PROPERTY WATCH · 4 dubai's property market in q2: an overview 36 a maturing market? 39 wealth management: finding the right wealth manager 25 property price indices 24 a look at

A FAVOURED LOCATION FOR CORPORATES

DUBAI RESIDENTIAL MARKET SOFTENS

PRIME YIELDS STAYUNDER PRESSURE

TOURISM DRIVESRETAIL GROWTH

ARTIFICIALOVERSUPPLY

DUBAI MARKETMATURES?

by JLL

by Asteco

by Knight Frank

by CBRE

by Roots Land

by GGICO

propertywatch.aeQ2 2015PROPERTY WATCH

3 DIRECTOR'S MESSAGE

14 DUBAI'S REAL ESTATE MARKET IN 2015 AND BEYOND

4 DUBAI'S PROPERTY MARKET IN Q2: AN OVERVIEW

36 A MATURING MARKET?

39 WEALTH MANAGEMENT: FINDING THE RIGHT WEALTH MANAGER

25 PROPERTY PRICE INDICES

24 A LOOK AT THE MENA HOSPITALITY MARKET

19 DUBAI'S OFFICE SECTOR: A STEADY PERFORMER

CONTENTS

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2 www.propertywatch.ae

DIRECTOR’SMessage

I would first like to welcome all our new partners who have contributed to Property Watch magazine for the first time.

This, we hope, will help meet the soaring interest from all those who are carefully following the property market in the hope of being able to identify and benefit from some good opportunities.

As temperatures have become hotter over the summer months, the property market has cooled. There are a number of reasons for this: the political climate in the Middle East remains unstable; the drop in oil prices is causing uncertainty; the strengthening dirham has put off European and emerging market investors; and sales’ costs - especially for off-plan properties - have risen. Swirling rumours about the introduction of VAT by the end of the year, the introduction of corporate taxes and a possible increase of transfer fees by the Dubai Land Department are affecting the sector as well.

But there is also good news. The UAE economy is expanding and GDP is expected to grow at a rate of 3% in 2015. Consumer confidence is improving and the government continues to invest in infrastructure improvements; notable projects include the construction of the new Dubai World Central airport, the extension of Dubai International Airport and the Dubai metro extension.

There are also positive developments within the real estate industry. To boost interest in their projects, developers are now offering buyers flexible payment plans for between four and five years after completion. The market is now increasingly dominated by owner-occupiers, rather than speculators. All this is good for stability.

To meet growing demand for property-related information, I am also pleased to announce that we will soon be launching the Property Watch website, which will be a free information hub covering all market sectors, and provide access to news, press releases, reports and data. We view the website as a valuable way of being able to provide more in-depth material that will complement our printed publications.

Finally, I would like to thank everyone involved in the production of this edition of the magazine, which I hope our readers enjoy.

DIRECTOR

FADI BOUSH

RESEARCH ANALYST

ESTELLE RISSE

GRAPHIC DESIGNER

REHMAN ASHRAF

COVER PHOTO

ANDREW MADALI

POB 215273 Dubai, UAE

T +971 4 329 8333

F +971 4 329 8997

E [email protected]

FOR EDITORIAL OPPORTUNITIES

E [email protected]

FOR ADVERTISING OPPORTUNITIES

E [email protected]

Fadi BoushDirector

DISCLAIMERThis publication is the sole property of Roots Land Real Estate LLC and Property Watch and must not be copied or reproduced in any form or by any means, either in whole or in part without the prior written approval of Roots Land Real Estate LLC and Property Watch.

The data and other information contained in this publication have been obtained from sources generally regarded to be reliable and every effort have been made to ensure maximum accuracy. However we make no guarantee, warranty or representation in respect of the accuracy and completeness of the information contained herein. Roots Land Real Estate LLC and Property Watch does not accept any liability whether in negligence or otherwise to any party for any loss or damage suffered as a result of negligence, errors, omissions, change of price or other on this publication.

The material presented in this publication does not necessarily represent Roots Land Real Estate LLC and Property Watch view and opinion.

The listings are correct at the time of printing, availability and prices are subject to change without notice. Photos are for illustration purpose only.

UAEUAEUAEUAE

3

DUBAI REAL ESTATE MARKETQ2 2015

The increasingly diversified economy of the UAE is expected to continue

expanding for a sixth consecutive year in 2015, with gross domestic product (GDP) forecast to grow at a rate of 3%.

The real estate sector was in 2014 the third most important sector of the economy, accounting for 13.3% of GDP. Travel and tourism

APARTMENT PRICES SLIP

The Dubai property market softened during the second quarter of 2015, with average apartment sales' prices across the city falling to the same level as in the first quarter of 2014. This is a consequence of the rapid escalation of prices over the past two years. By 2013, average sales prices had recovered to levels last seen in 2008 at the peak of the property boom. Prices continued to climb, reaching a new high in

contributed 8.4% of the UAE’s GDP, a figure that is expected to grow by 5.1% this year. The sector generated 307,000 jobs, and jobs growth in travel and tourism of 5.4% is forecast for 2015.

The Government of Dubai strongly contributes to the expansion of the travel and tourism industry, backing major developments including the new Al Maktoum International

Airport and the extension of Dubai International Airport.

Dubai’s population continues to expand, growing by 5% to 3.8 million UAE nationals and expatriates by the middle of this year. These figures underline the healthiness of the labour market. The annual inflation rate currently stands at 4.3%, lower than the 4.6% rate forecast for this year.

the third quarter of 2014. Prices stabilized at that point, then started to decline.

The correction comes as less of a surprise when analyzing the volume of transactions, which did not keep pace with sales price growth but instead rose at a slower rate from the first quarter of 2013. Demand declined slightly in the first quarter of 2014 and rather more steeply in the second quarter of that year (see Figure 1). The gap between the two

curves was the first indication of a future correction.

The annual inflation rate for the Consumer Price Index was 3.4% in 2014 and it expected to increase to 4.6% this year, according to Dubai Statistics Centre. This negatively impacts the purchasing power of residents, including property buyers, who will not see their wages increase by the same amount.

International City Dubai Marina Dubai Sports City

Q2 2015 TOP 3 COMMUNITIESNumber of Transactions


PRIME AREA APARTMENTS

Average sales prices in Business Bay have risen gradually over the past few years while demand has

APARTMENT SALESTRANSACTIONS

Figure 1

remained constant. During the last quarter of 2014 and at the start of 2015 the number of transactions recorded by Dubai Land Department increased sharply, then declined

sharply before settling back to regular long-term average volume (see Figure 2).

BUSINESS BAYSALES TRANSACTIONS

Figure 2

In terms of supply, the district currently has more than 40 developments under construction by various developers, the majority of which are expected to be handed over to their owners in 2016 and 2017 (see Figure 3). Additional developments are currently at planning stage and should soon be available on the off-plan market.

The volume of transactions in Downtown Dubai rose until the first quarter of 2014. During the second quarter, there was a marked slowdown leading to an inevitable fall in sales prices.

Average sale prices moved in line with the overall market, rising to a

new high in the third quarter of 2014 before starting their decline. As of the second quarter of 2015, prices were 19% lower than at the 2014 peak. During the second quarter of this year, demand has been steady and at a healthy level.

Sales prices in Dubai Marina and Jumeirah Beach Residence (JBR) also rose to new highs in the fourth quarter of 2014, recovering from previous lows reached during the global economic downturn. However, the transaction volume trend is somewhat different with demand starting to decline from the first quarter of 2013 before steepening again in the first half of 2014. Now, in second quarter

of 2015, average sales prices are declining with buyers’ interest picking up (see Figure 5).

Palm Jumeirah sales prices have moved in line with the general trend across the city. However, demand has fallen faster than in other areas with sales transaction volumes declining since the second quarter of 2013. In the second quarter of 2015, prices are 12.5% lower than at the 2014 peak. However, there have been a number of off-plan transactions in Palm Jumeirah that were not included in the graph below. There are 20 projects currently are under development on the island with more at planning stage.

5

DUBAI MARINA & JBRSALES TRANSACTIONS

Figure 5

RESIDENTIAL & HOSPITALITY SUPPLY

Figure 3

DOWNTOWN DUBAISALES TRANSACTIONS

Figure 4

DUBAI REAL ESTATE MARKETQ2 2015


VILLAS

This is the third quarter of falling sales prices. In June, average prices in the Dubai villa segment were similar to those of April 2013 (see Figure 7). The bullish market of 2012

lead to high expectations from home owners regarding sale prices and rental return, and high interest from buyers looking for an investment property or for a new home. From the second quarter of 2013, sales rates continued their rapid increase

as demand started to fall. However, since the beginning of 2015, buyers’ sentiment has strengthened, prices have continued to fall and, as a result, the number of transactions recorded in the villa segment has started to rise again.

PALM JUMEIRAHSALES TRANSACTIONS

Figure 6

The Springs & The Meadows Arabian Ranches Jumeirah Park

TOP 3 COMMUNITIESNumber of Transactions

7

VILLA SALES TRANSACTIONS

Figure 7

PRIME AREAS - VILLAS

Following the general trend across the emirate, the volume of transactions of prime villas in

high-end developments within the Jumeirah Park, Jumeirah Islands, Emirates Hills and Arabian Ranches communities has kept increasing since late 2014.

Prices in the first three areas declined in the second quarter, while sales prices at Arabian Ranches’ rose by 5% (see Figures 8-11).

ARABIAN RANCHES(HIGH END) SALESTRANSACTIONS

Figure 8

JUMEIRAH ISLANDSSALES TRANSACTIONS

Figure 9


EMIRATES HILLSSALES TRANSACTIONS

Figure 10

PALM JUMEIRAHSALES TRANSACTIONS

Figure 11

Among these prime communities, Arabian Ranches supply is the highest with more than 4,000 villas.

