Posts Tagged ‘Real’

Problems And Prospects For Abu Dhabi Real Estate In 2010

Though it is Dubai that has been in the forefront of the news, the effects of the economic slowdown, involving construction and real estate has been felt all across the Middle East. 2009 was a particularly bad year for Dubai, but other emirates like Abu Dhabi are also reeling from the impact of the global financial crisis. Thankfully, the economic managers in Abu Dhabi have been more astute in adopting various fiscal measures and stimulus packages to combat the negative effects of the economic downturn.

Although the effects of the economic crisis were still being felt in the last quarter of 2009, the residential market in Abu Dhabi is showing signs of stabilizing.  Rental rates had declined all through the year, albeit at a slower rate each quarter. It was thought that affordable rentals and better quality alternatives in Dubai apartments influenced weaker residential demand levels in Abu Dhabi properties.  

Elsewhere, substantial portions of planned residential projects were temporarily put on hold with delays at Ream Island and Al Raha Beach. However, the expected completions at the Khalifa A and Al Reef projects will help in easing rents, reducing pressure for both residents and occupiers looking to expand their workforce within Abu Dhabi.

Annual rents for apartments posted the strongest performance with a one bedroom apartment down 4 percent compared to 3rd Qtr 2009. In the prevailing situation, landlords and agents are now more open to negotiations with tenants.

The sales market also started to show indications of a slight upturn in fortunes, with increases in both inquiries and the number of sales transactions. However transactional volumes are anticipated to rise gradually, with no return to the levels reached during the first six months of 2008.

The easing of rents and increasing power of tenants in negotiations are expected to continue in the short term. In the office market, prime rents continue to slide and are down 45 percent from peak prices seen in 2008.  A number of key commercial developments are still quoting rates of AED 3,000 per square meter per annum regarding property for sale in Abu Dhabi.

Despite the comparatively low rents, getting tenants still poses a challenge for both owners and agents. Increased availability of rental spaces provides end users with greater accommodation options and improved bargaining power with landlords.  

Commercial demand remains focused towards smaller office units. While vacancy rates for office accommodation during the third quarter of 2009 remained low at around 2 percent, the impact of new upcoming units and weaker demand for office accommodation could see this rate go up during the course of 2010.

Meanwhile, amendments to commercial law reducing the levels of capital required have encouraged an increase in start up businesses, which has in turn expanded the numbers of potential commercial tenants. If the government continues to make the emirate’s property laws more consumer friendly, it is expected that this will further increase the demand for commercial space in Abu Dhabi both in the short and long term.

CN Tower: Downtown Toronto, Tower, List of tallest freestanding structures in the world, Burj Dubai, Privatization, Government- owned corporation, Canada … Company, Real estate, Wonders of the World

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The CN Tower, located in downtown Toronto, Ontario, Canada, is a communications and observation tower standing 553.33 metres (1,815.4 ft) tall. It surpassed the height of the Ostankino Tower while still under construction in 1975, becoming the tallest free-standing structure on land in the world. On September 12, 2007, after holding the record for 31 years, the CN Tower was surpassed in height by the still-under-construction Burj Dubai. It remains the tallest free-standing structure in the Americas, the signature icon of Toronto’s skyline, and a symbol of Canada, attracting more than two million international visitors annually. CN originally referred to Canadian National, the railway company that built the tower. Following the railway’s decision to divest non-core freight railway assets, prior to the company’s privatization in 1995 it transferred the tower to the Canada Lands Company, a federal Crown corporation responsible for real estate development. Since local residents wished to retain the name CN Tower, the abbreviation is now said to expand to Canada’s National Tower rather than the original Canadian National Tower; however, neither of these names are commonly used.

CN Tower: Downtown Toronto, Tower, List of tallest freestanding structures in the world, Burj Dubai, Privatization, Government- owned corporation, Canada … Company, Real estate, Wonders of the World

Dubai & Abu Dhabi Look Forward to Booming Real Estate

The property market market in the United Arab Emirates, one of the hottest in the world, is set to continue until 2015 and beyond, according to new reports. Real estate and construction markets in the UAE are primarily focused on Dubai, which has been booming for several years, and the newer market of Abu Dhabi.

Two recent studies by HSBC and Damac Capital International of Dubai both indicate that supply will not catch up to demand for a number of years, keeping the markets strong.

Traditionally the most popular locations with second-home buyers and British investors are Spain and France but Dubai is beginning to rival them. Dubai investment property is attractive due to its tax-free status, excellent facilities and low crime rate.

International investors buying property in Dubai need to concentrate their search for properties in Dubai to the many Freehold Areas in Dubai.

Properties that are suitable for foreign buyers include the following freehold zones: Dubai Sports City , Dubai Marina , I.M.P.Z. International Media Production Zone , Jumeirah Village , The Palm Jumeirah, Shaikh Zayed Road, International City, The Lagoons, Palm Deira, Jebel Ali Airport, Emirates Road, Dubai Land ,Business Bay ,Downtown Dubai and much more

Recently Dubai developers have had to comply with a new piece of legislation Law No 8. This makes escrow accounts compulsory for all Dubai off-plan developments, with money released only on the order of the Dubai Land Department. This move marks an end to the days when any developer could launch a project and collect deposits without a guarantee that the funds would be used correctly. Many pundits feel that this could slow the Dubai market but increase confidence with investors

Middle East online news website Gulfnews.com reports that Dubai will continue to be a strong real estate market, while Abu Dhabi is set to take off. Rental yields in Abu Dhabi are expected to be in excess of 7% until at least 2013 and perhaps beyond.

According to Damac Capital’s analysts Hany Seif and Pamela Chikhani, Dubai will remain a major Gulf real estate market for years to come. By some estimates, over the next 10 years both local and international real estate investors will pump in almost $300 billion into Dubai’s real estate developments. According to HSBC’s real estate analysts, Walid Khalfallah and Majid Azza, Abu Dhabi is becoming a major regional real estate market. “The Abu Dhabi story is gaining credibility. After a slow start to the year, sales activity has picked up in the second half of 2007. The market remains extremely tight, with stronger-than-expected growth in rents [22 per cent] and prices [18 per cent],” they said in a recent report.

Abu Dhabi does not have the liberal international property laws that neighboring Dubai has yet, but things are improving there. The office market is particularly strong and vacancy rates are below 1%. With increased deregulation, Abu Dhabi will continue to gain ground on its more prominent neighbor. Both should see strong growth in the coming years.

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