benchmark middle east
April 2016 / Vol 5 No 4
APRIL 2016 I N S I D E
Published from Dubai Media City
With stories of wild success, tragic failure, gambles won, and fortunes lost, the UAE property market is anything but boring. Inside we take a look at what's next for Emirati boom towns.
By The Numbers UAE Property Benchmark crunched the numbers to assess the state of the UAE real estate and construction sectors in the low oil-price era p8
THE BOSS
Q&A with Fred Durie, Chief Executive of Nshama p42
An Italian Arrives in Dubai A first look at the Palazzo Versace p50
benchmark middle east
inside
April 2016 / Vol 5 No 4
APRIL 2016
APRIL 2016 I N S I D E
Published from Dubai Media City
With stories of wild success, tragic failure, gambles won, and fortunes lost, the UAE property market is anything but boring. Inside we take a look at what's next for Emirati boom towns.
By The Numbers UAE Property Benchmark crunched the numbers to assess the state of the UAE real estate and construction sectors in the low oil-price era p8
THE BOSS
Q&A with Fred Durie, Chief Executive of Nshama p42
An Italian Arrives in Dubai A first look at the Palazzo Versace p50
COvER DESIgN Geri Batara Sonny
A Times Of Oman Publication
e ditoriaL o ffiCe Solus Globus Media Solutions FZ LLC Office: EXC 11, Floor 2, Bldg 2 Dubai Media City P O Box: 50 30 36 Dubai, UAE Tel: +971 4 360 55 96
Photography Shutterstock.com/Fedor Selivanov
C hairman Mohammed Essa Al Zedjali
Work
8 14 18 22
Ceo & e ditor in C hief Ahmed Essa Al Zedjali
By the Numbers: Infographics Benchmark crunched the numbers to assess the state of the UAE real estate and construction sectors in the low oil-price era.
C hief e xeCutive e ditor Scott Armstrong
Top Ten Trending Topics at Cityscape Abu Dhabi Making it Big in the Property Sector To Rent or Buy in the Emirates Weighing the Options
from Hell 26 Landlords Unreturned deposits, rent-cheque scams, overflow-
ing sewage pipes and unwelcome house calls: Stories about UAE ‘landlords from hell’ are as varied as they are plentiful.
30
Calculating the Cost Property Disputes, Delays & Cancelled Projects
34
Trading Address Envy for a Bargain Dubai may be associated with ‘bling’ lifestyles —but property hunters in the emirate and wider UAE are increasingly looking for a bargain.
38
Luxury within Reach Face value is rarely the most accurate of indicators, and when hard financial times hit, it is not always possible to gauge their true impact on a city, country, and society simply by taking a walk through the streets.
42
THE BOSS Interview Q&A with Fred Durie, Chief Executive of Nshama.
48
Work Events planner Here’s the lowdown on the top exhibitions and conferences over the next two months.
PLAY
C reative d ireCtor : Adonis Durado a rt d ireCtor : Waleed Rabin L ead d esigner : Geri Batara Sonny i nfographiC e ditor : Antonio Farach i LLustrator : Lucille Umali, Winie Ariany
Review A new Italian arrives in Dubai 50 Hotel — a first look at the Palazzo Versace.
p rinted
by :
d istributed
Al Nisr Printing LLC by :
gls International Media Placement
Reproduction of any part of the contents in any manner is prohibited. Benchmark Middle East does not take responsibility for returning unsolicited publication material.
Oprah-Style 54 Revitalize A few days at Ayurveda retreat Ananda in
the Himalayas is the ideal way to recharge your batteries.
SEND COMMENTS AND SUGGESTIONS TO: scottarmstrong@benchmarklive.com
56 Top Five Properties For Sale 58 Top Five Properties For Rent 60 Fashion for Her and Him Events planner 64 Play Check out Benchmark’s guide to going out
www.benchmarklive.com Scan this QR code to visit Benchmark Middle East website
— from arts and entertainment to sporting events — in April and May.
Zero Cost Morale Boosters 66 Health Making a few considered changes to your
company’s policies can make for much healthier, happier team-members, therefore boosting productivity.
Find us on social media facebook.com/benchmarklive
twitter.com/benchmarkliving
Editor's Note
S
ince the oil boom of the 1970s, the UAE has developed a reputation for real estate opulence, from man-made islands to gilded skyscrapers that seem to rise out of the sand overnight. In 2008, it also earned a reputation for being a dangerously instable and unsustainable real estate market. With oil prices down and real estate prices dipping again, many are wondering if another crash is on the way. In the Property Issue we explore the current state of the UAE real estate market including employment statistics in the construction industry, an examination
of whether to buy or rent, a round up of the hottest places to invest in Abu Dhabi and Dubai, an spotlight on the worst landlords in the town, and UAE investment nightmares (and what you can do to extricate yourself from them. Finally, Ben Flanagan chats with the man who has weathered the real estate storms in the UAE for over 30 years, property mogul Fred Durie. Escape from the rat-race this month in Play, where Salim Al Afifi takes us inside the fashion-focused dreamland of Dubai's new Verscace hotel and Sudeshna Ghosh, heads to the mountains of northern India for a weekend-
long ayurvedic retreat at Ananda. If you're staying in town, plan your personal development and leisure time with our roundups of the latest and greatest to do this month in the UAE. Our top-pick properties and men and women's spring fashion briefs will no doubt inspire you to drop some of your hard-earned cash. And, as satisfying as a good shopping spree can be, we'll also show you how to improve the morale, productivity, and overall wellbeing of your staff, without spending a penny. Wishing you a month of saving, splurging, and the rush of taking calculated risks. Scott Armstrong Chief Executive Editor
6
benchmark middle east | April 2016
April 2016 | benchmark middle east
Work Infographics
Infographics Work
INVESTMENT
WHO IS INVESTING IN DUBAI PROPERTY? Top 3 investors from GCC states :
Dh135bn
Emiratis Saudis Kuwaitis
Total investment in 2015
Top 3 investors from Non-Arab countries :
55,928
Top 3 investors from non-GCC arab Countries :
150
Jordanians Egyptians Lebanese
Number of nationalities that invested
P
20 AED Billion 10 AED Billion 8 AED Billion
Indians British Pakistanis
Total number of investors
by the numbers
26.083 AED billion 9 AED Billion 3 AED Billion
3.5 AED Billion 2.55 AED Billion 2.53 AED Billiona
PROPERTY PRICES
UAE PROPERTY
roperty consultants call it a ‘correction’, everyone else calls it a drop. There is no denying that Dubai real estate prices are heading south, while growth in Abu Dhabi has slowed. Yet it is nothing like the crash seen after the financial crisis of 2008. Benchmark crunched the numbers to assess the state of the UAE real estate and construction sectors in the low oil-price era.
SALES PRICES CHANGE IN 2015 -11
-13 Dubai apartments
0
Dubai villas
0
Abu Dhabi apartments
Abu Dhabi villas
DUBAI PROPERTY PRICES BY AREA (IN AED) STUDIO
1,150,000
800,000
760,000
740,000
502,000
468,000
Downtown Dubai
Greens
Dubai Marina
Jumeirah Lake Towers
Jumeirah Village Circle
Dubai Investment Park
1-BED APARTMENT
8
benchmark middle east | April 2016
April 2016 | benchmark middle east
2,500,000
Dh1,760,000
Dh1,435,000
Dh1,140,000
Dh1,120,000
Palm Jumeirah
Downtown Dubai
Dubai Marina
Jumeirah Lake Towers
Greens
benchmark middle east | April 2016
Dh800,000
Jumeirah Village Circle
Dh710,000
Dubai Investment Park
April 2016 | benchmark middle east
9
Work Infographics
Infographics Work
2-BED APARTMENT
ABU DHABI APARTMENT RENTS (January 2016) ABU DHABI APARTMENT YIELDS (January 2016)
-5%
136,000
Decrease from DecembeR
7%
7.3%
Average
Two-bed apartment
9.4%
7.4%
Studio apartment
Three-bed apartment
Two-bed apartment
3,050,000
2,600,000
2,500,000
1,860,000
1,540,0000
Downtown Dubai
Palm Jumeirah
Dubai Marina
Greens
Jumeirah Lake Towers
1,210,000
Jumeirah Village Circle
1,180,000
Dubai Investment Park
135,000 Average
3-BED VILLA
192,000
Three-bed apartment
64,000
Studio apartment
4,100,000
8,100,000
Palm Jumeirah
Jumeirah Park
3,066,000
99,000
Arabian Ranches
252,000
One-bed apartment
DUBAI APARTMENT RENTS (January 2016) (AED)
6%
5.7%
Average
Two-bed apartment
151,000 Two-bed apartment
138,000 Average
211,000
59,000
5.3%
7.2%
Three-bed apartment Studio apartment
Three-bed apartment
97,000
330,000
Four-bed+ apartment
3.6
6.4% One-bed apartment
Four-bed+ apartment
TOP 5 POPULAR PLACES TO RENT APARTMENTS IN DUBAI Dubai Marina
10
Jumeirah Lake Towers
benchmark middle east | April 2016
One-bed apartment
Bur Dubai
Downtown Dubai
Al Reem Island
Al Raha Beach
Al Reef
Al Ghadeer
Saadiyat Island
DUBAI OFFICE PRICES 460,000 m2 6.61 million m2 Dubai’s current office stock
CHANGE IN DUBAI OFFICE PRICES IN 2015:
-4%
+-1.5%
+-7%
Average office rents citywide
Rents – Dubai International Financial Centre
-9% Values – Business Bay
Business Bay
April 2016 | benchmark middle east
Four-bed+ apartment
TOP 5 POPULAR PLACES TO RENT APARTMENTS IN ABU DHABI
Expected additional office space this year
Studio apartment
One-bed apartment
Four-bed+ apartment
DUBAI APARTMENT YIELDS (January 2016)
3% Increase on December
4.6
8%
benchmark middle east | April 2016
Rents – Business Bay
-4% Values – Downtown Dubai
-9.2% Average office sales values citywide
-3% Values – DIFC
April 2016 | benchmark middle east
11
Work Infographics
Infographics Work
CONSTRUCTION PIPELINE OF NEW UNIT DELIVERIES IN DUBAI
UAE CONSTRUCTION SALARIES STILL GROWING… JUST 2015
50
2015
2016
<10,000 forecast by Damac
Of Dubai residential projects originally scheduled for completion in 2015 were delayed, according to ValuStrat
25,000
<8,000 estimated by Damac
2-5%
earlier forecast by JLL
CONSTRUCTION COSTS
5-10%
The cost of building works in Dubai is slightly below average, according to a survey by the consultancy Arcadis. International cost comarison 2nd quarter 2015
Salary increase last year
(indexation based on uk average-100)
New York London hong kong geneva macau copenhagen stockholm frankfurt paris singapore vienna doha brussels milan melbourne jeddah auckland dubai tokyo seoul amsterdam kiev ankara sao paolo riga madrid shanghai zagreb brunei manila lisbon warsaw athens belgrade jakarta sofia sarajevo prague bucharest ho chi minh kuala lumpur bangkok bangalore taipei
Dh100,000-105,000
Dh27,000-Dh30,000
Salary for general contractor in the UAE, with nine years’ experience
Salary for quantity surveyor, with nine+ years’ experience
SAUDI CONSTRUCTION SLOWDOWN
-25 SAR 223.4 billion
Decline in value of new construction contracts awarded Q4 of last year, compared to Q3
Saudi contract awards in 2015
-5
SAR 45.6 billion
Typical advance, as percentage of contract value, paid to contractors by government, down from 20%
Value of contracts awarded during period SOURCES: SOURCES:
0
12
Expected growth in UAE construction salaries this year
20
benchmark middle east | April 2016
40
60
80
100
120
140
160
180
April 2016 | benchmark middle east
Dubai Land Department | JLL | Bayut.com (UAE Market Report January 2016) | Better Homes | National Commercial Bank (NCB) | Core Savills | Morgan McKinley | Arcadis | ValuStrat
benchmark middle east | April 2016
April 2016 | benchmark middle east
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Work Top 10
Top 10 Work
Ten Trending Topics at Cityscape Abu Dhabi
T
… But do not despair Despite the low oil price scenario, the longer-term picture for the Abu Dhabi property market looks more positive, said Mr Schembri. “Although regional unrest and global economic headwinds have reduced interest and take-up from international companies looking to locate in Abu Dhabi at this moment, experts remain positive on the long term outlook for the UAE real estate market,” he said. “Continued population growth coupled with the high purchasing power among residents and increased tourist numbers in Abu Dhabi bodes well for the growth of the overall real estate sector in the UAE capital.”
he property show, Cityscape Abu Dhabi, celebrates its tenth anniversary this year — but given the current market conditions, it’s tipped to be more like a quiet gathering than a wild birthday bash. Abu Dhabi villa and apartment sales prices
remained unchanged last year, according to JLL, and while some are positive about the market this year, others point to jitters about the impact of low oil prices on the sector. With Cityscape set to run from April 12 to 14 at the Abu Dhabi National Exhibition Centre, here’s the lowdown on the biggest topics expected on the agenda.