The community is also the fastest growing. By 2018 Emaar, the developer, will deliver nearly 2,500

new homes including the Mira Oasis, Lila, Azalea and Samara Rosa, and Rasha Villas sites (see Figure 12).

VILLA SUPPLYHIGH END AREAS

Figure 12

Estelle RisseResearch Analyst, Roots Land Real Estate

[email protected]

9

MENA OCCUPIER SENTIMENT SERIESJune 2015

The UAE’s macroeconomic environment remains strong and conducive to corporate

growth and investment. The political and social unrest that has swept across the MENA region since 2011 has confirmed the UAE’s position as a "safe haven" within a volatile

GROWTH MARKETS1

The performance gap between projects offering high quality amenities, sufficient parking,

good accessibility and international standards of property management, is likely to widen in terms of higher occupancy and rental levels.

CHOICE OF BUILDING2

region. Within the UAE, Dubai has cemented its place as the preferred business and financial centre within MENA. It’s success at diversifying its economy, supported by a strong private sector, has acted as a buffer against recent falls in oil prices, and allowed Dubai to achieve stronger

Discussions with international corporates reveal they are currently forecasting a headcount growth of between 5% and 20% per year in the UAE over the next three to five years. This is driven by:

economic growth than the rest of the UAE in 2014/2015. The emirate is expected to consolidate its position as the favoured location for corporate occupiers in the MENA region over the next three years.

DUBAI IS THE PREFERRED MARKET IN MENA


As occupiers remain more focused on accommodating growth within existing real

estate portfolios, we see limited increases in net absorption in most MENA markets. This trend is likely to continue as corporates focus on cost containment strategies.

QUANTUM OF SPACE3

While government agencies and local companies still prefer traditional cellular

offices, multinational corporates are looking to introduce more open, collaborative, and flexible designs within their MENA offices as part of their workplace strategies to improve productivity.

Occupiers attitudes towards green building features and specifications are now

changing as real financial benefits are being increasingly recognized. Those buildings able to demonstrate lower occupancy costs will enjoy a rental premium, as occupiers focus more on total occupancy costs over the period of their lease, rather than just on the initial rent.

SIGNIFICANT CHANGE IN THE USE OF SPACE

• Workplace transformation is taking on a new significance at the global level, as corporates respond to changing economic conditions, with a continued emphasis on cost control and efficiency gains.

• Corporates are re-designing their workplaces to create more open, collaborative and flexible spaces and are increasing their use of alternative workplace strategies such as hot desking and remote working, as opposed to traditional enclosed offices.

• This is supported by technologies, such as web conferencing, which have driven global connectivity, increased mobility, and have aided in re-designing workplaces.

SUSTAINABILITY PREMIUM – PROVIDING OPERATIONAL COSTS CAN BE REDUCED

• Although MENA generally lags behind other global regions on green building legislation, there is an increasing recognition among corporates of the impact that sustainable buildings have on businesses from an operational standpoint.

• This is evident from our discussions with corporates, which reveal there is a willingness to pay a rental premium for sustainable buildings providing they result in savings in operating costs, and therefore total occupancy costs, over the length of a corporates’ tenure.

• Responding to this trend, more developers are now seeking LEED certification to differentiate their buildings from the rest of the market, particularly in Dubai.

USE OF SPACE

SUSTAINABILITY

4

5

11

Edging Further SouthDUBAI PROPERTY MARKET

According to the latest UAE Property Review – Q2 2015 report for Dubai from leading

real estate consultancy Asteco, a new era for Dubai’s residential market is on the horizon, as rental rates for apartments and villas across the city declined by an average of 2% in the second quarter of 2015 compared with the previous quarter (and 5% year-on-year for villas), with marked declines at the higher priced end of the market.

Homes for sale also recorded an average fall of 2%, with some areas performing significantly worse than others dropping 11% year-on-year for villas with apartments decreasing by 7%.

• Apartment and villa rental rates decline on average by 2% during the second quarter with Palm Jumeirah sinking 6%

• Improved yield potential sees buyers shift to affordable project investment

“The decrease was felt throughout the market and areas with a significant amount of completed new supply were the most affected. Additionally, some buyers of nearly completed buildings were keen to sell at negative premiums due to the imminent completion of the building, which required final payment,” he adds.

The highest quarter-on-quarter apartment rental declines were recorded on Sheikh Zayed Road (7%),

Palm Jumeirah (6%) and Jumeirah Beach Residences (7%). Conversely, International Media Production Zone (IMPZ), Dubai Sports City and Dubai Silicon Oasis recorded higher rentals compared with 2014, of between 6% and 13%, due to the completion of community infrastructure and increased occupancy levels making them popular mid-market residential areas.

In the villa segment, the handover of projects like Casa Villas at Arabian Ranches brought rental rates for the area down by 7% in the second quarter compared with the previous three-month period, and 15% compared with the second quarter

a year ago. Over at the Mudon community, the ongoing handover of its three and four-bedroom townhouses, with competitive pricing starting at AED 175,000 per annum, put pressure on landlords of neighbouring developments to secure and retain existing tenants.

“We even saw a 6% decline for Palm Jumeirah, with the handover of the lower specification Palma Residences’ townhouses impacting rental rates due to their lower price

The softening in Dubai’s residential rental market appeared earlier than we originally anticipated, offering tenants in the emirate an

opportunity to recoup somewhat after several tough years of high rents, John Stevens, Asteco’s managing director says.

” ”

band, ”Stevens says." So we are seeing a similar tenant-friendly trend in the broader villa market, with more flexible installment plans for example, and this is set to continue as areas like Dubailand continue to deliver new supply."

Apartment sales in the second quarter were marked by a shift towards more affordable properties with locations such as IMPZ, Dubai Silicon Oasis, International City, and the recently handed-over Queue Point and Sky Courts developments

in Dubailand, witnessing sustained demand as yields for studio and one-bedroom apartments in particular, remained attractive.

Affordability was also a priority for villa investors with Jumeirah Village recording a high number of transactions for some of the townhouse properties by Nakheel and in Indigo Ville, priced at between AED 700,000 and AED 1.2 million. In comparison, larger properties, including five and six-bedroom


"However, despite strong transaction levels, the

increasingly competitive market environment, with a lot of new

supply, means that the 2% quarter-on-quarter decline is

not going to be a temporary blip, with more pressure on owners to review their selling price, still

to come," Stevens says

"The office sales market has essentially moved away from

investment buyers to one where end-users are the most common buyers for completed buildings, Stevens says." In the

future we expect sales prices to come under pressure in areas

where significant supply is due to be handed over".

villas, saw minimal transactions completing in communities such

as The Villa or Dubai Sports City, despite strong rental demand.

Asteco also noted an emerging trend by a limited number of purchasers, who were advertising off-plan properties, not yet at construction phase, at negative premiums, in an attempt to relinquish financial obligations.

This quarter, it was the office sector that saw the most gains, with an average 2% growth in rental rates,

dependent on area, although average sales prices declined by 1%.

Leasing-wise, DIFC witnessed an 11% quarter-on-quarter growth with existing stock almost fully occupied and companies eyeing expansion forced to seek space in nearby buildings, which has benefited development such as Central Park Towers, which attained rates of AED180 and AED250 per square foot for shell and core, and fitted space respectively. Index Tower’s leasing rates also increased

up to AED 350 per sqft, as full floors were subdivided to offer small, fitted space to companies looking to set up in the DIFC Free Zone.

However, previous star performer Business Bay saw a 10% quarter-on-quarter decline in leasing prices, affected by the handover of a substantial amount of office space, with Asteco predicting more pain to follow with an additional 1.3m sqft of new supply to be delivered in the next few years.

Photo credit: Mohammed TareqPhoto credit: Mohammed Tareq

John StevensManaging Director

Asteco Property Management

13

WHAT ARE THE DRIVERS OF DUBAI’S REAL ESTATE MARKET?

The recent fall in global crude oil prices, which dropped to a post-2009 low of $47 per barrel in January 2015, has dented investor confidence in the Gulf Cooperation Council (GCC) region. However, Dubai has reduced its reliance on oil revenues and as such the direct and indirect impacts of lower global crude oil prices are likely to be relatively small.

Reflecting this sentiment, the Economist Intelligence Unit forecasts the United Arab Emirates’ real Gross Domestic Product (GDP) to grow by 3.2% in 2015, above

Prospects for 2015 and BeyondDUBAI REAL ESTATE MARKET

the forecast global economic growth rate of 2.8%. According to Dubai’s Department of Economic Development, real GDP growth in Dubai is forecast to increase to 4.5% in 2015.

According to the Dubai Statistics Centre, Dubai’s population is also forecast to experience sustained growth. Dubai’s population is currently estimated at approximately 2.38 million and is forecast to rise by approximately 5% in 2015, driven predominantly by in-migration.

This suggests that the fundamental drivers of Dubai’s real estate market (such as GDP and population growth) remain strong.

WHAT ARE THE PROSPECTS FOR DUBAI’S REAL ESTATE MARKET?

The prospects for Dubai’s real estate market for the remainder of 2015 and beyond vary by sector: (residential, hospitality, office and retail). A summary of the key prospects for Dubai’s real estate market for the remainder of 2015 and beyond is set out below.

DUBAI’S RESIDENTIAL MARKET

Both residential transaction volumes and average residential transaction values have declined in Dubai over the past two quarters. Currently, average sales prices across Dubai

INTRODUCTION

Dubai’s real estate market has sustained strong growth since bottoming in late 2010/early 2011. But with rents and sales prices in some sectors stabilizing or even falling in recent months, what are the prospects for Dubai’s real estate market for the remainder of 2015 and beyond?


are AED1,356 per square foot for apartments and AED1,360 per sq ft for villas. Despite recent declines, current residential sales rates in Dubai are broadly equivalent to the top prices achieved during the last market peak (in 2008).

