Abu Dhabi’s first private auction house to be largest in the region

Al Nowais Group and Jones Lang LaSalle MENA launch JLL Auctions

Joint Venture Partnership will create first industrial auctioneers acting under a private license within the Emirate of Abu Dhabi

Partners confident that the business will be the largest auction house in the region within five years, focussed across a number of core sectors

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, and the Al Nowais Group, one of the largest, most respected professional family businesses operating in the UAE, have today announced the launch of JLL Auctions , a Joint Venture Partnership owned and operated equally by both companies.

Headed by Patrick Ditcham, who has 25 years international valuation and auctioneering experience, the new business will be the first industrial auctioneers acting under a private license within the Emirate of Abu Dhabi with the ability to cover all sectors across the UAE and the broader GCC. Read more

Middle Eastern property investors eye Central London residential market

Regional investors account for 9% of total Jones Lang LaSalle London new property development sales in 2011

Property valued at US$ 180 million sold, up from 5% in 2010

The Central London residential market is becoming increasingly attractive to Middle East property investors according to the latest Central London Residential Market report published by Jones Lang LaSalle, the world’s leading real estate investment and advisory firm. In 2011 the firm sold London new build residential property to foreign buyers valued at circa US$ 2 billion of which regional investors accounted for about 9%, up from 5% in 2010. The Middle East now accounts for the second largest group of foreign investors into the London residential market after nationals from the Asia Pacific region who accounted for 15% of overall  property sales. Read more

Top Trends for UAE Real Estate in 2012

Jones Lang LaSalle (JLL), a real estate investment and advisory firm, today released its ‘Top Trends for UAE Real Estate in 2012’.

Alan Robertson, CEO, Jones Lang LaSalle MENA said: “2011 was a difficult year for real estate investors with most sectors of the market moving in the favour of tenants, with lower prices and rentals. While these trends appear likely to continue into 2012, the main trend for this year is likely to be an increasing polarisation within each sector of the market. As the performance of the best quality projects will improve, average prices are expected to decline further in 2012 within this increasingly two tier market. Read more

Abu Dhabi Real Estate Market becomes more competitive

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, today released its latest ‘Abu Dhabi Real Estate Market Overview – Q3 2011’ covering the office, residential, retail and hospitality sectors.

The Q3 report shows that despite handover delays with some projects, higher completion levels are now filtering through and are providing more options for tenants in both the office and residential sectors of the market. Read more

Renewable energy property portfolio analysis tool launched

A new assessment tool that helps global property managers understand at a glance their properties’ investment potential for renewable energy technology has been co-developed by Jones Lang LaSalle and low carbon consultancy Encraft.

The tool, called RESPRO, will enable Jones Lang LaSalle to advise clients at the touch of a button on the potential impact on their property portfolio from installing renewable energy solutions at their sites. Read more

Dubai City Profile – September 2011

The hotel sector continues to be the best performing of the Dubai real estate market as increasing tourist arrivals lead to higher occupancy and RevPAR levels (revenue per available room), according to Jones Lang LaSalle’s latest report ‘Dubai City Profile – September 2011’.

While the hotel sector has been the major beneficiary of the Arab Spring, the retail and residential sectors have also received a positive boost over the past 9 months. The regional upheaval has re-enforced Dubai’s position as a global destination with many tourists rescheduling their holidays to the UAE due to volatility elsewhere in the region. Dubai Airport is now the fourth busiest in the world, reporting a year-on-year growth in arrivals of 9.5%, equating to around 12 million visitors in the first half of 2011. Tourism was particularly strong in July, with Dubai hotels achieving an average occupancy rate of 78% – a significant improvement on the 60% recorded in July 2009. This was driven by a major increase in the number of GCC nationals visiting Dubai, up 80% compared to the same period last year. Read more

Major markets in MENA face shortage of 3.5 million affordable housing units

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, has today published a special report titled “Why Affordable Housing Matters?” for the Middle East and North Africa (MENA) region.

Focusing on seven major markets, the report confirms that whilst governments across the region are increasing their attention on the supply of new homes, demand is far out-stripping supply as the region experiences population growth around twice the global average. With a young and fast growing population, the report estimates that there remains a combined shortage of more than 3.5 million affordable dwellings across the major markets within MENA and that demand will continue to outstrip supply for at least the next five years. The extent of this shortfall varies from more than 1.5 million units in MENA’s most populous market (Egypt), to just 15,000 units in the Sultanate of Oman. Read more

HSBC appoints Jones Lang LaSalle as strategic property partner for MENA

Jones Lang LaSalle announced today that HSBC has appointed the firm as a strategic property partner across the MENA region. This is part of HSBC’s ongoing plan to streamline its global property operations, enhance governance and improve portfolio planning.

The regional transaction partnership role will provide a global standard operating procedure along with enhanced in-country delivery capacity and property market knowledge for transactions and portfolio events including acquisitions, disposals and lease renewals. Read more

Abu Dhabi Real Estate Market Overview – Q2 2011

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, today released its latest ‘Abu Dhabi Real Estate Market Overview – Q2 2011’ covering the Abu Dhabi office, residential, retail and hospitality sectors.

The report illustrates that new supply deliveries were limited in Q2, but this is temporary because a significant supply pipeline remains for each real estate sector in Abu Dhabi. Growing supply, combined with a cutback in government spending on economic diversification and infrastructure upgrade, will put additional downward pressure on rents and prices. Declining rents and increased vacancy will however have a positive impact on demand as Abu Dhabi becomes more cost competitive and higher quality real estate comes on stream. Read more

Global direct real estate investment volumes rise nearly 50 percent in Q2, 2011

Global direct real estate investment volumes in the second quarter of 2011 totaled more than US$101 billion, up seven percent from the previous three months and 47 percent from the second quarter 2010, according to preliminary research findings from Jones Lang LaSalle’s global capital markets experts. Read more

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