Harbor Real Estate Blog

09-Jun-2010 - Emirates Business 24-7

Issue of confidence must be addressed: report

The pace of recovery will be determined by the ability to instill confidence in property, says realtor.

Vacancies in single ownership buildings in the most sought-after locations are in relatively short supply in Dubai, says the Harbor report. (EB FILE )
While the degree of uncertainty surrounding the real estate industry will gradually dissipate, the pace of recovery will be largely determined by the ability to address the fundamental issue of confidence, according to a Harbour Real Estate report.

“The economy and real estate industry cannot recover unless those commercial enterprises, investors and individuals that will underpin and be central to the recovery have regained the confidence required to adopt the emirate as their preferred location for establishing a business or home,” Mohanad Alwadiya, Managing Director, Harbor Real Estate, said in the report.

Rebuilding and reshaping the economy will require time, which, unfortunately, suggests a long, painful yet inevitable recovery is ahead of us,” he said.
There are an estimated 50,000 residential units expected to be delivered onto the Dubai market by the end of 2011, which is down from previous estimates of 60,000 units, the report said.

“While this is good news for the industry as a whole, any number closer to zero would be better,” Alwadiya added. However, the issues facing the residential segment of the market, pale in comparison to the office segment. With an estimated 30 million sqft of space coming on stream in the next two years, the office segment of the industry is going to be hardest hit.

“Real estate brokers and owners today are facing the issue of prospective office tenants refusing to consider strata titled buildings, especially those which are situated in non-core locations,” the report said. With an average estimated reduction in office lease rates of 50 per cent over the last year, many existing tenants have been looking to relocate, partly because of their own downsizing efforts, but also to lower their operating costs and improve their business locale.

Vacancies in single ownership buildings in the most sought-after locations are in relatively short supply, particularly for some larger organisations who require multiple floors. The situation is expected to worsen as more strata-titled, non-core position office space is released onto the market, Harbor said.

Slow but positive growth

More affordable areas such as Discovery Gardens, Dubai Silicon Oasis and International City are expected to stabilise throughout the year as these projects are well established and already have a relatively secure tenant or owner-occupier base.

Slow yet positive growth can be expected in areas such as Dubai Marina, Emirates Living and Downtown Dubai. These areas are expected to witness a steady yet slow increase in prices towards the end of the year while areas like Jumeirah Lake Towers and Business Bay are expected to improve subject to the speed of progress in addressing infrastructure and service retail issues. Exclusive properties such as the Dubai International Financial Centre, Burj Khalifa, villas within the Palm and Al Barari are expected to continue to gain momentum because of superior locations, status and product offerings.

Correspondingly, rental prices will stabilise in the more developed and exclusive areas yet continue to slide down in areas not so well located or established, the report added.

“Pressure on rental yields will come from the sheer number of units which are released to the market during 2010, with investors and real estate brokers scrambling for tenants in order to generate whatever income they can,” said Alwadiya said

Need to curtail supply

Harbor believes that supply needs to be curtailed in the short term by either cancelling or rescheduling projects.

Developers will always be reluctant to cancel, as the financial implications, in most cases, will be significant. By choosing to delay they can buy time to address whatever issues they face while cancellation leaves no room for even partial returns on the project at hand.

There may be a significant proportion of projects “delayed” by developers, which will actually never be started. There are many projects which are up to 30 per cent unsold and which will probably face a 15–20 per cent buyer default rate. These projects will be very difficult to deliver, as finance from other sources is extremely difficult to procure and shortfall in investor funding would be crippling, the report said.

There are currently of 875 projects registered with the Real Estate Regulatory Agency. 685 projects have escrow accounts, while the rest are either more than 60 per cent complete or have total bank guarantees. The number of registered developers stands at 427,down from 800 registered more than a year ago. “While the cancellation of unviable projects is a positive initiative, the cancellation of 29 projects will do little to address the oversupply situation given the magnitude of the problem, the report said.

One initiative that has shown some promise and should be explored further is the practice of property consolidations and issuance of credit notes. Some developers have offered investors the option of consolidating investments on projects that have been completed in lieu of those that had been deferred. The practice has had some success and, in certain cases, has allowed developers to either cancel or delay projects without totally dissolving investor capital while allowing investors to realise returns on their investment a lot earlier. However, the practice of consolidation would have far more impact if it became a course of action recommended and supported by Rera.

09-Jun-2010 - Emirates Business 24-7

High service charges put pressure on rental yields

Property owners are paying exorbitant fees for ‘barely adequate’ services, says realtor.

Newly launched Strata Law guideline will bring more transparency to the property market. Owners look for value for money while paying fees. (REUTERS)
The current service charges are putting a lot of pressure on the rental yields, especially on owners who bought units during the first three quarters of 2008, according to a realty consultant.

“But I am sure though that with the recently launched Strata Law guidelines, there will be more transparency and clarity, which will definitely have a positive effect on the market,” Mohanad Alwadiya, Managing Director, Harbor Real Estate, told Emirates Business.