Looking to the future, we consider that residential sales prices may decline by as much as an additional 5% in Dubai before stabilizing towards the end of 2015 and into 2016.

DUBAI’S HOSPITALITY MARKET

Dubai was ranked fourth in Mastercard’s 2015 Global Destination Cities Index, behind only London, Bangkok and Paris. With a forecast 14.26 million international overnight visitors for 2015, Dubai is on track to achieve its target of 20 million annually visitors by 2020.

Performance across Dubai’s hospitality market has remained strong, despite substantial increases in room inventory in the past few years. By the end of 2014, the Dubai Department of Tourism and Commerce Marketing estimated that there were approximately 67,500 hotel rooms in Dubai.

Data from Smith Travel Research suggests that in 2014, Dubai had one of the highest Revenue Per Available Room (RevPAR) rates in the GCC, at $190. This was a function of high average occupancies (79%) and Average Daily Rates (ADRs) of $242.

Looking to the future, we consider that occupancy and ADR levels in Dubai’s hospitality sector may decline slightly during the remainder of 2015 and into 2016, as a slight

slowdown in demand from key source markets, coupled with supply growth, impacts the market. Despite this, we consider that Dubai is likely to remain one of the highest performing markets in the GCC and indeed globally.

DUBAI’S OFFICE MARKET

Dubai’s office market currently comprises approximately 80 million sq ft of stock. With limited new office completions in Dubai in 2014, office rents have undergone sustained growth.

Between 2012 and 2014, the greatest office rental increase in Dubai was experienced in TECOM (25%), followed by Sheikh Zayed Road (20%), Business Bay (16%) and Jumeirah Lakes Towers (14%). The highest prime office rents in Dubai are currently achieved in the Dubai International Financial Centre (DIFC), at more than AED300 per sq ft per year.

Looking to the future, approximately 2.66 million sq ft of prime office space is set to be delivered in DIFC and the Dubai Trade Centre District (“DTCD”) alone by 2018. Other major international Grade A pipeline office schemes in Dubai include One JLT, Jafza One and Dubai Design District (D3). We consider that there will be increasing polarization between office districts in Dubai during the remainder of 2015 and into 2016.

Well-located schemes, with public transport access, competitive car parking ratios, high quality specification and a range of amenities will outperform the overall market.

Martin CooperDirector, Deloitte

DUBAI’S RETAIL MARKET

Demand for Dubai’s retail sector remains strong, driven by increasing international overnight visitors to Dubai and a growing domestic population.

In 2014, super prime inline retail rents in Dubai exceed AED700 per sq ft per year, as a result of increased visitor numbers, sustained demand from retailers and relatively constrained new supply. In addition to Dubai consolidating its position as a leading global retail destination, we consider that there will be an increasing emphasis during the remainder of 2015 and into 2016 on retail environments that integrate wellness, leisure, food and beverage, and lifestyle offers. In summary, Dubai’s property market has experienced another year of change, with a leveling off in capital growth, in certain areas, towards the end of the calendar year. Whilst possibly not welcomed by traders and speculators, this new characteristic suggests a market that is in fact maturing and arguably strengthening. Provided growth continues at sustainable and realistic levels over the medium term, this is likely to improve end-user and investor confidence, which will have obvious benefits to the Dubai property market as a whole.

15

DUBAI'S RETAIL SECTOR Riding Tourism's Wave

The strong performance exhibited by Dubai’s tourism industry in 2014 clearly had

a positive knock-on effect on the retail sector. Undeniably these two sectors have been closely correlated, with millions of international and regional tourists flocking to the emirate each year to enjoy what has become known as the fashion capital of the Middle East. Tourists are especially drawn to the many malls and high-end luxury brands

that exist in the emirate. Even as Dubai maintains its high rank in the world of retail, the sector continues to cater to an ever wider market. New mixed-use developments and mall expansions are highlights in the city’s retail real estate space. CBRE’s global market research report “How Global is the Business of Retail?” 2015 edition shows that Dubai retained its position as the second most important

international shopping destination globally for the fourth consecutive year. Dubai has a presence of 55.7% of international retailers, closely behind London (58%), which also retained its number one position. Last year, Dubai attracted 45 new international brands with high-profile retailers including Hollister, Cavalli Caffe and McQ Alexander McQueen opening outlets in the emirate.


The growth in Dubai's retail sector is linked to a strong economic recovery, the

increase in consumer confidence and growing retail supply, along with government support to boost tourism. According to Emaar Malls,

Chinese tourists proved to be one of the biggest draws for Dubai’s hospitality market in

2014, with a 25% percent year-on-year growth in Chinese tourists. The UAE government recognises the tremendous potential the retail and tourism industries hold for economic growth and, in line with Dubai’s tourism vision for 2020, significant steps have been taken

to achieve the target of attracting 20 million annual visitors by then. In 2013, the UAE government announced to it will grant on-arrival visas to 13 additional nationalities from the European Union. Measures such as these will positively impact the tourism sector and enable the emirate to attract more business and leisure travellers, thus giving a boost to the retail sector and further

strengthening Dubai’s competitive advantage in the global arena.

Dubai remains the clear destination of choice for the majority of brands looking to enter the region for the first time, frequently using the emirate as a stepping stone to wider regional expansion programes. Whilst 2015 is expected to be more testing for the tourism sector in

the Dubai Mall welcomed almost 80 million visitors last year, up almost 7% from 75 million visitors in 2013—further testament to the growing appeal of the Dubai Mall as a major retail destination for international tourists. Around 60%

of The Dubai Mall visitors last year were reckoned to be UAE residents and GCC tourists, while the other 40% were tourists from outside the region.

17

OVERALL ExPANSION BY SECTOR

THE % RETAILERS ExPANDING FROM AN INDIVIDUAL COUNTRY

view of the falling oil prices and economic and political uncertainty in some countries, Dubai however has strongly positioned itself as the premier tourist and leisure destination in the Middle East making it relatively resilient to market fluctuations.

The current retail stock in Dubai measures around 2.34 million sqm with a retail supply pipeline of

Mid range fashion retailers are the most active globally

U.S retailers most active in 2014

around 675,000 sqm between this year and 2018. This retail pipeline consists mainly of existing mall expansions, including those of The Dubai Mall, Mall of the Emirates and Ibn Battuta Mall. These are in addition to the new malls — Nakheel Mall and The Pointe on the Palm Jumeirah — currently under construction. Additionally, there are key master plans to be developed in the coming decade, mainly Dubai

Creek Harbour and Mall of the World. The malls envisioned there will be larger than The Dubai Mall, which will potentially change the emirate’s retail landscape drastically. With plenty to do, excellent infrastructure and world-class shopping and hotel facilities, tourism-driven retail growth in the emirate is set to continue apace!

Erik VolkersSenior Consultant, Research and Consultancy

CBRE Middle East


OFFICE SUMMARY

• Dubai’s office sector continues to perform steadily despite a substantial rise in new office supply. With the UAE's strong economic performance and positive business outlook, the number of new firms entering the market is increasing which is driving the commercial office market.

• We have seen an increasing number new enquiries. Large office space enquiries of between 5,000 sq ft and 10,000 sq ft — or even in some cases full floors — were generally directed towards office towers in the Central Business District and Business Bay areas while enquiries about smaller offices (1,000 sq

OFFICE SUPPLY

• The total amont of office stock rose 3% quarter-on-quarter with 2 million sq ft of space being added by six office schemes across five developments. The new stock increases the total amount of office stock in Dubai to 87.3m sq ft.

A Steady Performer DUBAI'S OFFICE SECTOR

ft to 3,000 sq ft) were mainly directed towards the older business districts of Bur Dubai, Oud Metha and Port Saeed.

• Buildings that offer quality office space along with good amenities and facilities in addition to easy access and connectivity to public transport are attracting high interest from potential tenants: The One Tower, a new build on Sheikh Zayed Road, is a shining example. The tower, with its quality office space and direct access to the metro station is makes it a desirable option for tenants who want to be in close proximity to the public transport system.

• According to Dubai Statistics Centre figures, 6,089 new

business licenses were issued in the first quarter of 2015, 10% more than in the same quarter a year ago. The new businesses operated across the professional services, commerce and tourist sectors, and are all potential users of commercial office space.

• The UAE Cabinet recently endorsed the creation of a National Programme for Small and Medium-Sized Enterprises (SMEs). The technical support and training on offer is designed to help these businesses grow and, in time, they are also expected to help strengthen the office market as they look for more space to accommodate additional members of staff.

• With Business Bay adding 550,000 sq ft of new stock — equivalent to 28% of total quarterly supply — the area remains an important provider of new office space. All new officer property becoming available there during the quarter is strata owned, which is expected to put pressure on rental and occupancy rates.

• A notable development to appear during the quarter is the Arenco Office Complex in the Dubai Investment Park area. The office scheme, which is spread across four towers, offers 440,800 sq ft of space and provides a cheaper alternative to the traditional secondary office locations in Dubai.

DUBAI OFFICE STOCK(2008 - 2016)

19

More Office Tenants are Becoming OwnersDUBAI REAL ESTATE MARKET OVERVIEW

OFFICE SALES

• Average office sales rates dropped by 4% during the quarter as a result the emergence of new supply from single-owner and strata-owned buildings. The highest drop in prices (7%) was for office units in DIFC and Business Bay following substantial new supply there over the past six months.

