place to live, work and play, and thus an attractive real estate

investment option,” Aldar continues. “From all perspectives, we continue to see a flight to quality among investors

in Abu Dhabi.”






In a recent research it has conducted in Abu Dhabi, the developer noted a distinct lack of residential units catering

to the mid-income segment. This is what principally drove the developer to launch two residential developments

last year catering specifically to this market gap: The Bridges and Water’s Edge.

“Residential units in key locations at an attractive price point also have wide appeal to investors as well as owner-

occupiers who may not have been able to access the Abu Dhabi market previously,” according to the developer,

adding that it will continue to strengthen its offering within the segment.

The Bridges and Water’s Edge were sold out just weeks after their launch, which the developer says validates its

push into the segment. Aldar also sees demand for reasonably priced, boutique-styled urban residences, which

will also form part of its future offering. The developer plans to bring more town houses and villas to the market

to cater to an increasing customer base looking for more space.

Aldar’s Dh6-billion flagship waterfront and golf development, Yas Acres, which was launched in 2016, will also add

more than 1,300 villas to Yas Island once complete. The developer will also soon start handover of its West Yas

development, adding more than 1,000 four- and five-bedroom villas to Yas Island. It will also begin to handover

exclusive land plots on Nareel Island, located on the coast of Al Bateen, with prices starting from Dh450 per

square foot.

Aldar Properties says it recorded robust sales last year, driven by the launch of The Bridges and Water’s Edge. In

the third quarter, the developer achieved Dh604 million in development sales, bringing the total value to Dh2.4

billion.

“We continually look to how we can innovate and improve so that we can not only provide a great product for our

customers, but make Abu Dhabi an attractive place to live, work and play by delivering desirable destinations,” the

developer said.

Source: Gulf News

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ALDAR PLANS $1.47B CAPEX OVER TWO

YEARS Wednesday, February 14, 2018

Aldar Properties, the state-linked builder of Abu Dhabi's Formula One circuit, said it plans to spend Dh5.4 billion

over the next two years after reporting an 80 per cent drop in fourth quarter profit.

The results come against a backdrop of a slowing economy and property market in the oil-rich capital of the

United Arab Emirates. Aldar made a net profit attributable to owners of Dh141 million in the three months to

December 31, compared with Dh727.9 million a year earlier, CFO Greg Fewer said on a conference call on

Thursday.

A one-time charge of Dh495 million in the fourth quarter, representing three per cent of the asset management

portfolio, impacted Aldar's bottom line, he said. Sico Bahrain forecast that Aldar would make a quarterly profit of

Dh628.12 million. Aldar's full-year profit attributable to owners was Dh2 billion, compared with Dh2.78 billion in

2016, he said.

"The overall capex programme stands at Dh5.4 billion (which) will run approximately 24 months, but we add to

this as we continue to announce new contracts and launch new projects," Fewer said.

Aldar's capex in 2017 was about Dh1.6 billion dirhams, he said. Aldar is also evaluating refinancing of its $750

million sukuk that matures later this year, Fewer said, adding they are confident of accessing markets.

The company's full-year revenue totalled Dh6.18 billion compared to Dh6.23 billion in the prior year. With Dh3

billion of contracts awarded in 2017 and some 7,000 units under construction, Aldar expects strong sales this year

as it launches new projects, Talal al Dhyebi, chief executive, said on the conference call.

"We have bold plans for 2018, exciting development launches and are seeking opportunities to grow our portfolio

in existing and new markets."

Aldar's board proposed paying a dividend of 12 fils per share for 2017 versus 11 fils per share in the previous

year.


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HOW ADNEC CREATED 22,300 JOBS IN ABU

DHABI IN 2017 Wednesday, February 14, 2018

The Abu Dhabi National Exhibitions Company (Adnec) on Wednesday said its contribution to Abu Dhabi's

economy increased 26.66 per cent in 2017 to Dh3.9 billion compared to Dh3 billion in 2016 and helped create

22,300 jobs.

Adnec venues, including the Abu Dhabi National Exhibition Centre and the Al Ain Convention Centre, collectively

hosted 442 events in 2017 and received more than 2.08 million visitors, registering 36 per cent growth over 2016.

In 2017, the Abu Dhabi National Exhibition Centre and the Al Ain Convention Centre collectively hosted 54

exhibitions, including 13 new additions, representing a 25.5 per cent increase over the previous year. Meanwhile,

the venues staged 14 conferences, posting a 28 per cent year-on-year revenue growth.

According to the Oxford Business Group, Abu Dhabi has seen a surge in activity in the meetings, incentives,

conferences and exhibitions (Mice) sector as business travellers have become one of the emirate's principal

sources of visitor revenue. In addition, Abu Dhabi has also jumped ranks in the International Congress and

Convention Association by 161 places in three years - from 234 in 2012 to 72 by 2015.

A press statement issued by Adnec on Wednesday said it supported the creation of 22,300 jobs and helped

generate 692,732 guest nights for the hospitality sector in the emirate.

Furthermore, Adnec recorded a steady growth in the number of UAE nationals among its employees. The ratio

reached 69 per cent in 2017, up from 60 per cent in 2016.

