الابتكار…. النجاح حيث يفشل الاخرون

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ظهرت في الآونة الأخيرة مقالات منشورة تتناول الضغوط التي تعانيها بعض الوكالات العقارية، نتيجة للتصحيح الذي يشهده السوق العقاري في دبي، وقد وصل الحال ببعض شركات الوساطة العقارية إلى تسريح أعداد كبيرة من العاملين لديها أو إغلاق أبوابها بالكامل.

رأى البعض أن القدرة على البقاء كانت مجرد نزهة قصيرة في أعقاب الأزمة المالية العالمية، وبالنظر إلى عدد الشركات التي تصارع من أجل البقاء نجد السؤال التالي يطرح نفسه بنفسه: ما محددات النجاح في السوق؟
تندرج الإجابات عن هذا السؤال ضمن ما يسمى السهل الممتنع، وتعد هذه المحددات صعبة المنال بالنسبة للكثير من الشركات؛ أما الشركات التي تتمكن من فهم المحددات ورصدها وتطويرها وممارستها فإنها تحظى بفرصة كبيرة للتمتع بنجاح غير محدود.
لاشك في أن هذه العبارة طرقت أسماعكم كثيراً: الشغف مكون أساسي من مكونات النجاح، لا يمكنك تحقيق النجاح في هذا الميدان إن لم تكن شغوفاً بعملك، يجب أن تعمل أي شركة عقارية على استقطاب مجموعة من الموظفين الشغوفين بهذا المجال وتطويرهم وتحفيزهم والإبقاء عليهم، وأي عميل ذي نظرة ثاقبة يستطيع معرفة ذلك على الفور، فهذا الميدان يحتاج إلى مهارات التعامل مع الناس، ولا يمكن استمرارية العمل من دون وجود فريق من المهنيين ممن يتمتعون بالشغف تجاه عملهم.
الخبرة مهمة للغاية، ويتميز الحقل العقاري بارتفاع متطلبات رأس المال ووجود نطاق واسع من المخاطر ومقدار كبير من الانخراط العاطفي، لا يمكن أن يكون للفشل أي سبيل، لقد حالفني الحظ بكوني عضواً في فريق تنفيذي تتجاوز خبرته 20 عاماً في القطاع العقاري بدبي، وكما نعلم جميعاً فقد شهد القطاع تطوراً سريعاً وهو لايزال يعد من أكثر الساحات العقارية نشاطاً في العالم، ولقد علمتنا الأزمة المالية العالمية أن القطاع العقاري لا يشرع أبوابه لمن لا يدركون ما يفعلونه، وأن اكتساب خبرة عميقة في هذا المجال شيء لا يقدر بثمن.
تعد المرونة وتطوير القدرة على التكيف من المتطلبات المسبقة للنجاح، لاسيما في سوق يتغير بسرعة هائلة، انطوت الأزمة المالية العالمية على مجموعة من الظروف سريعة التغير، والتي حملت تحديات غير مسبوقة تطلبت حلولاً فورية ومبتكرة لمعالجتها، كانت الأزمة مرحلة صعبة لكنها شكلت فرصة مميزة للتعلم.
كان الأكثر مرونة وقدرة على التكيف هم الأكثر قدرة على الاستفادة من الفرص التي ظهرت في النهاية مع بداية الانتعاش.
قد لا تكون هذه المهمة سهلة، وهي تتطلب تقييماً صادقاً للغاية حول القدرات الفردية إضافة إلى قدرة الشركة على الاستمرار في تقديم الخدمات التي يطلبها العملاء ضمن سياق بيئي جديد تماماً منبثق عن حالة من الاضطراب في الاقتصاد.
وثقافة الابتكار هي ما يميز «المزدهرين» عن «الناجين»، لاشك في أن الممارسات المجربة والتي ثبتت نجاعتها في الماضي، كانت تتطلب عملية تصحيح للتعامل مع الحقائق الجديدة وإيجاد مكانة مناسبة في سوق يتسم بالتنافسية العالية، وهذا هو ما يميز الشركات التي ازدهرت خلال فترة ما بعد الكساد العالمي عن تلك التي اكتفت بمجرد البقاء في حالة واهنة نتيجة للتصحيح الراهن في السوق، من أهم الدروس المستفادة من الكساد العالمي أن الابتكار المرتبط بالظروف سوف ينتصر دائماً، بغض النظر عن الظروف، وسواء كان السوق نشطاً أو كاسداً فإن الابتكار هو الذي يضمن الميزة التنافسية دائماً.
إذا نظرت إلى القطاع العقاري وقارنته بما كان عليه في 2008 فستجد اختلافاً كبيراً. شهد الإطار القانوني للقطاع قفزات كبيرة إلى الأمام، وكذلك البنية التحتية التنظيمية والحوكمة الشاملة، وهذا يتناسب مع حركة السوق الدائبة باتجاه النضج الكامل والنمو المستدام الذي يسعى إليه جميع المعنيين بهذا القطاع، وبصفتنا من المهنيين المهتمين بهذا القطاع، علينا أن نستمر في دعم ومساندة أي تغيير يمكن أن يؤدي إلى تحسين أوضاع القطاع العقاري.

وينبغي أن يكون تحسين أوضاع القطاع في صميم غاياتنا، ومن بين المهنيين الذين عايشوا تجربة الأزمة المالية العالمية، سوف تجد من يتذكر أن الهدف الأساسي كان بسيطاً للغاية، ويتمثل في البقاء على قيد الحياة في بيئة لم يشهدها أحد في هذا القطاع من قبل، ومن أجل البقاء كنا بحاجة إلى التكيف والابتكار والتطور كأفراد وشركات، أمّا أولئك الذين امتنعوا عن ذلك فقد تساقطوا على جانبي الطريق، وفي النهاية، فإن الكساد يؤدي بالضرورة إلى بقاء الأصلح، بحيث يتمكن الأصلح من تحقيق الازدهار.

*المدير الإداري لشركة هاربور العقارية، ومستشار ومحاضر في معهد دبي العقاري التابع ل «دائرة الأراضي والأملاك».