• The addition of 550,000 sq ft of new strata space, in addition to existing vacant space, is having an impact on capital values across freehold office locations. Much of the demand

OFFICE AVERAGE SALE PRICESQ2 2015

for strata office space was for buildings which are enjoying decent occupancy ratios and are well connected to the public transport network.

• Much of the transaction activity during the quarter was in Business Bay and Tecom C developments. Good facilities, the opening of local shops, and and the availability of quality space at a competitive rates is persuading tenants to own rather than lease.

• For freehold office locations, Downtown Dubai continues to achieve high sales rates compared with other locations.

High occupancy and rental rates combined with and the desirablity of the location for among corporate tenants is helping to maintain these high sales rates. Current Downtown sales rates range between AED2,300 and AED 2,450 per sq ft compared with between AED1,200 and AED 1,300 per sq ft in the Business Bay area.

• Competitive capital values, varied options and the availability of mortgage facilities for completed properties are encouraging more end users to own their office properties.


OFFICE RENTS

• During the quarter, office rental rates remained stable across prime and secondary locations. However, we have seen a rise in enquiries from both local and international firms which are looking to establish or expand their presence in the region.

• We have seen an increasing number of new enquiries. Large office space enquiries of between 5,000 sq ft and 10,000 sq ft - or even in some cases full floors - were generally made about office towers in the CBD and Business Bay areas while

OFFICE RENTS AED/SQ.FTQ2 2015

enquiries about smaller offices (1,000 sq ft to 3,000 sq ft) were mainly directed towards the older business districts of Bur Dubai, Oud Metha and Port Saeed.

• Much of the leasing activity in the second quarter was concentrated in the main office districts of DIFC, Tecom, Central Business District (CBD) and Business Bay where there has been substantial delivery of new stock over the past few years.

• Current rental rates in the Business Bay area range from AED70 to AED 150 per

sq ft with lowest rates being achieved for strata-owned properties while single-owner assets continue to improve occupancy rates and are achieving prices of AED150 per sq ft and over.

• With considerable strata-owned space at various phases of construction, we expect rents for such space in the Business Bay area to remain under pressure in the short to medium term, as offices with single owners continue to attract tenants with attractive rents in order to avoid offices standing empty.

21

DUBAI PROPERTY INVESTMENT REPORTPrime Yields Remain Under Downward Pressure

Survey data pointing to slowing economic growth in the United Arab Emirates at the

beginning of 2015, combined with the strengthening of the US dollar and lower oil prices has hit both consumer and investor confidence. The HSBC Purchasing Managers Index (PMI) – which tracks non-oil private activity in the UAE – slipped to an average of 57.9 in the first quarter of 2015, suggesting a weaker pace of expansion compared with the average of 59.3 in the preceding three months (See Figure 1).

The Royal Institution of Chartered Surveyors’ (RICS) Commercial Property Investment Sentiment Index hit 0 in the first quarter of 2015 after posting positive net balances in all preceding 11 quarters. This signalled a stabilization in sentiment

across the office, retail and industrial property sectors when compared with the fourth quarter of 2014 (See Figure 2).

At 7.1%, prime all-property net yields for Dubai were flat in the first three months of this year; indicative of pent-up investor demand for well-let real estate in the emirate (See Figure 3).

The figure remained stable despite upward pressure from residential yields for whole buildings, which inched up for the third consecutive quarter in the first three months of 2015 (driven by small falls in capital values and broadly stable rents). Across the commercial property sectors, yields have been flat over the past year, after having trended down in the four preceeding years(See Figure 4).

A number of factors have contributed to the downward trend in yields in recent years. After the global economic crisis, Dubai saw a significant oversupply of commercial office space, with market-wide vacancy rates climbing above the 55% mark (albeit Grade A space accounted for a relatively small proportion of overall availability). The subsequent recovery in confidence across international markets led larger corporates to return to Dubai and provided existing tenants the impetus to consolidate and expand. That in turn has assisted in reducing the emirate’s prime vacancy rate and applied upward pressure on Grade A office rents (See Figure 5).

Against a backdrop of low interest rates globally, the flow of capital into real estate has continued. Indeed, whilst we have witnessed a


significant amount of equity move from the Middle East into more mature real estate environments (such as the UK and USA), demand for institutional quality assets across Dubai and other key GCC centres continues to rise, partly as yields remain relatively high in the context of other global cities. (See Figure 6).

Over the past 18 months or so, the spread between all-property yields and the Dubai government bond has widened beyond its long-run average (See Figure 7).

Although this was almost entirely down to the receding “risk-free” rate, going forward this gap should close as the difference falls back in-line with historic norms – this takes into account the possibility that the US Federal Reserve may well raise

interest rates in the near-term. (The UAE Central Bank usually follows moves made by US policymakers).

Moreover, given that forecasters expect the economic climate in Dubai to improve this year, it is difficult to see the gap between all-property and government bond yields closing much as a result of rising government bond yields; it may be that a more material adjustment in all-property yields is likely. After all, if the historical relationship between GDP growth and the movement of all-property yields holds, the improvement in the economic climate should apply downward pressure on yields over the remainder of this year. (See Figure 8).

That said, compared to history, the US dollar remains strong against

the euro, the British pound and the Russian rouble compared with historic price levels. Since the UAE dirham is pegged to the US dollar, real estate in Dubai is now more expensive for buyers holding other currencies. On the flip side, though, the strength of the greenback has increased most GCC-based investors’ buying power abroad.

On balance, if the historical relationship between GDP growth and all-property yields is anything to go by, the projected improvement in economic conditions in 2015 should provide further scope for prime all-property yields to harden. This in turn should reduce the gap between Dubai government bond yields and property yields to bring it back into line with the long-term average.

23

Jul – Sep 2015MENA HOTELS MARKET FORECAST

Jul –Sep 2015 | YoY RevPAR Variance %

3-MONTH ROLLING FORECAST HIGHLIGHTS

Fillippo SonaHead of Hotels

Colliers International MENA


Property Price IndicesDUBAI RESIDENTIAL

DUBAIRESIDENTIAL

PRICE CHANGE

DUBAIRESIDENTIALPRICE INDEx

DUBAI RESIDENTIALPRICE INDEx VS.

GOLD PRICES VS.OIL PRICES

25

Property Price IndicesABU DHABI RESIDENTIAL

ABU DHABIRESIDENTIAL

PRICE CHANGE

ABU DHABI RESIDENTIAL PRICE INDEx VS.GOLD PRICES VS.OIL PRICES

UAE PRICETO RENT RATIOS

UAERENTAL YIELDS


EquationDUBAI SUPPLY & DEMAND

A supply demand analysis of Dubai’s real estate shows that price action has followed

periods of imbalance between the two. In 2008, as supply

In the last three years Dubai has had an average completion rate of 61% of expected supply, highlighting

the lag that is expected in on-going

exceeded demand, prices adjusted dramatically lower, and remained on a downward trajectory, until demand started to exceed supply in 2011. The upward price incline continued

till 2014, at which point it appeared as if another inflection point had been reached; this coincided with expectations of supply once again outpacing demand for the year.

developments. Given that this trend is expected to continue, the concerns about excessive supply appear to be somewhat exaggerated, and could

lead to upward price movements as realized supply lags substantially behind expected numbers.

RATE OFCOMPLETION OF UNITS

ExPECTED VS. ACTUAL SUPPLY (2015-2012)

27

Apartment rental rates for prime buildings are on the increase in Abu Dhabi

according to the latest Asteco market report, following a slow start to the year.

In its Abu Dhabi report for the second quarter of 2015, the Middle East’s largest independent full service real estate company reported a 6% increase in the April-to-June period compared with the previous three months; with overall dynamics in the first six months of 2015 considered positive.

Rents of prime, high and mid-quality developments increased by between 4% and 6% upon contract renewal; while new leases were, on average, 8% higher than in the first quarter of 2015.

Some of Abu Dhabi’s most popular prime developments, such as the Eastern Mangroves had rent renewal increases of 10% and 12% respectively, and long prospective tenant waiting lists indicate the continued lack of prime quality supply in the capital.

However, prime apartment buildings located on the Corniche recorded little or no increase in the second quarter, with rental rates already at a premium.

“This turnaround of events is attributable to the gradual stabilization of sales prices over

APARTMENT RENTAL RATES AND SALE PRICES RISE ANAVERAGE %6 QUARTER-ON-QUARTER AND %4 YEAR-ON-YEAR NEw LAwS ARE SET TO REINfORCE MARkET CREDIbILITY PRIME SUPPLY TO GROw SIGNIfICANTLY fROM 2018

Rental and Sales Prices Nudge HigherABU DHABI RESIDENTIAL MARKET

the past six months, allowing for strengthened yields and positive long term prospects for landlords,” Jerry Oates, general manager of, Asteco Abu Dhabi, says.

Sales prices for apartments and villas remained steady, continuing the trend of the past 12 months. although year-on-year figures showed average positive growth of 4% in apartment sales prices.

Rental demand for quality villa stock in high-end developments also augurs well for potential investors with continued optimum occupancy rates for what stock is available, and Asteco predicts an increase in rental rates over the next few months in the absence of any major handover of new villa stock before 2017.

A number of high profile launches did however take place during the second quarter, mainly on Reem, Yas and Saadiyat Islands. These included Aldar’s West Yas and Mayan on Yas Island; New Horizon, by Tamouh; Meera, and Aabar’s The Kite on Reem Island; and Bloom Properties’ Park Views, which achieved sales

These launches will add in excess of 3,600 new apartment units to the market from 2018, in addition to the 1,800 units announced during

2014, bringing much needed new supply to Abu Dhabi’s market," says Oates." This is also a strong indication that developers are optimistic about market prospects, and both buyers and tenants will ultimately

benefit from more choice."

