One year after the Dubai World debt meltdown we go back to Dubai to see if things have improved.
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Showing posts with label Real Estate in Dubai. Show all posts
Showing posts with label Real Estate in Dubai. Show all posts
Saturday, November 27, 2010
Thursday, October 8, 2009
UAE real estate market dynamics get greener
08 October 2009Closing message at Cityscape Green Day Conference urges developers to 'LEED' by example - private sector 'lagging behind' needs 100% mindset change
Sustainable construction standards should no longer be seen as a choice but the norm, delegates heard during the afternoon session of the first Green Day to be ever held at Cityscape Dubai, which concluded today (Thursday 8 October 2009)
Habiba Al Marashi, Chairperson, Emirates Environmental Group and Board Member, UN Global Compact, said a 100% mindset change was necessary to reduce carbon emissions and encourage best practices industry wide.
"It's not just political will, leadership should be taken by the private sector which is one of the sectors lagging behind," she said.
But Saeed Alabbar, Mechanical Engineer, Halcrow International, recognised a mindset has taken place in the UAE market. "It was all develop-to-sell in the boom, the end user was so far removed that we all thought the customer was the developer. Thankfully, that paradigm has shifted, and we're seeing a develop-to-manage mentality and sustainability is coming more to the forefront."
"Apart from tougher regulatory standards, enlightened property owners will be key as well," said Chris Speller, Group Director, Cityscape.
"For many property owners it is as much about managing running or operating costs as reducing their carbon emissions, but there is a sound business case for sustainability. During the boom, developers had no financial incentive to go green. However due to changing market dynamics, developers now need a competitive edge. Adopting a sustainable design not only reduces carbon emissions, it can lower maintenance and utility costs as well as increase the lifecycle of the building and therefore present a better return on investment for the building owner," added Speller.
Dr. Mohammed Dulaimi, Professor, The British University in Dubai, said enlightened companies saw environmental sustainability as a trigger for innovation. "Investing in a building now will enhance your competitiveness."
Richard Smith, Technical Director for Atkins and Group Chairman of Carbon Critical Buildings, said he is seeing increased interest locally in concentrated solar power and that, despite the region's high carbon footprint, potentially the UAE is a very sustainable place in future.
The earlier session discussed which rating system is best for the Middle East - LEED, Estidama or BREEAM Gulf. As befits its east-meets-west geography, the region is one of the few globally to have such a cross-section of standards.
"They are all good products and formulated on the same principles but the devil is in the detail and we have inconsistency which needs to be cleared up," said Smith.
For full details of Cityscape Dubai 2009 and its events, please visit: www.cityscape.ae
-Ends-
About CityscapeCityscape, organised by IIR Middle East which is part of Informa plc, encompasses a series of exhibitions and conferences that take place in Dubai and Abu Dhabi; Asia; Saudi Arabia; USA; Latin America; and India.
Media contactNathalie ViseleShamal Marketing CommunicationsDubai Media City, United Arab EmiratesTel: +971 4 365 2711Cell: +971 50 457 6525Email: nathalie@smc-pr.com
© Press Release 2009
Sustainable construction standards should no longer be seen as a choice but the norm, delegates heard during the afternoon session of the first Green Day to be ever held at Cityscape Dubai, which concluded today (Thursday 8 October 2009)
Habiba Al Marashi, Chairperson, Emirates Environmental Group and Board Member, UN Global Compact, said a 100% mindset change was necessary to reduce carbon emissions and encourage best practices industry wide.
"It's not just political will, leadership should be taken by the private sector which is one of the sectors lagging behind," she said.
But Saeed Alabbar, Mechanical Engineer, Halcrow International, recognised a mindset has taken place in the UAE market. "It was all develop-to-sell in the boom, the end user was so far removed that we all thought the customer was the developer. Thankfully, that paradigm has shifted, and we're seeing a develop-to-manage mentality and sustainability is coming more to the forefront."
"Apart from tougher regulatory standards, enlightened property owners will be key as well," said Chris Speller, Group Director, Cityscape.
"For many property owners it is as much about managing running or operating costs as reducing their carbon emissions, but there is a sound business case for sustainability. During the boom, developers had no financial incentive to go green. However due to changing market dynamics, developers now need a competitive edge. Adopting a sustainable design not only reduces carbon emissions, it can lower maintenance and utility costs as well as increase the lifecycle of the building and therefore present a better return on investment for the building owner," added Speller.
Dr. Mohammed Dulaimi, Professor, The British University in Dubai, said enlightened companies saw environmental sustainability as a trigger for innovation. "Investing in a building now will enhance your competitiveness."
Richard Smith, Technical Director for Atkins and Group Chairman of Carbon Critical Buildings, said he is seeing increased interest locally in concentrated solar power and that, despite the region's high carbon footprint, potentially the UAE is a very sustainable place in future.
The earlier session discussed which rating system is best for the Middle East - LEED, Estidama or BREEAM Gulf. As befits its east-meets-west geography, the region is one of the few globally to have such a cross-section of standards.
"They are all good products and formulated on the same principles but the devil is in the detail and we have inconsistency which needs to be cleared up," said Smith.