In May, Real Estate Regulatory Agency CEO Marwan bin Ghalita told this newspaper that the new guidelines for implementation of the Strata Law for jointly owned properties will prevent developers from collecting any service charges unless they get clearance from the agency. “The guidance will give investors more confidence. This will make the market more mature and transparent,” he had said.

Alwadiya echoes the sentiment, saying the new guidelines will change of perception of owners and help improve the overall mood and performance of the market.

“It will enhance and promote transparency.” Asked if rental yields will continue to fall in Dubai, Alwadiya said prices have reached the bottom and as the global and local economies start emerging from the economic crisis, things are bound to get better in the property market.

“The unfortunate situation has arisen primarily due to the recession, but is compounded when a larger proportion of gross rental yields are being eaten up by service charges. Unfortunately, service charges have not come down in the same proportion as gross rental yields.”

Citing a case, the report said an owner of a two-bedroom apartment in 8 Boulevard Walk, Downtown, pays Dh43,000 per year in service charges for an area of just under 1,370 square foot, which means 36 per cent of the rent goes in paying the charges. “The problem gets a little more concerning when the ’services’ being provided are, at best, barely adequate.”

The main concern, he believes, of owners when it comes to service charges are “transparency” and “value for money”.
“Most of the owners stressed the need for better quality services and enhanced transparency so that they know exactly where their money is being spent or accrued.”

Asked if unit owners were informed about the service charges at the time of booking the apartments, Alwadiya said Harbor ensured that all buyers were informed about the service charges of the units they are considering to purchase.

“On the other hand, most developers request the new buyers to commit to the service charges at the time of transfer or ownership. Besides, buyers have become more informed and knowledgeable and often ask or know the service charges before committing to a specific property,” he added.

COMPONENTS

Following are the components of service charge budget
- Building replacement insurance
- Public liability insurance
- Dewa for common areas
- Chilled water for common areas
- Service contracts
- Building management fee
- Facility management fee
- Legal fees
- Audit fees

Jun-2010 - Al Khaleej-08

الأسعار تتأرجح بين الارتفاع والانخفاض والمستوى يتدنى

ألقت جملة التغيرات التي شهدها السوق العقاري خلال الفترة المنصرمة بظلالها على رسوم الخدمات في المشاريع العقارية ضمن مناطق التملك الحر بدبي، حيث تحركت في منحنى متباين بين الارتفاع والانخفاض خلال الفترة التي تمتد منذ عام 2008 ولغاية الآن . وشهدت رسوم الخدمات انخفاضاً نسبياً في غالبية المشاريع خلال العام الماضي والفترة المنصرمة من العام الجاري مقارنة بالعام ،2008 بينما ارتفعت في الأشهر الماضية من 2010 في بضعة مشاريع مقارنة بالعامين السابقين .

عكس المسح الميداني الذي أجرته شركة “هاربور” للوساطة العقارية، شمل 84 مشروعاً مختلفاً بين مناطق دبي، صورة رسوم الخدمات العقارية بوجهيها الإيجابي والسلبي، فمن الناحية الإيجابية أشار المسح إلى أن الاتجاه العام لمعدل الرسوم يتحرك باتجاه الانخفاض في ظل الظروف العامة التي يعيشها القطاع العقاري منذ بداية التأثر بتداعيات الأزمة المالية العالمية، والتي رسمت طريق التصحيح والنضوج نحو القيم الفعلية للأسعار وإيجاد بيئة استثمارية أكثر وعيا مع تراجع معدلات التضخم في شتى أشكاله .

ووجد المسح أن تكلفة الخدمات على المشاريع لم ترتفع إلا بصورة طفيفة خلال العام 2010 مقارنة بالسنة الماضية، وذكرت “هاربور” أن أكبر زيادة في رسوم الخدمات كانت في مشروعي “ذا فيوز” “جرينز”، حيث ارتفعت بمتوسط 15 .1 درهم للقدم المربعة ولفت المسح إلى أن الرسوم في مرسى دبي ومنطقة وسط المدينة بقيت من دون تغيير .

وتراوحت رسوم الخدمات في مرسى دبي بين 87 .،14 درهم وما يقل عن 20 درهماً للقدم المربعة حسب المشروع، أما بالنسبة لمنطقة داون تاون فتراوحت الرسوم بين 20 درهماً للقدم المربعة إلى حوالي 72 درهما للقدم في أجنحة الشركات ضمن برج خليفة .

ووفقا للمسح فإن أفضل الأسعار المتاحة هي في موتور سيتي، حيث تصل رسوم الخدمات إلى ما يزيد على 5 .10 درهم للقدم في مشروع “جرين كوميونيتي” .

من جهة أخرى لفت المسح إلى أخبار اعتبرها بالسيئة بالنسبة للمستثمرين في عقارات دبي وتتمثل في أن التراجع في معدل رسوم الخدمات لم يواز في حجمه وسرعته التراجع في معدل أسعار الإيجارات .