ستون مشروعاً عقارياً في دبي بـ 127 مليار درهم خلال 9 أشهر

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يوسف العربي (دبي) أطلقت شركات التطوير العقارية نحو 60 مشروعاً في دبي، تناهز تكلفتها الإجمالية 127 مليار درهم، خلال الأشهر التسعة الأولى من العام الحالي، تنوعت بين السكني والفندقي والمكتبي والتجزئة، وفق رصد أجرته «الاتحاد». وتصدرت «إعمار» و«وصل» و«دبي وورلد سنترال»، و«نخيل» و«مجموعة دبي للعقارات» و«مركز دبي للسلع المتعددة» الشركات شبه الحكومية على صعيد إطلاق المشروعات الجديدة، فيما نشطت شركات أخرى من القطاع الخاص على هذا الصعيد، وهي «داماك» و«بالما» و«آر بي جلوبال» و«ماج» وتنوعت المشروعات التي تم الكشف عنها خلال الفترة الممتدة من بداية شهر يناير حتى نهاية شهر سبتمبر الماضي، بين مشروعات الفنادق والإسكان الفاخر والمتوسط، بالإضافة إلى مشاريع التجزئة والمكاتب. وتميزت المشروعات التي تم إطلاقها خلال الفترة المشار إليها بأسعارها التنافسية، وقدرتها على إضفاء قيمة مضافة ولمسات ابتكارية لتعزيز جاذبيتها للمستثمرين الذين باتوا أكثر حرصاً على انتقاء مشترياتهم العقارية بعناية فائقة. وتنوعت المميزات التنافسية التي يعرضها كل مشروع ابتداءً من التصميم المعماري العالمي، وصولاً إلى الإطلالات المتميزة على ملاعب الجولف، فضلاً عن إضافة المرافق التعليمية، والترفيهية، والصحية، للتجمعات السكنية.عرض متوازن وقال زياد الشعار، المدير التنفيذي والعضو المنتدب لشركة «داماك العقارية» لـ «الاتحاد»: «إن إطلاق المشروعات الجديدة بمثابة مؤشر مهم على وجود الطلب في السوق المحلية، حيث تقوم شركات التطوير بإطلاق هذه المشروعات، وفق دراسات دقيقة ترصد مستويات الطلب ونوعيته». وأضاف أن المشروعات التي تم إطلاقها منذ مطلع العام الحالي لن تتسبب في إغراق السوق العقارية، حيت لا تتجاوز في مجملها نحو 15% من حجم السوق العقارية، على عكس المشروعات العقارية التي تم إطلاقها قبيل الأزمة المالية العالمية التي بدأت في عام 2008، والتي شكلت نحو 400% من حجم القطاع العقاري. ونوه الشعار بأن السوق العقاري في دبي لا يزال يحتفظ بمقومات توليد الطلب الحقيقي على العقارات نتيجة البيئة الاستثمارية والمعيشية التي نجحت الدولة في توفيرهما للمستثمرين العقاريين. ولفت إلى أن السوق العقاري يتميز أيضاً بارتفاع متوسط العائد على الاستثمار العقاري بلغ مقارنة ببقية الأسواق العالمية، حيث بلغ نحو 8% خلال النصف الأول من العام الحالي، ما يجعل المدينة واحدة من أبرز وجهات الاستثمار في العالم، إذ لا تقدم أسواق كبرى، مثل لندن ونيويورك وسنغافورة، مثل هذه العوائد. زيادة استثمارات الأفراد ومن جانبه، قال المستشار العقاري إسماعيل الحمادي، المؤسس والمدير التنفيذي لشركة الرواد: «إن التقارير الرسمية الصادرة عن دائرة الأراضي والأملاك في دبي تؤكد زيادة استثمارات الأفراد لا سيما من المواطنين في القطاع العقاري، بعد وصول سعر الوحدات لمستويات تنافسية لم تكن متاحة من قبل». وأكد الحمادي، أنه على الرغم من انخفاض أسعار العقارات السكنية بنسبة تخطت ال 3% في الربع الثاني من العام الحالي، فإن المبيعات العقارية للشركات الرئيسة في الإمارة لا تزال تشهد نمواً كبيراً مطرداً، استناداً للإفصاحات المدققة لهذه الشركات للنصف الأول. وبلغت قيمة مبيعات شركة «إعمار العقارية» خلال الأشهر الستة الأولى من العام الحالي 6,12 مليار درهم، كما حصلت داماك نحو 3,67 مليار درهم خلال الفترة نفسها، بعد أن سلّمت 1511 وحدة خلال الأشهر الستة الأولى من العام الحالي، كما أعلنت الشركة عن اعتزامها تسليم عدد مماثل خلال النصف الثاني. وأكد الحمادي، أن تزايد وتيرة البناء والإنشاءات وطرح المشروعات من قبل الشركات العقارية الرئيسة يؤشر على نمو حقيقي على أرض الواقع في الطلب الحقيقي من قبل المستخدم النهائي. النضج العقاري ومن جهته، أكد الخبير العقاري والمحاضر بكلية دبي العقارية مهند الوادية، أن السوق العقاري في الإمارات بلغ مرحلة النضج العقاري بعد الطفرات المتتالية التي شهدتها التداولات العقارية عقب فوز الإمارة باستضافة معرض إكسبو 2020. وأضاف الوادية أن مواصلة الشركات لإطلاق المشروعات العقارية ينم عن ثقة كبيرة من قبل المستثمرين بأداء السوق العقارية ومستقبله، في ظل النجاحات التي يحققها الاقتصاد الوطني ونجاحه في تحقيق التنوع. وأشار الوادية إلى أن الإمارات باتت الملاذ الأمن للاستثمارات وسط هذه المنطقة المضطربة من العالم، حيث نجحت تصدر الوجهات السياحية والاستثمارية والترفيهية في المنطقة، وهي العوامل التي تنعكس بدورها على أداء القطاع العقاري على المديين البعيد والمتوسط ولفت إلى وجود مؤشرات إيجابية عدة في الوقت الراهن، منها نمو سوق الرهن العقاري على نحو غير مسبوق، وهو السوق الذي يعتمد بشكل رئيس على المستخدمين النهائيين للوحدات العقارية، كما أن الشركات العقارية أصبحت أكثر حرصاً على طرح مشروعات عقارية تتناسب مع طبيعة الطلب العقاري بالسوق المحلية. مشروعات جديدة ووفق الرصد الذي أجرته «الاتحاد» قامت شركة إعمار العقارية منفردة بإطلاق 10 مشروعات، ضمت أكثر من 3000 وحدة، بقيمة إجمالية تقدر بنحو 8 مليارات درهم منذ مطلع العام الحالي وحتى نهاية سبتمبر من العام ذاته. وضمت قائمة المشروعات التي أطلقتها شركة إعمار العقارية خلال العام الحالي مشروع «داون تاون فيوز» الذي يضم 424 وحدة، و»فورتي» الذي يضم 505 وحدة، و»فيرواي» الذي يضم 280 وحدة، و»مبيل» الذي يضم 646 وحدة. كما أطلقت شركة إعمار مشروع «كريك سايد ريزيدنس ساوز- تي 2» الذي يضم 149 وحدة، ومشروع «تي ثري» (101 وحدة)، و»دبي كريك ريزيدنس بوديوم» (24 وحدة)، بالإضافة إلى مشروعي «أكاسيا بارك هايتس» و»أزاليا» اللذين يضمان 477، و108 وحدات على التوالي. وأطلقت شركة إعمار مشروع «كريك سايد 18» السكني الذي يقع ضمن مشروع «خور دبي»، وقامت الشركة بطرح وحدات من المبنى «A» بمشروع «كريك سايد 18»، فيما تم إرجاء طرح المبني الثاني بالمشروع إلى مراحل لاحقة، وفق أوضاع السوق ومستويات الطلب الحقيقي على العقارات السكنية في السوق المحلية. توجهات الإمارة ومن جانبها أطلقت مجموعة «وصل لإدارة الأصول التابعة لمؤسسة دبي العقارية» أربعة مشروعات بقيمة 40 مليار درهم، حيث أكدت الشركة أن باقة المشروعات الجديدة التي تنفذها مؤسسة دبي العقارية تحت مظلة مجموعة «وصل» تتناغم بقوة مع توجهات الإمارة، انطلاقاً من مسؤولياتها في تطوير وتحديث القطاع العقاري في إمارة دبي، وتوفير الوحدات السكنية والسياحية والتجارية التي تلبي حاجة دبي. وتشمل المشروعات «وصل بارك 1»، الذي ينفذ بالقرب من حديقة زعبيل الخضراء، ليكون جزيرة حضرية في قلب مدينة دبي، أما المشروع الثاني فهو «برج وصل» في شارع الشيخ زايد، في حين سيكون المشروع الثالث، وهو «بوابة وصل»، أحد المشاريع المبتكرة. ويقع المشروع الرابع في منطقة ند الحمر مقابل شارع الشيخ محمد بن زايد، ويطلق عليه حدائق ند الحمر، ويضم أكثر من 115 قطعة أرض متعددة الاستخدامات، تخضع لقوانين التملك الحر في الإمارة، وتمتد على مساحة 6 ملايين قدم مربعة. دبي الجنوب ومن