Author: mohanadalwadiya

Aspire to be a Property Owner

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate

Among the most fundamental (and practical) dreams people share in common is the dream of owning a home. But why is it that not everyone succeeds in this endeavor? Economics, of course, plays a significant role in the overall scheme of things. So, given the opportunity to purchase a property, or your home, no less, would you not hold on tightly and make sure you own (pun intended) it?

In Dubai, while there has been a correction in rental values, it has essentially lagged behind the correction in property values, and I do not believe that the general rent decline will exceed 10% in most areas. Rents will eventually start to rise from 2017 as preparations for the 2020 Expo start gathering pace.

I have always held a view that owning a property is essential to underpinning the accumulation of wealth and building net worth. Obviously, the accumulation of the property asset itself must be done judiciously and with a high level of diligence and care but, in my experience, the vast majority of people who have taken the step towards property ownership have benefitted significantly.

The essential question to ask is “How do I use my money to increase my wealth instead of the wealth of my landlord?”

Buying your home is a positive step towards establishing your financial security by building your equity or “net worth”. Owning property allows you to change the application of your hard-earned dirhams from covering an expense which offers you no financial return to investing in an asset which does. In a way, it’s a forced form of saving which will reap benefits for you in the future.

Conversely, paying rent actually detracts from your ability to build net worth because, not only are you paying out money for no financial gain, but you are at the mercy of rental inflation as well. This is a problem because you are consistently being asked to pay more while your salary increases are lagging behind, effectively eroding your ability to build wealth. By owning your home, inflation is working in your favor because, in all likelihood, your property is increasing in value and, if kept for a number of years, will enjoy an inflation-driven compounding effect on its value. This allows you to build your individual net worth through the capital appreciation of your property – something which is very important for your financial future.

The fundamentals of buying real estate in Dubai are no different from those elsewhere in the world. As an expat in a new country, you may be even more anxious regarding the decision to buy which is all the more reason to stick to some tried and true principles.

First of all, you need to be very clear as to why you are investing in real estate. Whether it’s to provide the family with a home, generate a steady stream of income or build equity for the future, make sure you are very clear about what your expectations are and quantify them wherever possible. Plan for the long term as the industry is cyclical yet very rewarding if you ride out one or two cycles.

You also need to ensure that you know what you can afford. If you have the cash to pay for the property that you really want, I suggest you pay for it outright; however, don’t be afraid to take out a mortgage and make the purchase as at least your repayments are building equity, not being lost forever on rent.

Then it’s a case of finding the right property. I suggest you contact a reputable real estate brokerage to assist you in doing this, but make sure that you conduct your own research as well. It’s a big decision you are making, and you need to make sure you take the responsibility and are fully aware of what you are doing.

As always, stick to the basics. Think carefully about location, building quality, developer reputation, completion status and quality of infrastructure and building amenities. Properties which are close to the beach (especially with a sea view), a golf course view or part of an iconic development such as Downtown Dubai is a good place to start. If you can have close access to the Dubai Metro, even better. These locations are more likely to provide superior appreciation in capital value as well as be able to ride out cyclical volatility with less distress.

You also need to consider the effectiveness of the owners association, service charges and the quality of maintenance services. Facility management is becoming increasingly more important to determining the value of buildings, and it will have an effect on the long-term value of your investment.

Finally, think clearly and rationally. If you cannot find a property immediately that will satisfy your requirements and objectives, do not settle for less, regardless of what’s happening in the market.

WHY I LOVE AMUSEMENT PARKS…

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute

Theme parks have a huge impact on a country’s economy and property sector
The latest addition to a city swelling with activity alternatives is the IMG Worlds of Adventure. It cost more than Dh3.6 billion. Tobe labelled “the world’s largest indoor theme park” is no idle boast with the complex covering over 1.5 million square feet, around 20 times the size of the pitch at London’s Emirates Stadium.
The next months will see an even bigger development which, built at a cost nearing Dh10 billion, will include LEGOLAND.
Dubai has always considered tourism a lucrative pillar to the economy, but the latest additions to its suite of attractions is taking its capability to satisfy the appetite of those seeking world-class entertainment to a whole new level.
The new theme parks will play a key role in ensuring the emirate’s target of 20 million visitors by 2020 will be achieved.
The reason why I love the latest theme parks is because I am excited at the effect these initiatives will have on the economy and more specifically, the property industry.
The true value of amusement projects lies in the long-term advantages of employing people and creating commercial activities
Theme parks make an enormous contribution to the economy. The war for providing entrepreneurial and job opportunities is waged on a global battleground, and the amusement industry is one weapon Dubai can employ.
Being a global growth industry, participation cannot be ignored. Consider the data from the TEA / AECOM 2015 Theme Index and Museum Index: In 2015, there were 420 million visits to attractions run by the Top 10 global theme park groups, up by 7.2 percent; 236 million visits to the Top 25 amusement/ theme parks worldwide, up by 5.4 percent; 146 million visits to the Top 20 amusement/theme parks in North America, up by 5.9 percent; 131 million visits to the Top 20 amusement/ theme parks in Asia-Pacific, up by 6.9 percent; 61 million visits to the Top 20 amusement/theme parks in Europe, Middle East and Africa, up by 2.8 percent; 29 million visits to the Top 20 waterparks worldwide, up by 3.7 percent.
In a world struggling to generate any form of impressive economic growth, the growth within this industry is laudable. Obviously, its job creation potential is staggering.
The true value of amusement projects lies in the long-term advantages of employing people and creating commercial activities to develop a unique capability to entertain the families and youth of the region and beyond.
The local market offers significant opportunity. The GCC has one of the youngest populations in the world. Approximately 50 per cent of its population is below 25 years. The possibility exists for the construction of the only mega family entertainment destination in over 2,500,000 square kilometres of territory. From an economic point of view, the provision of memorable entertainment experiences must have a multiplier effect on the economy as a whole.
Population growth is critical to any real estate industry, and growth due to an increase in investment and employment opportunities that a successful foray into the entertainment industry generates would be substantial. With an abundance of affordable housing in the coming years, much of it located within easy distance of the theme parks, investment in the amusement industry can have huge benefits for the property downstream.
Dubai has a competitive advantage as it is uniquely placed. With its infrastructure, stability, cultural diversity and reputation as a leisure destination, a development that is a destination of choice by not only GCC families and youth but also visitors from all over the world will play an important role in building a vibrant and resilient economy and, of course, property industry.
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The confluence of global shifts and market demand