ووجد المسح الذي شمل 84 مشروعاً في دبي أن هناك-إضافة إلى ذلك- قصورا في مستوى الخدمات المقدمة في هذه المشاريع، حسب أحد ملاك الشقق المكونة من غرفتين وصالة ضمن مشروع “بوليفارد ووك”، حيث أعرب عن استيائه ليس فقط من رسوم الخدمات وإنما من تراجع مستواها .

ويقوم هذا المالك بدفع 43 ألف درهم سنوياً مقابل رسوم خدمات شقته البالغة مساحتها 1370 قدماً مربعة، ويمثل هذا المبلغ 36% من عائد الإيجار السنوي الذي يحصل عليه مقابل استثماره هذا .

وتزداد المشكلة تفاقما عند النظر إلى نوعية الخدمات التي يتم توفيرها، والتي يمكن وصفها في أحسن الاحوال “بالكاد كافية” .

وتعددت قصص الملاك حول نوعية الخدمات ومنها قصص تخص المعدات الرياضية في صالات الألعاب التي يتم تمديد عمر تصليحها إلى أجل غير مسمى يصل إلى بضعة أسابيع، بالإضافة إلى موعد فتح حمام السباحة بصورة تجعل من الصعب استخدامه في فترة الصباح .

وقالت الدراسة إن هذه الأمور ربما تبدو غير ذات أهمية للبعض، إلا أنها بعكس ذلك لملاك العقارات الذين تملكوا وحداتهم بناء على الوعود التي بنوا عليها اهتماماتهم ورغباتهم .

وأوضح مهند الوادية، المدير الإداري في شركة “هابور” للوساطة العقارية، أنه على الرغم من تأثير رسوم الخدمات السنوية على القيمة المضافة على رأس المال وعوائد الإيجار السنوية، فمن المدهش ان بعض أصحاب المصالح الأساسيين في سوق العقارات يتجنبون التعامل مع هذا الموضوع الحرج والتحرك لحل الغموض والإحباط المحيط به . حيث إن معظم الشركات ومطوري المشاريع التي لا تزال قيد الإنشاء لم يوفروا التفاصيل الكافية التي تتعلق برسوم الخدمات المتوقعة للقدم المربعة الواحدة حتى اكتمال المشروع، كما أن معظم المشترين والبائعين، وحتى الوسطاء، لن يطرحوا هذا الموضوع إلا لحين المراحل النهائية من عملية التفاوض .

وأضاف الوادية أن المسح لفت إلى موضوع مهم جدا ألا وهو الشفافية، الذي يثير تساؤلات عديدة حول الطريقة الصحيحة التي يجري من خلالها توظيف الأموال المدفوعة مقابل الخدمات، والجهات التي تستفيد من هوامش الربحية المرتبطة بها، إضافة إلى الجهة الواجب مساءلتها في ما يخص مستوى الصيانة والخدمات لمرافق المبنى وضمان القيام بها على أفضل مستوى وفي الوقت المناسب وبتكلفة معقولة .

وأشار المدير المدير الإداري لشركة “هاربور” إلى أن من أبرز النقاط التي تناولها تقرير المسح، هو صدرو اللوائح التنظيمية لقانون “جمعيات الملاك المشتركة” الذي سيسهم في حل العديد من المشاكل المرتبطة بإدارة المشاريع والخدمات المرتبطة بها، مؤكداً أهمية تفاعل الجهات المعنية وأصحاب الحقوق بإيجابية مع هذا القانون، وإلا سيكون شأنه شأن بعض القوانين الأخرى، فالأمر في نهاية المطاف بيد المستثمر نفسه .

30-May-2010 - Emirates Business 24-7

Fall in Abu Dhabi villa prices slows

Properties continue to attract more tenants than buyers.

Decline in villa prices in Abu Dhabi has slowed in the first quarter 2010, as prices fell five per cent in comparison to the fourth quarter of 2009, real estate consultants said.

Prices fell 15 per cent in the fourth quarter 2009 compared to the third quarter 2009, they added.

Mohanad Alwadiya, Managing Director, Harbor Real Estate, said: “Although villa prices in Abu Dhabi have come down on an average of five per cent in the first quarter of 2010 compared to the fourth quarter of 2009, the real estate sector continues to attract more tenants than buyers.”

Paul Maisfield, General Manager and Head of Professional Services, Asteco, Abu Dhabi, said: “Abu Dhabi is still very much a rental market. Like the previous quarter there have been some rental reductions in the villa market and this has been particularly pronounced at the upper-end of the market.

“With respect to hand-over of Golf Gardens, our research shows that about 70 per cent of these villas are being made available for rent, with the remaining 30 per cent occupied by property owners. Moreover, approximately half the villas that have been rented out to date are company contracts.”

According to Asteco, close to 3,800 villas are specifically being developed for the leasing market, which are due for handover in 2010.

“Majority of that will consist of low-to-mid-quality stock in Khalifa City A and B, and Mohammed Bin Zayed City. We expect many of these to be sub-divided into smaller units, making it difficult to predict how many residential units will actually come onto the market in those areas,” said Maisfield.

“A large proportion of villas at Golf Gardens have come onto the rental market. The majority of tenants in this development are western expatriates.”
Alwadiya said: “We are noticing that majority of villa projects are being offered for lease-purposes with the estimated ratio reading 70 per cent for lease-purposes and 30 per cent for sale.”

