Insights into the Dubai Real Estate Market: March 2014

There are more 'reasonable' ways to survive the UAE's vicious rental market (By Michael Lahyani)

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<span style="color: #0e0e0e; font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">In a perfect world, landlords and
tenants will work together, doing their bit to keep each other happy. However,
in reality, landlord-tenant relationships are most often than not characterised
by conflict of interest, bitter conversations and, sometimes, legal battles.<o:p></o:p></span></span></div>
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<span style="font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">With rising rents across the UAE and tenants
feeling the crunch,<span style="color: #0e0e0e;"> the old cliché of the rocky
landlord-tenant relationship has been all the more reinforced. However, today,
it’s not just high rents that tenants have to worry about. Some landlords also
cash in on renters’ situation to find an affordable property to live in, by
evicting them in the pretext of needing apartments for personal use or
renovation in order to rent them out at a higher price.<o:p></o:p></span></span></span></div>
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<span style="color: #0e0e0e; font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">The key thing to remember is that
there are laws in place today to protect the interests of both parties. The
market is maturing and whilst there are challenges, we’ve also the introduction
of new real estate laws to provide regulation, transparency and clarity. As I
mentioned in my last column, your landlord cannot increase your rent by a
ridiculous number. Today, whether or not a landlord can increase the rent is
not governed by a two-year stay, but by the RERA rent calculator, which is found
on the dubailand.gov.ae website. As a tenant, you should be given a 90-day
notice period should your landlord wish to impose an increase to the existing
rent value.<o:p></o:p></span></span></div>
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<span style="color: #0e0e0e; font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">However, if a landlord has asked you
to evict the property due to him or his immediate next of kin moving in, then
for a period of two years from the date of the eviction, he cannot re-let the
property. If you discover that he has re-let the property during this two-year
period, you can open a case at the rent committee and will be entitled to
compensation as per the law. Also, a landlord has every right to sell his
property and in doing so, has to give you 12 months’ written notice. However,
if the landlord fails to sell the property, then the 12 months’ notice becomes
void and you will not have to move out.<o:p></o:p></span></span></div>
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<span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;"><span style="color: #0e0e0e; font-size: 14pt;">For those of you renting in Abu
Dhabi, it’s good to keep in mind </span><span style="font-size: 14pt;">that the laws of Abu Dhabi are
different to those of Dubai<span style="color: #001e8c;">.</span><span style="color: #0e0e0e;"> In Abu Dhabi, the landlord can give a two months’
eviction notice to the tenant as long as the latter has been in the property
for four years. Sharjah tenants are protected against rental increases for
three years as a landlord is not allowed to raise the rent during this time.
However,</span><span style="color: windowtext; text-decoration: none; text-underline: none;"> </span><span style="color: windowtext;">rental
increases are allowed in the fourth and every subsequent year hence.</span><o:p></o:p></span></span></div>
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<span style="color: #0e0e0e; font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">Also, whilst landlords can run checks
on potential tenants, tenants don’t get to do the same. However, I see nothing
to stop would-be renters from doing some conscientious research such as
checking if the landlord actually owns the property at the Land Department or
asking for a copy of the evidence of the landlord’s ownership of the
apartment/villa.<o:p></o:p></span></span></div>
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<span style="color: #0e0e0e; font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">However, we also need to look at the
wider picture and keep in mind that ultimately all landlords want tenants who
pay their rent on time, take care of their property and keep noise levels down.
After all, he is entrusting you with an asset worth hundreds of thousands of
dirhams whilst incurring annual costs for its upkeep. Also, given that the
years since the downturn saw a dramatic decline in rental values, landlords
have the right to pick up fair value market rents, now that the market is
recovering.<o:p></o:p></span></span></div>
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<span style="color: #0e0e0e; font-size: 14pt;"><span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif;">The key thing to remember is that the market is driving
the rent, not the landlords themselves. Hence, tenants and landlords need to be
aware of their rights and responsibilities and work together to reduce the
stress involved with renting. The property market today is driven by strong
market fundamentals and property owners have a role to play in preserving its
sustainability. Ultimately, the economy will determine the wider picture of the
market and how situations develop with respect to price.</span></span><o:p></o:p></div>
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By: Michael Lahyani - The CEO and founder of propertyfinder.ae.</div>
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<span class="Apple-style-span" style="font-size: xx-small;">Article Source: Al Bawaba http://bit.ly/1fETLXH</span></div>
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There are more 'reasonable' ways to survive the UAE's vicious rental market (By Michael Lahyani)

In a perfect world, landlords and tenants will work together, doing their bit to keep each other happy. However, in reality, la...