” ”rates of between AED1,750 and AED1,850 per square foot.

Demand for high-end villas has also been positive in the second quarter, with Asteco highlighting the successful launch of TDIC’s Jawaher Al Saadiyat and Hidd Al Saadiyat developments, priced at AED5.7 million to AED25 million and AED7.5 million to AED38 million respectively.

Emirati investors jumped to invest in the first phase of Aldar’s master-planned Al Merief project in Khalifa


City and Nareel Island located on the north-western corner of Abu Dhabi Island, with plot sales reserved for UAE nationals.

The recent issuance of a decree by HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and ruler of Abu Dhabi, aimed

at regulating and improving transparency in the local real estate sector will further boost market confidence and act as a catalyst for increased investor demand.

While residential property is showing strong growth potential, office rental rates remained stable in the second quarter due to significant availability in key locations across the city, including new prime supply, which

has put pressure on rates of lower quality space in particular. However, slow but steady growth continues to be recorded for prime office space, with a 7% increase recorded over the past six months.

"With Abu Dhabi Global Markets (ADGM), the new international

financial centre on Al Maryah Island, beginning to accept license applications from mid-June for existing non-financial services tenants that have either a Private Limited or a Branch Office legal structure, this marks the first phase of the formal establishment of the Al Maryah Free Zone,” says Oates.

“This has meant that the previously delayed leasing of the two other

ADGM buildings has now been resumed. The handover of the Al Hilal Bank office building is also anticipated within the next few months, bringing imminent new prime Grade A supply to the capital.”

However, the unveiling of one of the first strata-owned office spaces, with the recent handover of ADDAX Tower, had negative impact on rental rates, due to the fact that rental rates are likely to differ between owners, with initial asking rates ranging from AED 1,150 to 1,350 per sq m.

"This as-yet-unenacted legislation will effectively protect investor interests in uncompleted projects, as it requires that brokers and

developers be fully licensed," according to Oates." When it comes into effect it will further cement the reputation of the emirate as a credible

long term investment haven."

Jeremy OatesGeneral Manager,Asteco Abu Dhabi

29

Trends in 2015DUBAI'S HOSPITALITY SECTOR

Amwaj Rotana, Dubai - set to celebrate its 5th anniversary later this

year - already counts many milestones in its short yet colourful history. Being the only Rotana property on the iconic retail and entertainment strip called "The Walk" at Jumeirah Beach Residence (JBR), the hotel stands out from the crowd by offering large rooms all with their pwm balcony and unparalleled sea views.

Despite intense competition - not just from around the city but from the strip itself - the hotel manages to hold its own against the international brands in the neighbourhood in terms of rates and occupancy, which average between 80% and 90% throughout the year. Data collected by the hotel showed that one new trend to emerge recently is that since April 2015, the hotel has started welcoming more business travellers.

To reward all its guests, however, Amwaj Rotana has recently introduced packages that cater to guests travelling to Dubai for all sorts of reasons. These will offer a perfect escape with great rates, exclusive deals and complimentary services such as airport shuttle and internet. Couples looking for a romantic

retreat can enjoy a package including spa discounts and dinner, while those on a business trip will appreciate a package that includes airport transfers, WiFi, complimentary laundry and breakfast. Not overlooking the national market, the hotel has also introduced one and two-night packages for UAE residents seeking an idyllic weekend staycation.

While the hotel’s Conference Centre has been designed to offer an outstanding, modern meeting and conference venue, its catering and events division is now shifting its focus to further strengthening its customised private catering service. “We have successfully catered for offsite events since the early part of 2015 but we are seeing the trend grow more and more for a

The iconic Amwaj Rotana hotel at Jumeirah beach residence in, dubai, welcomes more business travellers - and notes the continued popularity of facebook for connecting with guests.


customized experience that companies are looking to offer their guests, particularly for product launches and celebrations,” Deasy Bahriany, the hotel's director of conference and banqueting, says. Given that Dubai is expected to increasingly attract worldclass events and regional conferences, this trend is likely to continue well into 2016 and beyond.

Accordingly, the hotel plans to invest in new equipment and technology to support this area of business. “Amwaj Rotana is already renowned for its food and beverage offering so we are confident that guests will place the same trust in us for catering their offsite events,” Bahriany adds.

With three award-winning

restaurants offering Italian, Japanese and international cuisine, the hotel is set to open a fourth signature restaurant before the end of 2015. Work has just begun on the new project, which is scheduled for completion by mid December - just in time to usher in the new year.

On the promotional front, the hotel’s marketing team has just completed its biannual digital marketing survey, which assesses guests’ patterns of seeking and sharing information about the hotel. “The process of buying and selling through the internet has become part and parcel of consumers’ lives and social media has helped to breach many barriers, Jasmine Arika, director of marketing and communications at Amwaj Rotana, says. "We conduct this survey to ensure that we are using the right channels to reach our target market.”

The results of the latest survey show that while Facebook remains the hotel’s most important social media channel, other channels such as Instagram are slowly gaining in popularity.

The hotel devises its marketing plan around the results of the survey and allocates is marketing budget accordingly.

33

DUBAI REAL ESTATE MARKETThe Problem with Artificial Oversupply

ARE TRYING TO FIND YOUR DREAM HOME? OR LOOKING FOR A GREAT PLACE TO INVEST? OR SIMPLY TRYING TO SELL YOUR PROPERTY?

Yes, but you don’t know how, where and when – and there are so many

places available!

The number of properties advertised online seems immense — yet this number can be misleading. Many home seekers can relate to the experience of calling round multiple agents, only to be offered the same property again and again. It quickly gets to the point where frustration and confusion are the only things you can be sure of.

The good news is that, with a bit of commonsense, it is easy to identify the places that have dual or – worse – multiple listings. Let’s take, for example, a building in DIFC which, according to the developer, has 84 one-bedroom apartments in the building. Now, looking at just one portal it seems that there are 66 units for sale. In reality, the number of units actually for sale is much smaller. By closely examining the listings, it becomes clear that what looks like two different apartments are, in fact, the same place. It is a trick of

some agencies that they show the same unit posted multiple times with different prices to attract prospective buyers.

This is where the confusion really starts. Prospective buyers may end up making numerous offers via multiple agencies for the same property. In the belief that the market is oversupplied, prospective buyers will expect to be able to negotiate a lower price. The seller, inundated with offers from multiple agencies or brokers, believes there is high demand and expects to be able to extract a high price. This makes it very difficult for both parties to reach a mutually s a t i s f a c t o r y price.

As with every other market, Dubai’s real estate market is driven by supply and demand, and this artificial o v e r s u p p l y, I believe, is currently one of the Dubai property market’s biggest problems.

Dubai undoubtedly needs more housing. The current

supply may be at the high end but it is expected to meet the demands of a gradually increasing population over the next few years. But the artificial oversupply,

unfortunately, has been always a problematic feature of Dubai’s real estate market.

Buying a property is one of the most valuable investments


we can make.

Sellers must choose their broker carefully, provide a clear (and realistic) timeframe in which he expects the transaction to be completed, and monitor the broker’s

efforts and progress to get the best result possible. A professional, trusted broker, who has all the necessary information about the property, will be motivated

to do his level best to provide a good service

and deliver results.

Fortunately, the government and some property portals are working

towards creating a better-regulated

market by putting a number of

rules and regulations

in place. D u b a i ’ s R e a l

Estate

Regulatory Agency (RERA), for

example, is introducing a rule stipulating that a property can be listed with a maximum of three agents. It is hoped this rule will be implemented soon. Some of the major

agencies have started to work on an exclusive listing basis or will now take on listings only if all the paperwork is in place. Another excellent initiative comes from a local property portal which is now offering to verify its listings. This will give prospective buyers confidence that the listing agent has all necessary documents (title deed, passport copy Form A) and that the property is legitimate.

It boils down to education and discipline: the major real estate players must to their bit to educate buyers and sellers, and be disciplined enough not to accept just any listing. I have been involved in the local real estate business over the past 10 years and I see great potential in this still-growing market. I firmly believe that with professionalism and discipline, we have a bright future before us.

Maher OsmanSales Manager, Roots Land Real Estate

[email protected]

35

A Maturing Market?DUBAI REAL ESTATE

Ever since the beginning of Dubai's freehold revolution, there has been a requirement

for increased regulation in the market as a whole, but specifically for real estate. Especially after the

• A market is mature when it has reached a state of equilibrium.

• Customer needs/desires do not appear to be evolving too rapidly.

• Consolidation of leading competitors reduces competitive intensity.

• The market share of the main competitors solidifies and changes gradually, if at all.

• Rules and regulations protecting individuals and businesses are put in place and are upheld.

• Growth and profits for developers are steady.

property bubble collapse burned so many investors not so long ago.

An increased amount of regulation in Dubai in recent years has resulted in more market stability particularly

Typically there are many parameters that can be used to define a mature market, but a fewkey identifiers can be described as follows:

in the real estate sector.

Putting a damper on previous astronomical growth has delivered what some industry experts are now describing as a "mature market."

For the real estate market, however, there are some unique caveats. Most important is that there is a limited amount of land available for purchase (especially in highly populated cities) and demand for this land does not stop growing as

the population increases.

While not getting huge short-term returns, it is usually seen as safe and profitable to invest in some classes of real estate. This due to factors such as creating steady growth and

protecting investors funds. Thus Mature Markets attract the most real-estate Investment, particularly from institutions who are seeking a relatively low risk investment with very favourable returns over the long term.