He said the overall appetite for buying properties has dropped. “Although we have noticed an improvement in the mortgage offers during 2010, the end-user funding options are still not attractive enough.”

Loshini Lawrence, Operations Manager, Better Homes, Abu Dhabi, said: “There is a high demand for rentals at the moment. Given the current sale prices, high bank interest rates and lack of ready to move in freehold properties, rentals still tend to be on the increase.”

However, once the market receives more good quality and location inventory and banks start to lend more aggressively, the market will experience a slight change in terms of the buyer interest, she said. “Selling prices will always play a key role in market dynamic.”

According to Asteco, “On an average, allowances tend to be in the region of Dh300,000 per annum to Dh350,000 per annum for senior management positions. Consequently, five-bedroom villas quoting above Dh400,000 per annum are struggling to let and prices have fallen to more realistic levels, with some five-bedroom villas now available for less than Dh330,000 per annum.”

According to Asteco, the handover of the first phase of Al Reef villas revealed that new landlords have mortgage commitments and that they are looking to secure tenants early in order to avoid vacant periods. “As more phases are handed over in the next few months, rents in this development are likely to come under increasing pressure to drop further,” said Maisfield.

Harbor Real Estate said that current rentals for three-bedroom villas average Dh255,000 per annum, for four-bedrooms Dh280,000 per annum and five-bedrooms the average is Dh385,000 annually. “These rental prices are down by approximately 25 per cent from the same time last year.”

According to Better Homes, at Golf Gardens, villas can be leased from Dh310,000 per annum onwards, at Al Reef Villas, two-bedroom villas rent for Dh110,000 per annum. “This is approximately 15 per cent to 20 per cent down for the corresponding period last year.”

Asteco estimates around 5,500 new villas will be delivered to the Abu Dhabi real estate market during 2010. “Compared to some villa developments in Dubai, none of these developments can be considered high-end, except Hills Villas in Officer’s City. Areas such as Khalifa A and Mohammed Bin Zayed also have about 2,000 villas each in various construction stages. Most of these villas are owned by UAE nationals and held for investment purposes. The villas, which will be owner-occupied by UAE nationals, tend to be of high quality,” said Maisfield.

Alwadiya also said around 5,500 villa units will be supplied in 2010 with large numbers coming from Golf Gardens, Al Raha Beach and Al Reef Villas.
Asteco said the firm has not seen any significant fluctuation in completed villa prices over the past three months. “From an investment perspective, based on current prices, large villa developments of Al Raha Gardens, Golf Gardens and Al Reef are, on average, all achieving gross yields of about nine to 10 per cent,” said Maisfield.

Lawrence, however, said that prices were on the decline.

Alwadiya said that in the fourth quarter of 2009, villa prices continued to drop by an average of 10 per cent in sale prices and up to 15 per cent in rental prices. He added that prices have fallen on an average of 15 per cent in the last quarter compared to the previous quarter. “This provided evidence that escaping the effects of the global economic crisis is impossible for any economy, no matter how strong its fundamentals.”

“In the first and second quarter of 2010, the decrease in villa prices in Abu Dhabi started to soften. According to our records, the average decrease in villa prices in Abu Dhabi is at five per cent for sale prices and eight per cent for rental prices in the second quarter of 2010. On the main island, west and east districts are demanding a steep premium of 27 per cent for villas compared with similar sized units in the off-island districts,” said Alwadiya.

“Moving forward in 2010, as the UAE continues to emerge from the economic crisis, and as lending options become more available and affordable, we expect the demand for villas to start picking up again and this will help the prices stabilise after reaching more acceptable levels.”

Meanwhile, real estate agents said Golf Gardens and Al Raha Beach gardens were by far the most expensive villa communities in Abu Dhabi. “Golf Gardens is among the most expensive villa community in Abu Dhabi, although rents have fallen over the last one year by about 25 per cent as landlords’ expectations have fallen to meet the market.”

According to Harbor, the most expensive villas are the Al Raha Beach community and the Golf Gardens community. “On the other hand, the highest priced villas are still within the Nurai Island development, with some of the luxury villas being currently listed at Dh49 million. Also, some of the luxury villas at Saadiat Beach are being listed at prices ranging from Dh8m up to Dh30m,” said Alwadiya.

Better Homes said that currently, the most expensive rental community in Abu Dhabi is Marina Royal with pricing ranging around Dh950,000 per annum.
According to Asteco, villa rentals in the second quarter of 2008 in Abu Dhabi were on an average around Dh200,000 per annum for a three-bedroom, Dh245,000 yearly for a four-bedroom and Dh330,000 for a five-bedroom. “Prices reached a peak in the fourth quarter of 2008 with average rates as high as Dh380,000, Dh450,000 and Dh530,000 respectively for three-to-four-to-five-bedroom villas. Following this peak, prices have, on an average, fallen by around 40 per cent (fourth quarter 2008 to fourth quarter 2009).