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute
Published: Expert Eye, Freehold, Gulf News

The phenomenon of globalization has been around for a while, and all economies, regardless of scale and location, are subject to forces that continue to shape and reshape them.

Real estate markets globally are feeling the effects of a general decline in global economic growth. The world is still, after some eight years, trying to shake off the effects of the global financial crisis and while some economies such as the US have fared reasonably, other major economies in Europe and Asia are still struggling with systemic issues.

In addition, the ongoing issues associated with geo-political upheavals, politically inspired sanctions and major restructurings such as Brexit, simply add to the overall pall of gloom that seems to hang over virtually every headline that we read these days.

The resulting effect on consumer and investor confidence is quite negative, and we all know that confidence is a key prerequisite for growth in the industry. World events are definitely affecting, not just Dubai, but global sentiment overall.

Yet the market is still developing… it is not stagnant. It is always a very promising sign when an industry demonstrates the flexibility and resilience to undertake a structural shift when market requirements change or develop. This is exactly what we are witnessing in the Dubai real estate industry.

It came as no surprise to those that take a broader view of the industry that calls from a variety of industry participants including the government, banks and the more visionary industry observers for more affordable housing in Dubai gathered volume and intensity. In so doing, there was a recognition that the most important investor in Dubai’s real estate market had been forgotten all too often by developers and brokers, and that a refocusing on building affordable, robust and sustainable communities to be inhabited by the average family living frugally on an average salary was of irrefutable importance if Dubai’s economy was to develop and grow to the next level.

So the news that total value of real estate transactions in Dubai at AED 113 billion in the first half of 2016 represented a decline of around 12 percent from the first six months of 2015 may have disappointed some, but did not tell the whole story. The fact that this total figure was generated by 28,251 transactions, almost 25 percent higher than the same period last year, is very good news indeed. It clearly demonstrates a market that in growing in health, because it can provide more affordable solutions to a broader spectrum of owner occupiers and investors.

Just about everybody who plays a role in our industry has a role in providing affordable housing but, more significantly, the government, the financiers and the developers. And given the results of the first half of 2016, they are to be congratulated for initiating the structural shifts that we are witnessing.

As proven in the recently concluded Cityscape Global 2016 event held at the Dubai World Trade Centre early this month, the level of interest in Dubai real estate projects and in the UAE as a whole, as well as in world-class developments being marketed overseas, remains high.

However, a lot of work still needs to be done for the demand for more affordable housing to be fully satisfied. If the emirate is able to realistically supplement the clamor for affordable housing, perhaps even those renting in nearby emirates would be persuaded to make Dubai their permanent home.

Ask the agent

By Mohanad Alwadiya
Published: Gulf News
Dated: October 2016

What property features should I prioritize in listing my apartment for sale?

If you have a listing agent, or are already working with a realtor, they would know exactly what characteristics of your property should be highlighted in order to make your property stand out from the rest and be highly marketable. But, just FYI, the most important features that will make or break your goal to sell your apartment include the fact that it must be competitively priced or priced just right for the market, its location or proximity to landmarks and important infrastructure such as transportation links and commercial districts, size, building facilities and community amenities, quality and current physical condition, whether or not it is being handled by professional property management, fully paid or financed, etc. Also, make sure you mention any improvements done, e.g. upgrading of original material such as plain ceramic flooring to granite, or changing original fittings purchased locally to Italian-made fittings, and if it has any other special feature such as a nice view, a balcony, closed kitchen, extra storage, being located close to the community center / park, etc.

I want to make some structural changes in my villa. What is the typical procedure I need to follow?

You will need to establish that the amendments that you plan on doing does not threaten the structural integrity or safe habitation status of your villa by you or by future owners should you decide to sell it one day.

Therefore, you should prepare the architectural and MEP drawings for the proposed concept. These would need to be viewed in conjunction with the architectural and MEP “as-built drawings” by a number of different authorities and regulatory bodies to ensure that the proposed designs will be structurally sound and meet all the required building codes and regulations.

You will need to obtain NOCs from your OA, the zoning authorities, the Civil Defense authorities and, in some instances, your project developer. Depending on the extent of your renovations, you may also require NOCs from DEWA regarding electricity supply and water supply.

If renovations are extensive, you may be required to have the work inspected by the Civil Defense department and also the Building Department of Dubai Municipality.

In the majority of cases, your architect or contractor can arrange for all approvals on your behalf and I suggest you engage professionals who can achieve this for you.

What documents do I need to provide so I can arrange for an agency to market and sell my villa?

The first piece of documentation is the provision of proof of identity, usually provided by way of passport identification and/or Emirates ID so we know who we are dealing with.