Humaid Matar Al Dhaheri, CEO of Adnec Group, said the numbers validate the effectiveness of Adnec's portfolio

expansion into sectors prioritised in the Abu Dhabi Plan 2030 and Abu Dhabi Economic Vision 2030 as well as the

high flexibility demonstrated in successfully hosting a wide spectrum of events.

"Adnec is proud to play an integral role in consolidating Abu Dhabi's status as an international business tourism

capital. In supporting the emirate's economic transformation, we act on our core mandate to create new

opportunities for the Abu Dhabi economy through attracting more high-profile international events to our

venues," Al Dhaheri said.

In addition, Adnec achieved a customer satisfaction rating of 93 per cent, up from 92.8 per cent in 2016.


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APARTMENT RENTS ON THE RISE IN ABU

DHABI Thursday, February 15, 2018

Almost half of Abu Dhabi communities saw increases in asking rents for apartments in the second and third

quarters of 2017, while rents in other parts of the emirate fell, according to new statistics from Propertyfinder

Group.

“Abu Dhabi apartments for rent are a tale of two cities,” said Lukman Hajje, chief commercial officer of

Propertyfinder Group. “Almost half of the tracked apartment communities experienced increases in their asking

rents over the past six months [Q2 and Q3 2017].”

Among the most notable increases were in Mohamed bin Zayed City (13.8 percent), Al Mushrif (12.8 percent) and

Electra Street (8 percent). Hajje noted that all are non-freehold areas and relatively affordable communities with

limited stock, in which media prices are not indicative of a market recovery.

Rents, however, fell in other parts of the city, including the Corniche Area (-7.8 percent), Al Ghadeer (-7.7 percent),

Al Raha Beach (-6.6 percent), Al Reem Island (-5 percent), and Al Bateen (-4.7 percent).

Asking prices for villas in Abu Dhabi continued to decline, with Al Salam Street (-12 percent), Al Reef (-7.7 percent)

and Al Raha Gardens (-5.9 percent) seeing the largest falls in prices over the two quarters. Only one community, Al

Raha Golf Gardens, saw an increase (3 percent).

Mohammed bin Zayed city remains the most affordable place to rent a villa in Abu Dhabi (AED 44 per square

foot), followed by Khalifa City (AED 47 per square foot) and Hydra Village (AED 49 per square foot).

The most expensive area, by far, was Saadiyat Island, with an average asking price of AED 73 per square foot,

followed by Al Raha Golf Gardens (AED 60 per square foot).

Source: Arabian Business

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NEW DH4B CHEMICAL COMPLEX TO BE

BUILT IN KIZAD Sunday, February 11, 2018

Shaheen Chem Investment will build a chemical complex in the Khalifa Industrial Zone of Abu Dhabi (Kizad) with

an expected investment of Dh4 billion.

The firm signed an agreement with Kizad to lease land for the complex, which will be built in two-phases,

according to an announcement on Sunday.

The plant will support the UAE’s growing chemical manufacturing sector as well as supply major industrial giants

such as Emirates Global Aluminium, EGA, with raw material.

The first phase of the plant is expected to produce 130,000 tonnes per year of caustic soda for EGA’s Al Taweelah

alumina refinery and 160,000 tonnes per year of ethylene dichloride.

Upon completion of the second phase, caustic soda production capacity will double and the plant will expand

operations with vinyl chloride and polyvinyl chloride production.

Source: Gulf News

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AVERAGE SALES PRICES FOR ABU DHABI

FLATS DECREASE IN Q4 Saturday, February 17, 2018

Off-plan sales are driving the Abu Dhabi housing market, according to Chestertons Mena.

In the fourth quarter of 2017, off-plan sales activity remained high as developers rolled out a number of

incentives to attract buyers. However, the secondary market witnessed a two per cent decline in apartment sales

prices and one per cent decline in villa sales prices. GCC and Arab nationals dominated both markets.

Ivana Gazivoda Vucinic, head of consulting and research at Chestertons Mena, said: "Throughout 2017, we saw

the effects of a number of economic factors, including low oil prices... increased stock in the secondary market, a

rising cost of living and redundancies."

Sales prices, on average, decreased by two per cent for apartments during the quarter, with some markets

experiencing a more pronounced decline, such as Reem Island (five per cent).

Conversely, Saadiyat Island registered the highest increase in apartment sales prices for the second consecutive

quarter at five per cent, fuelled in part by the inauguration of the Louvre Abu Dhabi. On average, prices increased

from Dh1,362 to Dh1,430 per sqft in Saadiyat Island, compared to Reem Island, which declined from Dh1,242 to

Dh1,184 per sqft.

Average villa sales prices fell by one per cent in the fourth quarter, with the Al Raha Beach area falling more than

four per cent from Dh1,348 to Dh1,282 per sqft. Khalifa City, in contrast, registered an increase of almost six per

cent, with prices up from Dh852 to Dh895 per sqft. There was an overall decline in rents of two per cent and one

per cent for apartments and villas, respectively.

There's some positive news for investors, as rents for one-bedroom apartments in Al Khalidiya rose by seven per

cent, bucking the wider market trend.