“There are only two villa developments in Abu Dhabi, Al Reef Villas and Hydra Village, which are available for investments by expatriates.
“As both are mid-end developments, they are affordable to a larger buyer base that include western, Arab and Asian expatriates as well as UAE nationals.
“The other freehold villa developments were available for UAE nationals who predominantly bought for investment purposes to rent to expatriates.”
Meanwhile, Abu Dhabi continues to attract a larger percentage of villa buyers than apartment buyers. “Depending on the client, most expats purchase apartments or duplex within a building or villas within a self-contained community with a small garden. There is still an interest in well-designed and priced apartments with quality finishes and sea views,” said Lawrence.

17-May-2010 - The National

Labour camp investors face cut to their bottom line

Gulzar Mohammed’s barber shop once made Dh1,500 (US$408.35) a week from the building workers of Sonapur on the outskirts of Dubai. Now, in a good week, he makes half as much.

The sprawling collection of dormitories between Dubai and Sharjah was once home to 50,000 people employed on hundreds of construction sites across the emirate. But now many of its buildings lie empty while the landlords who own them are forced to accept rents that are 65 per cent lower than two years ago.

Fridays should be Mr Mohammed’s busiest time, when the streets of Sonapur bustle with workers from India, Pakistan and Sri Lanka on their day off. He used to return from Friday prayers to be met with a queue of people waiting outside his shop. Last week there was no queue and only one customer inside.

“We have felt the pinch more in the last two, three months,” he said.

“Workers are not getting paid regularly and when it comes to making a choice between eating or getting a haircut, eating wins. Our expenses are the same as they were but our business is not.”

At the height of the boom, worker accommodation became hot property as a shortage of serviced camps sent rents rocketing and encouraged investment funds to gain exposure to the sector. But the rapid decline in the building industry has led to rents tumbling and triggered a mass migration of workers from Sonapur to other locations closer to downtown Dubai. Today, about half of the labour lodgings built to accommodate the influx of construction workers during Dubai’s six-year property boom are empty.

While rents have halved in areas such as Al Quoz, the Dubai Investment Park and Jebel Ali, the drop has been even more pronounced in Sonapur.

Some 842 projects valued at more than $350 billion are currently on hold and a further 111 projects worth $14bn have been cancelled, according to Proleads, a construction intelligence company based in Dubai. Brokers say the list of available labour camps is growing.

Asif Choudhry, the managing director of Vertex International Real Estate in Dubai, has been trying to rent out about 20 camps for more than a year.

“The demand is extremely weak for camps. To lease or sell a labour camp is the most difficult thing for a broker at the moment,” he said. “There is no new labour coming, only workers moving from other emirates or from older to newer buildings.”

An unabated demand for labour lodging and an average capital appreciation ratio of between 12 and 15 per cent had attracted a steady stream of investment into the sector from property-focused funds and institutional and private investors. But that has changed considerably.

“Returns have massively shrunk on this once high-yield asset class. Add the mark-to-market effect on valuation of properties and you see both the investors and the lenders are badly hurting in this segment,” said Adeel Khan, the chief executive of Potentia, a UAE-based financial advisory company.

With construction activity unlikely to gain momentum in the near future as project finance remains tight, and with so many empty labour camps, investors in the sector are now looking for an exit.

“The stress is more now since the investors don’t want to hold on to an asset which is not income-producing. There is pressure from institutional investors who want to exit,” said Mohanad Alwadiya, the managing director of Harbor Real Estate in Dubai.

Mr Alwadiya is representing one client who is looking to exit from three labour camps in a prime location in Al Quoz with 10,000 rooms in each.

“These are large facilities and very difficult to sell and they are [now] on the market for over six months. The assets value could have been close to Dh2bn at peak but we are hoping to raise Dh1bn to exit,” he said.

As an alternative, Mr Alwadiya is now advising the client to invest in mid-tier staff accommodation that could be pitched to major corporations, airlines and retail chains.

While investors and landlords are suffering, contractors are benefiting from the rental decline. Savings made by moving to cheaper lodgings close to job sites can help ease their cash flow difficulties and improve operating margins that have been under pressure lately.

Back in the barber shop in Sonapur on Friday, one Dh10 haircut is all Mr Mohammed’s colleague Mohammad Asif has to show for his morning’s work.

10-May-2010 - Emirates Business 24-7

Property transactions decline in RAK

Realtors say transactions and listings continue to decline since 2009.

The number of transactions and new property listings with agents has declined in Ras Al Khaimah since the end of last year, realty agents said.
Mohanad Alwadiya, Managing Director, Harbor Real Estate, said: “We have not removed any listings for Ras Al Khaimah. However, we have not received any new listings for the past four months for the emirate. The fourth quarter of 2009 was the last time we concluded a transaction for a property in Ras Al Khaimah.”
He further said that the overall purchasing appetite of buyers has been very low due to the economic crisis and most of the stakeholders involved in the RAK property market have adopted “a wait and see” approach, hoping for the economic storm to clear out.