11:27 PM +

International Tenants Fueling Dubai's Office Markets

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<span class="Apple-style-span" style="font-family: Times, 'Times New Roman', serif; line-height: 14px;">International occupiers of office and industrial space have demonstrated renewed confidence in Dubai, where an increase of new entrants into the region is being added to by current international occupiers that are now looking to expand their commercial space to support business growth. <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />Retail has continued to be the star performer across the commercial sectors with rental growth set to exceed that of the mainstream office and industrial markets in Q1 2014. This confidence in the sector has brought a number of new retailers into the UAE market and this has been matched by multiple announcements of new malls planned for development over the next two years.  These include a new collaboration between Tecom Investments and Majid Al Futtaim to build a one million sq ft mall at the International Media Production Zone (IMPZ). <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />The expectation of landlords across all sectors in the lead up and subsequent success in winning the hosting rights for the 2020 World Expo, undoubtedly fuelled further momentum across the Dubai real estate market where some commercial landlords quite literally increased their quoted rental rates overnight. This resulted in a limited number of deals stalling and is unlikely to have any significant impact on occupier activity. In fact, it has encouraged some occupiers to take more immediate action in expansion, or relocation to try and insulate themselves from further rent increases in the short term.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />International occupiers new to the region, however often continue to apply "Western" mindsets and business expectations to the Dubai market. Managing their expectations in terms of timing, quality of information, leases, rent negotiation levels, municipality approvals, trade license processes, etc. is a large part of every transaction. These occupiers are often based in more landlord-led markets such as those in Europe, India and the US, where transactional fees are not met by tenants.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />An increasing number of non-financial businesses are now interested in registering within the Dubai International Financial Centre (DIFC), which is due in part to the efforts by the freezone to encourage a wider range of business types to register within the freezone precinct that sits in the centre of Dubai.  Current occupancy in DIFC owned buildings within the Gate Village and precinct has reached almost 100%. This is forcing occupiers to consider strata-owned space within the zone, which is translating into rising rents, although occupancy rates in some of these buildings remains relatively low. In contrast, the TECOM freezones of Dubai Media City and Dubai Internet City are operating at near 100% capacity across both its own buildings and privately owned stock.  This is presenting a problem for established occupiers who need more space but don't wish to change location or freezone license.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />Other areas that fall under the administration of Dubai's Department of Economic Development (DED) such as Business Bay and the older buildings on Sheikh Zayed Road remain popular for smaller, local occupiers due to the smaller floor plates. Business Bay was the added attraction of strata ownership.</span><br />
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<span class="Apple-style-span" style="font-family: Verdana, sans-serif; font-size: xx-small;"><span class="Apple-style-span" style="line-height: 14px;">Article source: </span>http://bit.ly/1gwjoyW</span></div>

International occupiers of office and industrial space have demonstrated renewed confidence in Dubai, where an increase of new entrants int...

12:09 AM +

Dubai Land Department Announces the Issuance of Unified Real Estate Contracts

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In line with its stated aim to create a transparent and professional real estate market with clear and measurable standards, <b>Dubai Land Department</b> ( DLD ) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid problems that arise from misinterpretation with documents. The contracts will become a mandatory requirement starting<b> May 1, 2014</b>.<br />
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The unified real estate contracts will be accessed via the Dubai government E-mart website (www.emart.gov.ae), where it will provide customers with three models of unified contracts; a contract between seller and buyer, a contract between seller and broker and a contract between buyer and broker. The documents can be downloaded immediately from the site and be filled with the required data for each transaction before being signed by the relevant parties. The contract becomes formal and completed after it has been recorded and documented at DLD .<br />
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In its announcement, DLD stressed that its unified real estate contracts will be used officially from the beginning of May 2014 in all transactions that relate to the buying and selling of property. The department is currently providing models of the new contracts on the Dubai smart property marketplace, E-mart.<br />
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<span style="font-size: xx-small;">Article source: http://bit.ly/QaAVCf</span></div>
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In line with its stated aim to create a transparent and professional real estate market with clear and measurable standards, Dubai Land Dep...

