.jpg)
Saturday, February 28, 2009
Friday, February 27, 2009
Sherwoods expects transparency, affordability to help restore Dubai rent market stability in second half of 2009
Sherwoods expects transparency, affordability to help restore Dubai rent market stability in second half of 2009
Newly introduced rental index drives back investor confidence as financial crunch helps bring rents to more reasonable levels
February 28, 2009
Sherwoods Independent Property Consultants has announced that it has recently deployed new strategic initiatives to capitalise on an expected upswing in real estate business activities within the last two quarters of 2009, as the global financial downturn gives way to more positive changes in Dubai's property rental market. Furthermore, Sherwoods revealed that it expects the rental index introduced recently by the Real Estate Regulatory Authority (RERA) to further consolidate and stabilise the rental market in the long term, as it creates a highly transparent system that promotes investor confidence and helps control rates from once again escalating to unreasonable levels.
With rents becoming more affordable partly as a result of the global financial downturn, Sherwoods pointed out that the situation will ultimately deliver long-term benefits to Dubai's property sector as businesses will feel less pressure in subsidising housing allowances for their workers, while more people will be encouraged to relocate in the emirate. Sherwoods further noted that a more stabilised rental market combined with the adoption of a credible rental index system will likewise drive investor confidence as rental yields will be much more predictable and easier to calculate.
"Two key issues will impact Dubai's rental rates: employment and the supply of property in the market. Further job losses could erode demand, while the supply of inventory into the market needs to be controlled to avoid oversupply issues. However, as affordable accommodation remains a key driver to the Dubai economy, we have seen a positive trend in terms of proactive government intervention and the rent market's resiliency, which we believe will eventually help rents to level off and stabilise during the last two quarters of 2009," said Iseeb Rehman, Managing Director, Sherwoods Independent Property Consultants.
"The sharp acceleration of rents over the last couple of years has put enormous pressure on employers who were subsidising housing allowances, negatively impacting the growth of a number of business establishments. With the emerging trend of more affordable rents, the long-term prospects become a lot more encouraging as it helps encourage both businesses and people to relocate here. Accordingly, Sherwoods has devised new strategies to help clients identify and take advantage of the gainful opportunities that have evolved in this transition period in Dubai's rental market," added Rehman.
Sherwoods also noted that some of the issues raised against the rental index are likely short-term problems, which can be settled once the values reflected on the rental index are updated for 2009, providing a more accurate depiction of the current market situation. Furthermore, as it considers the rental index a more viable long-term solution to resolve issues in Dubai's rental market, Sherwoods expects RERA to update the index figures on a regular basis and subsequently have a more clear-cut policy on the index's role in the rental market.
"To obtain credibility the index has to be updated by RERA on a regular basis to correctly reflect market rents. There also needs to be a clear message from RERA; currently they say the index is only a guide, but if it is to replace the rent cap then it will need to be adhered to as law. The index could prove revolutionary in meeting the needs of both landlords and tenants and if the mechanism is used correctly, it will provide a very transparent system to evaluate rental yields and help control rates escalating again to unaffordable levels," concluded Rehman.
Founded in 1988 in the UK by Iseeb Rehman, Sherwoods has grown to become one of the region's fastest growing real estate companies. Sherwoods has expanded to five branch offices all over the UAE and regional offices in the UK, France, and soon in other key locations around the world. The company offers a diverse range of services, including search and acquisition of properties, offshore company information, selling of properties, mortgage services, valuation and appraisal, legal and tax services, and lettings and management.
Almas Tower,DMCC, JLT,Dubai construction photos by Imre Solt, 27/February/2009
Almas Tower,DMCC, JLT,Dubai construction photos by Imre Solt, 27/February/2009
Thursday, February 26, 2009
Jumeirah Lakes Towers ,JLT, lake works, 26/February/2009
Jumeirah Lakes Towers ,JLT, lake works, 26/February/2009
Palm District Cooling pursues long-term strategic plan to leverage growing demand for economical cooling alternatives
Palm District Cooling pursues long-term strategic plan to leverage growing demand for economical cooling alternatives
Mega developments take advantage of cost-saving and pro-environmental qualities of PDC's cooling solution
February 26, 2009
Palm Utilities (PU), the water and district cooling utility service provider established by government-owned investment firm Istithmar, a major investment holding and part of the Dubai World group of companies, has recently announced that it has been actively promoting the strategic benefits delivered by Palm District Cooling's (PDC) world-class cooling solution as part of a campaign to consolidate its presence in the GCC and other key international markets. With recent studies by Middle East Economic Digest (MEED) predicting the regional market to grow by up to 8.3 million tonnes of refrigeration (TR) by 2015 from just 1.8 million TR in 2007, PDC has devised a long-term growth plan and complementary awareness campaign to promote district cooling as an economical solution for the region's increasing air conditioning requirements.
PDC currently provides district cooling services to a significant number of prestigious mega developments in the UAE, including the Gardens Residential Complex (25,000 TR), Jumeirah Islands (15,000 TR), Discovery Gardens (126,000 TR) and Palm Jumeirah Trunk (126,000 TR). Several developers all over the region are likewise increasingly deploying PDC's cost-efficient and environmentally friendly district cooling solutions.
Shafiq Khoori, Managing Director, PDC said: "Palm District Cooling is focusing its efforts on creating a sustainable development plan that will help us overcome the ongoing economic challenges and maintain our long-term growth prospects. We are also trying to leverage the growing interest towards our products and services as an increasing number of developers are beginning to appreciate the long-term benefits of district cooling solutions following PDC's successful deployment of district cooling facilities within a number of landmark developments in the UAE. Our new growth strategy ultimately aims to help our clients improve utility costs and maximise energy efficiency, which is one of the most important concerns among developers right now."
Other high-stakes projects that utilise PDC's district cooling solution are The Jumeirah Lake Towers (167,000 TR), Palm Jumeirah Crescent (124,000 TR), Jumeirah Village South (255,000 TR), International City (125,000 TR) and Dubai Maritime City (100,000 TR)
Wherever water resources are scarce and expensive, PDC utilises Treated Sewage Effluent (TSE) supplied by Palm Water (PW) – a strategic collaboration that results in reduced energy consumption, ultimately benefiting end-users and the entire community through lower utility costs and minimal environmental impact.
Palm Utilities, through PDC and PW, has been established to address the region's unique requirements in the distinctly critical areas of district cooling, and waste water treatment.
Wednesday, February 25, 2009
Dubai International Boat Show 2009, press conference
Dubai International Boat Show 2009, press conference
Subscribe to:
Posts (Atom)