1
Low oil prices bring caution… Ben Crompton, managing partner of Crompton Partners estate agents in Abu Dhabi, said he expects “quite a bit of caution” in the air at the upcoming Cityscape Abu Dhabi. “The market still isn’t sure what the impact of the low oil prices will be on the Abu Dhabi economy. If the economy weakens fewer jobs will be created meaning less demand for real estate,” he said. Carlo Schembri, the exhibition manager at Informa Middle East responsible for Cityscape Abu Dhabi, said oil prices may indeed have an impact on the property market, despite the efforts to diversify the economy. “The oil price decline has an impact on liquidity and therefore may restrict the mortgage market in the near future,” he said.
14
2
benchmark middle east | April 2016
3
Cityscape expected to be as big as last year—and busier
More people are expected to visit Cityscape Abu Dhabi this year, said Mr Schembri. “Even though market conditions have slowed down over the past 12 to 18 months, our visitor preregistration numbers are well up on last year’s edition,” he said. The show is “in good shape”, Mr Schembri added, with big developers and government entities expected to take part including Aldar, Mubadala, the Tourism Development & Investment Company (TDIC), Masdar and the Department of Municipal Affairs. The show will cover about 18,000 square meters of exhibition space, about the same as last year.
4
New developments launching… Mr Schembri said some noteworthy new developments are likely to launch at the show. “We are aware of several of the capital’s leading developers planning to launch new projects at this year’s Cityscape Abu Dhabi. In some cases it will involve some truly ground breaking new developments, so there certainly is a lot to look forward to for interested investors and home buyers this year,” he said.
April 2016 | benchmark middle east
benchmark middle east | April 2016
April 2016 | benchmark middle east
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Work Top 10
Top 10 Work
5
8
… But no ‘megaprojects’ expected Despite the likely launch of new developments, other analysts say there are unlikely to be any new large-scale projects revealed. “Unlike previous years of Cityscape Abu Dhabi, we are not expecting to see the launch of any major new masterplan projects, rather we anticipate a more low-key event with some strategic launches within existing developments,” said Matthew Green, CBRE’s head of research and consulting in the UAE. “With a number of major masterplans still taking shape, we can expect to see the launch of anchor style projects, developments which will ultimately help in place making and establishing critical mass.”
A subdued market… The oil crunch means the Abu Dhabi property market is likely to be relatively slow this year, analysts predict. “Given the slowdown in overall real estate activity over the past 12 months, and in consideration of the current economic environment, we expect to see a subdued market performance this year,” said Mr Green. “Despite the ongoing economic challenges brought about by a period of lower oil pricing, US dollar strength, and sustained global uncertainty, the outlook for the residential market remains relatively stable, largely as a consequence of the limited future pipeline and the continued growth in sectors such as aviation, tourism and other non-oil sectors. However, any major shift in the public sector expatriate employment base due to government spending cuts could yet alter this outlook.”
6
Spotlight on Abu Dhabi property law A new law regulating Abu Dhabi’s property sector came into force on January 1, and is expected to be a hot topic at Cityscape. Key aspects of the law include the requirement for property professionals – including developers, brokers and surveyors – to have a minimum amount of training. Mr Schembri said the law will be discussed at The Abu Dhabi Market Overview, held on the first day of the show. “The new property law will be the main talking point at Cityscape Abu Dhabi,” he said. “The new real estate law is expected to provide a stronger foundation for inward investment which should benefit all real estate sectors.”
9
7
Affordability in focus Last year’s Cityscape Abu Dhabi heard of a “major shortage” of affordable housing in the UAE capital. This topic is likely to remain on the agenda this year, despite some developers, including Aldar, having launched schemes aimed at “mid-income” investors. “New planned legislation around fixed quotas for ‘affordable homes’ may help to ease access to the property market; however further detail is yet to be confirmed,” said Mr Schembri. “When you consider that an average expat household aspiring to purchase a home has to contend with an average annual rent of Dh204,000 against an average household income of Dh199,000, the problem of the lack of affordable housing in the Abu Dhabi is incredibly clear.”
16
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April 2016 | benchmark middle east
…But with a ‘cushion’ CBRE estimates that fewer than 6,000 residential units were completed during 2015, aiding the Abu Dhabi market. Mr Crompton agreed that the relatively slow delivery of new property units is helping keep the Abu Dhabi market stable. “Inventory delivery is still very slow in Abu Dhabi at the moment, we’re only seeing genuine stock come online on Reem Island,” he said. “This slow rate of delivery will cushion the market as there isn’t much new stock to be taken up. I don’t expect net outflows from Abu Dhabi in terms of population as sectors – apart from oil and gas and construction – are still strong, and the UAE economy is predicted to grow 2.5% this year. I expect a slight fall in rents across the city this year, but nothing major.”
benchmark middle east | April 2016
10
Not a good day at the office Despite the relative stability of the residential sector, Mr Green expects commercial property to fare less well. “The office sector in particular looks set for a period of decline amidst some downsizing amongst both local and international companies, including a number of banks and other government-related entities. With the oil and gas and public sectors serving as primary office demand generators, demand for office space from both new and existing occupiers has notably slowed,” he said. “These conditions are also having a knock on impact on other parts of the office sector, including on professional services companies such as law firms, which rely heavily on the work from the government and government related institutions.” April 2016 | benchmark middle east
17
Work Recruitment
Recruitment Work
making it big in the property sector As the UAE construction boom subsides, employers are being much more selective in their recruitment and employee retention, creating both challenges and opportunities for those in the real estate industry.
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April 2016 | benchmark middle east
benchmark middle east | April 2016
April 2016 | benchmark middle east
19
Work Recruitment
Recruitment Work
along with an increase in residential projects required. In the short to medium term, huge global events like the Dubai Expo 2020 and Qatar World Cup should ensure spending continues within constructionand infrastructure,to be ready for when the world’s focus turns tothe Middle East. Therefore I expect the employment market for property and construction professionals in the GCC over the next decade to be strong.
T
housands of construction and property professionals – as well as estate agents – found work at the height of the building frenzy, before the global downturn brought the sector to a near standstill. Back then candidates meeting just 60 to 70 percent of the employment criteria could land a job in the sector, says recruitment expert Niall Hughes, senior consultant at Morgan McKinley in the UAE. But now employers can afford to be much pickier, with candidates needing to meet almost all the criteria before even being granted aninterview, Mr Hughes said. Despite the tougher market and the stalling of several construction projects, employers are still on the lookout for the most skilled workers, with major events such as the Dubai Expo 2020 and the 2022 FIFA World Cup in Qatar seeing continued momentum in the regional market. And pay in the sector continues to rise, with Morgan McKinley forecasting that UAE construction salaries will rise by between 2 and 5 percent this year, albeit at a slower rate than last year, when there was an estimated5 to 10 percent increase. So while the industry is now much more challenging to break into, with low oil prices beginning to impact government budgets in the wider Arabian Gulf region,
20
benchmark middle east | April 2016
there are still opportunities out there for the best-qualified candidates. Here Mr Hughes gives Benchmark the lowdown on how to rise up the career ladder in the construction and property sector. Q&A with Niall Hughes, Senior Consultant at Morgan McKinley in the UAE Given the current market conditions, is it worth considering a career in property and construction? The GCC construction industry is going through a tough period with many projects either being put on hold or shelved, mainly due to a lack of funding in the region. Difficulties in the Russian and Chinese economies along with a strengthening of the US Dollar, which most of the GCC currencies are pegged against, has meant a slowdown in the level of investors buying in the region. Having said this, predictions for the region point to a brighter future. Populations are growing as many expats come to live and work in the region and there is a growing trend towards these people staying in the region longer-term and looking to move from renting to buying accommodation. This growth in population has seen GCC governments invest more in infrastructure and this will need to continue
The market is competitive with the supply of jobseekers outweighing demand from employers, however the biggest difference between now and the “boom years” are the actual demands of employers niall hughes Senior Consultant, Morgan McKinley UAE
April 2016 | benchmark middle east
How hard is it to land a job in the sector compared with during the UAE ‘boom’ years? We have certainly seen a slowdown in hiring in the construction sector since the first half of 2015, by 10 to 15 percent and maybe even 20 percent in some areas. The market is competitive with the supply of jobseekers outweighing demand from employers, however thebiggest difference between now and the “boom years” — circa 2006 — are the actual demands of employers. During the boom years, employers had to be flexible about who they would hire and if you fulfilled 60 to 70 percent of their criteria for skills, experience and education then you had a very strong chance of landing the job. Now though, it is difficult to even get an interview with the same companies unless you have at least 85 to 90 percent of their demands in terms of experience. My main piece of advice for candidates is to be realistic with your expectations. Employers can receive hundreds and in some cases thousands of applications for every job opening they advertise. You need to ensure your CV stands out. Clearly highlight and demonstrate on your CV where you meet the criteria set out in the job advertisement. If your main motivation to move is for financial reasons then now is probably not the time to change jobs. Do you have any insights about working for estate agencies? What are the salaries can they expect and how competitive is it? We do not recruit for estate agencies as the salaries on offer are normally very low — if any at all, as most real estate agents will make their money from commissions on the successful sale of a property.My understanding from speaking to people within this industry is that they’ve encountered a difficult 12 months in a very competitive market and inquiries and transaction numbers are down due to weaker investor sentiment. benchmark middle east | April 2016
Salaries for professionals in the main UAE construction contracting industry Gross Salaries (AED per month) / 2016 0-3 years experience
3-5 years experience
Managing Director-
85,000-
General Contractor
90,000
Director
Role
Project Director
Senior Project Manager
Project Manager
Assistant Project Manager
Contracts Manager
Commercial Director
Senior Quantity Surveyor
Quantity Surveyor
Planning Manager
Sales Manager
6-8 years experience
9+ years experience
90,000-
95,000-
100,000-
95,000
100,000
105,000
68,000-
70,000-
72,000-
75,000-
70,000
72,000
75,000
80,000
48,000-
50,000-
52,000-
55,000-
50,000
52,000
55,000
60,000
42,000-
45,000-
48,000-
50,000-
45,000
48,000
50,000
55,000
38,000-
40,000-
42,000-
45,000-
40,000
42,000
45,000
48,000
28,000-
32,000-
35,000-
38,000-
32,000
35,000
38,000
40,000
40,000-
42,000-
45,000-
48,000-
42,000
45,000
48,000
50,000
52,000-
55,000-
60,000-
65,000-
43,000
60,000
65,000
70,000
30,000-
33,000-
35,000-
38,000-
33,000
35,000
38,000
45,000
20,000-
23,000-
25,000-
27,000-
23,000
25,000
27,000
30,000
30,000-
32,000-
35,000-
38,000-
32,000
35,000
38,000
40,000
20,000-
25,000-
30,000-
35,000-
25,000
30,000
35,000
40,000
SOURCE Morgan McKinley
April 2016 | benchmark middle east
21
Work Property
Property Work
To Rent or Buy in the Emirates
Weighing the Options
I
by ben Flanagan
nvestors are supposed to be rational — but that is easier said than done when it comes to buying property. It is for good reason that some estate agents advise
sellers to bake fresh bread before potential buyers come to view a property. Homebuyers can be blinded by emotional responses — be it smells, super sea views or offplan marketing gimmicks — and may fail to see that a particular property is overpriced or unsuitable. Even buy-to-let investors can be overly swayed by the enduring appeal of ‘bricks and mortar’, which may not necessarily offer the same return as other investments measured by more mundane share graphs and price-earnings ratios. In the UAE, where the property market has seen something of a rollercoaster ride in recent years, it is arguably even more difficult to determine whether it’s the right time to buy. The market has slowed significantly and — given the current low oil-price scenario, and wider regional unrest — the possibility it could see a further decline makes the answer even more elusive. Slowing market The property markets in both Abu Dhabi and Dubai witnessed “subdued sales activity in 2015”, according to JLL. “While lower oil prices coupled with geopolitical unrest negatively impacted investor sentiment, the strengthening of the U.S. dollar made UAE property more expensive for many overseas investors,” the consultancy said in a recent report. Figures show a fall of 33 percent in the volume, and 28 percent in value of Dubai property transactions in the year to No22
benchmark middle east | April 2016
April 2016 | benchmark middle east
benchmark middle east | April 2016
vember 2015. Dubai apartment prices fell by 13 percent, and villas 11 percent over the same period. Rental yields improve But while sales prices were down, rents fell less sharply — with apartment rents down 3 percent, and villas down 4 percent — marking a potential opportunity for buy-to-let investors. In Abu Dhabi, property sales prices were unchanged last year, while apartment rents rose by 4 percent and villa rents increased by 2 percent, according to JLL figures. “Rents have performed better than sale prices in all sectors of the residential market in 2015, increasing rental yields and the future attractiveness of the sector,” JLL noted. Ben Crompton, managing partner of Crompton Partners estate agents in Abu Dhabi, agreed that this marks an opportunity for buy-to-let property investors in the UAE capital. “If you are an investor, yields are looking very attractive at the moment. We have had a 2015 of rising rents and flat sales prices so returns have ballooned,” he told Benchmark. April 2016 | benchmark middle east
23
Work Property
Property Work
Rents are still very high, interest rates low and buying makes a lot of sense if you plan to stay here for a while or if you are seeking
Those whose salaries are paid, or hold savings in currencies other than dirhams or dollars will however find the exchange rate stacked against them, Mr Hajje cautioned. “The high [dollar and] largish deposits demanded due to the mortgage cap regulation is putting some prospective purchasers off, which is understandable. For this kind of cash outlay you have some attractive options around the world,” he said. But while CBRE expects further price declines this year, Mr Hajje said that the bottom of the market is near — suggesting it could soon be the optimum time to take the plunge. “Will prices go down further? Possibly,” he said. “But if we are not at the bottom yet, I suspect we are not too far from it.”