A Maturing Market?WHAT THE SIGNS SAY

As a whole the United Arab Emirates has only recently been classed as an emerging market by the MSCI. This means it has a long way to go before it’s on par with more developed countries and cities. We asked Andrew Chambers, chief executive of GGICO Properties and long-time real estate veteran: what are the signs that the market is maturing?

1. INCREASED REGULATIONS AIMED AT REDUCING SHORT TERM SPECULATION AND FLIPPING This when speculators buy, with a minimal deposit and flip or resell the property before it is even registered with Oqood. Whilst this was rampant, it is much less prevalent now , with RERA regulations prescribing registration of transactions. Also, the rate of capital growth of property has slowed tremendously compared with certain periods over the past decade. Indeed, there are still many “distressed” assets being rescued and returned to the market to sell in a rational manner. On top of the increased regulation in the UAE, countries traditionally bring capital into the UAE, such as India,

Pakistan, the CIS and MENA, have all been hit by the recession and other political or economic problems since the recession. Thus, their residents are reducing their level of UAE property investment.

2. MORE NEGOTIATION Buyer and seller expectations about the price at which to exchange are close enough to allow for realistic negotiations. At present, in the open market, sellers want higher prices than buyers are willing to pay. This has slowed sale rates.

3. LESS RISKY FINANCIAL LEVERAGE When small firms (in terms of financial backing) or individuals borrow multiple times the value of their own assets and speculate on off-plan or payment-plan projects in the hope they can resell at a profit before payments are due. This

still occurs but to a much lesser extent with fewer problems ensuing.

4. STABILIZING MARKET PRICES We have seen and still see more of a supply-driven market, which has suited Dubai’s great growth and has worked when viewed over 10 years or so, but with a now steady, measured and considered growth , a planned release of properties will help stabilize the market. The market remains a little over supplied at the luxury end and the impact of lower oil prices and stronger dollar will undoubtedly dampen the demand from overseas investors; however domestic demand at the mid end remain unaffected by these macro trends, and developers and investors that capitalize on this will be amply rewarded in the years ahead.

37

5. BROKERAGE MARKET When brokers are accountable, transactions are transparent, and there are consequences for not following the rules. Tremendous steps have made and continue to be made in controlling the behaviour of brokers. A slowdown generally results in the clearing out of many non performing agents and agencies. Fewer rogue agents and a smaller number of players in the market is generally good for market confidence and stability.

6. AFFORDABILITY The last decade has seen an enormous volume of top end/luxury property become available, which has sold well. This catering to the enormous amount of capital inflow from both the region (for a number of reasons) and from further afield due to good governance, tax status and security seen in the UAE. Unfortunately , this has ignored the requirements of regular, salary-earning expats who require more modest housing that can be afforded from their income combined with a mortgage. This is now starting to be addressed by some developers in areas such as SO and DSC, where more mid-level properties, with good payment plans, allow people the option

of buying to occupy .This is a sign of a maturing market. Investors expect modest returns and, as long-term occupiers, help promote market stability. An affordability analysis highlights that 10% of the working population will be eligible for a home loan on their residence. The major beneficiaries of this dynamics will be IMPZ., SO and Sports City. Only 2% of the population can either afford to rent or buy properties above AED 2 million, implying that within this segment there is a strong presence of ‘vacation home buyers’ or where the ultra-high net worth own multiple properties as part of their asset portfolio. Among those will be buyers who do not have sufficient capital for a deposit, orwhose long-term plans are heavily tied to their job prospects.

7. BANKS CLEAR TOC+XIC STOCKS The past 5 years has seen banks stuck with much non performing or incomplete property in default. Not good for a stable property market. This seems to be being resolved now, with many projects restarted with adequate finance and good business plan to see the construction to completion.

SUMMARYWhilst there is some way to go for Dubai to be recognized as what the world sees as a Mature Market, Dubai has well survived turbulent times and a number of the issues raised here either resolved or in the process of being resolved.

Nevertheless, it is still important to keep Dubai as being seen as a robust and very positive market position in the World’s eyes.

This can be helped with the continued investment in infrastructure and continual innovation and investment in such opportunities as EXPO 2020, WC Airport growth, continued development of tourist attractions such as mid range hotels, theme parks, and other attractions to boost further Tourism growth .

Land in Real estate is a finite resource, yet the population is growing. Dubai's population has grown by approximately 7% per annum (75% of the growth from net influx of people)

Dubai is well on track to become one of the financial and trade hubs of the MENA region, with some reports stating it might grow to beyond 5 million population . Putting the city in line with other international cities.


Finding the Right Wealth ManagerPRIVATE WEALTH MANAGEMENT

Wealth Management industry in the GCC is one which has not seen a

decline since the time it emerged. Constant cash inflows, despite occasional and sometimes longer downturns in the oil prices, are a testimony of the resilience GCC has

Clearly, these are interesting times, both for the Wealthy individuals and their Wealth Managers especially in the GCC. Where the HNIs in the GCC seem more concerned about wealth preservation and capital protection, on the other hand their wealth managers are more attuned to increasing their client base, especially in the wake of relaxation

and also success of the policy and plans to diversify the sources of income.

According to the latest data release by Capgemini through World Wealth Report 2015, the number of HNIs in the Middle East has increased from

in sanctions towards Iran and the unfreezing of unaccounted billions of dollars from US banking system, which is surely going to have a trickle-down effect one way or another and that sum is soon going to see the day light.

The divergence in objectives of both HNIs and Wealth Managers

roughly 570k to 610k in 2014 (+7.7% yoy). This increase in the number of wealthy individuals demonstrates an estimated increment in wealth of about US$ 175 bn (8.2%) with a total wealth estimate of approximately US$ 2.3 trillion.

is what brewing a different kind of storm that puts relationship with current managers to test and at the same time offers potential for the new Wealth Managers who would personalize the needs of HNIs in the GCC and are also innovative in terms of wealth creation and development besides wealth preservation and protection.

SHARE INHNI GLOBAL WEALTH

39

WHOM DO THEY TURN TO WHEN NEED ADVICE

HNIs in GCC, particularly women HNIs, resort to advice from friends and male in the family for financial advice or management of wealth. Often, they feel confidentiality being compromised and at times have fear of being manipulated for financial gains. Why this happens is because of low penetration and little to no marketing efforts by the local Wealth Management advisors. It is important for the Wealth Management industry to make their presence felt and devise innovative solutions towards value based investment which attracts potential clients.

RISE OF THE WOMEN HNIS

According to Virginie Maisonneuve, Head of Equities – PIMCO, “In the next 5 years, the global income of women will grow from US$ 13 tn to US$ 18 tn - that is more than the GDP growth of China and India combined during the same period.

By 2028, women will control 75% of discretionary spending around the World.”

Women in the GCC unlike other regions are used to be considered non-active participant in investment and business affairs. Not anymore. We believe GCC women, especially the current generation, to take active participation in business and investment decisions and more vocal in terms of which investment solutions suit them. Nonetheless, those who understand the needs of this investor class are expected to fair well.

WHAT QUALITIES SHOULD YOU EXPECT FROM YOUR WEALTH MANAGER?

Given the current economic environment, Economists and Asset managers alike are expecting no less than a maelstrom in the shape of currency revaluations and asset re-pricing. It is important for you to keep abreast of what’s happening in the financial markets. Most importantly,

you should not undermine the necessity for your wealth manager of being well informed and having the necessary infrastructure to ensure that your wealth is protected and is in safe hands.

DOS AND DON’T’S FOR HNI'SDo

• Ensure that your return-risk objectives are documented and periodically reviewed

• Check reputation of Wealth Manager

• Ensure diversity of the services offered by Wealth Manager

• Inspect capability of Wealth Manager in terms of execution

• Inquire periodical reports and follow-up on investment progress

• Ensure Wealth Manager has significant control and influence on Investments

WHAT SHOULD HNI ExPECT FROM THEIRWEALTH MANGER

What the Wealthy should be aware ofPRIVATE WEALTH MANAGEMENT


Don’t• Take decisions in haste• Select wealth manager based

on acquaintance or reference only.

SERVICES OFFERED BY WEALTH MANAGERS

• Investment portfolio management

• Trust & Estate planning• Accounting for assets and

income• Tax management and advisory• Cashflow management and

budgeting• Multigenerational wealth

transfers• Family business and financial

advisory• Donations to non-profits and

major gift plans• Political donations

What HNIs should at least ensure is that their Wealth Manager does not merely offer them Administrative services and act as an intermediary only between the HNIs and the actual fund / investment manager. Usually, Wealth Managers in the GCC have merely acted as an extended business development arm for famous western asset management outlets and have rarely shown the capability to be in control or exercise discretion over the invested sums and in terms of making proper inquiries in case of capital loss.

WHAT YOUR WEALTH MANAGER SHOULD AT THE MINIMUM DEMONSTRATE BEFORE YOU DECIDE TO ASSIGN THE CONTRACT IS:

• Inquire about human resource skillset and profile of key personnel to ensure that the Wealth Manager has the necessary infrastructure in terms of human resource in Investment Management and Risk Management.

• Timely notification and reporting on investment / wealth portfolio is an absolute necessity these days.

• Research department is one which lacks presence in most of the outlets in GCC.

• In case your Wealth Manager is a multi-family office outlet, it should have the necessary software to administer your investments and online reporting mechanism that allows you to keep a check on your investment portfolio when it is convenient for you rather than the time when your Wealth Manager feels convenient for their team to approach you.

• Inquire about the role of the relationship manager assigned to you by the Wealth Manager

and their understanding of the financial markets. Experienced and skilled investment professionals among GCC nationals are still limited and those who have working knowledge of Investment mechanism and financial markets opt for setting up their own single / multi-family office that often results in high number of ineffective and inefficient Wealth Managers who are more concerned about making a living out of your money than to offer professional investment advice and value added services in terms of investment planning and providing for future cash outflows.

