Events

Manara to showcase residential, logistics projects

Bahrain-based Manara Developments Company is set to launch a unique range of its properties at the Gulf Property Show 2016, the boutique showcase for real estate and property developments which opens this month in Bahrain.

The event is being organised by Hilal Conferences and Exhibitions (HCE) under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, the Prime Minister of Bahrain, from April 26 to 28 at the Bahrain International Exhibition and Convention Centre.

On the upcoming show, managing director Dr Hasan Al Bastaki said: “Manara’s participation as a strategic partner in this real estate event, portrays its commitment to the real estate sector, as this exhibition, which achieved a growth of up to 70 per cent from 2013, is an annual opportunity for industry players, as well as prospective owners to meet and address the industry’s latest developments and trends.”

Dr Al Bastaki said Manara will exhibit three major residential projects one of which is a mixed-use development “Hasabi” project offering breathtaking seafront views.

Also at the expo, Manara aims to introduce a new sales phase of its Investment Gateway – Bahrain project that offers opportunities for ownership for Bahraini as well as non-Bahraini companies and individuals, a feature that makes the project, and the kingdom an ideal base for a wide array of light industry and logistical support on both the local and regional level.

Launched two years back, Investment Gateway – Bahrain is a major initiative by the company to encourage and support investments in the kingdom, with a particular focus on foreign investments.

In addition, amongst the projects that will be showcased at the exhibition, include Kenaz Al Bahrain featuring 64 residential units spread over eight four-floor apartment buildings, in addition to Wahati, a subproject of Wahat Al Muharraq that was initially introduced over three phases since 2011, offering a total of 227 villas of various sizes and designs and targeted at middle-income earners.

According to him, the project offers apartments that were specifically designed to meet the requirements of modern Bahraini families while maintaining the common trend towards vertical expansion to address the scarcity of land and thus serving a greater population within the available space and yet meeting the needs and requirements of young Bahraini families.

Dr Al Bastaki said Manara was amongst the first companies to join the partnership with the Ministry of Housing more than two years ago in line with the leadership’s directives towards the national social housing strategy.

Through this partnership, Manara extended its support towards the efforts of the Ministry of Housing in providing appropriately priced housing to suit the modern family’s needs and achieve social stability.

 

Source: TradeArabia.com

April 12, 2016No comments,
International Property Show opens in Dubai

The 12th edition of International Property Show, which coincides with the Annual Investment Meeting 2016, opened today (April 11) at the Dubai International Convention and Exhibition Centre (Dicex).

The show, the only retail property event at Dicex, attracted hordes of visitors. It witnessed brisk retail transactions on the inaugural day while real estate companies unveiled a series of projects for investors and end users.

Licensed by Dubai-based Real Estate Regulatory Agency (Rera), the show is the only one of its kind that provides direct real estate transactions on its floor where all exhibitors are officially entitled to collect down payments for transactions made as well as presenting title deeds to purchasers at the event.

This has further positioned it as a one-stop shop opportunity for investors, end users, consumers and real estate professionals from the Middle East and the rest of the world.

“We attracted participants from new countries following an in-depth study of their markets, to ensure display of effective opportunities to investors in the UAE and the wider GCC region. We anticipate trade visitors from over 100 countries by the time we wrap up the show,” emphasised Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, the event organiser.

“Due to the current uncertainty in the real estate sector, and the emergence of first-time buyers, and those looking for affordable housing options, the International Property Show serves as the best platform to showcase these trends and practice them onsite,” he added.

Leading real estate developers showcased their innovative projects along with brokerages, urban development authorities, free zones, and financial companies at the show.

Supported by Dubai Land Department and sponsored by plenty of media partners, it is a leading regional real-estate meeting platform for developers, investors and regional and international companies working in this field.

Source: TradeArabia.com

April 12, 2016No comments,
Manazel sets up new affordable housing unit

Manazel Real Estate, a leading developer headquartered in the UAE, has announced the launch of Al Manzel, a new subsidiary responsible for managing and operating the company’s Dari initiative which connects the recipients of governmental housing loans with consultants and qualified experts at Manazel who oversee the new home’s construction from design to delivery.