strong rental yields
“Will prices fall very far with yields so good? We will have to see what the rental market does. If it is stable then sale prices will stick with them, but watch them drop away if rents tumble.” Price declines expected Some analysts do however forecast further property price declines in 2016 — casting doubt over whether now is the best time to buy. “Our expectations are for further market declines during 2016, brought about by the continued global uncertainty and the negative impact of low oil prices upon regional economies,” Matthew Green, CBRE’s head of research and consulting in the UAE, told Benchmark. “That said, there are certainly opportunities to find better value in the market than has been possible for a number of years, and that may encourage increased investment towards the end of the year, should conditions start to improve,” he added. 24
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Demand remains strong Dubai estate agent Lewis Allsopp, chief executive of Allsopp & Allsopp, said the local market is already starting to recover — and that he is beginning to see demand outstrip supply. “Under current market conditions, we’re regularly seeing desirable properties listed at an achievable price receive multiple offers from buyers. This shows the real strength of the market and has the combined effect of keeping supply tight, demand high and, as we’re starting to see, prices increasing,” he said in a statement. Allsopp & Allsopp also said February marked the highest month of sales volume since the company started in 2008, as well as a 62 per cent increase in buyer registration on the same month last year. “Oversupply would be the first thing to show the market is in trouble but the fact is we are facing precisely the opposite scenario — we’re actually struggling to find units for the demand. Thankfully the developers are aware of the current situation and we still have properties due to come online this year despite some projects being held up.” But if you do decide to take the plunge and purchase a property, remember that — even if it has sweet views and smells like freshly baked bread — your decision should remain as rational as when you buy stocks and shares.
Buying property to live For those looking to buy a property in which to live, rather than rent out, the answer of whether to take the plunge is similarly complex. Those looking to live in the UAE for several years — typically five or more – will obviously save money on rent. But buying property invariably comes with hefty purchase fees, mortgage interest payments, annual service fees, and the risk of falling into negative equity. Lukman Hajje, chief commercial officer at Propertyfinder.ae, said the decision to buy property in the UAE “always depends on your individual circumstances”. “Prices are very attractive at the moment. Being counter cyclical is not for everyone but often that’s where you’ll find the smart money. Rents are still very high, interest rates low and buying makes a lot of sense if you plan to stay here for a while or if you are seeking strong rental yields,” he added. April 2016 | benchmark middle east
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Unreturned deposits, rent- cheque scams, overflowing sewage pipes and unwelcome house calls Stories a b o u t UA E ‘ l a n d l o r d s f ro m h e l l ’ a re a s va r i e d a s t h e y are plentiful. You do not have to look far to hear tales of te n a n t t ra u m a i n t h e E m i ra te s — e x p l a i n i n g w h y, p e r h a p s , l a n d l o r d s a re s o m e t i m e s l a m p o o n e d a n d l a m b a ste d a m o n g f r i e n d s a n d o n s o c i a l m e d i a .
by ben Flanagan
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here is no popularly known Arabian Gulf equivalent of Peter Rachman, the London landlord who in the 1950s and early 1960s was infamous for his exploitation of tenants. Such was his notoriety that the word ‘Rachmanism’ entered the Oxford English Dictionary, defined as the “extortion or exploitation by a landlord of tenants.” Things may not be so extreme here in the UAE. But tales of woe abound. One Dubai resident, who did not wish to be named, described being ripped off by a bogus landlord. “When we lived in Horizon Tower in Dubai, the ‘landlord’ told us he owned the flat, and we started paying rent monthly in cash,” he told Benchmark. “One day a British Indian guy came to the door asking for said ‘landlord’. We said he didn’t live here. The guy seemed shocked 26
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benchmark middle east | April 2016
and asked us who we were. We said his tenants. Turns out the ‘landlord’ was subletting to us and the British Indian guy was the real owner. The bogus landlord then did a runner with all our deposits; luckily the real owner was nice enough to give us a free month’s rent as compensation.” Another Dubai resident described the unwelcome – and somewhat oddball – visits by a landlord to her villa in Dubai. “He turned up at our back door… entreating me to ‘come and visit his farm’. I certainly did not want to visit him anywhere – especially his ‘farm’,” she said. The tenant also described nearly being buried by an avalanche of pebbles that fell from an ornamental border around her bedroom ceiling. “One night a shedload of it fell down while I was sleeping – about 30 kilos of loose stones and concrete – missing my head by inches. The landlord tried to say it was because I had the AC on too
much. I could have been killed!” Another resident described being “ripped off by a conman claiming to be the landlord, who did a runner with a year’s rent”. Others describe how genuine landlords have declined to return deposits, illegally refused to renew tenancy agreements, or even fail to act when a property is hit by a sewage leak. Yet is this really representative of UAE landlords in general? And is it any worse here than elsewhere? One prominent estate agent in the UAE said that the actions of a minority are giving landlords a bad name. “Most landlords are pretty good but the bad ones get away with it, which adds fuel to the notion that they are a bad lot,” said Ben Crompton, managing partner of Crompton Partners estate agents in Abu Dhabi. April 2016 | benchmark middle east
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A lack of legal action against unscrupulous landlords doesn’t help the situation, Mr Crompton added. “Landlords are getting better but the issue is always a lack of clarity of the law on both sides, poorly written rent contracts so the parties’ obligations aren’t defined, and the lack of enforcement at the judicial level which means that landlords go unpunished,” he said. Yet authorities in the UAE have taken action to protect both tenants and landlords. In Dubai it is obligatory for all rental contracts to be registered via the Ejari — or “my rent” — online portal. The system, in force since 2010, aims to protect both landlord and tenant in the event of a dispute, and ensure that individual units are not rented out twice. And in 2013, a specialised Rental Dispute Resolution Centre opened at the Dubai Land Department. Indeed, with such systems in place, some experts believe that tenants in Dubai are better protected than in many countries outside the UAE. “I don’t think significant additional regulation is required. There are strict rules surrounding rental increases and notice to vacate,” said Lukman Hajje, chief commercial officer at Propertyfinder.ae. “Some fine tuning around the maintenance of the property [is perhaps required]… But in general tenants are better protected here than in most parts of the world.” Mr Hajje said that the UAE is a free market, and that he can understand why landlords would look to guarantee their income by asking for annual rent payments to be made upfront — something many tenants believe is unreasonable.
“The UAE is an expat-dominant marketplace that is still highly transient, although people are staying here much longer these days. I can understandable those landlords that are looking to secure their annual rent payments in advance — but everything is negotiable. If you’re paying in advance you should expect a 10 to 15 percent better price than paying in four [post-dated cheques] which is now the most common,” Mr Hajje said. “Landlords here as elsewhere in the world try to maximise their investment return. There is plenty of regulation in place to prevent or limit unfair landlord practice. More than in some advanced markets in fact. At the end of the day, landlords must compete in the open market.”
Landlords here as elsewhere in the world try to maximise their investment return. There is plenty of regulation in place to prevent or limit unfair landlord practice
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And some believe that — far from the landlords having the upper hand — things are in fact stacked against them. Rules in Dubai that prevent tenants from being evicted, and limit rental price increases, mean that landlords do not have the upper hand, said Peter Cooper, a longtime UAE resident and financial expert who works as a writer and publisher. “What about the horror stories of landlords stuck with tenants paying submarket rents who won’t leave, and they just can’t get rid of because the laws are stacked in favour of the tenant? On the other hand, tenants can leave the moment rents drop,” he said. So next time you hear a negative story about UAE landlords, bear in mind that there are ‘tenants from hell’ out there too. April 2016 | benchmark middle east
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Calculating the Costs
Property Disputes, Delays and Cancelled Projects
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by ben Flanagan
ubai's real estate rush and subsequent crash resulted in hundreds of projects being delayed and cancelled — causing major losses for both
individual investors and construction firms. Now, as the market begins to recover, investors are seeking greater protection.
Authorities in both Dubai and Abu Dhabi have taken measures to ensure that investors are now better protected. But many investors are still out of pocket as some long-overdue projects are not officially ‘cancelled’, or courts are yet to decide on the liquidation of developer assets. So how safe are new property investors now? It’s a vital question given that property prices in Dubai are falling and Abu Dhabi’s market has slowed with fears that low oil prices could push prices down further and slow delivery of new developments. With that in mind, Benchmark has the answers for your questions about UAE property disputes: How many projects have been cancelled or delayed in total? Hundreds. The Dubai Courts started publishing official lists of cancelled property projects in summer 2014; its latest publication, as of mid-March, shows 255 cancelled projects. There is a queue of cases of cancelled projects yet to be heard by the courts; only a handful have been liquidated and the funds distributed among investors. 30
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benchmark middle east | April 2016
Which properties have been cancelled? Too many to mention here. The Dubai Courts website lists some colourful schemes, announced with great fanfare in the boom years but now cancelled. These include the Rotating Residence, by High Rise Properties, which was to be a Dh250 million 16-storey freehold rotating tower due for completion in 2008. Another on the list includes VGreece on the World, a development of 65 luxury homes that was to be built on Dubai’s manmade archipelago. Can investors get their money back? In 2013, a special legal committee to oversee the liquidation of cancelled property projects was launched in Dubai. The committee is tasked with the settlement of disputes between property developers and investors over projects that have been officially cancelled by the Real Estate Regulatory Agency (Rera). But there is no specific time period for a judgment to be passed by the courts — and certainly no guarantee over how much money investors would get back, as that would depend on the developer’s assets. Some property invesApril 2016 | benchmark middle east
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The Rotating Residence, one of the cancelled Dubai property projects
The Middle East construction market is back in full swing, so parties that parked their losses in 2008 now have the funds to pursue those claims How do Middle East construction disputes compare globally? The Middle East region has the secondhighest value of corporate construction disputes globally, Arcadis found. Construction dispute values for 2014 were the highest in Asia, at $85.6 million. In North America and the UK, dispute values dipped to $29.6 million and $27 million respectively in 2014. The average time taken to resolve disputes in the Middle East rose to 15.1 months, longer than the global average of 13.2, Arcadis said.
tors have found themselves in limbo in cases where a project has not been officially cancelled by Rera. Some developers have insisted projects are still going ahead, despite being greatly delayed. What kind of protection is there in Abu Dhabi? A new property law came into force in the UAE capital on January 1st that is likely to have a positive impact in protecting residential real estate buyers. The new law tasks Abu Dhabi’s Department of Municipal Affairs (DMA) with regulating the real estate sector in a similar way that Rera does in Dubai. This will include issuing licences and cancelling real estate projects when necessary. Importantly for property buyers, the law mandates that developers set up escrow accounts when selling 32
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Why the increase? The construction disputes were largely related to projects undertaken in 2008 and 2009 — but the claims were initiated later due to more money being made available for legal fees. “The Middle East construction market is back in full swing and contractors and employers are seeing more liquidity in the market. With this though those parties that parked their losses now have the funds to pursue those claims that were parked,” said Edward McCluskey, head of alternative dispute resolution for the Middle East at Arcadis, in a statement when the report was issued. The most common causes of construction disputes in the region relate to the administration of contracts, according to Arcadis. The transportation sector saw the most disputes arise in 2014, followed by social infrastructure and real estate.
