New 23,000 residential units set for delivery in Abu Dhabi

23,000 residential units, 600,000 square metres office space set for delivery in 2012

Cityscape Abu Dhabi prepares for big opening

Sound economic fundamentals, a solid fiscal stance, and a stable political environment offer an encouraging outlook for the Abu Dhabi real estate sector in 2012, but analysts warn downside risks still persist with the imminent delivery of new developments for the year in both the commercial and residential sectors.

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GCC Residential and Commercial Construction Outlook

Alpen Capital today announced the publication of its GCC Construction Industry Report . The research focuses on key emerging trends, fundamental growth drivers, noteworthy challenges in the industry. It profiles the six GCC nations while presenting the outlook for residential and commercial office construction sector based on a supply-side approach. Read more

MENA Real Estate Sector missing out on global capital flows

International and regional investors discouraged by asset mispricing and lack of investment grade properties.

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, today published its 2011 Middle East and North Africa (MENA) Real Estate Investor Sentiment Survey. The report indicates that although investment appetite exists, the region is missing out on significant regional and global capital flows because of the shortage of investment grade product and the lingering price gap between buyers and sellers. Read more

Baniyas launches the Andalusian Villas at Cityscape Abu Dhabi 2011

Baniyas Investment and Development Company (BID), the investment arm of the Baniyas Sports Club, has announced the launch of 153 spectacular Andalusian villas in Phase III of Bawabat Al Sharq, the Dhs3bn mixed use development in Bani Yas City. On the occasion of Cityscape Abu Dhabi 2011, BID is offering competitive pricing along with unprecedented payment plans for the buyers of these luxurious villas.

As part of its commitment to enhance the lifestyle of its clients and cater to their diversified needs, BID has designed five distinctive types of Andalusian Villas. Read more

Real estate industry looks to Cityscape Abu Dhabi

Real Estate professionals from across the globe have their eyes focussed on Abu Dhabi, with a number of companies set to announce, invest and sign on the dotted line at this year’s highly anticipated Cityscape Abu Dhabi 2011.

Taking place from 17-20 April, exhibitors from the region and around the world will be taking part in this year’s event, and a number of participants have already announced that they plan on utilising the platform to communicate directly to the industry and ensure company awareness is paramount. Read more

25% of property professionals have poor understanding of the market

As the property and real estate market begins to recover, understanding the real estate sector and being able to identify and recommend strong investment opportunities is paramount. Yet more than 25 percent of property professionals in the Middle East, who took part in a survey conducted by Cityscape Abu Dhabi, admitted that their current understanding of the Abu Dhabi market was ‘poor.’ Read more

UAE Macroeconomic Outlook

Investors should adopt realistic approach

World Economic Climate

Across the world investors’ belief that the worst of the financial crisis is behind us is gradually rebuilding and confidence is  improving.  Continuous financial stimulus have reduced banks’  interest rates to its lowest level in history. World economy seems to be recovering, and the rate of job losses is slowing down. Property markets world wide are showing signs of stabilization.  Loan and mortgage defaults are not scary anymore, because banks are able to liquidate properties in  timely  manner and recover their funds.

Deflation, once a threat to the economy,  is not on the cards any longer. On the contrary, the fear of inflation is spreading fast. Deflation causes the consumers to hold or delay spending .  As a result, all economic activities  will slow down,  which will prompt layoffs at large scale. Jobless people will not be able to provide for their needs, mortgage and car loans. In periods of deflation overall economy shrinks, causing more people to lose jobs and more businesses to close down - vicious circle, as described by Marc Faber!

Recently the IMF delegation, which held an annual round of meetings with UAE Minister of State for Financial Affairs Obaid Humaid Al Tayer, said it expected that inflation in the Emirates would shrink to 1 per cent in 2009 from 12.2 per cent in 2008. It foresaw that inflation would increase to 3 per cent in 2010 and 4 per cent in each of 2011 and 2012. Inflation erodes the value of money, and is also not regarded as positive to the economy. Cost of products and services rises too fast in a short period of time. Read more

Global Real Estate Market in Review

No Rebound, but little room left to fall

Global transaction volume continues at a remarkably sluggish rate, accordig real estate market analysts worldwide. Although sales during the second quarter are now estimated at $48.6 b worldwide, a 67 % drop from the same period in 2008, the decline from Q1 2009 volume could be as little as 5%, indicating a bottom has been reached, although there is no recovery in sight.

Quarterly volume projected for the Americas is almost negligible at $8 b, a 6% consecutive drop but an 83 % fall yoy. EMEA is likely to take the most dramatic hit from the first quarter, down 24 % at $17.3 b and 71 % yoy. But with Australia, Japan and China beginning to stabilize, Asia Pacific sales are expected to be positive with an 18 % gain on the prior quarter at Read more

Emaar Properties considers cutting 250 jobsaccording media sources

Property developer Emaar Properties is considering cutting 250 jobs as the real estate sector in the emirate suffers a severe downturn, said Bloomberg.

The company has also slapped pay cuts of between 20 and 30 per cent on its employees’ wages in early March, London-based Meed magazine reported in its latest issue citing unnamed Emaar employees.
The job cuts would reduce Emaar’s total workforce to some 50 employees after it laid off around 200 employees in November 2008, Meed said.

Milford Real Estate closed it’s two offices in Dubai

According Dubai Eye (103.8),  Milford Real Estate LLC , which was established in 2002 prior to the inauguration of Dubai freehold property laws, closed it’s two offices in Dubai on Sunday.

Pam Brown, general manager, confirmed by telephone to Arabian Business that the firm had now folded.  Between 20 and 28 employees are thought to have lost their jobs at the firm’s two offices.

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