The initiative, which has been established to support Emiratis, will help aspiring home owners with limited budgets to build their homes in a turn-key operation, choosing from among 10 types of villas of varying sizes, said a statement from the company.

The new unit has a dedicated team of consultants who will act as the local clients’ representatives before governmental departments, contractors and architects, and oversee all aspects of construction, including timelines, budgets and inspections, it added.

According to Manazel, the launch of the new unit supports its ongoing strategy to make affordable housing more accessible in the country, and aligns with the vision of UAE leadership to give all citizens access to quality homes at an affordable price.

The Emirati firm identifies and works with contractors and consultants on the citizens’ behalf, and ensures that homes are delivered within the government’s Dh2 million ($544,382) housing loan budget.

It will be delivering its first home under the Dari initiative this week at Mohammed Bin Zayed City.

Each of the villas on offer is being constructed by external contractors, in accordance with traditional family values, and incorporates between six- and seven-bedrooms, two majlis spaces and accompanying service rooms, including a kitchen, laundry, store room and maid’s room.

With the aim of adding even more value to Dari and working in co-ordination with government entities, Al Manzel offers post-delivery services that are initiated after the acquisition of all municipality permits for water, electricity, internet and phone lines, and the handover of the finished home.

Al Manazel identifies vendors and negotiates rates on everything from home furnishings with UAE-certified suppliers, interior designers, landscapers and maintenance services, it added.

Commenting on the new unit, CEO Hassan Fahmi said: “Our core business strategy centres on meeting the demand for affordable housing in the UAE, and Dari is a natural extension of this.”

“Not only are the homes we help deliver both affordable and comfortable, but they are also designed to correspond with the values embraced by families in the UAE, including majlis areas for both men and women,” he added.

The creation of Al Manzel follows the establishment of the Manazel Malls subsidiary to manage the company’s retail areas in Al Reef Community and Al Reef 2, Capital Mall and future retail projects.

 

Source: Trade Arabia

April 12, 2016No comments,
Bahrain’s Expats Face New Dilemma

A representative from Bahrain Real Estate Association explains the Lease Law introduced last year provides guidelines on capped rents, but is not clear on utility billing which is subject to increase this month.

“The rent for tenants living in unfurnished homes typically excludes the water and electricity bill, which they pay themselves. But a fully furnished home is issued one standard bill that includes utilities,” says Mr. Saleh Faqihi, the association’s Secretary to Board of Directors. Even the municipality fees are calculated differently for furnished and unfurnished homes, the cost is 10% of the monthly rent for unfurnished properties and 70% for fully furnished.

The cost of water and electricity for expatriates and large businesses is expected to increase starting this month, however, there’s no clarification on how residential utilities are structured in the Lease Law introduced last year, and this can be a dilemma for fully-furnished property owners.

Introduced in February 2015, the law requires landlords to wait two years from the lease commencement date or the last rent increase date before increasing the rent. The maximum increase is set at 5% for residential properties and 7% for commercial and other properties, unless otherwise stated. A landlord must inform the tenant of their intention to increase the rent at least three months before the end of the second year.

There is a possibility that landlords of fully-furnished properties will hike their rent fee in light of increased water and electricity costs since these amenities are calculated in the total rent. How much and how often the rent increases depends entirely on the mutual agreement signed by both parties, Mr. Faqihi explains, stressing the importance of making sure property leases are officially registered with the government. But legally, homeowners can’t increase a tenant’s rent unless the lease is being renewed or two years have passed. At the same time, one can’t cross the 5% cap. Someone has to pay the price, therefore, the utility hike leaves homeowners of fully furnished homes in a rut.

“One homeowner I spoke to was concerned about dealing with the new utility charges. He can’t increase rent, so he decided that he’ll simply cancel furniture and register his tenants to pay for water, electricity and municipality on their own,” he shares. This solution holds tenants responsible for utility bills based on their respective consumption and leaves the homeowner’s current revenue unaffected. But since the property is no longer furnished, tenants will end up paying more than they previously were. Ideally, it’ll be simpler if landlords hand over the utility bill to the tenants and leave it at that.