property off-plan, so buyers’ funds are better protected. Developers will only be able to access these funds in stages, and will have to self-finance the first 20 percent of construction works. And crucially, developers will now be subject to fines if projects are delayed beyond six months — with the funds raised used to compensate purchasers. What’s the trend with corporate disputes between developers and contractors? Those are very much on the rise, figures suggest. According to the consultancy Arcadis, the value of disputes relating to major Middle Eastern construction projects rose in value by 88 percent to hit $76.7 million in 2014. That represents the biggest increase in the value of Middle East construction disputes since 2011. April 2016 | benchmark middle east
benchmark middle east | April 2016
And how do developer’s contractual disputes hit property investors? According to JLL’s ‘2016 Top Trends for UAE Real Estate’, construction disputes are one of the key factors behind projects being delayed. “A by-product of the slowing market conditions in 2016 is likely to be a continuation of the trend of project delays,” the advisory firm said. “Project delays will be attributed to a number of reasons, including financing issues, contractual disputes, construction delays and licensing/approval delays, while some developers will deliberately hold back completions to avoid flooding the market.” JLL estimates that only 30 percent of proposed UAE residential projects and 45% of proposed office space is completing on schedule. But the firm said that this is actually healthy for the country’s property market. “This will represent something of a ‘blessing in disguise’ and will help stabilise the market and avoid excessive oversupply,” it said. April 2016 | benchmark middle east
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Trading Address Envy for a Bargain
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ubai may be associated with ‘bling’ lifestyles — but property hunters in the emirate and throughout the UAE are increasingly looking for a good deal.
Despite last year’s drop in sales and rent prices in Dubai, and with the Abu Dhabi market flat, more UAE residents are seeking out cheaper areas to live, according to Dubizzle. The classifieds website crunched the data on millions of search requests in 2015 to find the key trends in what kind of properties people are looking for. More affordable communities such as Jumeirah Village Circle and Dubai Sports City were last year among the top 10 most-searched communities on the website’s property pages. Ann Boothello, product marketing man-
ager for property at Dubizzle, said this highlights “the need for more affordable housing for both end-users and the savvy investor who sees higher rental yields coming from such areas.” Further evidence that internet users are looking for cheaper accommodation comes with the most popular search terms used — with ‘partition’ and ‘studio’ the number one phrases on Dubizzle’s property rentals section in Dubai and Abu Dhabi respectively. Check out Benchmark’s megagraphic showing the property trends and hotspots in Abu Dhabi and Dubai — and what you get for your money.
Dubai is becoming more affordable Ann Boothello, product marketing manager for property at Dubizzle, tells Benchmark about the trend of UAE residents seeking out cheaper accommodation: “The pockets of interest in Dubai have always been the premium communities, like Dubai Marina, Jumeirah and Downtown Dubai. But what we’ve noticed over 2015 and even in late 2014 is that search volumes have [increasingly been growing in] areas like Jumeirah Village Circle and Dubai Sports City – the ones that are further away from the main artery, Sheikh Zayed Road. That goes hand-in-hand with what’s happening with the market. I see Dubai becoming more affordable, with more options to look at. If you don’t want to pay out one [rental] cheque in Dubai Marina for a one-bedroom apartment, there are bigger spaces available not so far off where you could possibly pay down with three to four cheques, depending on the landlord.”
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Ben Crompton, managing partner of Crompton Partners estate agents in Abu Dhabi, on the popular areas in the UAE capital: “Very hot at the moment is Reem Island. A lot of new product is coming online there and there are a lot of transactions. Al Reef and Al Raha are always steady and we’re seeing more interest in Saadiyat Beach as sellers come back to the market.”
H O T S P O T S
Reem Island is becoming a real estate hotspot in Abu Dhabi
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U A E P R O P E R T Y
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How much it costs to buy in Abu Dhabi
Prime Dubai areas still offer the best capital growth prospects”
Cost per sq ft (2015) From most expensive to affordable 1 Al Raha Beach • Dh1,651
Area
Dubizzle searches, 2015 (approximate)
Dubai Marina International City JLT Business Bay Downtown Dubai Al Nahda Deira Al Barsha Jumeirah Village Circle The Palm Jumeirah
68 million 47 million 42 million 30 million 30 million 27 million 26 million 24 million 23 million 23 million
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One-bedroom apartments Studio apartments One-bedroom apartments Office space One-bedroom apartments Two-bedroom apartments Studio apartments One-bedroom apartments One-bedroom apartments Two-bedroom apartments
Top 10 most searched communities for sale in Abu Dhabi Area
Dubizzle searches, 2015 (approximate)
Al Reem Island Shams Abu Dhabi Al Ghadeer Al Reef Tamouh Marina Square Gate District Al Ghadeer Village Al Raha Gardens Hydra Village City of Lights
6 million 2 million 1 million 1 million 1 million 1 million 1 million 700,000 600,000 600,000
3 Al Reem Island, Tamouh Marina Square • Dh1,369
Most searched property type
Two-bedroom apartments Two-bedroom apartments Two-bedroom apartments Two-bedroom apartments Two-bedroom apartments Two-bedroom apartments Studio apartments Four-bedroom villas Two-bedroom villas Studio apartments
Area
Dubizzle searches, 2015 (approximate)
Khalifa City A Al Reem Island Mohammed Bin Zayed City Tourist Club Area Al Muroor Al Markaziyah Al Khalidiyah Al Ghadeer Al Mushrif Gate District
24 million 17 million 17 million 8 million 8 million 8 million 8 million 7 million 5 million 5 million
Most searched property type
Studio apartments Two-bedroom apartments Studio apartments Three-bedroom apartments Studio Apartments Three-bedroom apartments Three-bedroom apartments One-bedroom apartments Studio apartments One-bedroom apartments
Top 10 most searched communities for sale in Dubai Area
Dubizzle searches, 2015 (approximate)
Dubai Marina JLT Downtown Dubai Jumeirah Village Circle Business Bay The Palm Jumeirah International City Dubai Sports City Arabian Ranches The Springs
23 million 15 million 15 million 13 million 11 million 11 million 11 million 10 million 8 million 7 million
Most searched property type
One-bedroom apartments One-bedroom apartments Two-bedroom apartments One-bedroom apartments Office Space Two-bedroom apartments One-bedroom apartments One-bedroom apartments Three-bedroom Villas Three-bedroom Villas
MOST EXPENSIVE
MOST AFFORDABLE
1 The World • Dh3,466
1 International City • Dh700
2 Downtown Dubai • Dh2,525 5 Al Reem Island, City of Lights • Dh1,115
3 Al Jadaf Cultural Village • Dh1,926 4 DIFC • Dh1,902
6 Golf Gardens • Dh1,036
5 Dubai Marina • Dh1,776
7 Al Ghadeer Village • Dh990
6 The Palm Jumeirah • Dh1,771
8 Al Reef Downtown • Dh915
7 Dubai World Trade Centre • Dh1,765 8 JBR • Dh1,747
9 Al Reef Villas • Dh805
9 Business Bay • Dh1,629
10 Hydra Village • Dh643
10 Emirates Living • Dh1,560
SOURCE
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Most searched property type
Top 10 most searched communities for rent in Abu Dhabi
2 Saadiyat Island • Dh1,591
4 Abu Dhabi, City Centre • Dh1,240
Lukman Hajje, chief commercial officer at Propertyfinder.ae, says property in prime areas of Dubai, though more expensive, has better prospects for capital growth: “Outer areas like Dubailand, [Dubai Silicon Oasis and] Dubai Sports City offer affordable options and excellent rental yields. Prime areas like Downtown, Dubai Marina and The Palm however still offer the best capital growth prospects. For Abu Dhabi, Al Reem Island still heavily dominants searches on our site both in [the] buy and rent [sections], whilst Al Reef is popular as it offers excellent value for money. The Northern Emirates are also achieving lots of enquiries where a lot of options still exist under Dh600,000.”
Top 10 most searched communities for rent in Dubai
2 Dubai Industrial City • Dh710
How much it costs to buy in Dubai Cost per sq ft (2015)
3 Dubai Investment Park • Dh741 4 Al Quoz • Dh792 5 Dubai Silicon Oasis • Dh853 6 Dubailand • Dh915 7 Jumeirah Village • Dh920 8 Dubai Silicon Oasis • Dh929 9 IMPZ • Dh939 10 Dubai World Central • Dh941
Dubizzle
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Luxury
Within Reach
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By jennifer Bell
espite falling housing prices across the UAE, the demand for high-end properties remains steady. But fears about oil prices and the real estate
market are driving down the prices in some of the best neighbourhoods in town—a boon for savvy home buyers.
As the tremors caused by the sudden fall to earth of previously soaring and seemingly stable oil prices continue to be felt, you could be forgiven for thinking that, as far as the UAE is concerned, it’s a case of business, and pleasure, as usual. On the surface, Dubai continues to gleam and glide, with the trappings of affluence continuing to be pursued and displayed, and the emirate giving the impression of riding out the hydrocarbon storm with ease. But while oil’s nosedive might not have led to panic stations being sounded within Dubai’s prime property market, drastic price-slicing and desperate attempts to find buyers for the city’s most exclusive addresses, even its seemingly buoyant housing sector cannot fail to be touched by a dramatically altered economic landscape. The question is whether that touch is best described as a slight nudge, or a sharp jab — and whether resilience in Dubai’s luxury housing sector is reality, or façade. Andrew Cleator, luxury sales director at Luxhabitat, the only high-end property brokerage in UAE with the most exclusive portfolio of luxury villas, apartments and penthouses for sale and rent in Dubai, said 38
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the high end of Dubai’s real estate market has certainly fared better during the oil price crisis than the low-mid sector, a scenario in which a number of factors are in play, but mainly due to the end buyers’ profile and requirements. “Over the last six months, we have witnessed strong demand for luxury penthouses and more recently waterfront properties like Palm Jumeirah,” he said, pointing to recent sales figures that run into millions of dirhams. The properties behind these figures, all in Luxhabitat’s portfolio, include a fivebedroom penthouse in Princess Tower and a three-bedroom apartment in Park Island (both in Dubai Marina), three sales of four-bedroom luxury villas in The Fronds, and several multi-bedroom properties in Oceana Residences, all located in Palm Jumeirah. "Despite this, the prices for property on sale in typically expensive neighborhoods haven’t retained their value," explained Mr Cleator, meaning that some price revisions have had to be made. “Without a doubt all prices in Dubai, regardless of the neighbourhood, have dipped in the last nine months,” he said. “Depending on actual neighborhoods, I would say April 2016 | benchmark middle east
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Palm Jumeirah performed best last year — it accounted for 21.8 per cent of the total, with these properties maintaining a eye-catching average asking price of Dh6.4m
that, across the board, this decrease is anywhere between 10 per cent to 30 per cent.” While house prices in Dubai have defied gravity seen in the 2008 financial crisis, the market has already been weakening due to the imposition of mortgage caps and a hike in property transaction fees. And Mr Cleator believes the gap between asking prices and actual sales prices is now visible in Dubai. “For some time, the gap was substantial, but recently sellers have reacted after realising that if they are serious to sell, they must adjust their expectations,” he said. “This has resulted in the gap closing, with more realistic asking prices being evident.” Luxhabitat estimates that, within Dubai’s prime property sector, the priceper-square-foot figure has fallen from Dh1,796 in 2014 to Dh1,481. Since 2014, there has also been a 17.5 per cent drop in the price trend for prime residential properties, bringing the prices for these homes closer to those seen within the residential market as a whole. 40
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Within Dubai, some areas fare better than others. In the luxury residential sales stakes, Palm Jumeirah performed best last year — it accounted for 21.8 per cent of the total, with these properties maintaining a eye-catching average asking price of Dh6.4m. It was followed by Downtown Dubai, with 21.6 per cent of high-end sales and an average asking price of Dh5.6m, and Dubai Marina. At the bottom of the luxury property pile were Jumeirah Island and Victory Heights. It’s a mixed picture, but the conclusion is that demand has inevitably cooled within Dubai’s luxury property world. However, according to Mr Cleator, the emirate is generally weathering a time of weakened currencies, stock market shockwaves and oil-price uncertainty better than some predictions indicated it might. “Buyers are still out there,” he said. “It’s only a matter of time before prices rebound — dragging up the local real estate market again.” April 2016 | benchmark middle east
benchmark middle east | April 2016
And the prospects for this rebound are aided by the fact that savvy househunters — especially those with the means to shop in the high-end of the real estate market — know that real estate, especially ultra-high net worth properties, are still a safe investment, said Mr Cleator. “Real estate has to be one of the safest modes of investment possible, and it most likely will remain so for a long time,” he said. “This is especially true of the highend of the market in Dubai, as the local market has the appetite for better quality, amenities and locations.” And whatever the economic backdrop, returns remain robust. “Buying in selected, quality-developed, off-plan projects almost guarantees healthy returns when sold on completion, and recent rental yields have actually increased due to the lower sales prices available, while the rental demand remains strong,” he explained. “And rental yields available in Dubai actually still rank almost the highest of any major city in the world.” April 2016 | benchmark middle east
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THE BOSS
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WORK THE BOSS
a Modern-day Mogul
benchmark middle east | April 2016
April 2016 | benchmark middle east
H
e has now turned his attention to a market segment that, though not as high-rise or headline-grabbing, has similarly lofty potential: affordable property. Mr Durie left his role as chief executive of Emaar International in August 2014, and now heads up Nshama, which is behind the Town Square development in Dubai. The under-construction project, located about 22 minutes from Dubai Mall past Arabian Ranches, seeks to address what analysts have long identified as a gap in the market for properties geared towards “middle income” residents. Nshamais selling one-bedroom apartments for Dh499,000 and townhouses for Dh999,988 – well below the asking prices for similar off-plan properties in Dubai. In this exclusive interview with Benchmark, Mr Durie described the future potential of the affordable property sector both within the UAE, and beyond.