ناحيتها أطلقت دبي الجنوب مشروع «القرى» الذي يقع بالقرب من مطار آل مكتوم، ومنطقة إكسبو 2020، بتكلفة إجمالية تصل إلى 25 مليار درهم. ويتضمن المخطط الرئيس للمشروع ما بين 3 إلى 5 قرى، تضم أكثر من 20 ألف وحدة سكنية على مساحة 5 كيلو مترات مربع، ومن المقرر طرح المشروع بنظام التملك الحر، مع إتاحة خيار التأجير الذي ينتهي بالتمليك، وذلك لتسهيل عمليات التمويل أمام المشترين. جبل علي جاردنز وتقدر القيمة الاستثمارية لخمسة مشروعات جديدة، طرحتها شركة نخيل العقارية خلال العام الحالي، بأكثر من 20 مليار درهم، حيث تم إطلاق مشروع «جبل علي جاردنز» الذي يضم 42 مبنى، ونحو 10 آلاف وحدة سكنية، تستوعب 40 ألف شخص في مجتمع سكني جديد، بتكلفة استثمارية تزيد على 15 مليار درهم. وسيحتوي المشروع على أكثر من 1,1 مليون قدم مربعة من الحدائق الخضراء ذات المناظر الطبيعية، والتي تغطي تقريباً خُمس مساحة الموقع، إضافة إلى مسار للجري بطول 2 كيلومتر، ومسابح، وملاعب رياضية لكرة القدم، والتنس، وكرة السلة. وكشفت شركة «نخيل» عن اعتزامها تحويل منطقة جذع «نخلة جميرا» بالكامل إلى وجهة للمشي والتنزه على الشاطئ والحديقة ومجمع لتجارة التجزئة والمقاهي، وذلك في إطار مشروع جديد باسم «ذا بالم بروميناد». وأعلنت «نخيل» العقارية، خلال العام الحالي، عن تعيين شركة «فان أورد» مقاولاً لأعمال الهندسة البحرية، لتجهيز 23,5 كيلومتر من السواحل وكواسر أمواج في مشروع «جزر ديرة»، الواجهة البحرية الجديدة لدبي الممتدة على مساحة 15,3 كيلومتر مربع، في صفقة بلغت 387 مليون درهم. وأطلقت الشركة خلال العام الحالي أيضاً عمليات تأجير المحال التجارية ومنافذ بيع الأغذية والمكاتب في مشروع «غولدن مايل»، ضمن مشروع «النخلة جميرا» في دبي كجزء من محفظة توسعها السريع في قطاع عمليات التجزئة، ويضم المشروع 70 منفذاً، منها ما هو مخصص للمطاعم، ومنها ما هو مخصص لمحال السوبر ماركت، فضلاً عن النادي الصحي والمركز الطبي. ومن جانبه، كشف مركز دبي للسلع المتعددة، عن مشروع «منطقة برج 2020» التي تضيف 6 أبراج جديدة إلي منطقة «أبراج بحيرات جميرا»، إضافة على برج 2020 د الذي سيكون من أطول الأبراج التجارية. وأفاد المركز بأن تصميم المشروع جاء ليكون القلب التجاري لبوابة دبي الجنوبية، ومركز أعمال الشركات بمختلف أنواعها، ويتضمن أبراجاً فائقة التطور، ضمن منطقة حضرية متعددة الاستخدامات، توفر بيئة مثالية للعيش والعمل. وتبلغ المساحة المبنية للمشروع أكثر من مليون متر مربع، أي ما يعادل تقريباً ثلث مساحة منطقة «أبراج بحيرات جميرا»، ونحو ضعف مساحة «مركز روكفيلر» في نيويورك، إضافة إلى المساحات التجارية الممتازة، يوفر المشروع ما يزيد على 100 ألف متر مربع من مساحات التجزئة التي ستلبي احتياجات سوق غير مُشبعة، تشمل المنطقة الحرة التابعة لمركز دبي للسلع المتعددة، و«أبراج بحيرات جميرا»، والمناطق المحيطة، وتقدر القيمة الاستثمارية المبدئية للمشروع 4 مليارات درهم. وأطلقت «مجموعة دبي للعقارات»، مشروعي «وان جي بي آر» ومشروع سكني آخر. ومن ناحيتها كشف شركة ميدان خلال العام الحالي عن مشروع « ميدان وان» الذي يغطي هذا المشروع مساحة تبلغ نحو ثلاثة ملايين ونصف مليون متر مربع، وأعلى مطعم على ارتفاع 675 مترًا، وأكبر نافورة راقصة علوها 420 مترًا، وأطول منحدر للتزلج على الجليد طوله 1,2 كيلومتر وارتفاعه 180 مترًا، إلى جانب متنزه «كريستال لاغون» المائي، الذي يسترخي فيه الزوار. ويضم أيضًا مركزاً تجارياً هو «ميدان وان مول»، الذي يتألف من 652 متجرًا، بقدرة استيعاب تصل إلى 78,300 شخص، ويتضمن مرافق رياضية، تمتد على مساحة 25 ألف قدم مربعة، وتتسع ل8 آلاف شخص. ويتميز «ميدان ون مول» بسقف قابل للطي، طوله 150 مترًا وعرضه 80 مترًا، يتم فتحه في الأشهر المعتدلة، وبجانبها صالة تزلج مغلقة متعددة الأغراض، طولها 1,5 كيلومتر تقريبًا، وهي بالتالي أطول صالة تزلج في العالم، وتبلغ قيمة المشروع نحو 8,6 مليارات دولار، ومن المتوقع الانتهاء من أعماله في عام 2020. شركات القطاع الخاص حاضرة بقوة في المشهد العقاري دبي (الاتحاد) نشطت شركات التطوير العقاري من القطاع الخاص دبي في إطلاق المشروعات العقارية حيث قامت شركة «داماك العقارية» منفردة بطرح 8 مشروعات بقيمة تقدر بنحو 6 مليارات درهم. وأطلقت شركة داماك العقارية، أربعة أبراج فاخرة تضم ما يزيد على 700 وحدة سكنية في مشروع «فيريديس». وتقع الأبراج الأربعة في أحضان الطبيعة الخضراء داخل مشروع «أكويا أوكسجين». وقامت الشركة بإطلاق «باراماونت ريزيدنسز» في مشروع «باراماونت تاور هوتيل آند ريزيدنسز»، الذي يتألف من فندق فاخر يضم 826 وحدة سكنية بالإضافة إلى وحدات سكنية فندقية. كما أطلقت داماك العقارية، أولى فللها الفندقية ضمن مجتمع أكويا أكسجين المتميز في دبي وتتراوح الفلل بين ثلاث وست غرف نوم وتقع الفيلات ضمن مجمع مغلق وسط 55 مليون قدم مربعة من المساحات الخضراء. وفي مجال التجزئة كشفت الشركة عن مشروع اسم «فيستا لوكس»، ويمتد على مساحة مليون قدمٍ مربعة، وسيكون بمثابة مركز الترفيه الأساسي ووجهة التسوق لمشروع «أكويا أوكسجين». وخلال العام 2015 أطلقت داماك العقارية، «برج ميرانو» السكني المستوحى من التصاميم الإيطالية الفاخرة. وأطلقت داماك، أول منازل حصرية ومحدودة العدد في العالم بلمسات «بوجاتي» وستحتل المجموعة الحصرية والمحدودة من الفلل التي أُطلق عليها اسم «إيتوري 971 بلمسات بوجاتي»، موقعاً مميزاً ضمن المساحات الخضراء لمشروع «أكويا أوكسجين». من جانبها، أطلقت شركة «ديار للتطوير»، مبيعات الوحدات السكنية في مشروع «أفنان ديستركت» التابعة لمشروع مجمع «ميدتاون» في المنطقة العالمية للإنتاج الإعلامي، والذي تتراوح تكلفته بين 2,5 إلى 3 مليارات درهم. وأعلنت «آر بي جلوبال» عن اعتزامها ضخ استثمارات تقدر بنحو أكثر من 5,5 مليار في مشروعين عقاريين بدبي أولهما برج «آر بي هايتس» السكني بقيمة 1,5 مليار درهم بوسط مدينة دبي ويتكون من 50 طابقاً ويضم 268 وحدة سكنية فيما يتألف المشروع الثاني الذي تبلغ كلفته 4 مليارات من مبنى «آر بي ون». ويقع المشروع الثاني الذي تبلغ كلفته 4 مليارات درهم وهو متعدد الاستخدامات. وأعلنت شركة «بالما القابضة» عن إطلاق مشروعين عقاريين جديدين بقيمة 3,7 مليار درهم خلال العام الحالي، المشروع الأول الكائن على نخلة جميرا «سيرينيا ريزيدنسيز» عبارة عن مشروع سكني فاخر على شاطئ البحر، وصمم ليكون الأكثر تميزاً في دبي. أما المشروع الثاني للشركة، عبارة عن مشروع سكني فاخر، وسيضيف وجهة فاخرة أخرى إلى المواقع المتميزة في دبي. وأعلنت «ماج 5 للتطوير العقاري» وهي شركة عقارية تم تأسيسها من خلال علاقة شراكة بين «ماج للتطوير العقاري»، و«إم بي إم القابضة» عن إطلاق مشروع سكني جديد متكامل، وبأسعار معقولة، تحت اسم «ماج 5 بوليفارد» في منطقة «دبي وورلد سنترال»، حيث تم وضع خطة دفع ميسّرة لخمس سنوات بفائدة 0 %، وسيبدأ التسليم 2018. ويتمتع المشروع الجديد البالغة كلفة إنشائه 700 مليون درهم بموقع استراتيجي داخل المنطقة السكنية القريبة من «دبي وورلد سنترال»، وسيضم أكثر من 1000 وحدة سكنية.