In the villa market, Al Reef and Reem Island emerged as preferred locations. For example, a three-bedroom villa in

Al Reef could be rented for Dh120,000 per annum and on preferential leasing terms. Saadiyat Island was the best

performing area in the apartment segment and Khalifa City in the villa segment. Mohammed Bin Zayed City

registered the highest increase in villa rents at almost two per cent.

Vucinic added: "There is a likelihood of positive economic sentiment emerging from Adnoc's recent

announcement to invest $109 billion in growth strategies. This plan could be the turning point for Abu Dhabi's

real estate sector as it could generate new jobs and therefore renewed demand for residential property."

The supply of new apartment and villa units peaked at around 1,500 and 250 respectively.


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AL AIN SQUARE SET FOR EXPANSION Wednesday, February 14, 2018

Abu Dhabi-based diversified group Al Qattara Investments will develop the third phase of Al Ain Square which will

be spread over 200,000 square metres, said a senior executive.

Speaking to Khaleej Times, Ahmed Barakat, director, asset management at Al Qattara Investments, said the third

phase will be a mixed-used development comprising apartments, a community centre, public park, retail, mosque

and a school by Gems Education.

He, however, refused to disclose the number of residential units and investment figures as the project is pending

approval from the Abu Dhabi Urban Planning Council. Al Ain Square is the new name of the Hazza Bin Zayed

Community.

"We are in the process of finalising all the necessary authority approvals before we formally announce the details

of the project. In the next 6 to 12 months, work on the project will begin. Targeted to open in September 2020, the

Gems school will offer primary and secondary school education to kids from ages 4 to 18. The curriculum is yet to

be finalised," Barakat told Khaleej Times.

Al Ain Square's phase 1 and 2 were completed in 2014 and 2017 and it comprised a gross floor area of 450,000

square metres.


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NEW VILLAS LAUNCHED IN SHARJAH

COMMUNITY Wednesday, February 14, 2018

Sharjah Holding, a partnership between Majid Al Futtaim - Properties and Sharjah Asset Management, has

launched the final batch of homes in the Al Lilac neighbourhood in Al Zahia. Launched in 2017, Al Lilac is the third

neighbourhood in Al Zahia.

The first and second releases of Al Lilac included three-bedroom townhouses, four and five-bedroom villas and

three-bedroom courtyard villas, while the latest launch will see the release of 108 additional homes comprising

three-bedroom townhouses and four-bedroom semi-detached villas.

Shadi Al Azzeh, development director, Al Zahia at Majid Al Futtaim - Communities, said: "To date, Al Zahia has

welcomed over 250 families to its first neighbourhood, Al Jouri. In 2018, the community will hand over 566 homes

in the Al Narjis neighbourhood and the Garden Apartments."

A new payment plan will be offered, allowing buyers to secure their homes with a 5 per cent down payment,

monthly installments thereafter and the remaining 75 per cent on handover.

Al Zahia has partnered with Sharjah Islamic Bank, Abu Dhabi Commercial Bank and Dubai Islamic Bank to provide

buyers with financing options.


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RAK PROPERTIES POSTS 10% JUMP IN NET

PROFIT FOR 2017 Thursday, February 15, 2018

RAK Properties reported on Thursday a 10 per cent increase in its net profit for 2017, reaching Dh192 million from

Dh175 million in 2016.

Revenues of the company for 2017 were at Dh313 million. Net operating profit of the Abu Dhabi listed firm

increased by 14 per cent to Dh204 million compared to Dh179 million reported for 2016.

The total assets jumped by 3.5 per cent to Dh5.2 billion at the end of 2017 and earnings per share increased to

Dh0.10 compared to Dh0.09 reported in 2016.

In a statement, RAK Properties Managing Director and Chief Executive Officer Mohammad Al Qadi, said the

double-digit growth in its net profit reflects the success of the company in delivering high-quality lifestyle

properties. “A key delivery milestone during the year 2017 was the handover of 157 keys of the Bermuda Villas in

Mina Al Arab, Ras Al Khaimah. Bermuda Villas represents a significant addition to the new developments being

launched in the emirate.

“We also added North Bay Residences to our residential offerings within Hayat Island, a Dh5 billion investment

which is set to be the new social and entertainment hub of Ras Al Khaimah,” he said.

In the hospitality sector, two international hotel brands are under construction and expected to be completed in

2019 including a 306-room Anantara Hotel Resort in Mina Al Arab and a 350-room luxury hotel InterContinental

Mina Al Arab Resort.

Source: Gulf News

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RENTS IN THIS SHARJAH AREA DROP TO

ALMOST HALF IN 4TH QUARTER Sunday, February 18, 2018

Availability of supply and competitive rents in Dubai led to a widespread decline in apartment rents in Sharjah in

the fourth quarter of 2017, according to Dubizzle Property.

Bu Tina experienced the biggest drop in rents (17 per cent), followed by Al Nabba (10 per cent), Al Nahda, Al

Qasimia and Al Ghuwair (nine per cent).

Three-bedroom apartments for rent in Bu Tina experienced the largest decrease in rents by -44 per cent, said

Dubizzle Property. They could be rented for Dh27,000 in the fourth quarter compared to Dh48,000 in the same

period in 2016. This may be because of older buildings in the area.