Saad Bin Ahmed Executive Director

NEBRAS Capital Limited

41

Legislation Governing the WorkREAL ESTATE BROKERS IN DUBAI

Perhaps it goes without saying that it is rare to conduct a sale or purchase of a property

without a real estate broker, as following-up requirements of investors and meeting their wishes in highly competitive a feverish market needs a full devotion. Only full time real estate brokers shall be able to secure such services. Therefore, the traditional image of the broker as the only person who mediates between the seller and the buyer is no longer valid. Real estate brokerage process now occupies an important sector in which major companies with specialized offices that hire dozens or hundreds of employees, have an integrated archive managed according to the latest accounting and information systems, have a network of relationships to facilitate the search process, display and communication between the parties to the real estate investment process (the investor, the developer, and Land and Property Department) are competing. The legislator in the Emirate of Dubai is coping with these developments and created the legal framework governing it.

It is worth mentioning that the real estate brokerage business before 2006 was organized by the provisions of the Federal Commercial Transactions Law No. (8) of 1984 under Brokerage Contract Chapter. Such provisions are still the reference in cases not stipulated by private law. After 2006, the executive regulation No. 85 of 2006 on the organization of real estate brokers register in the Emirate of Dubai was issued to govern Law No. 7 of 2006 regarding real estate registration in the Emirate of Dubai, and organize a special register for licensed real estate brokers. The executive regulation has done well

when prevented non- licensed brokers from conducting any real estate brokerage process (Article 3 the Executive of Regulation). Thus, such vital sector has become subject to the control of government, which increase level of confidence required in this sector.

This article shall handle the most important duties and rights outlined in the Executive Regulations of the real estate brokers register in Dubai

Below are the most important duties and obligations of the broker (Articles (14 to 25):

I. GENERAL OBLIGATIONS OF THE BROKER (SUPERVISORY ENTITY: THE DEPARTMENT OF PROPERTY AND LAND):

1. Commitment to the ethics of the profession (Article 14)

2. Commitment to the maintenance of a special register of all transactions held by him (Article 15)

3. The broker's commitment to maintain documents related to sales (Article 15)

4. The broker's commitment to submit all information and documents requested from him (Article 16)

5. The broker's commitment, in case of selling on map, to keep a copy thereof (Article 15)

6. The broker's commitment not to mediate in a transaction in contradiction with law or regulations in force in the Emirate of Dubai deal (Article 18)

II: THE BROKER'S COMMITMENTS TOWARDS THE PARTIES OF THE TRANSACTION:

1. The broker's commitment to deliver a carbon copy of the sale documents to contract parties when so requested by any (Article 15)

2. The broker's commitment to inform his client of all details of the negotiations, the stages of mediation and any other necessary information (Article 17)

3. The broker's commitment to inform the other party of all material matters relating to the agreement and which are necessary to deny ignorance, and to inform the two parties of all the circumstances he knows and be responsible before them for any fraud or mistake on his side (Article 17) and Article (19)

4. The broker shall be liable for any loss or damage incurred by any of the parties as a result of his work through fraud, deception, without taking into account the norms to be followed or violation of the requirements of the code of conduct (Article 22)

5. The broker shall not be entitled to claim commission or to be reimbursed the expenses incurred (if he works for the benefit of the other contracting party in violation of its commitments to his representative, or if he accepts from the other party a promise to obtain a benefit, in circumstances in which the rules of good faith and the code of honor prevent accepting


such promise) (Article 23) and this article shall be deemed an application a code of honor.

6. If he authorized many brokers to be jointly liable for its work, unless permits them to work individually, (Article 24)

7. If he authorizes many people to work as one broker in a joint action, so as to be jointly liable for the implementation of this authorization, unless otherwise agreed, (Article 25)

8. The broker's commitment to be honest with regard to any payments, securities or other things given to him by any of the parties to keep or to deliver to one of the parties, and must execute or deliver according to what is agreed upon and the rules of the Secretariat shall apply to the broker with regard to these matters. This article is important as it relates to the provisions, particularly Article 404 of the Penal Code No. 3 of 1987, which reads:

((Anybody who embezzles or squanders funds, bonds or any other movable money, in a way that causes harm to the rightful owner, when it was handed to him as a deposit, lease, mortgage, borrow, use or agency, shall be punished by imprisonment, fine or both.

9. The broker's commitment not to establish himself as a party to the contract made through it (as he may not be an agent) even if authorized by a contract party, and the penalty resulting from the conclusion of the contract itself shall be depriving him of the commission in spite of being authorized by the party directed him to conclude the brokerage contract (Article 20) This article should be read deliberately and should draw the attention of every real estate broker, as it is among the guarantees granted by the Regulation to the investor, it denies the real estate broker's right to commission when violating his duties, and

prevents the broker to conclude a contract as a party to the contract. As the real estate broker in this case shall not be entitled to any commission, and the clear purpose of the text is a confirmation of restriction being adopted by the legislature in commercial transactions Act, which deprived the broker of taxi brokering whilst being a party to the contract in accordance with the provisions of Article (263) of the Federal Commercial Transactions Law.

BROKER WAGE

Included in the provisions of articles (26 up to 33), which include the provisions determining the rights and wages of real estate broker set out in the Federal Commercial Transactions Law, the most important of which are:

1. For the broker to be entitled to his commission the contract should be in writing, registered

43

and indicates the conditions and the contract shall be referred to in the real estate register (Article 26)

2. The broker's wage shall be determined through agreement, otherwise the norms shall be prevailed (Article 27)

3. The broker shall not be entitled to his brokerage fees unless it led to the conclusion of a contract between the two parties, such entitlement shall be based on the conclusion of the contract of sale and registration thereof in the department, unless otherwise provided in the agreement. In case the sale contract is suspended on an agreed upon condition, the real estate broker shall only be entitled to the contract when the condition is achieved (Article 28)

4. In case the brokerage contract is terminated, the broker may claim his fees in accordance with the agreement, unless fraud or fatal mistake is proved (Article 29)

5. If the broker's instructions or negotiations did not lead to agreement of the parties, he shall not be entitled to any compensation, expenses or costs incurred, unless the Brokerage contract stipulates otherwise (Article 30)

6. If more than one broker is involved in mediation or negotiation for one party, they all share as if one broker and payment shall be divided in accordance with the terms of the contract (Article 31)

7. If a party contracted with many brokers independently on one subject, and one of them succeeded to complete the process, he shall be entitled to full payment apart from others (Article 32)

8. The broker shall be entitled to fees from the party that authorized him, and if both parties were separately liable for the payment of wages owed to him even if those two parties have agreed - with each other - that one party shall bears the full payment, because their agreement is not an argument as it is from a third party (Adapted from article 33)

9. Governed by the provisions of articles (34 up to 41) and confined to two parties:

I. THE QUARTET COMMITTEE FORMED BY THE CHAIRMAN OF DUBAI DEPARTMENT OF TERRITORY

(In case of previous or subsequent amicable agreement to resolve the dispute through the committee) in accordance with the provisions of Articles 34 and onwards of the above mentioned Regulations.

II. DUBAI COMMERCIAL COURT OF FIRST INSTANCE

If there is no such agreement (the previous or subsequent amicable agreement to resolve the dispute by the committee formed at Property and Land Department in Dubai) the exclusive jurisdiction of the Commercial Court of First Instance at Dubai Courts, that has general authority to address the issue in the

light of evidence presented, shall remain.

It is clear by reviewing the provisions of the Regulations that it is considered a complement to the will of the legislature in order to achieve a balance between the interests of parties to the contract, and therefore it has obliged the real estate broker to offer sale neutrally and objectively, to submit an honest offer of all the main sale-related details and not to commit any fraud or fraud so as to be entitled to the commission.

It is important to refer to the details of the contract between the client and the broker to decide on the entitlement of the broker to his wage, find out whether it includes special conditions, which is a subjective matter to be reached through the contract, the evidence considered proof, such as correspondences exchanged between the parties.

We wish our answers has contributed in explaining the legal concepts.

Yaser Maktafi Legal Counsel

Advocates & Legal ConsultantsAl Zahmy

Legislation Governing the WorkREAL ESTATE BROKERS IN DUBAI


فـــــيالت الواحـــــــة يف بــــوزنيقــــــةعــــــــش الـــــرفـــاهيـــــة يف املغــــرب

فـــــيالت الواحـــــــة يف بــــوزنيقــــــةعــــــــش الـــــرفـــاهيـــــة يف املغــــرب

Bouznika Oasis VillasLive the Luxury in Morocco

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Dubai Wharf is a modern development featuring a unique contemporary design,

overlooking a canal promenade adjacent to the historic Dubai Creek. The mixed-use project features four towers with over 580 residential units, approximately over 100 retail, dining and entertainment units on the ground and first floors and over 2,000 resident and visitor car parking spaces at basement level. Apartments include studios, one bedroom, two bedroom, and three bedroom units.

Dubai Wharf will not only be a sought-after address in the historic Dubai Creek area but the design, positioning and accessibility of the project will also make it one of

Dubai’s future landmarks for leisure lifestyle, dining and entertainment.

Pedestrian bridges over the canal offer full connectivity throughout the master development, while three pedestrian accesses provide convenient seamless entry points to Dubai Wharf, retail facilities and the canal promenade.