Reletting property to a new tenant

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Entering a unit vacated by an absconding tenant could be illegal without obtaining court approval

I think the tenant of my property has left the country without paying several months’ rent. What do I need to do to re-let the property to a new tenant?

If you have determined that the tenant has left the country, you will need to send him a 30 days official written notice for non-renewal/ payment of rent. As you are unlikely to receive a reply from your absent tenant, you should also ale a case against him at the Rent Disputes Committee. It will hear your concern and help you to gain legal access to your property by sending a representative to open the property. (You will have to arrange and pay for any locksmith charges).

You must not enter the property prior to legal access being granted as you will be in violation of the law. This is an important point to note as many landlords feel that, because they own the property, they have automatic right of entry. This is not the case when there is a current tenancy agreement in place.

The representative will make a schedule of belongings which have been left by the absconding tenant and you will have to store these at your cost for three months upon which time they can be auctioned and the revenues can be paid to cover your expenses and any shortfalls in compensation.

As soon as the apartment is ready for rent to a new tenant, you’ll have to settle any outstanding utilities and prepare it for re-renting. The case against the tenant will remain on ale and, if he should return to the UAE, you can pursue him through legal channels and claim all your losses.

As always, we recommend you engage professionals to help you deal with recalcitrant tenants and any claims you may have against them.

I plan on investing-in a property within the next four months to take advantage of the current lower prices. Can you advise on where I should invest?