Other areas that registered smaller rent declines in the quarter were Al Khan (seven per cent), Al Qasba (six per

cent), Abu Shagara (six per cent), Muwaileh (five per cent) and Al Majaz (four per cent), added Dubizzle Property.

According to real estate consultancy Cluttons, apartment rents in Sharjah registered a steep decline of 13.6 per

cent in the last quarter of 2017, compared to a decline of 10.6 per cent in 2016. Cluttons estimated that Abu

Shagara topped the list of weakest performers, with used car showroom dealerships vacating the area. Sharjah's

residential rental market is set to face pressures from rising stock. However, many landlords are reluctant to

adjust advertised rents downwards.

"But, with tenants increasingly seeking out new buildings, reflecting financial pressures stemming from the levy of

VAT, rising utility bills and rising inflation levels, we feel landlords will need to be flexible with rents and payment

plans, particularly in older buildings, to sustain demand," said Suzanne Eveleigh, Cluttons' head of Sharjah.

A few landlords are, however, waiving deposit requirements and offering rent-free periods, increased number of

payments (up to 12 cheques) and rent adjustments. Meanwhile, Al Mamzar witnessed the largest increase in sale

price per sqft by 14 per cent, now standing at Dh591, followed by Al Khan with a six per cent increase with prices

averaging at Dh550 per sqft. These were the only areas that experienced an increase in price per sqft in Sharjah,

with other coastal areas experiencing a decrease in sale price, including Al Majaz (four per cent) and Al Qasba (15

per cent), estimates Dubizzle Property.

"The Northern Emirates are still deemed as the most affordable cities in the UAE, where fluctuations in sale prices

are a result of several factors, including a change in the law in 2014 that allows non-Arab expatriates to purchase

property in Sharjah," said Ann Boothello, property expert at Dubizzle Property.

Ajman

Rents in Ajman showed similar trends to Sharjah, with an average decrease across key areas. Al Rawada 2

experienced the biggest decline (12 per cent), followed by Al Rawada 1 and Ajman Industrial Area (11 per cent),

and Emirates City and Al Helio (10 per cent).

The largest decrease in rents was seen for a two-bedroom in Al Rawada 1 (-33 per cent). A unit that fetched

Dh39,000 in the fourth quarter was available for Dh26,000 in the same period in 2017.

Many areas experienced an increase in sales price per sqft. Helio recorded an increase in sale prices per sqft (11

per cent), followed by Al Rumailah (five per cent) and Al Rashidya (three per cent).






Ajman industrial area experienced the largest drop in sale price per sqft by 22 per cent, standing at Dh367,

followed by Al Jurf (19 per cent) and Mushairef (17 per cent).

The most affordable area to purchase a property in Ajman is Emirates City, with property prices averaging at

Dh262 per sqft.

The most popular areas for apartments for both sale and rent were Al Rashidya, Al Rumailah, Mushairef and

Emirates City.


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INVESTORS SHOULD TAKE A TRIP TO UK’S

REGENERATION SPOTS Wednesday, February 14, 2018

While 2017 was forecast to be a challenging year, the London property market proved resilient and outperformed

expectations ... and setting the pace for this year. Despite widespread political uncertainty, many encouraging

high-value transactions took place and international investors can look forward to this momentum continuing.

Recently, a number of trends have emerged indicating a shift towards more sophisticated purchasing patterns,

showing that interest in the UK property market has not faltered since Brexit. Investors have instead been altering

their preferences to ensure smart purchasing decisions as the weaker pound offers immediate savings on UK

property of up to 20 per cent.

There has been a notable increase in institutionalised investment as well as a surge in bulk buying, particularly in

larger developments of over 100 units. Meanwhile, these buyers also understand the impact of regeneration,

which has been a significant draw for investment in the UK market, with many areas of London and the north

receiving substantial funding.

International investors, especially Middle Eastern and Chinese, are particularly in tune with the regeneration

activity taking place and see the benefits of investing early. This is because they understand the scalability, due to

the volume of regeneration rippling across the capital. There is also a significant lifestyle element to an area

undergoing regeneration, as this investment will often bring a variety of new retail, education and transport

facilities, as well as substantial employment opportunities.

Overseas buyers are therefore beginning to focus their attention on these emerging markets that pose higher

potential yields, rather than the more well-known hotspots in prime central London, which have been most

popular historically.

Outer boroughs such as Ealing and Hackney for example have seen prices skyrocket in recent years. Ealing in

particular is in the throes of regeneration, with five new Crossrail stations popping up across the borough. In

2019, once the east-west line opens, the commute to the West End is expected to take just 11 minutes.

Not only will this make the area highly accessible, but it also boasts a variety of green spaces and excellent

schools, making it a popular option among families.

The market has already seen a significant uplift in buyer interest for property in both East and West London of

late, whilst Crossrail and HS2 have both struck a chord with international investors due to the huge benefits this

enhanced infrastructure will bring, casting the net of investment hotspots even further afield. As well as the

popular commuter towns that lay south and west of the capital, including Surrey and Berkshire, there is also

significant interest in emerging cities such as Manchester and other regional centres.