2:03 AM +

Dubai and Abu Dhabi trail in skyscrapers investment list

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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Skyscrapers
in Dubai and Abu Dhabi are trailing far behind the leading cities in a list of
the world's priciest high-rise real estate.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 9.0pt;">The two
UAE cities were placed 16th and 18th respectively in the global ranking,
according to findings by Knight Frank.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 9.0pt;">Hong
Kong and Tokyo staved off all challengers to claim the top spots. New York’s
Manhattan was ranked third.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 9.0pt;">The
consultancy listed Dubai’s “prime capital value” at Dubai’s priciest skyscraper
as commanding $6,896 (Dh25,308) per square metre, while Abu Dhabi’s is estimated
at $6,251. However, the costliest piece of skyscraper real estate in Hong Kong
is estimated at a substantial $69,222, Tokyo’s at $42,283 and Manhattan’s at
$25,740.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">“While
Hong Kong and Tokyo are too far ahead to lose first and second place, I see
some competition amongst Manhattan, London and Singapore in the coming year,”
said James Roberts, head of commercial research at Knight Frank. (The Knight
Frank Skyscraper Index bases the commercial value on an analysis of the capital
value of upper-storey floor space.)<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">Local
market sources say that Burj Khalifa is not the runaway winner when it comes to
skyscraper values in Dubai.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;"> “New launches in Downtown have been taking
place in the range of Dh2,000-2,800 a square foot for off-plan properties and
certain units in Residences — especially two- and three-beds facing Burj
Khalifa and the Fountain — are already at Dh3,500-4,000 per square foot,” said
Niraj Masand, partner at Banke M.E. “Burj Khalifa units are available in the
secondary market at between Dh3,800-4,200 a square foot.”<o:p></o:p></span></div>
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<strong><span style="border: none windowtext 1.0pt; color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-border-alt: none windowtext 0cm; padding: 0cm;">Good upswing</span></strong><span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;"><o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">During
the absolute peak of Dubai’s property market prior to late 2008, Burj Khalifa
residential units were quoting in the range of Dh 8,000 a square foot. (The
project itself was completed in late 2009 and the handovers started from early
2010.)<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">“While
the rest of the market has seen a good upswing, the best of Burj Khalifa is
still to come,” Masand said. “Over the last six months there has been a
resurgence in demand for apartments in Burj Khalifa. Typically, trophy towers
gain demand when there is a resurgence of confidence in the markets and this is
a prime example.”<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">In Abu
Dhabi, the Sun and Sky towers on Al Reem Island lord it over the emirate’s
skyscrapers, with values in the Dh1,500 a square foot and over range depending
on the floor level, etc, according to Robin The, country manager for the UAE at
Chesterton International.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">As to
what this year holds for global skyscrapers and their investors, Roberts said:
“In London there is renewed confidence thanks to better than expected economic
growth and rising rents in the office market and I suspect London could
overtake Singapore.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Arial","sans-serif"; font-size: 10.0pt;">“Given
the economic uncertainty in emerging markets, in 2014 we will probably see some
of the Asian cities slide down the table, and more western cities on the rise.”<o:p></o:p></span></div>
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Skyscrapers in Dubai and Abu Dhabi are trailing far behind the leading cities in a list of the world's priciest high-rise real estate....

12:58 AM +

Global Property Investment Volumes to Hit $1.3 Trillion in 2014!