Property executive Fred Durie has been associated with some of Dubai’s highest profile — and priciest — developments for much of his 30-year career in the UAE. Having trained as a civil engineer, Mr Durie landed a job at Dubai Municipality back in 1986, before moving to Emaar in 2001, where he gained experience on mega-developments such as Downtown Dubai, one of the costliest places to live in the country. 42
by ben Flanagan
Q&A with Fred Durie, chief executive of Nshama.
How is construction progressing on Town Square? The construction of Town Square, our flagship project in Dubai, is progressing as per schedule. We have started work on 1,050 townhouses and 1,100 apartments, even as other infrastructure work is being undertaken. Nearly a third of the total project, spread over 750 acres (31 million sqft) is currently being developed. We have a very structured approach to the development, whereby when we welcome our first residents in 2017, they will move into a vibrant neighbourhood with all lifestyle amenities. benchmark middle east | April 2016
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We are meeting a real market need — whereby for the first time, mid-level professionals have the opportunity to live their dreams
How many units have been released and sold, and what is the schedule for future releases? We have launched over 1,050 townhouses under Zahra and Hayat, and over 1,100 Zahra and Safi Apartments. Most recently, we unveiled Zahra Breeze apartments. We have received an overwhelming response to the projects, selling well in excess of 2,000 units to date. With over 3,000 villas and 18,000 apartments as part of the masterplan, we will announce new launches shortly. Nshama specialises in mid-income property – what typical price bracket does its homes fall into? Nshama offers the unprecedented opportunity to ‘live at your own price’ in the heart of Dubai with our trendy Town Square development. Typically, we provide one-bed-
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room apartments at below half a million dirhams (Dh499,000) and three-bedroom apartments at around theDh1 million level. We have also launched townhouses for as low as Dh999,988 apiece — the lowestpriced townhouses of its kind. This is unprecedented in the market. Several other developers have launched ‘affordable’ property schemes. How tough is competition in the market for lower-priced Dubai homes? Nshama pioneered the concept of affordable communities and today more developers are entering the segment. This is only natural given the strong demand for middle income housing. A conservative estimate is that the UAE has over 820,000 middle-income households representing about 40 per cent of all households in the
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country. Therefore, there is strong and real demand for affordable homes. Affordable housing must not cost more than 30 per cent of the gross household incomes for households earning between Dh10,000 to Dh30,000 per month. We are meeting a real market need – whereby for the first time, midlevel professionals have the opportunity to live their dreams. And what makes us different is that Town Square is a trendy, smart and thoughtfully designed neighbourhood that meets the aspirations of our customers. Our strategy has been to shift demand pattern by encouraging investors to move from rental homes to own residences with all amenities in close proximity. The strong demand to our launches is a testament to the value differential that we assure to our investors. April 2016 | benchmark middle east
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BIOGRAPHY Fred Durie is chief executive of Nshama, a Dubai-based private developer
established in September 2014. He oversees the delivery of master-planned, techdriven and sustainable neighbourhoods, including Town Square, Nshama’s flagship development. Mr Durie has been associated with several mega-developments in the region, including multibillion-dollar projects such as Downtown Dubai and Arabian Ranchesin Dubai, as well as projects in Egypt, Saudi Arabia, Morocco, Jordan, Lebanon, Turkey and Pakistan, among other international locations. Working in the region since 1986, Durie was previously chief executive of Emaar International and also served as its executive director of development. Mr Durie is a civil engineer, and worked with the Dubai Municipality from 1986 to 2001. SOURCE: Nshama.ae
Does Nshama plan other developments in Dubai, and does it see any opportunities elsewhere in the region? Yes, we will soon launch a new affordable lifestyle community through our joint venture with the Mohammed bin Rashid Al Maktoum Foundation (MBR Foundation). We will announce more details in due course. We see strong opportunities for affordable communities across the region, given the demand for value-homes. You’ve been working in the region since 1986, and so have witnessed the ups and downs of the Dubai property market. Do you think the rollercoaster ride will continue, or will the market be more stable in future? There are two key trends that are evident today: The first is the maturing of the property sector whereby speculative practices have been checked thanks to the policies of the government and some of the leading developers that have been acting with responsibility. Two, there 46
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Dubai’s diverse property landscape offers tremendous opportunity to keep learning. They must leverage the opportunity they have to further their skills so that they can add value to the development Fred durie Chief Executive, Nshama
is a strong demand for end-user homes, whereby investors are seeking to shift from a rental model to owned homes. The property market, much like other sectors of the economy, is influenced by the economic cycles but what works in Dubai’s favour is the strong diversification of the economy. Dubai’s core sectors such as retail, tourism, hospitality, aviation and logistics are preforming well and recording robust growth; the economy is growing at an estimated 5 per cent. Further, the preparations for Expo 2020 Dubai is catalysing the economy and driving real demand for property. From your 30 years’ experience in Dubai, what advice would you have for newly qualified civil engineers looking for opportunities here? Continue learning: Dubai’s diverse property landscape offers tremendous opportunity to keep learning. They must leverage the opportunity they have to further their skills so that they can add value to the development. April 2016 | benchmark middle east
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Automechanika Middle East
Work Events Planner With Ramadan starting in early June this year, and being followed by the traditional summer lull, the business conference season will soon draw to a close. But there’s no shortage of events,across many industry sectors, being held in April and May. Here’s the lowdown on the top exhibitions and conferences over the next two months.
The UAE jewellery and gems industry is growing at an estimated 7 percent a year, according to TechSci Research. And so this show in Abu Dhabi, which is open to the general public, could mean big business for the 150+ exhibitors expected. Last year’s show included exhibitors from the Middle East and countries including the USA, Switzerland, India, Hong Kong and Australia. Visitors are expected to include high-net worth individuals, private collectors and jewellery and watch enthusiasts. Entrance is free, and your registration form doubles as a ticket to the daily raffle draw.
WHEN April 11-13 WHERE Dubai World Trade Centre
Arab Media Forum WHEN May 10-11 WHERE Dubai World Trade Centre
WEBSITE internationalpropertyshow.ae PRICE Online registration
This year marks the 15th edition of the Arab Media Forum – and how the industry has changed in that time, given the relentless rise of digital in a once newsprint-dominated market. The theme this year is “media for good”, looking at the humanitarian role of media in preserving values and ethics. Organised by Dubai Press Club, the forum is set to host prominent regional and international media experts, journalists, thought leadersand analysts. The full line-up had not been announced at the time of writing, but previous speakers have included: Anwar Gargash, UAE Minister of State for Foreign Affairs; Sheikh Waleed al-Ibrahim, chairman of MBC Group; and Bassem Youssef, the Egyptian satirist. WEBSITE www.arabmediaforum.ae PRICE Registration required 48
benchmark middle east | April 2016
International Textile Fair 2016 WHEN April 16-17 WHERE Abu Dhabi National Exhibition Centre Fashionable fabrics will be on show at this trade-orientated event in Abu Dhabi. The two-day fair will see manufacturers from across the world exhibit their wares, which will include prints and cottons, linings and leathergoods. A large chunk of the attendants last year were buyers, according to the show organiser, with numerous networking meetings giving exhibitors a chance to drum up business. WEBSITE internationaltextilefair.com PRICE Online registration
Abu Dhabi International Jewellery & Watch Show 2016 WHEN May 3-7 WHERE Abu Dhabi National Exhibition Centre
International Property Show
The UAE property market may be slowing, but that – arguably – makes this a good time to snap up a real estate bargain. The Dubai International Property Show is billed as “the Middle East’s biggest property sales platform for local and international real estate markets”. An estimated 20,000 investors and real estate professionals are expected at this year’s event, which is accredited by the Dubai Real Estate Regulatory Authority. Previous exhibitors have included Dubai Properties and Damac. Visitors are likely to include individual property buyers, commercial investors and brokers.
WHEN May 8-10 WHERE Dubai World Trade Centre According to analysts Frost & Sullivan, the business for automotive spare parts in the MENA region will be worth $16.9 billion by 2020, nearly double the industry’s value in 2013. Automechanika Dubai, part of a series of trade fairs on the automotive aftermarket, is dedicated to this booming business. The show will throw a spotlight on everything from tuning to paintwork and automobile IT systems. Automechanika Middle East, now in its 14th edition, spans three days and is expected to attract over 2,000 exhibitors. It is open to trade visitors only. WEBSITE automechanikadubai.com PRICE Compulsory registration
LuxLive Middle East
WHEN May 9-11 WHERE Dubai World Trade Centre
WHEN April 13-14 WHERE Abu Dhabi National Exhibition Centre
Dubai is already home to the busiest airport on the planet, and is building an even bigger one in the south of the city. So it’s a fitting host for the Airport Show, at which thousands of aviation experts are expected to check in.Airports in the GCC are expected to serve more than 400 million passengers a year by 2020, according to the CAPA Centre for Aviation – so there will be a lot on the agenda. The business-to-business event is expected to draw 300 global companies and 7,500 attendees, covering areas including airport and airfield construction, operations, security, technology and air-traffic management. The show is co-located with the high-level Global Airport Leaders’ Forum. WEBSITE www.theairportshow.com PRICE Check website April 2016 | benchmark middle east
It doesn’t immediately sound like the most illuminating event – but there will be a lot of interesting issues under the spotlight at the LuxLive Middle East show, which is dedicated to lighting. One panel discussion will look at the future of lighting in our ever-connected world, and the implications of the so-called ‘internet of things’. Another will address the massive energy savings that can be achieved by retrofitting buildings with LED lights. The show will include more than 80 free-to-attend talks, demos and panel discussions, and the organiser says over 3,000 industry decision makers are expected to attend. WEBSITE www.luxlive.ae PRICE Free benchmark middle east | April 2016
WHEN May 15-17 WHERE Dubai World Trade Centre This show is more than just cosmetic – being open to trade visitors only, it’s about the very serious business of the beauty industry. Billed as the Middle East’s largest international trade fair for beauty products, hair, fragrances and wellbeing, it is expected to attract more than 1,440 companies over three days. The total beauty market in the Middle East and Africa is worth a staggering $27 billion a year, according to figures quoted by the organiser. Spending in the UAE and Saudi Arabia alone is expected to rise by 8 percent to reach $7.4 billion this year, the Euromonitor data suggests. WEBSITE www.beautyworldme.com PRICE Compulsory registration
WEBSITE www.jws.ae PRICE Free
Airport Show
Beauty World Middle East
Careers UAE 2016 WHEN May 16-18 WHERE Dubai World Trade Centre
Middle East Practical Diabetes Meeting 2016 WHEN April 13-14 WHERE Marriott Hotel Al Jaddaf, Dubai Diabetes rates are alarmingly high in the Arabian Gulf region. An estimated 19% of the UAE population is diagnosed with type II diabetes – more than double the global average of 8.3%. And so this world seminar to discuss aspects of diabetes care is in a fitting location. It will look at the various complications of the disease, with doctors and academics from across the world expected to convene in Dubai for the event. WEBSITE www.targeting-diabetes.com PRICE €225 (students); €495 (academics); €750 (executives)
The UAE wants more Emiratis in work, and two years ago officials announced an ambitious goal to increase the number of UAE nationals employed in the private sector tenfold by 2021. The Emiratisation drive has seen the emergence of a number of specialised recruitment events. Careers UAEallows Emirati jobseekers to meet recruiters face-to-face, with employers from across 20 industry sectors expected. In previous years, 33,000 jobs were applied for via the event’s CV hub, and 41% of visitors who participated in the event received job offers as a result of their participation, according to the show organiser. Careers UAE attracted more than 18,600 visitors last year, ranging from school students to professionals seeking training or a new career path. WEBSITE www.careersuae.ae PRICE Admission for UAE nationals only April 2016 | benchmark middle east
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Play Hotel Review
Hotel Review Play
A first look at the Palazzo Versace By Salim al afifi
hen I think of Versace, I see crafted baroqueprint sweatshirts, Gladiator leather sandalsand, of course,their signature Medusa briefs. But my most recent tryst with the world famous brandhad nothing to do with its luxury clothing line or alluring fragrances, it was an introduction to a concrete beauty, a majestic palace that has risen in Culture village on the Dubai Creek. Designed by the iconic lifestyle brand, the PalazzoVersace offers more than 150 rooms, penthouses, and residences that are fashionably furnished by the oneand-only Donatella Versace.