You should also provide a copy of the original Sales and Purchase Agreement so we can verify with the Dubai Land Department (DLD) that we are dealing with the bona fide current owner of the property, and that there are no third party legal entitlements to the property.

If the property is leased, you should also provide us with all details of the lease agreement including the status of outstanding payments and any information or documentation pertaining to the history with the tenant. You should also provide us with the status of payments of items such as service charges or owners association charges.

We will sit and consult with you as to what your requirements are and prepare for you a letter of engagement which would contain the details of what you require from us as a professional agency and what fees we have mutually agreed upon.

If you are located overseas and you would like us to represent you, we would need you to provide a Power of Attorney which will detail the extent to which you would like our representation in the various facets of marketing and selling your property.

What are the limits landlords must work within when it comes to increasing the rent to a rate they want in Dubai?

Rental increases are usually a main source of contention between tenants and landlords, especially when there is a failure in the communication process. By law, tenants should be informed of any changes in the rent three months prior to contract renewal. But even then, the rate of increase may also be questioned by the tenant. By now, everyone has probably heard of the RERA Rental Increase Calculator which is a handy tool accessible online (via the Dubai Land Department website) for tenants who wish to check if the rent increase being imposed by their landlord is justified, and for landlords who want to make sure that the rent increase they are asking for is within their rights. Rent caps apply to all property types in the different areas of Dubai whether they be commercial, industrial, staff accommodation, or residential units. Using the rent calculator as a reference helps prevent disputes between landlords and tenants, and has given the Dubai rental market a modicum of order in terms of preventing unabated rent increases.

QUESTION OF THE WEEK

With so many attractive off-plan offers today, I am very tempted to buy off-plan property. But how do I know if I am buying property with real potential?

Whether you are buying ready property or one that is off-the-plan, market fundamentals still apply, and always make sure that an off-plan purchase is consistent with your property portfolio strategy.

Location is always critical and can never be disregarded. This simply means considerations regarding how close the project is to commercial, educational and leisure hubs, to medical and health facilities, public infrastructure, popular and established communities, and the manifold views one could enjoy all add up to the desirability of a property’s location, add to that the possibility of being neighbor to some celebrity types – the perceived benefits that a location may bring to a prospective buyer can account for up to 90% of a property’s value.

The asset type is also important. What type of asset will be in demand in the future: affordable apartments? Townhouses? Villas? Be smart about the “product” that you buy. Look for certain property types in locations which you believe will be keenly sought in the future.

You need to do some careful financial analysis which will enable you to determine the value of the discount that you anticipate receiving by buying off-plan. Easy payment plans which can ensure your limit your capital exposure before completion and you need to be conversant with financial concepts such as net present value (NPV) and internal rate of return (IRR) to guide you in your decision-making when assessing your alternatives.

Reality Check

BY CLAUDINE COLETTI
Forbes Middle East
September 2016 Edition

Mohanad Alwadiya is a man of many talents. As the host of MEMAAR on Dubai TV, he introduces VIPs to their dream homes, and as the CEO of Harbor Real Estate he manages a portfolio worth around $4 billion. Here he talks about why he loves his industry and what the future holds.

What is it about real estate that inspires such passion in you?

I see it as fundamental and critical to the existence and success of everyone and everything—individuals, families, businesses and whole economies. Real estate decisions are some of the biggest we will ever make. They affect our families, our employees, our customers, our shareholders, our citizens, our success, the way that people view us and even the way we view and express ourselves.

These decisions are quite often the determinants of whether dreams and aspirations are realized. Being in this business means we are able to play an important part in enabling people or organizations to achieve those dreams and aspirations, whatever they may be.

What motivated you to start the show?

MEMAAR was the brainchild of Dubai Channels Network. There was not a single property reality TV show in the Middle East, where structural real estate developments are an everyday occurrence. It has grown a lot since it first aired in May 2015. Our audience comprises millions of viewers from all across the GCC and beyond. When it comes to our guests, we always try to select real clients from different backgrounds and objectives to offer a different enriching perspective.

What’s the most expensive property you’ve found? And which has been the most inspiring story?

The most expensive property ever chosen was a luxury villa at Emirates Hills, which sold at AED 48.8 million. I’ve found all the episodes inspiring but if I had to short list one or two it would be when media entrepreneur Ali Mroueh went on a quest for a home to surprise his beloved mother. Or the truly inspiring story of Mr. Mahmoud Al Burai, Managing Director at Dubai Land Department, who entrusted me to help him identify the best income-producing investment asset to secure the future of his daughters.

What are your top pieces of advice for GCC and international investors for 2016/17?

Know why you want to invest in property

You must have a clear understanding of what you are trying to achieve and what role your property portfolio will play within a larger diversified portfolio. The more skillful you are at conceptualizing, the greater your likelihood of generating successful strategies to grow your wealth.

Set your objectives carefully

Financial objectives. These should be reviewed annually and include elements such as total return, capital appreciation, revenue streams, net results and eventual divestment values, all wrapped up in an optimal time frame.

Think long term for your greatest success

Those who have had the greatest success can think long term, make rational, well researched and carefully thought out decisions with the end objectives in mind, and understand that the real estate industry globally will go through cycles of growth and contraction.

Know your stuff

Investing in property is about recognizing and capitalizing on opportunities that support your objectives. To do this, you must have some knowledge about the industry. This doesn’t mean you have to be an expert, but you need to be able to communicate intelligently with the experts.

Plan to eliminate risks

Plan your finances, cash flows, capital requirements, debt levels, etc, very carefully. Always plan for the worst and hope for the best.

How is the sector changing?