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<span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";">The global property
investment market delivered  $1.2 trillion of transactions in  2013,
a 22.6 percent increase from 2012 and the highest total since 2007, according
to Cushman & Wakefield’s latest International Investment Atlas report.<o:p></o:p></span></div>
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<span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";">Global real estate
investment owes this rebirth to market activity and values picking up in 2013
as recessions came to an end and business sentiment resurged, ergo increased
liquidity affected most global markets.<o:p></o:p></span></div>
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<span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";">Now looking ahead into
2014, the commercial real estate services firm is forecasting a 13 percent
increase in investment globally to $1.3 trillion, with the United States and
Western Europe seen as the major drivers of the increase in activity.<o:p></o:p></span></div>
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<span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";"> “The uplift will be
driven by an even stronger weight of capital but critical to the growth is a
modest increase in supply from profit taking, the start of new development, a
move up the risk curve and notably in Europe, as distressed assets are sold be
restructuring banks,” David Hutchings, head of  EMEA investment strategy,
and the lead analyst on the C&W report, told</span><span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> <i>Commercial Property Executive</i></span><span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";">. “The increased demand meanwhile stems
from rising pension and institutional allocations as well as individual demand
for a real asset, which offers a relative real yield but an ability to see that
grow over time as economies recover.”<o:p></o:p></span></div>
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<span style="color: #555555; font-family: "Arial","sans-serif"; font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";">In the report,
Hutchings added that core markets continue to be in high demand, but a
search for stock, for yield and for performance has rapidly led investors to
look further afield, in such emerging markets as Asia and second-tier U.S.
cities along with Southern Europe, promoting a deeper recovery this year. He
concluded that if investors can see past the politics, the U.S. market
 must be strongly placed to outperform in 2014. All fundamentals point to
good growth and the U.S. market will be increasingly a target for international
capital.<o:p></o:p></span></div>
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<span style="color: #555555; font-family: Arial, sans-serif; font-size: 9.5pt; line-height: 13.6pt;">Read the full report here: </span><span style="background-color: transparent; line-height: 18.133333206176758px;"><span style="color: #555555; font-family: Arial, sans-serif; font-size: x-small;">http://bit.ly/1g5nfTw</span></span></div>
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<span style="font-size: xx-small;"><span style="color: #555555; font-family: Arial, sans-serif; line-height: 13.6pt;">Article source: </span><span style="background-color: transparent; line-height: 18.133333206176758px;"><span style="color: #555555; font-family: Arial, sans-serif;">http://bit.ly/1fU9ebe</span></span></span></div>
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The global property investment market delivered $1.2 trillion of transactions in 2013, a 22.6 percent increase from 2012 and the highest...

12:39 AM +

UAE investors in Dubai realty surpasses those from 7 other nations combined in 2013

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<span style="background-color: white; color: #222222; font-family: Arial, sans-serif; font-size: 14px; line-height: 18.88920021057129px;">According to a recent official report, transactions by UAE investors in Dubai real estate in 2013 surpassed the combined transactions made by seven major foreign investing countries including Pakistan, China, Iran, US, Canada, France and Germany.</span><br />
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<span style="background-color: white; color: #222222; font-family: Arial, sans-serif; font-size: 14px; line-height: 18.88920021057129px;">A total of 5,424 UAE investors accounted for a total investment of Dh24,727 billion, while the total transactions from seven overseas counties amounted to Dh23,157bn, split among the following countries: Pakistan (Dh8,635bn), China (Dh1,345bn), Iran (Dh5,529bn), USA (Dh2,194bn), Canada (Dh2,934bn), France (Dh1,397bn) and Germany (Dh1,123bn).</span><br />
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<span style="font-size: xx-small;"><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;">Article source: </span><span style="color: #222222; font-family: Arial, sans-serif;"><span style="line-height: 18.88920021057129px;">http://bit.ly/1gscaqz</span></span></span><br />
<span style="font-size: xx-small;"><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;">Pic courtesy of: </span><span style="color: #222222; font-family: Arial, sans-serif;"><span style="line-height: 18.88920021057129px;">www.mid-east.info</span></span></span></div>

According to a recent official report, transactions by UAE investors in Dubai real estate in 2013 surpassed the combined transactions made ...

12:24 AM +

Law No 26 of 2007 issued to regulate eviction of tenants

Articles 25 (2) and 26 of Dubai Law No 26 of 2007 which regulate the relationship between landlords and tenants in the emirate of Dubai st...

5:42 AM +

What can $1 million buy in the property market in Dubai and elsewhere?