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Palazzo Versace Dubai Culture Village, Dubai +971 4 556 8888 palazzoversace.ae
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Room Highlights
CREATE YOUR OWN PALACE If you want to recreate the vibe in your own home, you can shop for Versace furniture and home accessories, from beautiful branded cushions to the signature plates used at Giardino Restaurant, at the Versace Home store in the Dubai Mall.
• Designer linens and toiletries • Balconies • Free high-speed Wi-Fi • Suites also feature 24-hour butler service and access to a private lounge • The apartments (one to six bedrooms) feature kitchens and whirlpool tubs
Property Highlights • Parking is free • Eight restaurants and bars onsite • Spa • 24-hour gym • 3 infinity pools • Conveniently located 15 minutes from Dubai International Airport, and less than a 10 minute drive from the BurjKhalifa, Downtown Dubai, Dubai International Financial Centre, Dubai Mall, and the business district. The hotels is less than five minutes from the Dubai Metro Station
As I stepped into the palace, I was struck by the vintage Italian ambiance, so much so that I stood in middle of the lobby with jaw dropped for a few minutes before proceeding to check in. I gazed up at the oversized modern chandelier, which looked like swaying blades of gilded glass; a black piano was centred on a Mosaic carpet made of marble; while the marbletopped, wooden tables, the chairs, and the sofas sported Versace’s signature patterns in red, gold, and beige. And, in typical Versace-style,the pieces of Italian contemporary art arranged around the entrance and lobby were perfectly framed andmatted in cream with golden finishes–marvellous. After collecting myself and checkingin, one of the pleasant staff escorted me to my room, a Deluxe Versace. As we walked down the hallway of the ground floor I noticed the walls were lined withfashion sketches from Donatella herself. I was deposited in my chic room and was pleased to see that the haute branding was extended to the simplest details with the Medusa 52
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head (the central image of the House of Versace logo) emblazed on everything from the tiny shampoo bottles to glasses and towels. Furnished with Versace Home Collection pieces in a peachy pastel colour, I felt I was sleeping in a fashion palace. That night, instead of counting sheep, I let my eyes trace the Greek infinity key bordering the ceiling. I spend the next few days in a fantasy land surrounded by staff that could have doubled as models with everyone, from the doormen to the waiters, wearing sharp Versace tailored pieces. They were also very friendly and helpful, offering not only superb service, but also a kindliness that can sometimes be hard to find in higher-end properties. I explored the palm tree garden overlooking the creek (which would be a fantastic location for a wedding), luxuriated in the V Spa, and took laps in one of the three infinity swimming pools, each of which were named after Italian islands — Capri, Ischia, and Portofino.
Dining was equally opulent, from perfect light bites and shisha at the chic, casual Gazebo lounge to breakfast in the jungle-slash-fashion-inspired Giardino, where they offeredfour live kitchen setupseach morning. Fashion followers will find the interior design familiar. That’s because the green leaf print on its chairs, staff uniforms, and walls were inspired by the famous Versace dress Jennifer Lopez wore at the Grammys in 2000.The celeb quotient is only going to grow, as Quincy Jones will soon be opening Q’s Bar, a bar, supper club, and exclusive live music venue. On my last evening Idonned something appropriately sophisticated and headed to the La Vita lifestyle bar for a cocktail surrounded by beautiful design, beautiful clothes, and beautiful people. As I looked around the subdued, intimate space, my life felt glamorous. See, a weekend at the Palazzo Versace is a feast for the senses, an escape from the mundane. April 2016 | benchmark middle east
benchmark middle east | April 2016
April 2016 | benchmark middle east
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Play Travel
The Stress Management package, designed to bring back balance, incorporates a combination of therapies ranging from the Ayurvedic Shirodhara (hot oil treatment), and Abhyanga massage (an intensive massage with two therapists), to acupressure and Tibetan lymphatic drainage massages. Treatments such as Reiki, reflexology, meditation and personalised therapeutic stretching are also included, all working towards the common goal of reducing stress, improving immunity, and relief from headaches and other common lifestyle ailments. Ultimately, whatever combination of therapies you choose, highly improved and restful sleep is assured. While this package is offered for a minimum of five nights, bespoke shorter stays can also be booked. A new Ananda Activeprogramme has been recently introduced which is more fitness oriented, incorporating outdoor treks, personalised gym sessions, bootcamp sessions, aqua fitness, and sports massages alongside select Ayurveda treatments.
Revitalize Oprah-Style A few days at Ayurveda retreat Ananda in the Himalayas is the ideal way to recharge your batteries by SudeShna GhoSh
For more info, visit www.anandaspa.com
N
estled amidst the mystical mountains of north India, Ananda is a tranquil escape in more ways than one. First there’s the sprawling spa at the heart of it all — a 24,000 square-foot space of polished marble, brass lamps and millions of flower petals, housing 24 treatment rooms, plus an array of other facilities. There’s the Instagram-worthy infinity pool, with the sal tree-carpeted hillsides floating away from it. There’s the rejuvenating Ayurvedic cuisine, with the lighter, tailored-to-body types dishes, which are naturally better for the body, best enjoyed at the alfrescotreetop deck of the main restaurant. And then there’s the scenic setting of meandering greens with plenty of quiet corners, viewpoints and pavilions that just beg to be wandered around and relaxed in. But what the brochures don’t tell you are the many thoughtful little touches that make a stay at Ananda feel truly healing — the gentle bow and ‘Namaskar’ that every staff member always greets you with; the delicate lily and gardenia signature scent that is all-pervasive, and oh-so-calming; and the sense of spirituality that is inescapable (this is, after all, one of the holiest regions in India, with the revered Hindu sites of Haridwar and Rishikesh on the banks of the Ganges, mere hours’ drive away). The multiple award-winning and celebfavoured resort is located in the Himala-
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yan foothills near Dehradun, in a restored former royal palace belonging to the Maharaja of Tehri Garhwal. The historic grandeur is well preserved in the grand palace which houses the lobby, a library where afternoon tea is served, and a couple of suites; the rest of the accommodation is in a newer building, and outlying villas, all offering lush views, and five star luxuries such as sunken baths in marble bathrooms, and pillow menus. The Indian essence is reinforced throughout, not in an OTT, kitschy way, but rather more subtly — whether it’s with the pair of freshly laundered white cotton kurta pajamas (Indian pant suit) that you find in your room on check-in, which almost all the guests live in during their stay (fresh sets are replaced every day by housekeeping); or the live classical music performances at the restaurant.
Travel Play
Your weekend of wellbeing starts as soon as you drive through the majestic gates of the palace grounds… everything here is designed to make you instantly decompress.The first step is a personalised consultation with the Ayurvedic doctor, who analyses your body type and condition, then recommends a tailored activity plan for your stay. The consultations are in-depth, taking into account individuallifestyles and preferences. While Ananda offers various packages, they can be tweaked to adapt to the needs of each person, as their philosophy — which combines Ayurveda, yoga, and Vedanta (classical Hindu philosophical science based on the ancient Veda books) — is rooted in each individual being unique. A typical stay would incorporate multiple daily treatments, including both Ayurvedic as well as international therapies. Treatments are offered at the wellequipped spa, with strains of Sanskrit chants reverberating throughout,where expert therapists precede each session with a foot bath and a prayer incantation (for Ayurveda treatments) to ensure the effectiveness isn’t just superficial. The therapies are complemented by a personalised diet plan — according to Ayurveda, each individual can be classified into one of three body types, Vata, Pitta, and Kapha, and the restaurant offers set wellness menus for each type. Contrary to what you might think, these ‘healthy dishes’ aren’t bland and tasteless, but instead, leveraging the nutritional benefits of herbs and spices, end up being delicious creations such as chilas(chickpea pancakes)with fresh salads, subtly spiced curries, and even desserts like cheesecake and pannacotta. No need to worry about deprivation diets here, it’s all about balance. All the food is made using fresh, natural, organic and wholesome ingredients, many of which are sourced from local farms or the on-site vegetable garden. Throw into the mix a variety of activities such as yoga, meditation, Vedanta lectures and fitness classes, and you’re never too far from a nudge towards a healthier life here.
But, this isn’t a punish-yourself-andget-fit kind of retreat (although they do offer bootcamp-style fitness retreats too, for those interested) — not only is the setting luxurious, the route to health here is gentle, and you only take away from it as much as you want to. Somehow, the atmosphere is such that you naturally feel like being kinder to yourself. After all, getting motivated to do yoga at 7am is much easier when it’s in a breezy outdoor marble pavilion overlooking the Himalayas, than it is in a sweaty studio, isn’t it?Even meditation becomes that much more achievable when it is a guided session of Yoga-nidra (yogic sleep meant to induce deep relaxation) in a quiet spa room. Not just that, such is the mildness of approach, that you can enjoy alcoholic beverages if you should so choose, and the restaurant’s menu includes international gourmet specialties apart from the healthy offerings. Plus… wait for it… there’s even a 6-hole par 3 golf course in the resort! For the activity-inclined, there is also a regular roster of extra-curricular activities, from cultural programmes at the open-air amphitheatre, to hiking opportunities, and the option of heading to town to view the Ganga Aarti (a daily sunset prayer ritual on the banks of the Ganges). Which is not to say that you won’t get results. For those who follow the rules, returning recharged and rejuvenated — and no, not just in the spa brochure sense of the word! — is guaranteed. If you don’t believe us, ask Oprah Winfrey, Bill Gates, Kate Winslet or the Prince of Wales, who are all former guests. How long that feeling of wellness can be maintained is another matter, but they do offer tools to help equip you to transition towards a more healthful lifestyle even when back to the daily grind — whether it’s with their Ayurvedic cooking classes, or the aromatherapy accoutrements available for sale. Irrespective of how much or how little you pack into your stay, Ananda (which is Sanskrit for happiness) is sure to inject a bit of happy back into your body and soul. After all, if it’s good enough for Oprah…
Getting there • Most leading airlines offer direct flights to Delhi, from where Dehradun, the closest airport is a short domestic flight away. From Dehradun, it is a short drive to Ananda, who offer transfers in luxury SUVs. Travel Tip • As Ananda is located in the Shivalik foothills of the Himalayas, where the elevation is under 1,500 metres, daytime in the summer months can be quite warm.