For full details of Cityscape Dubai 2009 and its events, please visit: www.cityscape.ae
-Ends-
About CityscapeCityscape, organised by IIR Middle East which is part of Informa plc, encompasses a series of exhibitions and conferences that take place in Dubai and Abu Dhabi; Asia; Saudi Arabia; USA; Latin America; and India.
Media contactNathalie ViseleShamal Marketing CommunicationsDubai Media City, United Arab EmiratesTel: +971 4 365 2711Cell: +971 50 457 6525Email: nathalie@smc-pr.com
© Press Release 2009
Monday, September 28, 2009
Dubai best positioned for long term investment
Monday, Sep 28, 2009
Gulf News
Dubai: Abu Dhabi, Dubai, Cairo and Casablanca are the best positioned within the MENA region to attract long-term capital over the next few years, says a recent industry report.
The ability to attract long-term investors and investments will be key to market success, said a recent report by Jones Lang LaSalle.
In more mature economies, long-term investors account for 80 per cent of large real estate investment transactions.
"This transition will require a paradigm shift from the previous reliance on short-term strategies and rapid implementation to an increased focus on the creation of quality real estate assets that will be attractive to both occupiers and long-term real estate investors," noted the report.
Many long-term investors have put off investing in Dubai, especially in the past due to the frantic activity of short-term speculators and developers that buoyed the market for so long.
This essentially led to the current sluggish market activity and reduced sales.
"In the rush to build and sell real estate assets, markets across the MENA region have largely overlooked the requirement to attract more stable, long term investors and end users over the last decade," said the report.
When many investors left the marketplace and took their money with them, this contributed to the decline in property prices and rents which fell 25 to 50 per cent in some markets across the region.
While 2009 has been a year of correction, in the eyes of many industry experts, markets in the region are expected to stabilise in 2010 and finally recover in 2011, according to Jones Lang LaSalle.
And signs of a more stable property market are already becoming visible in Dubai with developers and investors having learned harsh lessons from past experiences.
"There has been some long-term investment from local and GCC family groups. What has been missing is investment from western style institutional investors - this will come but has not been much in evidence to date," Craig Plumb, head of research, MENA, Jones Lang LaSalle, told Gulf News.
Dubai, the hardest hit real estate market, Abu Dhabi, Cairo and Casablanca topped the table in the region as being best positioned to attract long term capital due to three major elements - investment environment competitiveness such as infrastructure and ease of investment, real estate market conditions, including stability of pricing, transparency and liquidity and finally, the availability of investable products like stable rental income and potential for capital growth.
"The key markets for investments are Dubai and Abu Dhabi with a caveat on Abu Dhabi that there is a change in the investment area. The types of occupiers [in Dubai and Abu Dhabi] are the ones international investors are looking for," said Nicholas Maclean, managing director of CB Richard Ellis Middle East region.
Maclean said while Dubai and Abu Dhabi are definitely key areas for long term investors, Cairo and Casablanca are "not in the same league" as the UAE, although Cairo is likely to offer more opportunities as it develops further.
A possible vehicle to stimulate investment in the sector might be Real Estate Investment Trusts (REITs) and Dubai is poised to see strengthened activity in this area in the future.
"REITs would indeed be a good vehicle and we expect to see more products being structured in this manner in the future," Plumb added. REITs have not been so widely used in this region historically due to legislation and restrictive regulations.
Another way to encourage long term investment is to federalise the current laws so that all the emirates can operate under one set of regulations and not have to make retrospective changes, Maclean added.
The most significant challenge right now, however, is the issue of potential oversupply. Vacancies in the office market are around 25 per cent and the average hotel occupancy rate is around 65 per cent, said the report. The oversupply situation creates additional downward pressure on prices and rental levels in the short term.
By Suzanne Fenton, Staff Reporter
© Gulf News 2009. All rights reserved.
Gulf News
Dubai: Abu Dhabi, Dubai, Cairo and Casablanca are the best positioned within the MENA region to attract long-term capital over the next few years, says a recent industry report.
The ability to attract long-term investors and investments will be key to market success, said a recent report by Jones Lang LaSalle.
In more mature economies, long-term investors account for 80 per cent of large real estate investment transactions.
"This transition will require a paradigm shift from the previous reliance on short-term strategies and rapid implementation to an increased focus on the creation of quality real estate assets that will be attractive to both occupiers and long-term real estate investors," noted the report.
Many long-term investors have put off investing in Dubai, especially in the past due to the frantic activity of short-term speculators and developers that buoyed the market for so long.
This essentially led to the current sluggish market activity and reduced sales.
"In the rush to build and sell real estate assets, markets across the MENA region have largely overlooked the requirement to attract more stable, long term investors and end users over the last decade," said the report.
When many investors left the marketplace and took their money with them, this contributed to the decline in property prices and rents which fell 25 to 50 per cent in some markets across the region.
While 2009 has been a year of correction, in the eyes of many industry experts, markets in the region are expected to stabilise in 2010 and finally recover in 2011, according to Jones Lang LaSalle.
And signs of a more stable property market are already becoming visible in Dubai with developers and investors having learned harsh lessons from past experiences.