Mr. Unkar Chanian, Senior Associate at Charles Russell Speechlys, agrees that making tenants liable for water and electricity is the easiest way to deal with the looming issue. In case of disagreement, concerned parties should take their lease complaints to the Rent Disputes Committee (RDC), a fast track court that was established subsequent to the introduction of the Lease Law last year. “People need to be aware that the court will not recognize complaints if a tenancy contract is not registered with the respective authorities,” he continues.

Mr. Faqihi expressed concern over the increased cost of living in Bahrain and says landlords might begin losing tenants as they look for cheaper accommodation or leave the country all together. He believes the lack of clarity regarding utilities could create rifts between homeowners and tenants, and hopes a clear cut explanation is provided soon.

Source: Gulf Insider

April 6, 2016No comments,
Bahrain’s real estate ‘resilient’ despite oil slump

Bahrain’s real estate market has seen a significant growth in the last decade, thanks to its low investment and transaction costs compared to other GCC states, according to a report.

The flourishing market of Bahrain made it more resilient while facing the economic turbulences hitting GCC markets due to the oil price plunge as the total value of property deals remained stable at BD1 billion ($2.63 billion) in 2015 compared to the previous year.

Despite the cautious market performance after the oil prices fall, the kingdom’s real estate sector remained solid as deal values soared along with the sales and rental prices in the prime areas, it added.

Besides the buying and selling, the construction activity too picked up steam thus reflecting the companies’ confidence in Bahrain’s real estate market. Construction sector in Bahrain achieved a growth of seven per cent in the start of 2015.

The discovery of oil represents a turning point in Bahrain’s economic history. The annual budget of Bahrain, since the first discovery, totally depends on hydrocarbons product.

The second transformation in Bahrain economy started by the first oil crisis when the leadership realised that establishing a firm economy requires diversifying national resources instead of relying on oil incomes, said the Weetas in the report.

The government focused on developing different economic sectors including tourism and real estate by holding a number of partnerships with domestic, regional, and international entities.

Bahrain shifted focus to property development nearly 10 years ago to make it a major source of national income almost equivalent to the oil sector.

Under its new development strategy, the kingdom first passed a freehold law which enabled foreigners to purchase properties in specific locations across the kingdom.

It started with a limited number of areas such as Seef, Juffair, Durrat Al Bahrain, and Amwaj, then expanded over the years to cover more areas, it stated.

Investors interest in purchasing in the promising market of Bahrain has risen especially in the last two years when property deal values soared to greater heights.

Many real estate investment and development companies entered Bahrain market to take advantage of the available propitious investment opportunities and participate in the real estate boom.

This interest has invigorated supply and demand rates and boosted properties prices by 400 per cent during the last 10 years in certain areas.

Another star attraction for overseas investors is the low investment costs in Bahrain (the average price of apartments’ sq m is $2,072 in the kingdom compared to $5,073 in the UAE).

Also the transactions costs in Bahrain are lower than the neighboring countries which puts its real estate market in a privileged position offering high investment yields and capital growth.

Added to all this is the ease of doing business in Bahrain for property investors and the country’s relatively low cost of living for both citizens and expats.

The kingdom is considered one of the most convenient locations worldwide for expats due to its low rental and living prices. All these factors contributed in stimulating the market’s activity.

Over the last few years, Bahrain has been witnessing a number of new developments such as the $2.5-billion Bahrain Bay project which lies in the north of the kingdom.

The real estate development at the project is being carried out by a number of prominent domestic and regional companies like Bin Faqeeh, according to the report.

Several other projects are on track for completion this year in Bahrain Bay such as the United Tower.

High investment yields, high rental yields, market stability, and strict framework, were some of the vital factors that have drawn foreign investors and companies to Bahrain.

A number of projects are under way in Bahrain such as Marassi which was officially launched last year, said the property management firm in its statement.

A key project which represents a qualitative leap in Bahrain’s urban reality, Marassi is being executed by the UAE-based Eagle Hills.

In light of the ample prospects and the robust economic performance, the market is projected to witness even better growth rates in the coming years which will qualify it to be a real traction point for real estate investors despite its small area, it added.

Source: Trade Arabia

March 30, 2016No comments,