April 2016 | benchmark middle east
benchmark middle east | April 2016
April 2016 | benchmark middle east
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Play Property
Property Play
Top Five Properties For sale
Dh2.34million Large one bedroom apartment with study area, Boulevard Tower, Downtown Dubai
luxhabitat, Dubai’s only high-end real estate brokerage, gives us the rundown on the top five choices for sale in the emirate The essenTials City Dubai For more details on all these properties,
area Downtown Dubai
and more, visit: luxhabitat, Dubai's only
Development 29 Burj Boulevard Type Apartment
high-end real estate brokerage and interior
availability Ready
design company, at www.luxhabitat.ae
Lifestyle Luxury Penthouses
or scan the QR code with your smart phone
Bedrooms 1 bedrooms Bathrooms 2 (1 ensuite) Built up area 1,112 sq ft Pool Community pool
Dh5.325 million Firestone Villa in Jumeriah Golf Estates
The essenTials City Dubai area Jumeirah Golf Estates Development Whispering Pines Type Semi-detached townhouse availability Ready lifestyle Golf Retreats Bedrooms 3 bedrooms Bathrooms 5 (3 ensuite) Built up area 4,136 sq ft Pool Private pool
This beautiful Firestone Villa in Whispering Pines, Jumeirah Golf Estates, which is currently tenanted, is located in a cul-desac and features high end finishes and two gardens. The front-entry villa features a distinctive lounge with back-to-back fireplaces and a covered terrace to its rear complete with square pool. The adjoining dining room leads to an open-plan designer kitchen with central cooking island and breakfast nook. A discreet ground floor guest room and adjacent bathroom opens to the sunny side courtyard. On the first floor, a well appointed master bedroom offers quiet leafy golf course views to the rear. Two large additional bedrooms, both with en-suite bathroom, complete the first floor accommodation.
Dh1.95million One bed apartment with stunning views in Culture Village, Development D1 Tower, Dubai The essenTials City Dubai area Culture Village Development D1 Tower Type Apartment availability Ready lifestyle Marina Living Bedrooms 1 bedrooms Bathrooms 2 (1 ensuite) Built up area 1,076 sq ft Pool Community pool
Price on application Augusta Villa in Flame Tree Ridge, Jumeirah Golf Estates
The essenTials City Dubai area Jumeirah Golf Estates Development Flame Tree Ridge Type Villa availability Ready lifestyle Golf Retreats Bedrooms 5 bedrooms Bathrooms 5 (4 ensuite) Built up area 5,576 sq ft Plot size 7,613 sq ft Pool Community pool private pool
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Experience luxury living in the heart of Dubai with D1Tower, a stunning 80-storey residential development which is uniquely positioned on the Dubai Creek adjacent to the Palazzo Versace. This open plan flat is decked out with wood paneling and airy cream fittings and boats floor-to-ceiling windows offering unparalleled views over Dubai Creek which you can soak in while unwinding on the apartment’s huge balcony. D1’s dramatic design fuses rich Middle Eastern heritage with todays technology, quality and modernity.
Dh15.5million
This stunning family home in Flame Tree Ridge, Jumeirah Golf Estates, boasts a very spacious, open, light airy living area, open plan designer kitchen and very high standard of finish. The ground floor also features a large study/guest bedroom with full bathroom, a separate laundry room and direct access to the garage. The maids quarters are accessed via a dedicated external side entrance. On the first floor, en-suite master bedroom features an oversize walkin wardrobe and offers incredible panoramic views over the rear garden and the 17th signature hole and lake on the World Championship Earth Course. Three further en-suite bedrooms complete the first floor accommodation. This immaculately presented property comes fully landscaped with a private pool and built-in BBQ area. April 2016 | benchmark middle east
Fantastic one bedroom apartment with a separate study area in 29 Boulevard Tower 2 with partial views of Burj Khalifa and Views over the famed Dubai Fountain. Boasts an open plan kitchen with large floor-to-ceiling windows which floods light throughout the apartment. A magnet for trend-setters, 29 Boulevard features separate, spacious double height lobby entrances for the two residential towers. High ceilings exude an atmosphere of cool spaciousness, and the homes are equipped with hi-speed internet connectivity and advanced telecom and entertainment networks.
Upgraded garden home villa in Palm Jumeriah
The essenTials City Dubai area Palm Jumeirah Development Fronds, Garden Home sub-development Frond C Type Villa availability Ready lifestyle Sea-Front Properties Bedrooms 3 bedrooms Bathrooms 5 (3 ensuite) Built up area 5,000 sq ft Plot size 6,700 sq ft Pool Private pool
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Just steps away from Palm Jumeriah’s famous golden sandy beach, this fastidiouslyupgraded three bed atrium garden home is one of the most highly sought-after properties on Luxhabitat’s books. Entering the ground floor from the front of the property you are treated by a large open vaulted entry vestibule and central view through to the rear of the property and the open water. The ground floor is comprised of a large family room to the front of the property, open plan lounge and formal dinning to the rear of the property opening to the rear garden and private beach area. The large contemporary kitchen has been opened up to the dinning area and to the rear of this a large laundry area and store and private maids room with bathroom. April 2016 | benchmark middle east
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Play Property
Property Play
Top Five Properties For Rent
Dh495,000 a year We’ve teamed up with Luxhabitat, Dubai’s only high-end real estate brokerage and interior design company, to bring you our top five choices to rent
Valencia Villa in Lime Tree Valley, Jumeriah Golf Estates The essenTials City Dubai area Jumeirah Golf Estates Development Lime Tree Valley
For more details on all these properties,
Type Villa
and more, visit: luxhabitat, Dubai's only
availability Ready
high-end real estate brokerage and interior
lifestyle Golf Retreats
design company, at www.luxhabitat.ae
Bedrooms 5 bedrooms
or scan the QR code with your smart phone
Bathrooms 6 (5 ensuite) Built up area 5,993 sq ft Plot size 9,500 sq ft Pool Community pool heated and cooled private pool
Dh1.6million a year Five bed serviced villa in Palm Jumeriah’s Crescent
The essenTials City Dubai area Palm Jumeirah Development Kempinski Residences Type Serviced Villa availability Ready lifestyle Private Communities Bedrooms 5 bedrooms Bathrooms 9 (5 ensuite) Built up area 12,277 sq ft Pool Overflow, heated and cooled community pool overflow, heated and cooled private pool
Dh350,000 a year
Overlooking the lush Kempinski gardens, this villa is one of our favourites. Beautifully appointed in Kempinski Hotel Residences, it works perfectly as short or long term rental within the grounds of a five-star resort hotel. Relax on private balconies, terraces, or your own private rooftop swimming pool with full sea views toward the sunset and sea or over beach to the fronds of Palm Jumeirah and onward to the Dubai Marina. Fully furnished with European classical flair with expansive family/entertainment areas and opulent bedrooms you will enjoy the advantages of a serviced villa offering room and spa service if required. Your driver and maid's quarters can enter separately from the underground parking area or down one flight from the main entrance level.
Luxury top floor penthouse in Business Bay, Dubai
The essenTials City Dubai area Business Bay Development Executive Towers Type Penthouse availability Ready lifestyle Luxury Penthouses Bedrooms 4 bedrooms Bathrooms 5 (4 ensuite) Built up area 6,000 sq ft Pool Community pool, private pool
Dh725,000 a year Contemporary five bed Riveria Villa in Palm Jumeriah
The essenTials City Dubai area Palm Jumeirah Development Fronds, Signature Villa Type Villa availability Ready lifestyle Sea-Front Properties Bedrooms 5 bedrooms Bathrooms 6 (5 ensuite) Built up area 7,000 sq ft Plot size 13,000 sq ft Pool Private pool
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This beautiful top-floor duplex penthouse in Executive Towers, Business Bay, stretches over a whopping 6,645 sq.ft. The apartment features a grand entrance hall, spiral staircase, large living/dining area plus two outdoor terraces - including one with a pool. The apartment has been kept in pristine condition and is currently vacant and available for rent now. The top floor features four bedrooms all of which include ensuite bathrooms with brand new, upgraded bathroom fixtures. All blinds are included throughout the home. The Executive Towers community is a unique opportunity for professionals and families to buy into downtown living in the heart of Dubai.
Dh400,000 a year Five bed villa plus basement in Jumeriah Golf Estates
Situated on D Frond, this stunning signature villa is vacant and available immediately for rental. Simply mocked up to give an indication of size and space, this villa will require you to install kitchen appliances such as the oven, dishwasher and fridge into nice light kitchen overlooking the beachfront. Expansive living areas and a formal dining room will suit those who like to entertain in a contemporary setting. Five double fully en-suit bedrooms with the master suite offering views over your private beach and sea. Nice and bright and will suit someone with a creative and contemporary flair. A very private swimming pool will benefit from gorgeous pots overflowing with flowers and add to the lush garden. April 2016 | benchmark middle east
This stunning Valencia Villa is located in Lime Tree Valley, Jumeirah Golf Estates. One of the most sought after floor plans, the Valencia is spacious, light and airy with a large open kitchen, an adjoining prep kitchen/laundry room, ample living and dining space, a great sized en suite guest bedroom, study, powder room and storage room complete the ground floor living area. The first floor includes three en-suite bedrooms, a large master suite, huge upstairs family room, a guest pantry/washroom all off a spacious landing area.
The essenTials City Dubai area Jumeirah Golf Estates Development Sienna Lakes Type Villa availability Ready lifestyle Golf Retreats Bedrooms 5 bedrooms Bathrooms 6 (5 ensuite) Built up area 7,600 sq ft Pool Overflow, heated and cooled community pool private pool
benchmark middle east | April 2016
This spacious and airy villa will attract expatriates who prefer a very light bright canvas with which they create their family home. From the moment you enter the villa you will appreciate the quality of the fixtures and fittings — all carefully chosen by this most tasteful of developers. The first floor comprises of four en-suite bedrooms, the master bedroom having a dressing room and large terrace overlooking the garden with landscape and stunning desert views. On the ground floor you will find the front entrance powder room, guest bedroom with en-suite, high spec kitchen complete with Miele appliances, living/formal dining room with access to outside courtyard. April 2016 | benchmark middle east
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Play Fashion for Her
Sometimes all you need is to add one or two new pieces to your closet refresh your look, and the new collections from Kate Spade and LK Bennett will help you do just that. Shop these new wardrobe classics to put your best (and most fashionable) foot forward this April.
LK Bennett
LK Bennett
LK Bennett
This bright orange Taryn blouse is a workday wonder. Crafted from vermillion washed silk for the softest finish, use this easy-to-wear top as foundation to sharply tailored looks in the office or a pair with a well-cut skinny jean for an off-duty look.
Ahead of the summer, make the most of the slightly chilly spring evenings with your new season stable - the Violet coat. Finished in a subtle shade of pastel peach, it will complement printed shift dresses or monochrome separates. For extra definition, cinch at the waist within the optional tie belt.
Dh850
Dh2,280
This Una Crimson dress will ensure you are no fashion wallflower. Expertly cut to flatter the figure and with the brightest of hues, this knee-length, capsleeved number just needs a swipe of lipstick, some courts and a structured tote to complete the look.
Dh1,320
LK Bennett Boasting both a timeless print and silhouette, Frankie is a dress worth investing in. The black and cream flirty dress is pieced together by contrasting polka dot panels, cut with a nipped waist and midi, full skirt. A striking print like this calls for accessories that stand out. So give big or go home with your shoes and bag.
Dh2,280
LK Bennett Every woman worth her sartorial salt knows a good quality black trouser is a wardrobe staple that is worth splashing the cash on . The Tula trouser is immaculately cut and ideal for the office. Simply add skyscraper heels when cocktail hour arrives.
Dh890
Kate Spade Constructed from graphic black-and-white guipure lace, this pretty shift dress is a the perfect throw on number to be party-ready. Throw on with a classic black court show and you are ready to walk out of the door. However, if it is breezy out, consider topping it with the matching guipure lace coat, also new to the spring/summer collection.
Dh1,880
Kate Spade This belted chiffon maxi dress, made from a light-as-air silk chiffon and finished with a shiny metal belt, is the perfect dress for any occasion. In an always flattering black, the floorlength number is stylish without being overly formal. Pair with sandals for a easy but elegant daytime look.
Kate Spade A scaled-down version of Kate Spadeâ&#x20AC;&#x2122;s versatile adrien bag, the cobble hill small adrien is a great go-anywhere essential piece of arm candy. Polished enough for the office, it's also playful enough for the weekendr. A perfect accompaniment to the belted chiffon maxi dress or guipure lace shift dress (above).
Dh2,090
Dh1,440
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The North Face Billed as being built for the demands of ultra running athletes, this ultralight 1/4 zip tee — which utilises engineered knits to help regulate temperature during varying conditions — also looks great inside — or outside — the gym.
Play Fashion for Him Timberland
This month marks a millstone for many mens’ fashion lines —and with these anniversaries come a host of limited collection pieces that are a must haves for discerning gentlemen. Our favourites are the Van’s 50th anniversary edition "Checkerboard collection" and The North Face limited edition duffel bag, a refreshing twist a 30-year-old staple.
The old-school Sky Peak Gilet Vest is a terrific choice for transitional weather. Either to be worn as outwear or as a liner underneath a jacket for extra warmth.