There is no doubt that the affordable segment in Dubai is showing lots of promise as these properties will be in high demand as Dubai’s population growth gains momentum on the back of a period of expected strong economic growth leading up to the end of the decade.

Properties located in non-prime areas such as Dubailand continue to do very well and represent great value at today’s prices. With the current market correction in full swing we have witnessed the more affordable or secondary areas of the market continue to provide superior total returns for investors.

Examples of affordable projects that are providing good rental returns and expected capital appreciation are the Sky courts project and the adjacent QPoint project. An apartment in Sky courts have proven to be very popular with tenants and investors alike and has historically seen excellent capital growth with some apartments growing by 20 to 25 per cent over the past 24 months with rental premiums of at least 7 percent not uncommon. Purchasing an apartment at Sky courts has been made even been made more affordable with the developer offering units, some with existing and reliable tenants, with a very attractive easy payment plan.

QPoint, although recently released is also attracting rental yields of 6 per cent to 7 per cent. At the moment, apartments in Q Point are being valued between Dh685-Dh750 per square foot, representing fantastic value for this new development.

Demand for this type of affordable accommodation will continue to grow as Dubai’s population swells in the run up to the Expo and the demand for well located affordable housing increases.

There is no doubt that real estate values have been declining for some time now. Has the market reached the bottom and do you think now is the time to buy?

If you are considering purchasing a property, there are definitely opportunities available and advantages to be gained from purchasing now. The market has been cooling for around a year now, but is expected to pick up again in 2016 as the next five years are expected to see strong economic growth in the Dubai. Picking the exact timing is always difficult but it is better to be early rather than late.

Start your property search immediately as a property investment requires the same approach and set of considerations regardless of the state of the market and proper due diligence can take time.

Know what you can afford. If you have the cash, I suggest you pay for it outright. However, don’t be afraid to take out a mortgage. Make sure that you consider the many and varied easy payment plans that are currently on offer as many of these plans will save you considerable amounts of money.

Think carefully about location, surrounding infrastructure, construction quality, and developer reputation and building amenities. Properties which are close to the beach, with a sea view, a golf course view or part of an iconic development such as Downtown usually provide good returns. If you have close access to the metro, even better.

You also need to consider the effectiviness of the Owners Association, service charges and the quality of maintenance services as these will have an effect on the long term value of your investment. Finally, be purposeful, persistent, patient and pragmatic in your approach and you are well on the way to making a very sound decision.

Gulf News Freehold – Expert Eye

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Why invest in real estate

before 2016?

The opportunities that have emerged so far will be too good to pass up

There have been a number of reports recently estimating the effect of the correction on Dubai’s real estate market. The most recent forecast shows a reduction of anywhere between 10% and 20% by the end of 2015.

The opportunities that have emerged so far in 2015 and will continue to emerge as the year progresses will be too good to pass up. Why is this, you ask? Oil prices are not expected to go anywhere soon. The decline of the Russian ruble has effectively made offshore investing too expensive. There is a growing oversupply, and the inevitable interest rate increases on the US dollar and its dirham cousin will further hamper liquidity. While these considerations are valid and worth considering, we need to put our positive hat on for a while.

Put simply, Dubai needs people to support an economy that is expected to grow at an estimated 5% annually for the remainder of the decade and to deliver initiatives such as the Expo 2020. The event alone is expected to drive demand for housing and commercial facilities that currently do not exist. Much of the city’s planning comprehends the number of people living in the emirate to grow to 3.4 million people by 2020; a 7% annual increase from today’s 2.25 million.

While the price of oil is a big issue for the region’s economies, the effect of the decline in oil prices is not as drastic as some may think. The Dubai economy is being driven by fundamentals such as tourism and trade, and a slew of projects to grow these important revenue-generating economic segments. Dubai has attracted almost 12 million visitors in 2014, continuing a growth trend of approximately 9% per annum since 2010.

And those visitor numbers will seem paltry once the Expo kicks off. Hosting the event will provide additional impetus for the industry to enjoy continued growth and the predictable surge in demand for accommodation and commercial space of all types.

We all know that the ongoing speculation surrounding the US Federal Reserve’s intention to raise interest rates is making many people nervous. However, we can be sure that interest rates in the US will eventually rise and the dirham will continue to get stronger. To invest in a market that is undergoing a 10% to 20% correction in a currency that is certain to appreciate only makes sense, especially when finance is still cheap and will remain so for quite some time to come.

While on the topic of certainty, there is no doubt that a stabilized real estate market will provide a much better launch pad for what will be a period of significant economic and commercial activity over the next five to seven years. The structural shift towards more affordable housing will not only serve to accommodate expected rapid population growth associated with the Expo, but also serve as an important factor in the development of the Dubai economy overall.

Every emerging economy needs to develop a strong middle class as its expansion is critical to growing a sustainable economy and developing resilience in the face of external financial and economic shocks. For Dubai to compete effectively on a regional and global basis, it needs to ensure that the cost of doing business in the emirate does not position it as an outlier when entrepreneurs or corporations are considering alternatives for their operations.

Talking of alternatives, there is an array of asset choice which has not been seen for some time. The availability of off-plan purchases with highly lucrative payment plans is unprecedented. There are investment opportunities in every segment of the market supported by the most affordable payment plans.

This year will be remembered as a year of the astute investor. Don’t miss out.

Gulf News Freehold – Ask the Agent

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I am concerned about the risks involved in purchasing an apartment, particularly with regard to my rights if something should go wrong.

Laws have been introduced to better protect the rights of industry participants. These include measures to standardize and clarify the relationship between parties to a real estate agreement and provide recourse when a party has been disadvantaged because of unethical behaviors or practices. There has been a lot of progress made in other areas as well such as the management of investor finances with the introduction of escrow accounts; owner empowerment with the introduction of strata law and introduction of owners associations; investor recourse when disadvantaged by delays in handing over of projects or changes in specifications of properties; or tenant protection with the introduction of mechanisms to restrict the imposition of ridiculous rent hikes.

I am looking to buy an apartment in Jumeirah Lakes Towers or the Dubai Marina area. Do you think it is a good time to buy? Any recommendations?

lt is definitely a good time to buy right now. The market has corrected well for buyers and there are some fantastic easy payment schemes on offer. One example of an extraordinary payment plan is that which is being offered in Dubai Marina. Some two-bedroom apartments in the area are being offered with prices starting at Dhs 2,150,000. All you need is a 10% deposit and you can pay the balance in pro-rated monthly installments over the ensuing seven years with no profit charges applied to the balance.

Meanwhile, Jumeirah Lakes Towers is also a sought-after destination for residents and tenants because it is known to provide various housing options that offer affordable rates. It likewise has the huge advantage of being closeto the Dubai Metro and Dubai Tram, Dubai media and Internet Cities, the business district and Dubai Marina.