Real estate markets are feeling the effects of a general decline in global economic growth. The world is still, after some eight years, trying to shake off the effects of the global financial crisis and while some economies have fared reasonably, others are still struggling. The resulting effect on consumer and investor confidence is quite negative. Yet the market is still developing. It is not stagnant. It is always a very promising sign when an industry demonstrates the flexibility and resilience to undertake a structural shift when market requirements change or develop.

News that the total value of real estate transactions in Dubai, at AED113 billion in the first half of 2016, represented a decline of around 12% from the first six months of 2015 may have disappointed some, but it did not tell the whole story. This figure was generated by 28,251 transactions, almost 25% higher than the same period last year, which is very good news. It demonstrates a market that is growing in health, because it can provide more affordable solutions to a broader spectrum of investors.

Perfect timing

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute
Published: Property Weekly
Dated: August, 2016

Cityscape Global is just around the corner, and the 2016 edition promises to be the best Cityscape exhibition yet. Having been a professional in real estate for over a decade now, I get more excited when Cityscape time rolls around as Cityscape Global showcases to the world what has been made possible in the world of Dubai real estate and, as a proud professional in the industry, that is something I take pride in.

Every industry has its shows, whether it’s the myriad of motor shows held around the world, film festivals, fashion events and airshows, real estate is no different. What many don’t understand is that Dubai’s Cityscape Global is up there with the best real estate and property events globally.

Many times, I have been asked questions about this year’s event as the level of interest in the Dubai property industry continues to grow, partly because of the cyclical slowdown that the industry has experienced over the last two years, and also because of the opportunities that many investors are predicting will emerge as the emirate accelerates rapidly towards the Global Expo in 2020.

The usual questions I receive from a broad base of industry participants are about the significance of the event as it relates to current market conditions – whether the event will provide a boost or momentum to the market, going forward, and who will eventually benefit most from such an event.

Spanning in excess of 41,000 sq.m. of exhibition space at the Dubai World Trade Centre, the 15th edition of Cityscape Global will run from the 6th of September to the 8th of September. The show will be open from 10am in the morning until 7pm in the evening. It is expected to attract over 40,000 overseas visitors to Dubai coming as investors, representatives of financial institutions and high-net-worth individuals to attend the world’s largest property exhibition where over 150 developers from both Dubai and overseas will showcase hundreds of property project launches.

Cityscape Global has grown to become the world’s largest networking exhibition and conference on property development, and this 2016’s will be the largest and most influential real estate investment and development event for emerging markets globally. Bringing together investors, developers, government officials and real estate professionals, there is no better place to find investment opportunities, new business partners and have the opportunity to engage with a wide variety of internationally renowned industry experts.

Past events have revealed the breadth of its global appeal as it attracts visitors from every corner of the world. Indian nationals typically represent around 25 percent of attendees with Pakistani nationals making up around 10 percent. UAE nationals and British citizens make up about 8 percent of the audience each with the remaining 53 percent of attendees arriving from virtually every other nation in the world.

There will also be a one-day Cityscape Global conference on the 5th of September at the Conrad Dubai Hotel which will feature a comprehensive program covering the full spectrum of real estate development with the highlight being an exclusive talk from leading futurist Rohit Talwar on “The Disruptive Futures Reshaping the Property Sector.”

The conference will focus on topics relevant to today’s industry and market environment and will encompass three distinct programs which will focus on the Market, Architecture and Real Estate Brokers. The sessions are designed to be dynamic and will feature official keynote speakers, exclusive reports, and explore concepts and ideas by utilizing panel discussions and case studies.

The intrigue that surrounds the 2016 Cityscape Global lies with the state of play of in today’s real estate market. The Dubai economy experienced a significant post-recession boom and its real estate industry, a major beneficiary of Dubai’s rapid growth in tourism, trade and commerce, experienced a boom of its own. So much so that it attracted the attention of the IMF and various central banks which began voicing concerns about asset bubbles developing as a result of the market becoming too hot.

However, things have cooled a little over the last 2 years and the slowdown was being eyed nervously by some while many others, including myself, considered the market to be experiencing a healthy correction, not a recession. We all knew that the growth rates of 30+ percent experienced in 2013 were unsustainable. So, in that regard, a slowdown has been welcomed in the interests of a more sustainable and profitable future.

High interest

So next week’s Cityscape Global can be regarded as being held in a very interesting time for the industry. We all know that the industry is cyclical in nature and, as the industry matures, as it has done so rapidly over the last 5 years, the peaks and troughs of cyclical fluctuations become shallower and cycles are characterized by corrections, not boom and bust scenarios. What is pleasing is that the industry has shown itself to being much more resilient to global economic and geo-political influences and events. Therefore, it can be considered that the industry is actually at the bottom of its first true correction of this century. I say this because I do not consider the events of 2008 and 2009 to be a cyclical but rather an anomalous event.

I think this year’s event, while dynamic, rich in content and exciting, will definitely be surrounded by a heightened level of intrigue and discussion as to where the market will be going for the remainder of the decade. Regardless of mood and sentiment, Cityscape Global 2016 will play an important role in allowing participants to opine debate and determine what the future opportunities are for Dubai’s real estate industry and how they can participate, contribute or help shape its realization.

Intrigue

It is highly likely that keynote speakers will highlight the positive outlook for Dubai’s property market, promoting investment in the emirate while the city is at the bottom of its cycle. No doubt, the positive effect that the Global Expo 2020 will have on the industry will be a topic that will be explored exhaustively.

The importance of Cityscape Global to the industry cannot be overstated. As with many exhibitions, it provides a concentrated and focused forum which allows the industry to showcase its vision and capabilities, and demonstrate what shape Dubai will take in the future. But Cityscape is much more than that.