Dh249
Dh449
Timberland
Vans
Another season, another sweatshirt? Definitely. Ward away the chill in this stylish Exeter River Saltscrub Crew Sweatshirt. Wears equally well with dark blue of light grey jeans.
The male equivalent of a little black dress, the quintessential white t-shirt is a classic wardrobe stable that is appropriate for nearly every occasion, and can be worn with little to no thought. This versatile t-shirt comes with discreet checker-print pocket panelling. Team with the black and white checkered Slip On (above) for a simple no-fuss look.
Dh299
Dh109 Timberland
The North Face Timberland Give your luck an edge with the Brooklyn Park Chukka — a refined Timberland silk suede and premium leather chukka ankle boot. Team with your favorite pair of jeans.
Dh449
Vans Classic Vans will never go out of style and the new season black and white checkered Slip On — part of the new Checkerboard collection as part of Vans 50th anniversary — canvas shoe is a twist on an old favourite. Pay tribute to this design heritage and slip on with a pair of jeans and a white t-shirt for a paired down daytime look.
Who said sportswear can’t be fashionable? Toss everything you need in this limited edition base camp duffle bag Base Camp Duffel hold-all — which comes in a special design print to mark its 30th anniversary since its original launch. The duffel bag is ultra-durable and built to withstand the toughest conditions, travel, and weather. And it looks pretty damn good too.
With Timberland’s Icon 6 Premium Boot now available in all black — there is nothing this classic shoe won’t pair with. It will easily dress up or down a casual outfit.
Dh849
Dh589
Dh249
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benchmark middle east | April 2016
April 2016 | benchmark middle east
benchmark middle east | April 2016
April 2016 | benchmark middle east
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Whether you want to tango ‘til almost dawn, go into a trance with DJ Armin van Buuren (aided by a late-night open bar), or race up the Emirates Towers in an early morning ‘vertical’ sprint, the UAE has something to offer you over the next few weeks. Check out Benchmark’s guide to going out — from arts and entertainment to sporting events — in April and May.
Abu Dhabi Desert Challenge WHEN April 1-7 WHERE Yas Marina Circuit, Abu Dhabi; Qasr Al Sarab Desert Resort by Anantara, Al Gharbia
China Philharmonic Orchestra with Long Yu WHEN May 9-10 WHERE Abu Dhabi; Al Ain
Portrait of a Nation WHEN Until May 10 WHERE Emirates Palace Gallery, Abu Dhabi This ongoing exhibition, part of the Abu Dhabi Festival, attempts to capture the spirit of the UAE through some of the country’s leading contemporary artists. Portrait of a Nation “explores questions surrounding Emirati identity, heritage and nationhood”, according to theexhibition organiser. “While some artists engage with materials unique to the Emirati landscape, others explore the influence of technology, architecture and globalisation.” The show is open from noon to 8pm (Sunday-Thursday) and 10am to 10pm (Friday and Saturday). WEBSITE www.abudhabifestival.ae PRICE Free 64
benchmark middle east | April 2016
The Abu Dhabi Classics season continues with two shows by the China Philharmonic Orchestra (CPO), in what’s billed as its first-ever set of performances in the Arab world. Led by star conductor Long Yu, the orchestra will play its first show – Mahler’s The Song of the Earth – at Emirates Palace, Abu Dhabi (May 9), and a second – Tchaikovsky’s Symphony No. 5 – in the UAE University Great Hall in Al Ain (May 10). The CPO is considered one of the best orchestras in Asia, as well as a major player on the international music scene. WEBSITE www.abudhabiclassics.ae PRICE Dh30-Dh550
The Abu Dhabi Desert Challenge is actually two motorsport events in one: it marks the opening round of the 2016 FIM Cross Country Rallies World Championship, as well as the second round of the 2016 FIA Cross Country Rally World Cup. The desert challenge was founded back in 1991by Emirati motorsport legend Mohammed Ben Sulayem, and over the years has seen many of the biggest names in international motorsport tackle the dunes of the UAE. The event kicks off at the famous Yas Marina Circuit before the race through Abu Dhabi’s majestic desert areas. Individuals can watch the desert action at the ‘bivouac’, or the desert camp, by prior arrangement. WEBSITE abudhabidesertchallenge.com PRICE Check website for details
Soloists of Bolshoi Theatre WHEN April 8-9 WHERE Dubai World Trade Centre
WHEN May 20 WHERE Meydan Grandstand
and Racecourse
The superstar trance DJ Armin van Buuren is set to play in Dubai in late May,in what’s billed as one of the last big nights out before the hot summer season. The ‘Armin Only Embrace’ world tour will come to Dubai for one night only, with a set at the Meydan racecourse, which hasspectacular views towards the BurjKhalifa. The set will reflect Armin’s album ‘Embrace’, in which the Dutch DJ collaborates with internationally acclaimed artists. Tickets to this event give access to an open bar until closing time at 2am. WEBSITE www.arminonlydubai.com PRICE Dh299+
This race involves a mere 1,334 steps. Sound easy? It’s anything but – because all those steps lead upwards… The Dubai Holding SkyRun is a stairwell race up the 52 floors – or 265 metres – of the Jumeirah Emirates Towers Offices block in Dubai. The challenging race is internationally recognised as the only Dubai event on the Vertical World Circuit, on which it ranks as the fifth-highest climb. The charitable race, an official event of the Dubai Sports Council, is in aid of Al Jalila Foundation, to support obesity research in the United Arab Emirates.
Valeriy Meladze WHEN May 4-5 WHERE Burj Al Arab, Dubai Known for his dramatic style, Russian singer ValeriyMeladze is set to perform for two nights in an equally dramatic setting – the opulent Al Falak Ballroom on the 27th floor of the luxurious Burj Al Arab. The event, held in Dubai’s socalled “seven star” hotel, is set to include a cocktail reception and dinner before the singer takes the stage.
WEBSITE www.skyrun.ae PRICE Online registration
WEBSITE www.mpremiere.com PRICE Check website
Dubai Tango Festival WHEN May 18-21 WHERE Meydan Grandstand and Hotel
Another evening of Russian entertainment comes to the stage in Dubai with this gala ballet featuring performers from the famous Bolshoi Theatre. The show will include classical repertoire performances from the likes of Giselle, The Flames Of Paris, Don Quixote and Swan Lake, according to the ticket vendor platinumlist.net.
Given that it spans four days, with a 4am finish on each, attendees to this festival will be truly tangoed-out by the end of it. The eighth Dubai Tango Festival includes various events, performances, workshops and classes for dancers of various skill levels. The evenings will include milonga – the term for an event where the tango is danced – lasting into the small hours of the morning. There’s also a gala dinner on Friday 5th.
WEBSITE www.platinumlist.net PRICE From Dh380
WEBSITE www.tangodubai.org PRICE Packages vary – check website
April 2016 | benchmark middle east
WHEN April 8 WHERE Jumeirah Emirates Towers Offices, Dubai
CREDIT: platinumlist.net
Play Events Planner
Dubai Holding SkyRun 2016
CREDIT: wires
Armin van Buuren Live in Dubai
benchmark middle east | April 2016
WWE Live Dune Bash, Dubai 2016 WHEN April 14-15 WHERE Dubai Duty Free Tennis Stadium Wrestling fans will get their fix, as it were, when the WWE returns to Dubai this month for two live shows. Wrestling superstars like Dean Ambrose, Kalisto, The New Day, Big Show, Kevin Owens and DolphZiggler are tipped to be in attendance, according to the WWE. Expect an adrenaline-packed couple of evenings at the Dubai Duty Free Tennis Stadium. WEBSITE www.platinumlist.net PRICE Dh350+
Picasso and Miró, Passion and Poetry WHEN Until May 17 WHERE BurjKhalifaAnnex, next to the Armani Hotel, Dubai Two of the greatest painters of the modern age form the subject of this exhibition in Dubai. Pablo Picasso and Joan Miró were both born in Spain in the 19th Century, before moving to Paris, where they became lifelong friends. This exhibition is billed as “a journey through the artistic lives and works of two of history’s most important cultural icons”. It includes works by the two artists – including drawings, lithographs and ceramics – borrowed from private collectors in Europe and America, according to local press reports. The exhibition, curated by Sergio Gaddi, is open from noon to 11pm daily. WEBSITE www.picassomiro.com PRICE Dh125
April 2016 | benchmark middle east
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Play Health
Making a few considered changes to your company’s policies can result in healthier, happier, more productive team-members. By Sudeshna Ghosh
Y
ou don’t need a rocket scientist to tell you that modern-day workplaces are living health hazards, with its potent combination of performance stress; contained spaces that can be breeding grounds for germs; and the widespread over-reliance on that holy triumvirate of fast food, takeouts and caffeine — because, you know, there’s always that deadline breathing down someone’s neck! What you might not know, however, is how introducing a few simple changes in your organisation’s health and wellness practices can result in significant longterm benefits. And no, we don’t mean the bare minimum of providing health insurance and being done with it. Whether it is at a company policy level, or simply practices you can introduce within your team - investing in your
workforce’s wellness doesn’t just make sense from a humanitarian point of view, it makes financial sense too. Here’s how you can start to go about creating a healthier workplace: Set up a wellness committee Depending on how large your organisation is, by making this official, you are conveying the message that you’re serious about this. It also ensures that potential changes such as allowing in-office naps/recreation isn’t perceived as an excuse to slack off, but is rather managed in a structured way. Most importantly, it allows you to involve your team-members in finding the solutions that suit them best. Even if your team size doesn’t justify a committee, make sure you are inclusive in your plans for introducing wellness-related changes, taking everyone’s needs and suggestions on board.
FLY TO WHEREVER YOUR HEART DESIRES.
Lead by example It’s going to be hard to expect your teammembers to move towards a healthier lifestyle, if they see the boss scoffing processed snacks and living off energy drinks. Ensure you drink lots of water, herbal teas, and snack on fruits – and it wouldn’t hurt to be seen doing all of this! Have walking meetings when possible – especially when it’s catch-ups with one or two people, heading outdoors for a walk will automatically be more productive. Also, try and have proper lunch breaks, leave office on time whenever possible, and allow yourself balance. Schedule corporate health activities Given today’s lifestyles, chances are, many of your employees may suffer from lifestyle related ailments, and the truth is, not many undergo regular health checkups voluntarily. Sign up with a medical service provider or hospital to arrange periodical health screenings for your employees; most of them offer good-value corporate packages. This can go a long way in preventing future healthcare costs in the form of absenteeism, or worse. You could also take a holistic approach by introducing stress management workshops and yoga and meditation sessions in the office (or at a designated studio). A lesser logistical challenge would be to provide vouchers for such services to your team. Sign up the group for a fitness challenge: Whether it’s a marathon, a fun run, or even a group challenge, get a team together and go for it. Not only will it encourage people to be more active, it will also foster team building. But don’t forget, you have to be a part of it too!
*Terms and conditions apply.
Zero-Cost Morale Boosters
Set up a healthy eating club It is an internationally accepted practice to have social days where everyone has breakfast or lunch together. In some companies, it also takes the form of everyone bringing in something for a communal feast. Set this up in your office with a healthy twist - so instead of bagels and doughnuts, people can tuck into fresh, nutritious food. If people are bringing food in, encourage them to get traditional homecooked dishes – alongside being healthier, they will also offer a platform for cultural interaction in our expat-heavy society. If the company foots the bill, then sign up for a healthy meal delivery programme – there are many different options out there, offering varied cuisines. There are also numerous companies in the region offering fresh produce delivery, so a weekly box of fresh fruit is a great idea too.
CREDIT CARDS
Apply for your Skyy Miles Visa Credit Card today. Earn up to 50,000 bonus Skyy Miles*. The original miles card now offers you more miles, so you can fly on any route, any time for free. Earn up to 3 Skyy Miles for every USD 1 spent on your card and redeem your miles across 1,000 airlines and at over 200,000 hotels worldwide. Travel in style with unlimited complimentary lounge access, complimentary travel insurance, airport transfers, 24x7 global concierge and more.
To apply: Visit dubaifirst.com and apply online SMS ‘MILES’ to 4743 Call 800 33 THE ORIGINAL MILES CARD
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benchmark middle east | April 2016
April 2016 | benchmark middle east
The next time they’ll need to paint the house, he’ll be driving his dad to the airport. Jotashield not only makes your walls look exquisite, it also protects them for years. Which means you won’t have to repaint your home until one of life’s rare, beautiful and defining moments comes knocking on your door. Check out our new range of Jotashield long lasting exterior colours at your nearest Jotun Multicolor Centre.
The Best Exterior Paint in the Market.