The contemporary architecture used throughout Dubai Wharf presents a stone exterior with a large proportion of glazing and wooden textured shading used to soften the overall look and feel while playing a functional role of the building’s climate control. In line with the natural ebb and flow characteristics of the creek environment, two of the towers feature eight floors while

the remaining towers feature seven floors, giving a ridged impression from an Ariel view. Unit interiors feature deluxe finishes with high quality porcelain ceramic tiles, wooden doors, and marble and granite topped work surfaces and vanity counters. Recreation areas offer a pool and a state of the art gym on the podium level overlooking the canal system with green spaces created to ensure a relaxed living experience for each of the four towers.

Dubai Wharf is conveniently located in the heart of the city, near Al Jaddaf Metro Station and is easily accessible from Al Khail Road/Business Bay Crossing and Al Jaddaf Road.

Dubai WharfDubai Wharf


Manazel al Khor is a luxury residential project within the heart of the City.

Overlooking Dubai Creek from one side and the city’s impressive skyline from the other, the luxury residential development was first launched in April of 2014.

Capturing the urban essence, the new unique contemporary design of Manazel al Khor will reflect the overall look of modernity of the master development.

The low-rise development, in rich earth tone colors, are equipped with luxurious amenities for comfortable modern-day living and comprises

one-, two-, three- and four-bedroom apartments. The highlight of the project is its spacious apartments, with one-bedroom apartments ranging from 790 to 1,450 sqft, two-bedroom units from 1,959 to 2,185 sqft, three-bedroom units from 2,066 to 3,132 sqft, and four-bedroom units from 2,699 to 3,773 sqft.

A few three- and four-bedroom apartment layouts also feature a private garden which will be the only unique apartment with private garden overlooking the authentic Dubai Creek. Energy-efficient design, a roof top Garden, sun pool with a sauna, a fully-equipped

gymnasium, and elements such as hardwood flooring, porcelain tiling, and marble mosaic impart a touch of superiority and elegance to Manazel Al Khor.

Manazel Al Khor, spanning across an area of 255,000 sqft., will be the city’s first creek-side development with residential, commercial, retail and entertainment, attracting both international and regional visitors. On completion, it will boast of 3.8 kms of promenade walkways, a centrally located marina with mooring and access points along the promenade directly connected to Dubai Creek.

Manazel Al KhorManazel Al Khor

47

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PALAZZOVERSACE DUBAI

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FOR SALES INQUIRIES M +971 50 559 1668 T +971 4 329 8333 E [email protected]

Alanya has the warmest climate of all the developed more than

an more than 300 days of sunshine every year. The summers are long, hot and dry summers whilte the winters are short and mild.

A vibrant, cosmopolitan city and an eclectic mix of old and new; modern resort hotels, historical mosques, pulsating nightclubs, quaint, cobbled streets, air-conditioned shopping centres and crumbling, historical ruins.

Alanya also has stunning natural landscapes with the sparkling Mediterranean sea, long and wide sandy beaches, secluded coves, Taurus

mountains, fragrant pine forests, mountain rivers and a diverse range of wildlife and flora.

So many things to see and do and a great base for exploring further afield. Must see places include the ancient cities of Perge and Aspendos and the natural wonders of Pamukkale and Cappadocia. Permission granted for the development of 7 new golf courses (all within 25 km of the city centre) and a new alpine ski resort, 35 km north-east of Alanya at Akdağ.

A new international airport at Gazipaşa – just 45 km from the city centre – will reduce airport transfer times

significantly. A new yacht marina with a 300-berth capacity opened in 2011.

The development of Gazipaşa marina continues and will extend the cruising/sailing route from the Aegean and Western Mediterranean to the ports of other Eastern Mediterranean countries. This marina will be an ideal stopover for sailors looking to explore the eastern coast of Turkey, Cyprus, Lebanon, Israel and Egypt.

This is a year-round resort with numerous amenities and facilities including restaurants, shops, supermarkets, efficient public transport and excellent healthcare providers.

ALANYAWhere the Sun Smiles

ALANYAWhere the Sun Smiles

51

At almost 100 metres above sea level at its highest point, Elite

Admiral Premium Residences occupies a unique, elevated position offering stunning panoramic views - and is just 600 metres from its own private beach.

All apartment interiors can be individually tailored in accordance with a wide choice of fittings and finishes. Standard features are numerous and include Daikin air-conditioning throughout, ceramic tiling with underfloor heating in all rooms, electronic security shutters, ‘Smart Home’ technology and a bespoke fitted kitchen with full range of in-built appliances. With its innovative and unique With its innovative and unique architecture, fantastic location and the use of only the very highest quality materials both externally and internally, Elite

Bath, Sauna, Salt, Steam and Massage Rooms

• Fitness Centre• Games Room• Mini-Club• BBQ and Pergola• Lounge Bar• Waterpipe Cafe• Resident Concierge• High Speed Elevators• Communal Satellite TV• Underground Car Park

Admiral Premium Residences has set a new benchmark in premium lifestyle resorts in southern Turkey.

FEATURES

• Large Freeform Swimming Pool• Separate Childrens Pool with• Aquapark and Climbing Wall• Heated Indoor Pool• Bistro-Cafe• SPA Centre with Turkish

Admiral PremiumAlanya Turkey

T +971 4 329 8333E [email protected]

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Elite Marine will occupy a prime location right at the heart of the city,

just 500 metres from the famous Cleopatra beach and within a few minutes walk of all amenities, including restaurants, bars, superb boutique shopping and the harbour area, home to over 200 marine vessels and some of the best nightspots in southern Turkey

The apartments will be finished to the very highest of standards with numerous features fitted as standard. These include: airconditioning in all rooms, ceramic tiled flooring with underfloor heating in bathrooms, fitted kitchen with granite worktop

ELITE MARINE - ALANYA TURKEY

and inbuilt Franke appliances, UPVC double glazing, video entryphone access, steel entrance door, instant water heater, decorative ceiling coving with concealed spotlighting, and wireless internet.

FEATURES• Outdoor & Indoor Pool• Childrens Pool and Water Slides• Bistro-Cafe• SPA Centre• Sauna and Fitness Centre• Resident Concierge• High Speed Elevators

FOR SALES INQUIRIES T +971 4 329 8333 / E [email protected] 53

THE 8 - PALM JUMEIRAH

Welcome to one of the best and most attractive projects on Palm Jumeirah.

The sophisticated and clean design evoking the glamour of Miami Beach is unique on the Palm. The development, currently under construction, is on schedule for completion by the end of 2016.

A construction-linked payment plan and attractive prices are also winning incentives! Call us to arrange an individual tour of the show unit and for the latest development updates.

FEATURES• Stunning views• Swimming pool• Tennis court• Gym and spa• Hotel connected• Italian and German appliances• Fitted kitchen

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LAKE SHORE TOWER - JLTRoots Land proudly presents the exclusive opportunity to invest in a great selection of one and two-bedroom apartments in Lake Shore Tower.

Lake Shore Tower is located at the ”Y2 cluster” at Jumeirah Lakes. The convenient access to building and the close proximity to the metro are just two of many benefits. The building is completed and ready for occupation. If you are looking for an investment, we already have a great selection of units that are generating incomes of 6% to 8% annually.

FEATURES• Great location• Spacious units• Lake and golf course views• Ample parking for residents and visitors• Outdoor swimming pool• Fully equipped gym • Jacuzzi and sauna

WORLD TRADE CENTRE RESIDENCESWant to experience life at the heart of Dubai’s Downtown area? We have exclusive apartments at the World Trade Centre Residence managed by Jumeirah Living.

We have one, two and three-bedroom properties with great facilities and views over the buzzing metropolis of Dubai. Call us to arrange a viewing and to get all the additional information you need.

The fantastic facilities and services available are among the attractive benefits of living at World Trade Centre Residence.

FEATURES• One, two, three and four-bedroom simplexes and

duplexes• High quality finishes• State-of-the-art fittings• Housekeeping services• Smart home technology

FORTUNATOTHE ADDRESSEMIRATE HILLS VILLA

THE RESIDENCES 1

BURJ AL NAJOOM

MARINA HEIGHTS

MAG 214

CHURCHILL TOWER

AL BATEEN

Emirates Hills5 Beds | 8,700 SQFT

Downtown Dubai1 Beds | 1050 SQFT

Downtown Dubai1 Beds | 859.82 SQFT

Downtown Dubai2 Beds | 1740 SQFT

Dubai Marina5 Beds | 5800 SQFT

Jumeirah Lake Towers1 Beds | 729.79 SQFT

Jumeirah Village CircleStudio | 516.88 SQFT

Business Bay2 Beds | 1270 SQFT

Jumeirah Beach Residence2 Beds | 1470 SQFT

RT-S-3280

RT-S-3331

RT-S-3323

RT-S-3272

RT-S-3249

RT-S-3316

RT-S-3246

RT-S-3247

RT-S-3264


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PROPERTIES FOR SALE IN DUBAI

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Our professionally trained and knowledgable agents (RERA certified) with a combined 15 years of national and international property market

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APARTMENTS COMMERCIAL VILLAS

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BuyinG Experienced agents will provide great service helping you find your home or investment property.

Here at Roots Land we offer a variety of tools helping sellers advertise and sell their properties in the best possible way.SELLinG

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The service covers everything from tenant management, facilities management, valuation, maintenance, to a host of other services for individual units or whole buildings.

ProPErtyMAnAGEMEnt

With more than 15 years experience in the Dubai and AbuDhabi real estate markets, Roots Land managers performvaluations on a daily basis. Contact us to get an updatedassessment of the value of your property. Let us help you makethe best decision about your assets.

VALuAtion

Our in-house team of analysts expertly cover the propertymarket monitoring transaction volumes, prices, supply anddemand. All our research can be found on our web site.

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Documents

PROPERTY WATCH · 4 dubai's property market in q2: an overview 36 a maturing market? 39 wealth management: finding the right wealth manager 25 property price indices 24 a look at