Currency playIt is important to note that while fluctuations in dollar-based currencies, as well as the falling value

of the pound, will have an effect on demand for UK property, savvy Middle Eastern investors fully recognise the

benefits of maximising the currency play. There is also an expectation among the European property industry that

interest rates will rise in 2018.

If this does come into effect, there is still no threat that they will rise fast or far enough to significantly reduce the

attractiveness of UK property, compared with fixed income. International investors should feel encouraged that

the property market in the UK is resilient and continues to offer an attractive prospect.






It is also evident that the degree of Brexit-induced pessimism in the UK has lightened significantly since last year,

which is extremely promising. Throughout 2018, I fully expect investment to continue in a progressive movement

towards normalisation. Although investment levels may be subdued compared to the peak experienced in 2015,

on a historic basis, they fare extremely well, particularly in light of the huge (and unexpected) political change

brought about by Brexit, which the UK has quickly come to terms with.

Source: Gulf News

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TWO-THIRDS OF ALL U.S. HOUSING

MARKETS AT RECORD HIGH HOME PRICES Wednesday, February 14, 2018

According to Realtors, an uptick in existing U.S. home sales in the final three months of 2017 pulled down housing

inventory to an all-time low, while keeping home-price growth at its recent robust pace.

The national median existing single-family home price in the fourth quarter was $247,800, which is up 5.3 percent

from the fourth quarter of 2016 ($235,400). The median price during last year's third quarter climbed 5.6 percent

from the third quarter of 2016.

Single-family home prices last quarter increased in 92 percent of measured markets, with 162 out of 177

metropolitan statistical areas showing sales price gains in the fourth quarter compared to a year ago. Twenty-six

metro areas (15 percent) experienced double-digit increases (11 percent in the third quarter), and 18 metros

eclipsed their previous peak sales price. Overall, home prices are now at their all-time high in 114 markets (64

percent).

Lawrence Yun, NAR chief economist, says 2017 capped off another year where home prices in most markets

ascended at a steady clip amidst improving sales and worsening inventory conditions. "A majority of the country

saw an upswing in buyer interest at the end of last year, which ultimately ended up putting even more strain on

inventory levels and prices," he said. "Remarkably, home prices have risen a cumulative 48 percent since 2011, yet

during this same timeframe, incomes are up only 15 percent. In the West region, where very healthy labor

markets are driving demand, the gap is even wider."

Added Yun, "These consistent, multi-year price gains have certainly been great news for homeowners, and

especially for those who were at one time in a negative equity situation; however, the shortage of new homes

being built over the past decade is really burdening local markets and making homebuying less affordable."

Total existing-home sales, including single family and condos, increased 4.3 percent to a seasonally adjusted

annual rate of 5.62 million in the fourth quarter from 5.39 million in the third quarter, and are 1.3 percent higher

than the 5.55 million pace during the fourth quarter of 2016.

At the end of the fourth quarter, there were 1.48 million existing homes available for sale, which was 10.3 percent

below the 1.65 million homes for sale at the end of the fourth quarter in 2016. The average supply during the

fourth quarter was 3.5 months - down from 4.2 months in the fourth quarter of last year.

The national family median income rose to $74,492 in the fourth quarter, but overall affordability still edged

downward compared to a year ago because of the combination of rising mortgage rates and home prices. To

purchase a single-family home at the national median price, a buyer making a 5 percent down payment would

need an income of $55,585 a 10 percent down payment would require an income of $52,659, and $46,808 would

be needed for a 20 percent down payment.

"While tight supply is expected to keep home prices on an upward trajectory in most metro areas in 2018, both

the uptick in mortgage rates and the impact of the new tax law on some high-cost markets could cause price

growth to moderate nationally," said Yun. "In areas where homebuilding has severely lagged job creation in

recent years, it's going to be a slow slog before there's enough new construction to cool price appreciation to a

pace that aligns more closely with incomes."






The five most expensive housing markets in the fourth quarter were the San Jose, California metro area, where

the median existing single-family price was $1,270,000; San Francisco-Oakland-Hayward, California, $920,000;

Anaheim-Santa Ana-Irvine, California, $785,000; urban Honolulu, $760,600; and San Diego-Carlsbad, $610,000.

The five lowest-cost metro areas in the fourth quarter were Cumberland, Maryland, $84,600; Youngstown-

Warren-Boardman, Ohio, $90,200; Decatur, Illinois, $100,000; Binghamton, New York, $108,900; and Wichita Falls,

Texas, $110,400.

Metro area condominium and cooperative prices - covering changes in 61 metro areas - showed the national

median existing-condo price was $237,500 in the fourth quarter, up 7.0 percent from the fourth quarter of 2016

($222,000). Eighty-four percent of metro areas showed gains in their median condo price from a year ago.

Regional U.S. Breakdown

Total existing-home sales in the Northeast jumped 10.1 percent in the fourth quarter but are 0.4 percent below

the fourth quarter of 2016. The median existing single-family home price in the Northeast was $268,100 in the

fourth quarter, up 4.2 percent from a year ago.

In the Midwest, existing-home sales rose 6.0 percent in the fourth quarter and are 2.3 percent above a year ago.