Laura Choueri, CEO, Choueri Real Estate, said: “There were many enquiries for the emirate as Ras Al Khaimah has a lot of opportunities for investors. However, the fourth quarter of 2009 was the last time we concluded a sales transaction in Ras Al Khaimah.”

Kosta Giannopolous, Manager-Residential Sales & Leasing, Better Homes said: “We get a few property enquiries for RAK each month.” The real estate agents, however, expect the market to gain momentum as the emirate has some promising developments.

Choueri said that while the Ras Al Khaimah market may not be as buoyant as Dubai, there are some very beautiful properties there which hold a lot of potential for investors. “As said, in the last quarter of 2009, there were lots of enquiries for one, two and three-bedroom apartments, yet those have not translated into sales.”

Alwadiya said: “Slowdown in new activities and progress announcements in the RAK property market have made it slide down in the investors’ top of mind awareness and consideration list. Further, lack of completed projects and limited finance options in RAK have become key decision-making variables in today’s market place which are hindering the ability of sellers to promote and sell their projects in the emirate.”

He said the market is witnessing an overall slowdown also driven by the migration of tenants to the more affordable areas in Sharjah and Dubai. “The rental prices have dropped by an average of seven per cent to eight per cent according to our estimates. When it comes to sale prices, we have witnessed a sharper drop mainly in the under construction/ off plan projects.

“Pick-up in the real estate sector of Ras Al Khaimah can happen but this must be complemented by a steady pace of construction progress, positive completion/success stories and a solid legal, marketing and operational framework that endorses the property market in RAK.”

Giannopolous said: “RAK has long been a place to escape the busy pace of Dubai. The developments in the emirate offer beautiful waterfront properties, such as Al Hamra Village and The Cove, which are already popular for weekend escapes and holiday homes.

Other projects of note include Mina Al Arab, developed by RAK Properties; and Bab Al Bahr, developed by Rakeen which will both become more attractive as they near their completion date; so now may be a great time to buy in RAK prior to completion and while these mega-projects and prices are affordable.”

May-2010 - Al Khaleej-06

تماشيا مع رؤيتها الرامية إلى رفع مستوى خدمة العملاء في قطاع العقارات وتلبية متطلبات سوق دبي الحيوي، قامت مجموعة “هاربور” بالحصول على رخصة خدمات الإشراف الإداري للعقارات بموافقة من دائرة الأراضي والأملاك ودائرة التنمية الإقتصادية في دبي.
وعلق السيد مهند الوادية، المدير الإداري لشركة هاربور للوساطة العقارية، على الخدمات الجديدة قائلاً: “سوف تمكننا خدمات الإشراف الإداري للعقارات من تحري فرص تجارية جديدة وتوسيع محفظة أعمالنا، بالإضافة إلى تقديم خدمات للمطورين وللمستثمرين المؤسسيين عن طريق الإشراف على جميع أنشطة المشاريع الخاصة بهم. فنحن يسعدنا أن نوفر لهم راحة البال والحلول الفعالة والمبتكرة التي تتجاوز أساليب إدارة العقارات التقليدية.”
كما ستمكن الخدمات الجديدة الشركة من ادارة الممتلكات والإشراف عليها فيما يتعلق بالتعاقد مع الشركات المسؤولة عن خدمات الصيانة وخدمات التنظيف والأمن. بالإضافة الى معالجة القضايا الإدارية بالنيابة عن مالك العقار، والتنسيق مع وسطاء التأجير لإيجاد واختيار المستأجرين المناسبين للوحدات الشاغرة في العقار.

وبالتزامن مع إضافة خدمات الإشراف الإداري للعقارات، أعلنت شركة هاربور للوساطة العقارية عن إطلاق وترقية موقعها الالكتروني الجديد على شبكة الانترنت www.harbordubai.com . حيث يوفر الموقع الجديد باقة من الميزات المتطورة والمبتكرة، التي تقوم على التركيز على العقارات المعلنة وتحسين قنوات التواصل بين العملاء والمستشارين المتخصصين في هاربور.
وينفرد الموقع الجديد بتوفير خدمة أساسية وهي الاولى من نوعها على صعيد المواقع الالكترونية لخدمات الوساطة العقارية وهي خدمة تصفح موقع هاربور المصمم خصيصا للهواتف المتحركة، حيث سيمكن الموقع الجديد عملاء هاربور من تصفح ومواكبة التفاصيل للعقارات المدرجة في دبي من خلال استخدام هواتفهم النقالة. هذا بالاضافة الى خدمة الدردشة الحية والمباشرة (live Chat) بين العملاء والاستشاريين في شركة هاربور لتقديم المساعدة و الإجابات الفورية عن الاستفسارات عن العقارات المعروضة أو الخدمات العقارية المتكاملة التي توفرها هاربور.