"There has been some long-term investment from local and GCC family groups. What has been missing is investment from western style institutional investors - this will come but has not been much in evidence to date," Craig Plumb, head of research, MENA, Jones Lang LaSalle, told Gulf News.
Dubai, the hardest hit real estate market, Abu Dhabi, Cairo and Casablanca topped the table in the region as being best positioned to attract long term capital due to three major elements - investment environment competitiveness such as infrastructure and ease of investment, real estate market conditions, including stability of pricing, transparency and liquidity and finally, the availability of investable products like stable rental income and potential for capital growth.
"The key markets for investments are Dubai and Abu Dhabi with a caveat on Abu Dhabi that there is a change in the investment area. The types of occupiers [in Dubai and Abu Dhabi] are the ones international investors are looking for," said Nicholas Maclean, managing director of CB Richard Ellis Middle East region.
Maclean said while Dubai and Abu Dhabi are definitely key areas for long term investors, Cairo and Casablanca are "not in the same league" as the UAE, although Cairo is likely to offer more opportunities as it develops further.
A possible vehicle to stimulate investment in the sector might be Real Estate Investment Trusts (REITs) and Dubai is poised to see strengthened activity in this area in the future.
"REITs would indeed be a good vehicle and we expect to see more products being structured in this manner in the future," Plumb added. REITs have not been so widely used in this region historically due to legislation and restrictive regulations.
Another way to encourage long term investment is to federalise the current laws so that all the emirates can operate under one set of regulations and not have to make retrospective changes, Maclean added.
The most significant challenge right now, however, is the issue of potential oversupply. Vacancies in the office market are around 25 per cent and the average hotel occupancy rate is around 65 per cent, said the report. The oversupply situation creates additional downward pressure on prices and rental levels in the short term.
By Suzanne Fenton, Staff Reporter
© Gulf News 2009. All rights reserved.
Monday, June 29, 2009
Dubai Properties Developers Finally Making the Going Easier on Buyers
For those contemplating a Dubai property investment the times are fair indeed, but spare a thought for what the property developers and construction houses are facing and it is a sobering trip to reality. Regardless, Deyaar one of Dubai’s primary real estate developers has found a balance.
In a first of its kind move in the Dubai real estate investment business, a property developer has curtailed development and eliminated projects after selling the units. A dual-benefit approach, Deyaar is offering its customers the option to switch the UAE properties they have already purchased with alternatives that suit their requirements.
Of course, those buying properties in Dubai (for Deyaar projects) will have to choose from the options that are remaining after their project development slash. The crux of the matter is Deyaar has paved the way for other developers to follow suit and salvage something out of the losses that seem not so far away.
What about those who have purchased UAE residential properties from Deyaar and cannot find a better alternative?
SkyDome Properties advises these parties to make a studied choice of the rest of the UAE properties for sale market and then decide. Select Deyaar projects are even being offered at specially reduced rates to make things easier on the buyer. In such a light, is it wise to forgo all the financial benefits?
If you cannot make up your mind, hire a consultant for property investment in Dubai. Look carefully at all the pros and cons he will be in a state to highlight and then go ahead with your decision to buy property in Dubai.
Sunday, June 28, 2009
Real Estate Investment in Dubai
Are you ready to invest in Real Estate in Dubai ?
This is the hottest real estate market in the planet in this moment , with guaranteed returns in the short and medium term, Dubai has no equal in the world right now ...so are you ready to jump on the opportunity or are you going to just watch it slipping by...In the past few years, the real estate investment market in Dubai has grown faster than any other real estate investment market in the world. The lands of Dubai are rich with culture and beauty and offer a style of living full of wonders and grace.
When choosing real estate investment in Dubai, there are simple matters at hand and more complex issues. The key is to find a real estate guide who understands the Dubai market, like the one available through http://uae-dubai-investments.blogspot.com, and one who has the ability to guide you through the process in a painless manner from offer to close. http://uae-dubai-investments.blogspot.com offers help to real estate investors in the area of residential real estate and commercial real estate . The agent is there to guide you through the real estate processes of buying, selling, renting and even a touch of interior design.
On the Dubai market right now there are literally thousands of properties available for sale. From the vast amount of properties both online and in print, sorting through all of the listings can be a difficult task for a novice to real estate investing in Dubai. The choosing stage of the process is the most difficult as the buying process will take only one day. Online portals are available with search engines for sorting through the thousands of listings. One of the best sites on the web is http://uae-dubai-investments.blogspot.com .
After the real estate investment choice has been made, the one day title transfer, and tax free nature of the purchase make real estate investing in Dubai quick and easy as long as the real estate help enlisted is prepared to handle the legal and safety issues associated with certain parts of the Dubai market.
Essentially, buying real estate investment property in Dubai is a win win situation. With the current growth and the future growth models all pointing to instant equity, the cost of a real estate investment team to help along the process will be paid back 10 fold in no time at all. Don’t leave the real estate purchase process in Dubai asking, “Did I make the right choice?” Know your options, understanding the buying procedures and enlist a trained team of Dubai real estate professional to make your dreams of owning real estate in Dubai a reality.
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