Cityscape Global is an open invitation for all stakeholders to understand, evaluate, participate and prosper in an industry that continues to literally shape Dubai. It is a meeting place for some of the biggest and brightest minds in the industry representing all stakeholders in the industry, and a confluence of opinions, ideas and opportunities which are shared, debated and developed. It allows these stakeholders to gain a macro sense of industry direction and a micro understanding of the various elements that will shape the industry going forward.

So, for those of us with a passion for the industry, it will certainly be an exciting three days. My personal interest and intrigue goes way beyond the concepts on display – to harnessing, considering and evaluating the thoughts, opinions, concerns, visions and ideas of those assembled in one of the most diverse and informative real estate forums in the world.

Let the show begin, again!

Make the most of your Cityscape visit…

Check online which developers/establishments are exhibiting, make a short list of those projects/exhibits which you want to visit
Know your objective – to buy a new home or to invest?
What is your price range?
Are you interested in a specific location?
Make your rounds – find out which projects will likely support or satisfy your goal(s)
Don’t decide in haste – there will be a lot of good offers; be on the lookout for the best deals
Always read between the lines, ask questions and haggle
Attend as many conferences as they are usually free

Meet Dubai’s own Wolf of Real Estate

By:Binesh Panicker
Published: Property Times
Date: 28 August 2016

Mohanad Alwadiya is a well-known name in the Dubai real estate market, and he wears many hats. Apart from his professional obligations as the CEO of Harbor Real Estate, he also finds time to contribute to the betterment of the market as Senior Advisor & Instructor at the Dubai Real Estate Institute. He is already a raging hit on social media, not an easy task for someone
from real estate.

Tell us about Memaar. How did the concept take off?
Having a primetime property reality TV show in the Middle East has been a long time coming – whether you’re in the UAE, Saudi Arabia, Qatar – practically anywhere in the Middle East, there’s always a new tower, a unique residential project or a new iconic building being launched or unveiled. So MEMAAR simply had to be.

https://edensevent.se/piabella-casno-ve-canl-casno-giri/

MEMAAR is the brainchild of the Dubai Channels Network (DCN), and we officially went on air for Season 1 in May 2015. We already have a solid audience following comprising millions of viewers from all across the GCC and beyond. When it comes to our guests, we always select real clients from different backgrounds and objectives in order to offer various enriching perspectives.

The show’s objective is to educate, entertain and engage viewers with the real estate sector. I’m overwhelmed with the amount of positive feedback that I receive on a daily basis from viewers from all over the world praising the show and seeking my advice. The show is now broadcasted weekly on Dubai TV every Wednesday at 7pm, Sama Dubai TV every Sunday at 9pm and Dubai One TV (with English subtitles) every Monday at 8pm with multiple repeats on all the 3 channels.

What are the future plans for the show?
After the tremendous success of the first and second seasons, we’re going full-blast on a multimedia level. We have a lot more in store for our ever-growing number of loyal fans.
We are currently shooting for Season 3, with 16 new exciting guests and episodes. The show started broadcasting on Dubai One TV with English subtitles and will continue to run on Dubai TV and Sama Dubai TV. Of course, we want to keep growing and developing, always mindful of the feedback we are getting from our MEMAAR fan base.

You are popularly known as “The Wolf of Real Estate,” which made you a huge hit in social media. Tell us more about your social media presence and its effect.

Thanks to Property Times back in 2014, I got the “Wolf of Real Estate” title given to me which has proven to be a very interesting and strategic form of branding for myself which I have, yes, fully embraced – that is, minus the negative connotation associated with the more famous moniker for Jordan Belfort – “The Wolf of Wall Street.”

However, I believe the moniker emanated from the work of our company, Harbor Real Estate, having been previously referred to as a star that emerged from the last GFC. Beyond having simply survived, it was during the GFC that Harbor Real Estate, in the face of a level of adversity that the industry had never witnessed before, really grew as a real estate enterprise of significant capability and standing in the industry.

In terms of my current social media presence, I do have more than 1,300,000 followers on my public Facebook pages, almost 40,000 followers on my “The Wolf of Real Estate Official” Instagram account, and 515,000 followers on my “Mohanad Alwadiya” official Instagram account. On Twitter, I have a little over 50,000 followers on Snapchat and over 10,000 connections on LinkedIn.
I get all sorts of positive and encouraging comments and messages on different social media platforms, such as those expressing their gratitude for the information and analysis I provide on the TV show, articles I write or social media posts. I also receive a lot of messages from followers asking for my opinion about certain issues or real estate advice. As for the unusual ones and even those which appear negative, I usually just take them with a grain of salt and try to respond positively. In general, I try to answer all the messages I receive as much as I can because I really enjoy the interaction with all my followers, and this allows me to stay in touch with the market and gauge the impact of the various activities I’m involved in.

The response from people via social media has been overwhelming and I am still trying to get used to being referred to as some sort of celebrity in my own right because, frankly, I don’t consider myself a celebrity… just the facilitator of the reality TV show MEMAAR… just doing my job!

What is your ultimate dream?
Well, there’s a lot of things on my mind, and so much that I wish to do! However, the realities imposed by time makes careful prioritization essential.
I’m currently working on a portfolio of development projects and initiatives. Harbor Real Estate continues to expand and is continually developing the capability to provide industry leading service. I call this the “never-ending initiative” as every individual or organization can always improve regardless of past achievements.

From a business growth perspective, there is plenty to be excited about. We have several new projects and unique services that will be launched very soon and we are looking forward to Cityscape to allow us to share these with investors and aspiring homeowners.