وعلاوة على ذلك، تقوم شركة هاربور للوساطة العقارية بالإعلام والإعلان عن عقاراتها المدرجة بشكل مكثف عبر أسواق العقارات الإلكترونية ووسائل الإعلام الاجتماعية مثل؛ “جلف نيوز دوت كوم” “Gulfnews.com”، و” بروبيرتي فايندر” “Propertyfinder”، و” دوبزيل” “Dubizzle”، و”بيوت” “Bayut”، و”تويتر” “Twitter” و”فيس بوك” “Facebook” بالإضافة إلى اكثر من ثلاثين موقع متخصص آخر، وأضاف السيد مهند قائلاً: “اننا في عصر جديد ومبتكر لذلك يجب على جميع شركات مزودي الخدمات العقارية أن تقدم الخدمات للعملاء بطريقة مبتكرة وسهلة تلائم جميع متطلباتهم ونمط حياتهم. لهذا فأن المواقع الإلكترونية ووسائل الإعلام الإجتماعية تعد حاليا من أفضل الطرق لاستهداف السوق العقاري. ”
وتعد هاربور للوساطة العقارية من أكثر شركات الوساطة والخدمات العقارية تطورا، فقد انتقلت من مجرد تقديم خدمات وساطة عقارية تقليدية إلى مزود خدمات عقارية متكاملة ذات مستوى عالمي. حيث تشمل خدمات الشركة حاليا كلا من خدمات البحوث المتخصصة في مجال العقارات، وخدمات البيع والإيجار والتسويق المتكاملة وخدمات إدارة الإستثمارات العقارية، والخدمات القانونية المتكاملة المتعلقة بقطاع العقارات، بالإضافة إلى خدمات الإشراف الإداري للعقارات التي حصلت عليها مؤخرا.

06-May-2010 - Gulf Today

Harbor Group expands services portfolio and enhances communications channels

Coinciding with its mission to enhance customer service levels of the Real Estate Industry and meeting the demands at a dynamic market, Harbor Group has acquired the Real Estate Management Supervision Services license.

Mohanad Alwadiya, Managing Director of Harbor Real Estate, said: “The new license will allow us seek new business opportunities and service the developers and institutional investors in supervising all their project activities. We will be providing them with complete peace of mind and innovative effective solutions that go beyond the old property management approach.”

The license will allow the company to manage and supervise properties with regards to contracting with the firms in charge of maintenance, cleaning and security services, handling the administrative issues for the property’s owner and coordinating with lease brokers to locate tenants for vacant units in the property.

Harbor Real Estate has also announced the launch of its all new upgraded website www.harbordubai.com. The new website has a fresh sleek look and incorporates new features that increase the exposure of listed properties while offering new efficient and innovative ways of communicating with area and asset specialists within Harbor.

One of the main new features is the special mobile website; Harbor Real Estate is the first Real Estate service provider who offers this feature. It allows current and potential clients to check the details of listed properties in a certain area in Dubai on the go through the use of their mobile sets. The website also incorporates a live chat tool that enables users to communicate with one of the Harbor’s consultants instantly to shed more light about listed properties or offered services.

Moreover, Harbor Real Estate is advertising their properties strenuously via online property markets and social media outlets such as; Propertyfinder, Dubizzle, gulfnews.com, Bayut, Facebook and Twitter. “We are in a new era were service providers have to approach clients in a creative and easy manner. Online platforms are the best vehicles to target our market as more and more users are joining social networks and online search engines are becoming the number one place to find a product or a service” Commented Alwadiya.

Harbor Real Estate services have evolved from traditional real estate brokerage of merely bringing buyers and sellers together to innovative world class end-to-end real estate services. The company services include, Real Estate Tailored Research Services, Integrated Marketing Services, Sales, Leasing & Conversion Management Services, Real Estate Investment Portfolio Management Services and, Holistic Real Estate Legal Services and Real Estate Management Supervision Services.

06-May-2010 - Khaleej Times

Harbor Group expands services portfolio and enhances communications channels

Coinciding with its mission to enhance customer service levels of the Real Estate Industry and meeting the demands at a dynamic market, Harbor Group has acquired the Real Estate Management Supervision Services license.

Mohanad Alwadiya, Managing Director of Harbor Real Estate, said: “The new license will allow us seek new business opportunities and service the developers and institutional investors in supervising all their project activities. We will be providing them with complete peace of mind and innovative effective solutions that go beyond the old property management approach.”

The license will allow the company to manage and supervise properties with regards to contracting with the firms in charge of maintenance, cleaning and security services, handling the administrative issues for the property’s owner and coordinating with lease brokers to locate tenants for vacant units in the property.

Harbor Real Estate has also announced the launch of its all new upgraded website www.harbordubai.com. The new website has a fresh sleek look and incorporates new features that increase the exposure of listed properties while offering new efficient and innovative ways of communicating with area and asset specialists within Harbor.

One of the main new features is the special mobile website; Harbor Real Estate is the first Real Estate service provider who offers this feature. It allows current and potential clients to check the details of listed properties in a certain area in Dubai on the go through the use of their mobile sets. The website also incorporates a live chat tool that enables users to communicate with one of the Harbor’s consultants instantly to shed more light about listed properties or offered services.

Moreover, Harbor Real Estate is advertising their properties strenuously via online property markets and social media outlets such as; Propertyfinder, Dubizzle, gulfnews.com, Bayut, Facebook and Twitter. “We are in a new era were service providers have to approach clients in a creative and easy manner. Online platforms are the best vehicles to target our market as more and more users are joining social networks and online search engines are becoming the number one place to find a product or a service” Commented Alwadiya.