The median existing single-family home price in the Midwest grew 7.2 percent to $193,800 in the fourth quarter

from the same quarter a year ago.

Existing-home sales in the South increased 3.8 percent in the fourth quarter and are 1.8 percent higher than the

fourth quarter of 2016. The median existing single-family home price in the South was $221,600 in the fourth

quarter, 5.0 percent above a year earlier.

In the West, existing-home sales in the fourth quarter were at an annualized rate of 1.23 million (unchanged from

the third quarter), up 0.3 percent from a year ago. The median existing single-family home price in the West

increased 7.2 percent to $374,400 in the fourth quarter from the fourth quarter of 2016.

Source: World Property Journal

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BEST BUY CITIES: WHERE TO INVEST IN

HOUSING IN 2018 Tuesday, February 06, 2018

After another year of rising home prices and declining inventory across the country, it has become increasingly

difficult to find a place to lay your money (and head) with a reasonable expectation of a return on your

investment. Sweet spots, nevertheless, are still scattered across the nation. These cities offer a rare combination

of better than average job growth and some runway before homes become overpriced--both things anyone

looking to make a smart real estate investment should be after.

To find out where you should be house hunting this year, Forbes tapped Local Market Monitor, which tracks more

than 300 housing markets. For each market CEO Ingo Winzer (a Forbes contributor) analyzed housing indicators

as well as broader growth trends to come up with 20 markets where you can park your money in 2018 and still

sleep easy.

If you are looking for a quick flip these may not be the markets for you. These are not necessarily the places

where prices will grow the most in the near future. (The three-year price growth forecast for the 20 cities on this

list range from 11% for Washington, D.C., to 35% for Orlando.) Rather, these are the places where that growth

appears most sustainable over the medium to long term.

“High-growth markets are always attractive,” says Winzer. However, “in a few years today's growth markets may

be in over-priced territory. Markets with medium growth can also be a better bet for investors because there's

less competition for choice properties and they can buy at a more favorable price.”

Trends

Orlando outperforms: The land of Mickey Mouse and Harry Potter World takes the No. 1 spot this year. Orlando

home prices increased 9% in 2017, hitting an average of $247,550. Nevertheless, Local Market Monitor still judges

the market as fairly valued and forecasts prices will increase 35% by the start of 2021. That optimism is thanks in

large part to Orlando’s 7.1% job growth over the past two years and 7.6% population growth over the last three. In

general, Orlando does well when America at large is doing well, since its economy depends largely on tourism. It

also doesn’t hurt that Orlando’s home prices, still dinged by the housing crash, are 22% below the national

average. "Orlando has recovered in the sense that job growth has been strong and home prices are moving up

along with income at a healthy pace," observes Winzer. "Home prices are still below the peak of the bubble, so in

that narrow sense they haven't recovered."

Tech threat: On the opposite end of the spectrum are several West Coast and Texas cities, where strong demand

from high-paid tech and energy workers has brought prices to the edge of affordability. Not long ago some of

these cities looked like safe bets, but lightning fast 2017 price growth has added risk. Austin, Texas, for example,

took the No. 7 spot on our 2016 list. After a 7% rise in 2017 to an average of $305,000, home prices are now 30%

above the price to income ratio the city has historically supported. In Seattle, No. 4 in 2017, prices are 25% higher

than historically viable. Last year Seattle prices grew 14%—more than any other big city in America and already

more than half the growth Winzer had anticipated between 2017 and 2020.

Sprawl: Reflecting widespread price growth and prosperity, the cities on this year’s list are diverse. They range

from Boston in the northeast to Sacramento in northern California. Fifteen states are represented in all and none

claims more than two spots—a change from 2017 when Florida and Texas alone held seven spots.






Notable newcomers: To that end, eight of the 20 cities on this year’s list did not make it in 2017. The highest-

ranking newcomer is No. 2 Provo-Orem, Utah, where the average home price of $266,169 is right in the sweet

spot for local affordability. Other newcomers include No. 5 Ogden-Clearfield, Utah, No. 8 Springfield, Mo. and No.

17 Washington.

Methodology

To compile this list Winzer began with 330 markets. He first removed ones that were too small (populations below

500,000) and then discarded those that performed worst on key metrics. Finally he drilled down to the 20 markets

that scored the best across five measures: one-year job growth, three-year population growth (2014 to 2017),

one-year home price growth, affordability and Local Market Monitor’s own three-year home price forecast. We

used job growth to rank the list this year. “At this time of surging prices, a good economy is a better long-term

criterion for investment” than price growth, notes Winzer.

To judge affordability Winzer uses a measure of home price versus income price, which he calls the Equilibrium

Home Price. That is the real current average home price in a market versus what that price would be if the historic

relationship between home prices and income held for that market. For example, in Columbus, Ohio, the average

home costs $229,776 or about 4.65 times the local per capita income. Historically, however, homes in Columbus

have sold for 5.38 times local income. The gap between the two suggests homes in the city are 13% underpriced.