I have a young family and I am considering purchasing our-first home. Can you provide any advice as this is the first purchase I am making.

Here are common factors to consider as a first time buyer:  1)The real estate market is cyclical and home values do not always appreciate over time. Very careful planning is required if you plan to move in just three or four years; 2) You are much better off financially if you apply your hard-earned dirhams towards building equity in your own home, but remember that mortgage payments can be subject to fluctuations as interest rates rise, while rent increases are governed by law; 3) Avoid making lifestyle sacrifices by choosing a home and a mortgage that suit your budget; 4) Factor-into your decision your family requirements in the future; 5) The Dubai market today is a buyer’s market. If you have done your planning properly, you should be in a position to make a quick decision.

I am looking at expanding my business by establishing several branches around the city. What should I factor into my planning?

lt is all about the convenience and prestige that a carefully thought-out location can bring to your existing and potential customers, staff and business associates. Location is critical to establishing a competitive advantage. There is no use having a superior product or service if your location is inconvenient for your customers. The same can be said for the staff. Proximity to public transport and parking availability reach new levels of importance when summer reaches its peak and staff will be appreciative if you recognize their needs as well. Taking advantage of a prestigious location can do wonders for your brand image. People naturally gravitate towards successful enterprises and a prestige location can help send the message that your business is successful, strong and superior to the others located in lesser environs. Business associates will also be eager to visit and do business with you.

I am thinking of diversifying my property portfolio by buying some commercial assets. Any thoughts on this would be appreciated.

Things are looking very promising for new business in Dubai. As the emirate seeks to grow economically, readily available office space is one of the important factors that new enterprises will consider. A few points to keep in mind:

  • Dubai’s economic growth is strong at around 4%, driven by tourism and trade. New projects to expand these revenue-generating economic sectors are a feature of Dubai’s growth outlook
  • The amount of infrastructural, development and economic initiatives, culminating in the hosting of the expo 2020, is indicative of the government’s commitment to economic progression
  • Population growth is forecast to be between 5% and 7% going forward and, by some estimates. Is considered to be conservative
  • Business establishment costs, including the cost of capital, have been at their lowest for years

Office rental returns are staging a recovery. There is a relative shortage of Grade A, large floor-plate, single-owner space favored by large companies. This represents strong investment potential. But, there is still a considerable, albeit shrinking, vacancy rate of around 23% which represents good opportunities for value purchases providing strong cash flows increasing with Dubai’s economic momentum over the longer term.

Right time to grow your portfolio

Even though some buyers continue to maintain a ‘wait and see’ approach as property prices continue to soften, if you have invested in Dubai property, especially in key growth areas, then hold on to your portfolio. In fact, we would advise you to, if possible, add to your portfolio.

Dubai’s economy is still doing very well although the IMF forecast for UAE economic growth this year is down to 3 per cent compared to last year’s 4.6 per cent, which is quite understandable considering the after-effects of the recent oil price slump on economy. Having gradually weaned the country away from overdependence on oil, the UAE remains in a good fiscal position as it proceeds with economic diversification.

The UAE economy is being driven by tourism and trade, and a slew of successful new projects that will complement these important revenue-generating economic segments which continue to be a primary feature of Dubai’s growth outlook. In 2014, Dubai welcomed over 12 million visitors, continuing a growth trend of approximately 9 percent per annum since 2010, a statistic which is the envy of many nations.

The ‘soft landing’ of the UAE economy is by no means bad news as it is simply indicative of more gradual sustainable growth overall which, in turn, is supported by the following factors:

The market is in a healthy state of revaluation and consolidation, not recession. The reduction in growth rates is necessary to ensure the type of sustainable, profitable growth that long-term investors seek becomes a recognized characteristic of the Dubai market. The market has demonstrated its maturity and resilience by recovering post-global financial crisis and is now adjusting to more sustainable value appreciation levels.

Strong demand for property. When you are investing in real estate, you are actually investing in the economy, and the effect of the 2020 Expo on the UAE economy cannot be underrated in terms of generating demand for real estate assets. Hosting the World Expo will provide additional impetus for the industry to enjoy continued growth, and the predictable surge in demand for accommodation and commercial space of all types, from labor camps to offices to warehouses to apartments to executive villas, is sure to have a significant effect on property values.

Investor appetite and confidence remain for off-plan and under-construction projects especially for those launched by reputable developers. Outside of tier one developer-led schemes, there has been strong performance in recent launches outside of prime locations and emerging areas.

The low mortgage rates of today are unprecedented and, notwithstanding possible interest rate rises in the US later this year as the dollar continues to strengthen, will still be affordable in the ensuing five years. We should remember that affordable finance and demand for real estate assets are inseparable.

The market is approaching maturity. The on-going development of the industry’s regulatory framework and the implementation of laws to safeguard both consumer and investor interests, and the overall industry and economy at large from rampant and irresponsible speculative, predatory or unethical practices, reveal a mature and balanced approach to shaping an industry which will exhibit sustainable growth over the long term.

If it’s superior yield with minimal capital outlay that you are after, Dubai real estate is still hard to beat unlike older established cities like Hong Kong and Singapore which currently suffer from high costs of housing, especially the former where only 50 percent of residents own their homes. Affordable properties have all benefitted from Dubai’s recovering economy. Investors in these areas can reasonably expect rental returns of at least 7 percent per annum on top of annual capital appreciation. Given the relatively low cost of entry, even with the overall economic slowdown predicted to continue well into the coming year, buyers in growth areas such as Dubai land will see greater financial rewards for their astuteness and patience in due course.

There is definitely a shortage of affordable housing in Dubai. The number of developments that will be supplying housing affordable to the middle and lower income segments is definitely on the increase, more so in the run up to the 2020 World Expo. Historically, the established developments that were most associated with filling the affordable housing gap were international City, Discovery Gardens and, to a lesser extent, MotorCity. But there have been more recent additions that have provided realistic alternatives to these older developments, and several more to come.

Still, as both buyers and sellers are sticking to their negotiating positions with more determination and a greater propensity to walk away from the negotiating table if not satisfied, the real estate cycle will continue on its course. Prices may continue to soften, but what is more important is that the market does not go down on a steep fall, and keeps to its current sustainable path.

Innovation… thriving where others do not survive

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There have been a number of articles recently published describing the pressure that some real estate agencies are feeling as a result of the current correction in the Dubai real estate market. There have also been instances of real estate brokerages laying off a significant number of their staff or closing their doors altogether.

For some, survival was a short-lived ride on the post-Global Financial Crisis (GFC) wave, and the recent instances whereby entire businesses have struggled to continue surviving begs the question: what are the determinants of success in today’s market climate?