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<span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 115%;"><span style="font-size: x-small;">Dubai’s prime luxury
property market continues to remain affordable in comparison to key global
cities despite prices rising by 17 per cent in 2013, Knight Frank’s Wealth
Report 2014 reveals.</span></span><o:p></o:p></div>
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<span style="background-color: white; background-position: initial initial; background-repeat: initial initial; color: #222222; font-family: Arial, sans-serif; line-height: 115%;"><span style="font-size: x-small;">The UK-based real estate
consultancy states that in Dubai one can buy 146 square metres of prime
property for US1 million (Dh3.67 million) compared to only 15 square metres in
Monaco, 20.6 square metres in Hong Kong, 32.6 square metres in Singapore and 25.2
square metres in London. <o:p></o:p></span></span><br />
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<span style="font-size: x-small;"><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; color: #222222; font-family: Arial, sans-serif;">For US$1 million, one can buy 41.2 square metres in Sydney,
41.7 square metres in Paris, 43 square metres in Moscow, 46.2 square metres in
Shanghai and 95.7 square metres in Mumbai.</span><span style="color: #222222; font-family: Arial, sans-serif;"><br />
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<span style="background: white;">Among the 20 cities surveyed, Dubai is placed
19th on the list with Cape Town taking the last slot; US $1 million can buy
215.1 square metres there.</span></span></span></div>
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<span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;"><span style="font-size: x-small;">In terms of price growth tracked by Knight Frank, Dubai was placed seventh among the list of 10 global cities surveyed. Abu Dhabi took the eighth slot on the list.</span></span></div>
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<span style="font-size: x-small;"><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;">As indicted above, Dubai saw a 17 per cent price increase, while Abu Dhabi registered a 15 per cent rise in 2013. The two emirates were the only ones from the Middle East to find place in the list of top 10 real estate markets.</span></span></div>
<span style="font-size: x-small;"><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;"> </span><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;">Jakarta was placed first with a price increase of 37.7 per cent followed by Auckland 28.8 per cent and Bali, placed third, with a price rise of 22 per cent in 2013.</span><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;"> </span><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;">The consultancy pointed out that average property prices in Dubai were still below the pre-crisis highs, indicating there were no fears of bubble emerging.</span></span><br />
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<span style="font-size: xx-small;"><span style="background-color: white; color: #222222; font-family: Arial, sans-serif; line-height: 18.88920021057129px;">Article source: </span><span style="color: #222222; font-family: Arial, sans-serif;"><span style="line-height: 18.88920021057129px;">http://bit.ly/1kxt4uQ</span></span></span><br />
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Dubai’s prime luxury property market continues to remain affordable in comparison to key global cities despite prices rising by 17 per cen...

3:47 AM +

Business Bay Making a Comeback

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Business Bay can be considered as one of the areas in Dubai that was hit hard by the global financial crisis. It was born in 2003 and was envisioned to be the central business district of the Middle East similar to Canary Ward in London Docklands.</div>
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Walking alongside the Dubai Mall you will be faced with piles of sand , half finished structures and concrete skeletons which is what the crisis has left behind. However, the recovery in the Dubai real estate market and a new wave of optimism hitting the city, things appear to be finally looking up for Business Bay. And as it regenerates, the area is altering its identity – with the emphasis shifting from office towers, giving greater weight to residential and leisure, rather like Downtown Dubai.</div>
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The 0-14 Tower, or Swiss Cheese Tower; the world’s tallest hotel, JW Marriott Marquis; and Blue Bay Tower albeit  looming over empty plots of sand and construction sites are now complete. Work continues at Damac’s 22-storey Bay’s Edge tower, what will be a huge gold-coloured, D-shaped block of 220 furnished apartments. Bay’s Edge is just one of five stalled office projects in Business Bay that Damac is in the process of converting into serviced apartments, some of which had already started construction.</div>
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Work has also  restarted at Omniyat’s The Pad development, a 24-storey reclining block designed to look like a classic early 2000s media player. When they were initially launched, both projects were described by their developers as being in Business Bay. However, when they were launched the second time they were marketed as being in Downtown or the Burj Area.</div>
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<span style="font-size: xx-small;">Article source: http://bit.ly/1fkJ1SR</span></div>
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Business Bay can be considered as one of the areas in Dubai that was hit hard by the global financial crisis. It was born in 2003 and was ...

4:04 AM +