(For more on Equilibrium Home Prices read: Real Estate Growth Market Or Impending Bubble? How To Tell The

Difference)

Winzer considers a deviance of 15% to -15% from the historical income price to be normal. In general, a market is

deemed overpriced if this measure is 30% or more above income price. While being underpriced is a positive for

people buying in a city where the economy is growing, it can be a big negative in places without growth on the

horizon. That, for example, is why Chicago isn’t on our list. Yes, home prices are underpriced by about 20%, but

job growth there is far below the national average. "You can find plenty of bargains in Chicago, but until the

economics improve you'll run a risk of not finding renters," says Winzer.

Source: Forbes

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EXCEPTIONAL YEAR SEES STRONG GROWTH

IN FRENCH PROPERTY MARKET Thursday, February 15, 2018

The residential property market in France got back on track in 2017 with sales reaching a record high of 958,000

in the 12 months to October, some 15.6% above the previous year’s level.

The latest analysis report from S&P also shows that first time buyers returned to the market and prices have also

been rising strongly, up 3.9% in the first three quarters of the year, led by growth of 5.8% in Paris.

But the proportion of buy to let investors continued to decline to 21% of the sales from 30% in 2012. The report

suggests that this reflects in part the growing importance of short rentals. Indeed, Paris is now the largest market

for Airbnb.

For 2017 as a whole, the French solicitors association predicts that a million sales will be reached. This level of

activity reflects essentially three factors: persistently low interest rates, a recovering economy, and a bounce in

potential buyers’ confidence after the election of Emmanuel Macron as President in June, the report says.

However, it also points out that 2017 was in many ways an exception and the housing market is now likely to

regulate itself in 2018 back closer to long term averages.

‘Last year was special in the sense that the relief following the presidential elections, strong economic growth, and

very favourable credit conditions provided a onetime boost to the market that is very unlikely to happen again,’

the report explains.

It also points out that the rise in house prices was the strongest since 2012 and there are early signs that the

trend is now levelling off. Meanwhile, the growth in housing loans also seems to have slowed in the final months

of last year.

Along with this first time buyers are reporting increased difficulty in entering the market given the deteriorated

affordability.

‘We anticipate the market will experience a soft landing in the coming year and a half. Prices should continue to

increase, but much less than last year, and it should be primarily concentrated in the largest cities, such as Paris,’

the report says.

‘Similarly the trend in transactions should level off as deteriorated market affordability hits demand. We are not

predicting a market crash, far from it, but a return to less exceptional conditions is now in train,’ it adds.


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CHINA DOMINATES GLOBAL CITY

RANKINGS FOR HOUSE PRICE GROWTH Monday, February 12, 2018

Chinese cities recorded the strongest mainstream house price growth in 2017 and seen the biggest rise in the

prime property market, new research has found.

Price grow by more than 10% in eight Chinese cities in the mainstream market, led by

Chongqing with an increase of 58.9% and only two European cities, Amsterdam and Dublin, made the top 10 with

rises of 20.9% and 12.3% respectively.

Vancouver saw annual growth of 16%, New York was up 11.7% and Shanghai up 10.7%. Paris recorded growth of

8.3%, Sydney 5.8% and London just 2.3%, according to the report from international real estate advisor Savills.

Prices were unchanged in Mumbai and Warsaw and fell in Rio de Janeiro by 4.4%, in Stockholm by 5.2%, in

Shenzhen and Johannesburg by 6.3% and in Dubai by 7.9%.

In the prime property markets there were more falls than growth, including long established markers such as

London, New York, Stockholm and Moscow but values in these cities are still higher than they were ten years ago.

San Francisco was the only US city to feature in the top 10.

Chongqing also saw the highest growth in the prime sector at 48.5%, followed by Tianjin at 39.4% and Wuhan at

25.5%. Vancouver, Dublin, San Francisco and Amsterdam also make the top 10 with growth of 16%, 12.6%, 12.3%

and 10.7% respectively.

Hong Kong remains world’s most expensive city for prime property at US$4,000 per square foot, followed by

Tokyo at US$3,280, London US$1,770 and New York US$1,570. ‘This outperformance by the mainstream housing

markets across key world cities is part of a longer term global trend. Prime values rose first and fastest after the

global financial crisis, but some are now hitting a high plateau. It’s now the turn of the mainstream markets to

play catch up,’ said Yolande Barnes, head of Savills world research.

‘Prime residential markets around the world reacted quickly to quantitative easing by central banks and the

consequent yield shift in line with low interest rates. This was a one off yield shift and expectations are that

central banks are moving towards raising rates, reducing the potential for price growth,’ she explained.

‘Importantly, while some cities have recorded small falls, we generally don’t expect these to become significant,

but we do expect prices to remain relatively stable, on a high plateau for some time, though we will continue to

see volatility in oil dependent economies, for example,’ she added.

According to the report cities such as Hong Kong, San Francisco, Sydney and Vancouver, which have now seen

strong 10 year growth, are expected to hit a high plateau in the next year or two. European cities such as

Amsterdam, Madrid, Paris and Dublin, where prime residential value growth ranged from 5.1% to 12.6% in 2017,

are poised for further price growth, though they too are expected to hit a long term peak within the next five

years. ‘With large amounts of capital pointed at Hong Kong from the mainland, and held at bay only by capital

controls, it is difficult to see a scenario where capital values will fall significantly,’ Barnes pointed out.