The answers are as simple as they are difficult to attain. They remain elusive for many companies; but those establishments that understand them, capture them, develop them and practice them stand a greater chance at enjoying unbridled success.

It may be a cliché, but a primary ingredient essential to success is passion. Without passion, you cannot be successful in this business. Any real estate operation must attract, develop, motivate and retain a passionate group ofprofessionals, and any serious client will recognize this. This is a people’s business, and without a passionate and professional team, survival will be impossible.

Experience is critical. We are in a business characterized by high capital requirements, a broad spectrum of risks and deep emotional involvement. Failure cannot be an option. That is why I know I am fortunate to be part of an executive team with over 20 years of experience in the Dubai real estate market. As we are all aware, the industry has been evolving rapidly and still remains one of the most dynamic in the world. The GFC did show us that this is not an industry for those who don’t know what they are doing, and to be able to draw deep on experience is invaluable.

Being flexible and developing the capability to adapt is a prerequisite to success, particularly in a market that is changing so rapidly. The GFC was a period of rapidly changing circumstances, which bore unprecedented challenges requiring immediate yet innovative solutions. This was a difficult period, but also one of great learning, which put those who were flexible and adaptable in a great position to capitalize on the opportunities that were to eventually emerge with the recovery. It was no easy task and it required a brutally honest assessment of individual capabilities, as well as the capabilityof the organization to continue to provide the services that clients required, but within a totally new environmental context emanating from what was essentially economic turmoil.

But it is a culture of innovation that separates the “thrivers” from survivors. There is no doubt that tried and true practices that worked in the past have required an overhaul in order to address new realities, and create and maintain a discernible edge in a highly competitive market. This is what really differentiates those that have thrived in the post-global recession period, from those that managed to survive only to falter as a result of the latest market correction. A key learning from the GFC is that innovation relevant to circumstances will always prevail regardless of the situation. Whether the market is hot or cold, innovation will always provide the competitive edge.

If you look at the industry today and compare it to the days of 2008, it has come a long way. The advances made in the legal framework, regulatory infrastructure and overall governance typify a market that is rapidly heading towards full maturation and the type of sustainable profitable growth that all stakeholders in the industry have been seeking.

As professionals who care about our business, we must continue to embrace and support any change that will improve the health of our industry. Because it is the health of our industry that really matters most. Those of us who are around to tell of our experiences during the GFC will recall that the initial objective was pretty basic: to survive in an environment that nobody in the industry had witnessed before and, in order to survive, we needed to adapt, innovate and develop as individuals and organizations. Those that didn’t fell by the wayside, for after all, that is what a recession is all about… survival of the fittest… and it is the fittest that will thrive.

Why it is a good time to buy property in Dubai

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The market has been cooling for around a year now,

but is expected to pick up again in 2016

I receive so many questions regarding the current state of the market and whether now would be a good time to buy. My answer is invariably yes, especially as the market has become attractive with opportunities available and advantages to be gained from purchasing now.

The market has been cooling for around a year now, but is expected to pick up again in 2016 as the next five years are expected to see strong economic growth in Dubai. Picking the exact timing is always difficult but it is better to be early rather than late and starting early will be a prime determinant of your success.

I recommend you start your property search immediately as a property investment requires the same approach and set of considerations regardless of the state of the market and proper due diligence can take time. You are embarking on a major purchase which has the potential to affect your life in either an extremely positive or negative way. So you need to make a timely decision, not a hasty one.

Be critical in determining what you can afford. If you have-the cash, I suggest you pay for your new purchase outright. However, don’t be afraid to take out a mortgage… just be sure you fully understand what mortgage ‘repayments are going to do to lifestyle and whether you are prepared to make some sacrifices to own your own property. Make sure that you consider the many and varied easy payment plans that are currently on offer as many of these plans will save you considerable amounts of money.

Think carefully about location, surrounding infrastructure, construction quality and developer reputation and building amenities. Properties which are close to the beach, with a sea view, a golf course view or part of an iconic development such as Downtown usually provide good returns. If you have close access to the Metro, even better.

When buying an apartment, you also need to consider the efficacy of the owners’ association, costs associated with service charges and the quality of maintenance services as these will impact the long-term value of your investment. Finally, be purposeful, persistent, patient and pragmatic in your approach and you are well on the way to making a sound decision.

Advice for hassle-free ownership

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Mohanad Alwadiya is Managing Director of Harbor Real Estate and advisory board member and instructor at Dubai Real Estate Institute, the official training and certification arm of the Dubai Land Department.

A long-term outlook is important for property owners to maximise their investments

It seems that with all the new projects that have been announced over the past two years, Dubai’s real estate market is about to enter a new period of oversupply. What are your thoughts on this?

There is no doubt that developers have recommenced construction on many projects that were stalled during the recession, or launched new projects on the back of the market’s recent resurgence. Given the frequency of the headlines announcing new projects and the size of the developments being launched, it is easy to be concerned that an oversupply scenario may eventuate.

However, calculating optimal supply levels, particularly when emerging from a recessionary period, is challenging. It depends on an accurate estimation of demand for real estate assets, which will emanate from population growth. In Dubai’s case, this will largely be driven by overall economic growth going forward. In addition, one needs to comprehend a lag effect from the time that conditions conducive to development are identified by developers and when properties are completed and are released on to the market.

Given that Dubai’s economy is expected to grow at an estimated 5 per cent annually for the remainder of the decade and initiatives such as the World Expo 2020 are expected to generate an additional 270,000 jobs, the demand for housing and commercial facilities is expected to grow significantly. Much of the city’s planning estimates the number of people living in the emirate to grow to 3.4 million by 2020, or a 7 per cent annual increase from the current population of 2.25 million.

We take a minimum five-year view when trying to understand supply and demand. Taking into account the nature of the market’s resurgence, strong growth in fundamental economic drivers such as tourism and trade, levels of investment into infrastructure and initiatives, and stakeholder commitment to sustainable growth, we believe that while inventory levels may spike in the interim, they will not be excessive at the end of our five-year forecast period.

I own an apartment that is leased. The lease will expire in three months and I wish to refurbish the apartment and use it personally once the refurbishment is complete. Can you advise on any legal issues I might need to consider?

You need to consider the rights of the tenant. Law No. 33, Article 25 (2) provides protection to the tenant by stipulating the circumstances under which a tenant can be evicted. If the landlord wishes to demolish the property or conduct construction that makes it impossible for the tenant to use the property, the landlord has grounds for eviction. This would appear to apply in your case. However, if challenged, you will need to provide proof of your intentions, such as plans, contractor agreements, etc.

