Ajman Property Investments

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UAE property prices may crash as expats head to the exits DUBAI: Property market conditions in the UAE will remain challenging this year and next with house prices in Dubai expected to fall further as foreign workers leave the emirate, UBS said. "In our view expat-led population outflows in Dubai and flattish trends in Abu Dhabi will pressure house prices in the foreseeable future," the bank said in a note. A population decline of eight per cent this year and 2pc next year may be conservative and accounting for potential payment defaults, would exacerbate Dubai's housing problems, it said. The bank expected residential oversupply to reach 27pc by the end of next year and remained cautious on the timing of property handovers. Dubai's once-booming real estate sector has been hit hard in recent months as property prices fall, developers slow or halt projects and jobs are cut. A correction in the UAE market over the next two or three years, especially in Dubai, may burden company earnings and cash flows to repay debt. Job Cuts in the Region as Property Values Fall Big real estate companies are slashing up to 15 per cent of their workforces. Nakheel, the government-owned developer, this week said it was paring back high-profile projects such as the Trump Tower on Palm Island, while also making 500 staff jobless The reality of corporate slimming down sits uncomfortably with the perception of Dubai and the Gulf as havens of economic stability in the global financial storm. Yet as Dubai loses its shine, other cities are looking more attractive such as Abu Dhabi. Already among the richest cities in the world thanks to oil reserves and foriegn investments. The capital of the UAE is also diversifying its economy, with an emphasis on industry, culture and education. Dubai sold itself on a vision to be the best place to do business in the region, but now it costs so much here that there is a sense that the easy money in Dubai has already been made. Saudi Arabia and Kuwait have become attractive destinations for job hunters, areas that would previously not been considered. One bright spot is that Dubai & regional companies are still taking the replacement of senior staff as priority Winter 2008 UAE Market Assessment Property prices in Dubai and Abu Dhabi are starting to fall because of the global financial crisis, estate agents say. Off-plan sales have been hardest hit. “I have seen prices going down about 10 per cent everywhere,” says Khaled Elqassim, a sales manager at the Dubai-based property broker AAA. Karen Lay, the marketing manager at LLJ Property in Abu Dhabi, says: “Pretty much all the secondary market is trading at less than it was before the financial crisis.” Analysts had been forecasting a downturn after years of spectacular growth. In the first quarter of this year prices rose by 42 per cent, according to the property consultant Colliers International. In the second quarter the rise was 16 per cent. EFG-Hermes, a regional investment bank, said last month that it expected prices to fall by 20 per cent by 2011. The slide in prices could herald deeper problems for Dubai: government-owned or partially government-owned developers have invested heavily in the property sector with loans from banks, many of which are themselves partly government-owned. If property prices fall significantly it could leave Dubai institutions at the mercy of the international credit market. Unlike Abu Dhabi and most other parts of the Gulf, Dubai does not have much oil - less than 7 per cent of its GDP comes from energy. Middle East is World leader in tourism August 2008 The Middle East is leading the world when it comes to hotel occupancy and average room rates in the first half of the year, a new study reveals.The report by Deloitte & Touche shows that occupancy was 75.3 per cent in the first half compared with 68.7 per cent in the previous six months. The average room rate rose 14.1 per cent to $180. Revenue per available room (RevPAR) in the Middle East grew 21.6 percent to $135. "The region also had the highest occupancy and average room rates in the world at 75.3 percent and $180 respectively" said Rob O'Hanlon, Tourism, Hotel and Leisure partner at Deloitte Middle East. RevPAR growth continued in Dubai, albeit at a slower pace than last year -  up 9.6 percent to $274. The emirate also achieved the highest occupancy and average room rates of any city in the Middle East at 85.3 percent and $321. Resorts in Egypt also reported strong revPAR growth, as the country becomes more  popular with tourists due to the low price of luxury accommodation. Middle East countries, including the UAE and Qatar, are investing in tourism as they aim to diversify their economies away from oil Dubai is investing $4.5 billion on increasing its airport's capacity to 75 million passengers per year by 2009, and plans to build the world's largest airport 40 kilometres  away to cater for a further 120 million passengers per year. The emirate aims to increase tourist visits to 10 million per year by 2010 and 15 million  by 2015.  Asia Pacific had the second-highest occupancy rate after the Middle East at 67.9 per cent,  Deloitte said. Europe had the second-highest average room rate at $174, it said. InterContinental said in July that second-quarter earnings beat estimates. ------------------------------------------------------------------- Ajman to build $3.54bn city 3rd August 2008 The UAE emirate of Ajman adjacent to dubai plans to build a $3.54 billion city stretched out over 3.72 square kilometres, state news agency Wam reported on Sunday. Sheikh Humaid bin Rashid Al Nuaimi, ruler of Ajman has signed an agreement with developer Ajman Oasis to build the city, which will include a shopping mall, hotels, mixed-use towers, hospital, school and other amenities. The project, which will be located between Ajman and Sharjah in the Al-Tallah area along Emirates Road, is expected to take 10 years to complete. Ajman Oasis has commenced work on the design phase, Wam said. Ajman Oasis is a joint venture between Dubai Investments Real Estate Co. and Aqaar Properties focused on developing projects in the emirate. ----------------------------------------------------------------- Real Estate welcome new laws 21 June 2008 A new decree issued by HH Sheikh Humaid bin Rashid Al Nuaimi, member of the Supreme Council and ruler of Ajman, is a positive step for the construction industry. Last week, HH Al Nuaimi announced a string of new rules to govern development and construction in the emirate. Under the new rules, the Department of Land and Property will be empowered over the notification of inheritance laws and bank guarantees. The department will also have the power to freeze 5% of  a project's value, conduct maintenance responsibilities and also penalise real estate businesses that operate without valid licences. ------------------------------------------------------------------ New law set to crackdown on off-plan sales in Dubai August 2008 All off-plan property sales in Dubai must now be registered. A new law has been introduced to ensure all off-plan property sales in Dubai have to be registered with the emirate's Land Department. The regulation will also stop developers from being allowed to charge transfer fees on such sales, it has been announced. "Law No 13 of 2008 is aimed at regulating off-plan sales and making registration compulsory with the Land Department," Emad Eldin Farouq, Senior Legal Advisor, Land Department, told Emirates Business on Monday. Off-plan sales refer to the practice of marketing housing or commercial units based on an architectural plan of the property before the structure is built. Any sale or other disposition that transfers or restricts title shall be void if not registered in the interim real estate register, the new law stipulates. Any developer who makes a sale or other disposition before the law comes into effect must register it within 60 days. The law also states that master developers and sub-developers will no longer be allowed to charge transfer fees on off-plan sales. However, they will be allowed to accept administrative charges after approval by the Land Department.  Last week, Dubai issued a new mortgage law that stipulates that mortgage contracts be registered with the Land Department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked. ------------------------------------------------------------------- Global Property Transaction volumes 7th July 2008 the Gulf property market as a strong proposition for investors seeking to escape a global fall in property investment transactions. The recommendation follows the publication of DTZ’s annual Money into Property report, which looks at global property trends. A recent report by DTZ report revealed that the value of the real estate capital market reached US$12 trillion in 2007.  Up 18% on the previous year. Global investment transactions also grew to US$730 billion in 2007, but, following the sea-change in the global investment environment over the course of last year. >