Harbor Real Estate services have evolved from traditional real estate brokerage of merely bringing buyers and sellers together to innovative world class end-to-end real estate services. The company services include, Real Estate Tailored Research Services, Integrated Marketing Services, Sales, Leasing & Conversion Management Services, Real Estate Investment Portfolio Management Services and, Holistic Real Estate Legal Services and Real Estate Management Supervision Services.

May-2010 - Al Bayan

تماشيا مع رؤيتها الرامية إلى رفع مستوى خدمة العملاء في قطاع العقارات وتلبية متطلبات سوق دبي الحيوي، قامت مجموعة “هاربور” بالحصول على رخصة خدمات الإشراف الإداري للعقارات بموافقة من دائرة الأراضي والأملاك ودائرة التنمية الإقتصادية في دبي.
وعلق السيد مهند الوادية، المدير الإداري لشركة هاربور للوساطة العقارية، على الخدمات الجديدة قائلاً: “سوف تمكننا خدمات الإشراف الإداري للعقارات من تحري فرص تجارية جديدة وتوسيع محفظة أعمالنا، بالإضافة إلى تقديم خدمات للمطورين وللمستثمرين المؤسسيين عن طريق الإشراف على جميع أنشطة المشاريع الخاصة بهم. فنحن يسعدنا أن نوفر لهم راحة البال والحلول الفعالة والمبتكرة التي تتجاوز أساليب إدارة العقارات التقليدية.”
كما ستمكن الخدمات الجديدة الشركة من ادارة الممتلكات والإشراف عليها فيما يتعلق بالتعاقد مع الشركات المسؤولة عن خدمات الصيانة وخدمات التنظيف والأمن. بالإضافة الى معالجة القضايا الإدارية بالنيابة عن مالك العقار، والتنسيق مع وسطاء التأجير لإيجاد واختيار المستأجرين المناسبين للوحدات الشاغرة في العقار.

وبالتزامن مع إضافة خدمات الإشراف الإداري للعقارات، أعلنت شركة هاربور للوساطة العقارية عن إطلاق وترقية موقعها الالكتروني الجديد على شبكة الانترنت www.harbordubai.com . حيث يوفر الموقع الجديد باقة من الميزات المتطورة والمبتكرة، التي تقوم على التركيز على العقارات المعلنة وتحسين قنوات التواصل بين العملاء والمستشارين المتخصصين في هاربور.
وينفرد الموقع الجديد بتوفير خدمة أساسية وهي الاولى من نوعها على صعيد المواقع الالكترونية لخدمات الوساطة العقارية وهي خدمة تصفح موقع هاربور المصمم خصيصا للهواتف المتحركة، حيث سيمكن الموقع الجديد عملاء هاربور من تصفح ومواكبة التفاصيل للعقارات المدرجة في دبي من خلال استخدام هواتفهم النقالة. هذا بالاضافة الى خدمة الدردشة الحية والمباشرة (live Chat) بين العملاء والاستشاريين في شركة هاربور لتقديم المساعدة و الإجابات الفورية عن الاستفسارات عن العقارات المعروضة أو الخدمات العقارية المتكاملة التي توفرها هاربور.

وعلاوة على ذلك، تقوم شركة هاربور للوساطة العقارية بالإعلام والإعلان عن عقاراتها المدرجة بشكل مكثف عبر أسواق العقارات الإلكترونية ووسائل الإعلام الاجتماعية مثل؛ “جلف نيوز دوت كوم” “Gulfnews.com”، و” بروبيرتي فايندر” “Propertyfinder”، و” دوبزيل” “Dubizzle”، و”بيوت” “Bayut”، و”تويتر” “Twitter” و”فيس بوك” “Facebook” بالإضافة إلى اكثر من ثلاثين موقع متخصص آخر، وأضاف السيد مهند قائلاً: “اننا في عصر جديد ومبتكر لذلك يجب على جميع شركات مزودي الخدمات العقارية أن تقدم الخدمات للعملاء بطريقة مبتكرة وسهلة تلائم جميع متطلباتهم ونمط حياتهم. لهذا فأن المواقع الإلكترونية ووسائل الإعلام الإجتماعية تعد حاليا من أفضل الطرق لاستهداف السوق العقاري. ”
وتعد هاربور للوساطة العقارية من أكثر شركات الوساطة والخدمات العقارية تطورا، فقد انتقلت من مجرد تقديم خدمات وساطة عقارية تقليدية إلى مزود خدمات عقارية متكاملة ذات مستوى عالمي. حيث تشمل خدمات الشركة حاليا كلا من خدمات البحوث المتخصصة في مجال العقارات، وخدمات البيع والإيجار والتسويق المتكاملة وخدمات إدارة الإستثمارات العقارية، والخدمات القانونية المتكاملة المتعلقة بقطاع العقارات، بالإضافة إلى خدمات الإشراف الإداري للعقارات التي حصلت عليها مؤخرا.