NEWS
UAE RESIDENTIAL PROPERTY MARKET ABU DHABI VERSUS DUBAI
T
he UAE’s residential property market witnessed mixed results in the first quarter of this year as Dubai remained steady building on
last year’s trend of stability while Abu Dhabi saw significant declines as improved quality supply was handed over, according to the Q1 2012 report by UAE property management company Asteco. “We are seeing further signs that confidence is returning in Dubai as the residential market continues to recover. Rents in some areas have risen as quality developments slowly reach full occupancy,” said Elaine Jones, CEO of Asteco Property Management. While rental rates for apartments and villas in Dubai rose by 1 per cent compared to Q4 2011, sales prices for villas increased by 4 per cent during the same period, driven by the increasing numbers of owner-occupiers in areas such as Arabian Ranches, Emirates Living and Jumeirah Village. In Abu Dhabi, apartment and villa rents declined by 5 per cent
compared to Q4 2011. Increased project handovers are underway with some 3,000 residential units being delivered at Al Muneera and Al Zeina at Al Raha Beach as well as 1,455 units which are now ready for occupation at Marina Square, Reem Island. The remaining 2,030 units at Marina Square are expected to enter the market over the next six months. “Te increase in supply in the higher-end segment of the apartment rental market in Abu Dhabi is likely to result in further downward pressure on rents,” Jones said. Rents for a two bedroom apartment in Al Raha Beach fell by 14 per cent quarter-on-quarter as a result of the large amounts of new supply handed over simultaneously in the area. Villas witnessed similar declines with rents falling by as much as 13 per cent in Mohamed Bin Zayed City and Mussafah as a result of the large amounts of new supply handed over simultaneously in the area l
DUBAI’S U-BORA COMMERCIAL TOWER HAS NEW PROPERTY MANAGER
U
-Bora Tower has appointed H&H Investment and Development as its local property management company in the UAE. Te boutique Dubai-based real estate investment, development and management company will inherit and manage the unique concept of business-oriented services for the commercial tower, with the aim of making it one of the prime business locations in the city. Located in the Business Bay area of Dubai, U-Bora tower overlooks the Burj Khalifa and caters to both large corporations and multinational companies as well as small and medium companies. Delivered to the real estate market in early 2011, the tower has a built-up area of 1,818,000 sq ft with 60 floors, over 1,950 parking spaces and 26 lifts. U-Bora Tower provides a host of special services, including shuttle buses to Metro stations and Dubai Mall, airport pick-ups and drop offs, hotel-style concierge services, VIP Protocol and standard services such as 24-hour high maintenance in addition to restaurants, cafés, supermarkets and sandwich shops. “U-Bora Tower provides a level of services only seen in the Burj Khalifa or five-star hotels, which allow multinational and local businesses the luxury of operating in an environment where they know that the details are taken care of in a creative and capable manner,” said Shahab Lutfi, CEO of H&H Investment and Development. Te company is currently focusing on hotel and retail development with upcoming projects in Al Wasl and Jumeirah and is planning to reveal more announcements this year in key areas across Dubai, Lufti said l
MAY 2012 I CITYSCAPE I 5
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