Meanwhile, I am also at the final stages of publishing my first bilingual property management book and will be working closely with the Dubai Real Estate Institute on introducing an advanced version of the certification property management course.

There are many other ideas and initiatives that I wish to develop after 2016. I still believe our industry can benefit and better serve our customers by adopting and applying technologies in the areas of product development and communications. The world has become a global marketplace but I still believe that global capital flows in our industry are still hindered somewhat because we do not do a good enough job of putting enough global investors in a position of confidence and certainty. There remains a lot of potential in this space I believe.

Then of course, there’s MEMAAR. As mentioned earlier, we’re all working together and collaborating on how we can keep the show growing and developing, so it only gets better every season.

What is your take on the next few months for Dubai market? There is a general feeling of positivity among agents. What is the reality?
Everyone knows that Dubai real estate has been undergoing correction for quite some time now. We feel that the decline in values associated with that correction has halted or virtually halted in all market segments, or that the market is bottoming out. In Q1 of 2016, we have already witnessed significant growth in investor activity and strong land sales. Both are leading indicators that the market is heading into its next cyclical phase. We at Harbor believe that by the end of 2016, the market will have entered its next phase of growth which is expected to accelerate as we draw ever closer to the Dubai World Expo in 2020.

PROFESSIONALIZING THE REAL ESTATE PRACTICE

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute
Published by: Property Time Magzine

During the years marking the last global economic recession, reports on fraudulent business practices and shady dealings in real estate became quite rampant, and people (investors and end-users) realized that those who fail to practice due diligence have nothing to gain in a relatively new and still-emerging albeit rapidly growing property market.

Now, even as the UAE economy as a whole continues to lag from its earlier predicted level of activity, the real estate industry, in spite of the industry-wide slowdown, continues to earn its share of winners and non-gainers in terms of current industry practice.

Some individuals still manage to pose as agents or real estate representatives, produce fake documents, and get away with the money virtually scot-free. And while the government has put in place strict protocols whether it be in professionalizing industry practices or instituting new policies and regulations to guard the best interests of the market, there are still a few unscrupulous individuals who manage to prey on buyers, even tenants.

The term “business ethics” is not something alien or new to us, but some people with careers outside of the real estate realm may view the term with a heavily critical eye, with some perhaps even joking about the incompatible nature of the words “business” and “ethics.”

But we all know that in real estate, a number of professions emerge including, but not limited to: commercial or residential brokerage, appraisal/valuation, property management, real estate counselling, etc. That being said, for a job to be considered a bona fide profession, it would require some commitment to a certain standard of conduct that the general public expects from the practitioner. This is where the real estate code of ethics comes in.

However, some might say: but anyone can become a realtor, so how does this seemingly “open” industry professionalize current practice and regulate the activities of real estate practitioners? What rules or structures are in place to prevent any form of abuse and/or malpractice in an industry where sometimes morally contradictory relationships or grey areas exist such as in the case of open market listings where one seller lists with various agents, and the big question is where would the realtor’s loyalty be – with the seller or the buyer? Or in the case of valuation assignments where the client may indirectly or even expressly makes known to the appraiser the outcome they are expecting.

Another dilemma confronting realtors is their reliance on commission-based remuneration whereby agents’ dependence on said commission may run counter to the best interests of the client. While a good commission structure would evidently motivate realtors to give their best efforts in order to successfully convert a lead and close a deal, the question of whether or not conditions set are for or against the best interests of their client remains – with yes being the answer in some cases, and at other times not so especially in cases of self-dealing in real estate.

Aside from By-law No. 85 “Regulating the Real Estate Brokers Register in the Emirate of Dubai” which expressly states the legal mandate governing the real estate practice, the Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) established a mandatory certification program for new and experienced agents who wish to work in a real estate brokerage in Dubai. The DREI also organizes license renewal courses and exams along with a very rich variety of career development programs intended to help elevate the standards of professionalism and effectiveness of brokers in Dubai.

All realtors are, therefore, expected to abide by local laws pertaining to the real estate practice as well as to government regulations that are periodically introduced and, at times, go through a series of revisions or reforms in order to address new issues or problems that crop up every once in a while.

But even in the face of such regulation, real estate firms must also take it upon themselves to continuously educate and empower their agents to make the best decisions in order to maintain individual and corporate integrity, professionalism and, ultimately, success in the real estate business.

Investing in training, whether in-house or otherwise, definitely pays a huge dividend. Extensive and tailor-made training programs should include education on the industry and pertinent rules/regulations (especially on current or new legislation), soft skills and specialized training courses that help employees attain a level of mastery in all the macro and micro aspects of their profession.

The ongoing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both consumer and investor interests, the overall industry and the economy at large from rampant and irresponsible speculative, predatory or unethical practices, all reveal a mature and balanced approach to shaping an industry which exhibits sustainable growth over the long term.

Taken altogether, the laws of the land serve as the primary push for realtors to act in a way that upholds and reflects the greater good while constant education through training, workshops, seminars and the like (whether mandatory or voluntary) help real estate practitioners internalize the values that must inherently pervade the system for the industry to thrive and continue to serve as one of the primary sectors supporting the UAE economy.

The Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) have set a mandatory certification program for new and experienced agents who wish to work in a real estate brokerage in Dubai. The Dubai Real Estate Institute also organizes license renewal courses and exams along with a very rich variety of career development programs designed to help elevate the standards of professionalism and effectiveness of brokers in Dubai.
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ASK THE AGENT

By: Mohanad Alwadiya
Published: Gulf News
Dated: 06 August 2016

Question: As a new investor venturing into the UAE property market, how do I know if my property consultant is giving me correct information and the best advice?