A landlord who wants to use the property himself or give it to next of kin also has the right to evict a tenant. He will have to prove that he does not have access to an alternative property.

The landlord must give at least 12 months’ notice of eviction and provide the reasons and necessary documentation supporting it.

Therefore, I recommend you advise the tenant of your intentions in advance of the upcoming lease renewal as he or she could choose not to renew and vacate the apartment. If this is not the tenant’s preferred course of action, at least you have abided by the law.

I just had a problem tenant vacate my apartment. How can I ensure I don’t get another troublesome one?

Bad tenants can make your life very miserable. There have been many reports regarding tenant rights but I feel the rights of landlords should also be recognized as much.

There are some basic steps you should take. Set a meeting to get to know the potential tenant better, including his or her lifestyle and employment stability. Try to figure out his or her plans for the future as such details can often give you an insight into the type of people you are dealing with. This will help you instinctively understand a person’s character. Trust your instincts.

Request references or contact details from previous landlords to identify any past issues with regard to the care of rental property or missed rental payments.

Obtain a letter from the employer stating the tenant’s salary and a copy of a bank statement. You should check for regular salary payments into the account, which should correspond with the employer’s salary statement and also determine whether there is enough to cover rent.

Obtain a copy of the tenant’s passport and visa. Check all details to ensure the person you are talking to is the actual lessee.

Use the standard contract form provided by the Real Estate Regulatory Agency. Once signed by all parties, it should be registered in the Ejari system, and you should ensure all cheques are signed by the party to the contract.

Finally, engage a property management company to take care of all the above (and more) for you. You will sleep a lot easier and stand a greater chance of realizing your investment’s potential.

I am new to Dubai, having started a new job six months ago. I am currently renting an apartment, but considering buying either an apartment or a villa for myself. What advice can you give someone new to investing in Dubai?

The first factor to consider is location as this can drive up to 90 per cent of the property value. The more established and prestigious locations such as Palm Jumeirah, Downtown Dubai and Dubai Marina and those close to the Metro will always command a premium, while areas such as Jumeirah Lakes Towers, The Greens, Dubai Sports City, Skycourts, Queue Point, Discovery Gardens and International City offer affordability and value for money. A lot depends on your budget and lifestyle.

Quality of product and maintenance services as well as the extent of completion and quality of infrastructure surrounding your intended home are important, along with considerations such as an owners association and its effectiveness.

With regard to the type of property, current and future supply of various asset types need to be examined. You should consult a reputable property broker to assist you with this. For example, villas across the board have out-performed other asset types because of supply shortages. However, when looking at the inventory pipeline, this may not be the case in the future with more affordable property likely to be in higher demand.

Financial planning is key. It’s important to know what you can afford in terms of repayments, whether you will need a mortgage, how flexible you can be should interest rates rise and what other demands may arise on your disposable income.

Finally, get yourself a good broker. As a newcomer to the Dubai real estate scene, you will benefit from the experience and knowledge that a good broker can bring to your property ownership aspirations.

Gulf News Freehold – Ask the Agent

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ls Dubai’s realty market about to enter a new period of oversupply? With new projects being announced and the market now in decline, will this prolong the current market correction?

Calculating optimal supply levels, particularly when emerging from a recessionary period, is particularly challenging. it depends on an accurate estimation of demand for real estate assets which will emanate from population growth which, in Dubai’s case, will be largely driven by overall economic growth. It also needs to comprehend a lag effect from the time that conditions conducive to development are identified by developers and when properties are finally released into the market. Given that the Dubai economy is expected to grow at an estimated 5%+ annually and initiatives such as the Expo 2020 are expected to generate more jobs, the demand for housing and commercial facilities is expected to grow significantly.

l recently arrived in Dubai. Can you give me tips on what l should consider when looking to rent a property?

There are six key considerations when going for your first rental.

  1. Know what you can afford and allow 30% of your gross household income for rent.
  2. Give yourself time to find the best solution that fits your budget. Do not jump at the first possibility and do not settle for less.
  3. Make sure your agent is registered with RERA. You can log on to the Dubai Land Department (DLD) website to check.
  4. Make sure the tenancy agreement is as per the RERA standard template. Check DLD website.
  5. Ensure you document any property defects before you sign the contract. Raise them with your agent before you sign anything.
  6. Ensure your rental contract is registered in RERA’s Ejari system. Insist that your broker completes the registration as it is the first step towards safeguarding you rights as a tenant.

I have owned my home for over seven years and I am looking at how I can save money by upgrading particular aspects of the property.

  1. Here are seven ideas that may help you save a few dirhams:
  2. Use low-flow fixtures to cut water usage by up to 40%.
  3. Buy fluorescent bulbs which last four to l0 times longer than regular light bulbs
  4. Update your dishwasher. Modern units use 42% less water than older models.
  5. Consider a tankless water heater and save on electricity.
  6. Good ceiling fans can reduce air-conditioning costs. They dispel the need to turn on the aircon often.
  7. Apply energy reducing film on windows to reduce internal temperatures.
  8. Consider fitting solar panels.

Our contract states there is payment due at handover and payment as maintenance advance. The developer is asking all payments on “completion date.” ls “completion date” not the same as “handover date?”

“Completion date” and “handover date” are not the same. The building can be deemed complete once the official “Completion Certificate,” which ensures the building passed all inspections has been received. Just because a building has been issued a completion certificate does not mean it is ready for handover and occupancy. Often, there are a number of small items that need to be completed before it can be occupied. l suggest you confirm that your SPA definitely refers to the “handover date” as what triggers the final payment and maintenance advance. If so, you should not make the final payment until the developer is ready to hand over the keys to you and only after you (or a professional) had the chance to inspect the apartment to ensure you are receiving what you paid for.

With the current correction in the market having been underway for some time now, do you think the market has bottomed and represents a good opportunity to buy?

There are definitely opportunities available and advantages to be gained from purchasing now. The market will pick up again as the next five years are expected to see strong economic growth in Dubai, but picking the exact timing is always difficult.

Start your property search immediately as a property investment requires the same approach and set of considerations regardless of the state of the market.

Know what you can afford. If you have the cash , I suggest you pay for it outright; however, do not be afraid to take out a mortgage as long as you plan and understand the impact of interest rate rises in the future.

Think carefully about location, surrounding infrastructure, construction quality, developer reputation and building amenities. Properties which are close to the beach, with a sea or golf course view, or part of an iconic development usually provide good returns. If you have close access to the metro, even better.

Also consider the effectivity of the owners association, service charges and the quality of maintenance services as these will have an effect on the long-term value of your investment.

Send in your property issue-related questions to be answered by industry experts, mentioning ‘Ask the Agent’ in the subject line, to: properties@gulfnews.com