‘Equally, unless capital flows from the mainland were dramatically relaxed, it’s hard to see scope for further

significant value uplifts. Prime Hong Kong residential values look set to occupy the same high plateau as many

other world markets for a while,’ she explained.






Tokyo, where large, centrally-located, prime properties are rare, ranks as second most expensive for prime

property, with values averaging US$3,280 per square foot after rising 10% in the year, more than five times the

mainstream average of just US$630, and the biggest different between prime and mainstream across the Savills

measures.

‘In future, investors will pay more attention to occupier fundamentals: not just the quantum but also the quality of

demand. The biggest value differences will not be between world cities so much as between different

neighbourhoods and different types of property within those cities. Tokyo is an early case in point,’ Barnes

concluded.


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RESIDENTIAL PROPERTY MARKETS LIKELY

TO CONTINUE TO BE SLOW IN DUBAI THIS

YEAR Tuesday, February 13, 2018

Last year saw the residential property market in Dubai slow considerably and this year is likely to see more of the

same, according to the latest housing market analysis.

Villa prices fell 3.3% in the final quarter of 2017 and apartment prices were down 4% while rents fell by the same

amount, the fourth quarter real estate report from Asteco shows.

Apartment rental rates recorded steady declines throughout 2017 ranging from 2% to 4% per quarter, on average

while drops in sales prices were slightly less pronounced with variations of 0% to 4%. In the villa market average

quarterly decreases in sales prices and rental rates of 2% and 3%, respectively.

The report also show that 2017 saw a significant number of new project launches, particularly targeting the

middle income market, with a marked shift to smaller units offering lower price points, together with a greater

choice of incentives such as guaranteed returns, reduced/no commissions, low down payments and post-

completion payment plans.

This resulted in a rise in end users and first time buyers entering the market and as a result off-plan sales far

exceeded secondary property transactions, which the report suggest was mainly due to the high loan-to-value

ratios stipulated by the UAE Central Bank, which make buying difficult to those with limited equity.

There has also been a steady rise in project completions, which has put the bargaining power firmly in the hands

of tenants who have taken advantage of the increased choice and competitive rates to relocate to new properties

or renegotiate existing contracts, the report points out.

Asteco expects 2018 to follow similar trends as last year, although project launches are anticipated to ease off as

the market finds a new equilibrium. The report says that sales prices and rental rates are expected to continue to

come under pressure with a more pronounced drop anticipated for the latter as a result of the sheer amount of

supply projected for delivery this year.

It also suggests that investors will continue to be more sensitive to the price point of properties as opposed to the

price per square foot, meaning units that were previously advertised below the AED1,000 per square foot mark,

will be marketed, for instance, at below AED500,000 for studios or AED1 million for one bedroom apartments to

entice take up.

Asteco adds that in order to stimulate demand for completed properties and increase sales activity in this sector,

the UAE Central Bank would need to relax their LTV ratios to make home ownership more accessible to a large

proportion of the local and overseas population, but there is no indication this is about to happen.

Looking back over 2016 and 2017, the analysis says there was a significant amount of new project launches and

deliveries resulting in moderate but steady declines in sales prices and rental rates.

Tenants and Investors drove the market as more and more people looked for value for money options, which

resulted in affordable developments outperforming luxury accommodation in terms of sales activity.






At the same time, the number and range of incentives increased as Landlords tried to retain tenants and increase

take-up and developers increasingly offered smaller, off-plan units at lower price points with flexible post-

completion payment plans.

As a result home ownership has become more accessible to people who were previously unable to jump on the

property ladder due to high down payments. This resulted in a drop in demand for completed properties.


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With over 30 years of Middle East experience,

Asteco’s Valuation & Advisory Services

Team brings together a group of the Gulf’s

leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain, Dubai,

Northern Emirates, Qatar, and the Kingdom of Saudi

Arabia not only provides a deep understanding of the local

markets but also enables us to undertake large

instructions where we can quickly apply resources to meet

clients requirements.

Our breadth of experience across all the main property

sectors is underpinned by our sales, leasing and

investment teams transacting in the market and a wealth

of research that supports our decision-making.

John Allen BSc MRICS

Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Jenny Weidling BA (Hons)

Manager – Research and Advisory

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted by

suitably qualified personnel all of whom have had

extensive real estate experience within the Middle

East and internationally.

Our valuations are carried out in accordance with the

Royal Institution of Chartered Surveyors (RICS) and

International Valuation Standards (IVS) and are

undertaken by appropriately qualified valuers with

extensive local experience.

The Professional Services Asteco conducts throughout

the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property sales

division with representatives based in UAE, Saudi

Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

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.

OWNER ASSOCIATION

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.

SALES MANAGEMENT

Our Sales Management services are comprehensive

and encompass everything required for the successful

completion and handover of units to individual unit

owners.

NEWS BRIEF 07 - Asteco Property Management...SAUDI SET TO OPEN 84 NEW HOTELS THIS YEAR ALONE...

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Transcript of NEWS BRIEF 07 - Asteco Property Management...SAUDI SET TO OPEN 84 NEW HOTELS THIS YEAR ALONE...