If you have the feeling that your property consultant is not representing your best interest, I suggest you have a meeting with him and request a justification and rationale for all of his recommendations and advice. But in order to ascertain whether his justifications and rationale make sense, you should conduct your own research so you are able to verify the veracity of his claims and assertions. If you are still nervous about the quality of his advice, then seek an alternative as there are plenty of property consultants who are hungry for your business.

And whether or not you are a newbie to the real estate industry, you should take upon yourself the responsibility of getting to know the property industry in-depth as you wouldn’t want to risk your wealth or life savings by carelessly venturing into something strange and unfamiliar.

Question: Given that the market is still going through a down cycle, would now be a good time to invest in a REIT?

Yes, there can definitely be some benefits in investing in a well-managed REIT during cyclical downturns such as the one being experienced at the moment.

As you would be aware REIT is an acronym for “Real Estate Investment Trust” which, as a trust company, accumulates a pool of money through an initial public offering (IPO) and buys, develops, manages and sells real estate assets. REITS allow both small and large investors the ability to invest in real estate without investing large amounts of capital or devoting a lot of time in directly managing a property portfolio.

Investors have the opportunity to buy a unit in a REIT which is actually a portion of a managed pool of real estate. This pool of real estate then generates income through the renting, leasing, selling and financing of property, and distributes it directly to the REIT investors on a regular basis.

A REIT can provide portfolio diversification because of the large amounts of pooled funds available to the REIT management team enables the accumulation and operation of different types of property assets in different locales. This provides the REIT management greater flexibility to minimize the effects of any cyclical downturn by enabling them to focus on opportunities that always exist and emerge from any correctional period to provide superior returns.

Question: It has been my plan to work as a real estate broker in Dubai, but I don’t know which company to join. Any ideas?

Have you ever worked in the industry before? To gain the greatest advantage, I suggest you join a company that will enable you to fast track your learning because, believe me, you have a lot to learn.

Find a full service company so that you gain a greater understanding of what the real estate business is all about, especially here in Dubai, because it sure is not just about buying and selling property.

The company you choose should value you as an individual and remunerate you appropriately. But they should also be prepared to invest in you by providing the types of learning experiences that come with formal training (mandatory to become a licensed agent in Dubai), in-house training as well such as being assigned a mentor, being placed on an internal rotation scheme to enable a broader knowledge of the business to be developed, or being given special projects that will facilitate your learning by encouraging you to seek answers and solutions yourself. Those companies that invest in high-potential people are typically the ones that succeed.

Surround yourself with people who are passionate about the industry because passion is contagious and it is what sets champions apart. Best of luck.

Question: In Dubai, what types of training are mandatory for new real estate agents?

Question of the Week:

What sort of documents are required after accepting an offer to buy my property?

The first (and most important) step is to prepare and sign an MOU which contains all the details and timing particulars of the offer. The buyer has to sign the MOU after reviewing its provisions. As with all legal documents, we recommend you have a proficient broker or legal representative draft the MOU for you.

You will also need to sign a “Form F” which is, in essence, a contract between buyer and seller. As part of this step you should ensure that the buyer and / or all the relevant representatives such as a POA holder with original documents) have their respective identification and/or authorizations in order that payments such as the down payment and/or balance amounts, payable by either by manager’s cheque or payment from bank due at transfer, have been satisfactorily arranged.

Step 2 will require the receipt of a “No Objection Certificate” from the developer. This is usually straightforward and a simple procedure.

Step 3 is to pay and final utility bills so that the account is cleared and ready to be taken over by the new owner. If there’s a tenant, you will need to sort out any outstanding rent / payment details.

Step 4 will require you to go to the Dubai Land Department offices or a trustee registration office together with the buyer and all relevant parties, and conduct the final transfer. Transfer of ownership will take place at the DLD with all monies owed by the buyer to you to be presented as part of the transfer procedure.

Although the above procedure appears simple enough, I recommend you engage a professional to handle the transaction process for you. You will be surprised how little issues, many not foreseeable to the inexperienced, can delay the satisfactory settlement of your property sale.

العروض الترويجية التنافسية تتصدر المشهد 300 شركة من 30 دولة في الدورة الـ 15 من «سيتي سكيب دبي

دبي: ملحم الزبيدي

تستعد 300 شركة عقارية من 30 دولة لانطلاق فعاليات الدورة ال15 لمعرض «سيتي سكيب جلوبال دبي 2016»، التي تعقد في «مركز دبي التجاري العالمي» خلال الفترة من 6 إلى 8 سبتمبر/ أيلول المقبل، وسط توقعات بأن تتصدر العروض الترويجية للمطورين المشهد التنافسي بين العارضين.

تعول مفاتيح العمل في صناعة العقار على دورة هذا العام للوقوف عند التطورات التي شهدها القطاع خلال الأشهر الماضية ومدى فعاليتها على ضخ المزيد من دماء الثقة بالبيئة الاستثمارية المحلية والنتائج التي ستتضح عنها لرسم معالم المرحلة المقبلة.

 واستبعدت مصادر عاملة في السوق العقاري المحلي أن يشهد معرض «سيتي سكيب جلوبال دبي 2016» إطلاق مشاريع ضخمة جديدة، مشيرة إلى أن غالبية الشركات المشاركة ستركز على الترويج لعروضها التنافسية لجذب واستقطاب المستثمرين والمشترين النهائيين الراغبين بالشراء.

متانة البيئة الاستثمارية

كما أشار مراقبون إلى أن مشاركة مفاتيح صناعة العقار المتمثلة بكبرى شركات التطوير العاملة في القطاع والمتمثلة ب«دائرة الأرضي والأملاك»، و«إعمار» و«نخيل»، و«مجموعة دبي للعقارات، و«ميراس»، و«دبي ورلد سنترال»، و«ميدان»، و«فالكن سيتي أوف وندرز» و«الاتحاد العقارية»، و«تمليك»، و«جزيرة المرجان»، و«أيكون سيتي» من «داماك».

وترجح دلالات الظروف الراهنة والتطورات الأخيرة التي شهدها السوق العقاري الحلي، حضور المزيد من المستخدمين النهائيين المؤسسين للدورة ال15 للمعرض من أجل البحث عن أفضل صفقات الاستثمار للشراء أو استئجار الوحدات السكنية والمرافق التجارية والصناعية.

وبالنسبة لصانعي القرار، فإن المؤتمرات التي ستعقد خلال أيام المعرض ستكون فرصة ممتازة لتوفير الوعي والفهم حول آخر القوانين المطبقة وللحصول على التغذية الراجعة اللازمة من السوق، وبالنسبة للمستثمرين، فإن «سيتي سكيب جلوبال» سيوفر محطة توقف واحدة للتسوق العقاري تتوفر فيها آخر المستجدات حول المناخ الاستثماري العام في الأسواق الناهضة.

رضا وتفاؤل

قال المهندس محمد بن غاطي الجبوري، الرئيس التنفيذي ورئيس الهندسة المعمارية في شركة «بن غاطي للتطوير»: «تأتي الدورة الجديدة «سيتي سكيب جلوبال» بثوب جديد مكسو بألوان الرضا عن أداء القطاع العقاري المحلي في الإمارة خلال الفترة الماضية من جهة، من حيث بيانات التصرفات وعقد الصفقات وإطلاق المشاريع النوعية، والتفاؤل بالمرحلة المقبلة، من جهة أخرى، في ظل إجماع غالبية أطراف صناعة العقار على أنها ستشهد تطورا ملحوظا من حيث تسارع عجلة النشاط في بداية العام المقبل 2017.

 وأوضح الجبوري أن التطورات العالمية المرتبطة بتراجع أسعار النفط وانخفاض أسعار بعض العملات مقابل الدولار إلى جانب الأوضاع الجيوسياسية التي تشهدها المنطقة، لم تؤثر بشكل سلبي ومباشر في سوق «عقارات دبي». وبين قائلاً: «لم نلمس أي تباطؤ على صعيد دورة إطلاق المشاريع الجديدة، ولم تتوقف عجلة أعمال التنفيذ والإنجاز لتسليم الملاك لوحداتهم في المواعيد المتفق عليها، كما لم نسمع عن حالات إلغاء لمشاريع أو تعثر بعضها أو تخلف المشترين عن السداد، وهي جميعها عوامل تؤكد متانة السوق العقاري المحلي وجاذبيته على المستوى العالمي». وأكد الرئيس التنفيذي ورئيس الهندسة المعمارية في «بن غاطي للتطوير» على أهمية مشاركة الشركة في معرض «سيتي سكيب جلوبال» في دبي، للمرة الثانية على التوالي، إيماناً منها بأهمية المعرض في تعزيز سبل التواصل والتعاون بين أطراف صناعة التطوير العقاري، ودوره بالتعريف بمستجدات القطاع خلال الأشهر الماضية وأبرز المشاريع الجديدة. وأضاف الجبوري قائلاً: «تستعرض «بن غاطي للتطوير» خلال مشاركتها في الدورة ال15 مشاريعها السكنية قيد التطوير منها ما هو منجز بالكامل، وأخرى تجري الأعمال الإنشائية على قدم وساق فيها، كما سيتم الكشف في المعرض عن مشروع جديد يعكس تحفة معمارية من حيث التصميم على إحدى أراضيها التي تملكها في دبي».

هدوء واستقرار

أشار الخبير العقاري مهند الوادية، المدير التنفيذي لشركة «هاربور العقارية»، والمحاضر في «كلية دبي العقارية»، الى ان كل التوقعات والبيانات الراهنة تشير إلى أن السوق العقاري المحلي في الإمارة سيميل في أدائه للاستقرار والهدوء خلال الأشهر المقبلة من العام الجاري 2016.

 وقال: «لا يبعث هذا الهدوء للشعور بالقلق أو التخوف من تراجع حاد أو عميق في أسعار العقارات المطروحة للبيع أو الإيجار في سوق دبي، وأن حالة الهدوء والاستقرار الراهنة طبيعية جداً وصحية للقطاع على المديين المتوسط والطويل».

وأضاف الوادية قائلاً: «نتوقع، حسب قراءتنا لواقع القطاع العقاري المحلي في دبي على وجه الخصوص، أن تتغير صورة مشهد الهدوء والاستقرار بشكل تدريجي نحو النشاط والنمو مع بداية العام المقبل 2017، حيث وصلت أسعار المنتجات العقارية إلى نقطة الثبات بعد أن قاومت كل عوامل التراجع خلال الأشهر الستة الأولى من 2016».

 وحول الدورة الحالية لمعرض «سيتي سكيب جلوبال» في دبي، أوضح الوادية أنها ستبرز اللاعبين الحقيقيين في سوق صناعة العقار المحلي الذين سيحرصون على اللقاء بعملائهم الحاليين والمستهدفين للتعريف بآخر التطورات على صعيد مشاريعهم من حيث سير الأعمال الإنشائية ومواعيد التسليم، واستعراض العروض الراهنة التي تحقق أفضل العوائد الاستثمارية إلى جانب خطط السداد المرنة.

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