Property sales in Cyprus are starting to pick up but are still very slow, according to the latest figures published by the island’s Lands and Surveys Department.
On the face of it they show an increase of almost 30% last month compared with February 2009, but this represented just 704 contracts of sale, some 60% down on transactions in the same month in 2008.

Prices have been falling and some developers are offering discounts of up to 30% as an incentive to buyers and this has what is attracting people, according to Solomon Kourouklides, president of the Cyprus Real Estate Agents’ Association. But he added that these opportunities cannot go on for much longer and the real estate market faces a levelling off and perhaps even further dips.

‘The latest increase is attributable to the opportunities in the market. Many Cypriot individuals and investors have bought properties from non-Cypriots or Cypriots who cannot pay off their loans. But these opportunities will run out. If the economic parameters remain the same, we believe that the market will remain at the save level as in 2009, while there is a possibility of a slight deterioration,’ he explained.

Meanwhile officials have taken the first steps towards a new law that will allow other European estate agents to operate in Cyprus.

A new draft law is to be put before Parliament to bring the island’s existing estate agent’s laws into line with other EU countries. It has been prompted by an EU inquiry that said Cyprus’ restrictive practices penalised estate agents from other EU member states wishing to practice on the Island.

Changes to the existing law relate to the establishment of companies as real estate agents, the professional qualifications of real estate agents, the provision of services by real estate agents situated in other European Union member states and the examination that EU real estate agents must take if they wish to settle in Cyprus.

It will mean that EU agents will be able to register with the Estate Agents Registration Council providing they prove that they have a minimum of five years experience in the industry. A copy of the draft law has also been sent to the European Commission

Developers in India are ordering feasibility studies before launching new projects and taking other cautious measures to avoid the excesses that resulted in the real estate downturn in 2009, it is claimed.

They are sending out a message that aggression in the market is no longer acceptable and massive projects are to be replaced by developments that buyers rather than speculators will want.
According to property consultants they are entering into strategic tie-ups for raw material and labour, appointing project management consultants, and outsourcing construction work for quicker delivery. Such measures are fairly new for a sector dominated by family-run businesses.

‘Builders are back with a bang but not an aggressive one. They want to try out new locations for projects and are trying to test a product before launching it,’ said Aditi Vijaykar, executive director (residential) at Cushman and Wakefield India.

DLF, India’s largest developer by market value, said it will not buy land in 2010 and 2011 or launch projects until it has regulatory approvals. Its working capital model will depend on cash flow from pre-sales, customer advances and bank debt. ‘It is difficult to stop speculative buying, but a system like one home per family is required. The chances of end users exiting projects are less because property investments are usually a lifelong affair for them,’ said DLF executive director Rajeev Talwar.

Mumbai based DB Realty said it is conducting feasibility studies on the sizes and pricing of homes to ensure the right profile for its projects. Consultants said this was rarely done in previous years.

Also, real estate firms that are raising money though initial public offerings are aiming to use the funds for ongoing and proposed projects or to retire debt, according to J.C. Sharma, managing director of Bangalore based Sobha Developers.
The firms are monetizing land banks and reworking sales strategies to reach a larger clientele, he explained. ‘This is very different from what they did in 2006 and 2007 when everyone was raising money only to buy more land,’ added Sharma.

Developers are also looking at special purpose vehicles or joint ventures instead of purchasing land outright. Parsvnath Developers said it is looking at a month-on-month delivery target for faster completion. The company wants to construct around 45 million square feet of space in the next 24 months and build around 1.25 million square feet in the last quarter.

Ramesh Jogani, managing director and chief executive of Indiareit Fund Advisors said developers need to ensure their projects are rational in profile. ‘Even in residential projects, what is the need to build 30 to 40 storey towers which take five to six years to finish one needs to travel the middle path and offer mid-range products which assure quality,’ he added.

Residential property prices in Dubai rose 0.7% in the final quarter of 2009, compared to the previous quarter, according to new real estate index for the emirate that is billed as a new benchmark for the industry.

The figures from the new Sales Price Index for Dubai (SPID), which has been launched by REIDIN.com in partnership with the Real Estate Regulatory Agency and Dubai Land Department, is aimed at providing the market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals benchmark and analyse residential price trends.

According to the latest information, the price of villas rose by 2.6% during the fourth quarter but overall prices are down 19.7% in 2009 compared to the fourth quarter of 2008.

Some of the 10 main districts covered by the index included Palm Jumeirah, where prices showed an increase of 2 % quarter on quarter. However, the quarterly figures for both Emirates Hills and Jumeirah Lake Towers fell by 19% during the same period, the report shows.

‘Ensuring the accuracy of market data and relevance to local market conditions is our top priority, which has prompted us to appoint an advisory committee, comprised of academicians and industry professionals from different emerging economies to monitor the quality of the indices,’ explained Ahmet Kayhan, chief executive of REIDIN.com.

‘Furthermore, we have established a Property Indices Oversight Committee to be responsible for reviewing and recommending changes in index policies and procedures, required data elements, qualifying properties, monthly index production review and taking of any other actions deemed necessary to assure index statistical integrity,’ he added.

Meanwhile the latest market report from CB Richard Ellis Middle East says that a high volume of new supply coupled with lower demand continues to affect lease rates across virtually all major residential districts of Dubai.

However, the fall in Q4 was minimal compared to the three previous quarters in 2009.
A comparative analysis of eight residential districts reveals that lease rates have dropped by 41% and 40% in the freehold and non-freehold locations respectively on a year-on-year basis.

It also shows that declining lease rates during the year saw a steady migration of residents to newer locations closer to their place of work and there was also a marked shift towards larger units.

‘Lease rates for residential units are likely to see a further contraction during the course of the year as a substantial volume of new accommodation reaches the final stages of construction,’ said Mat Green, Associate Director for Research and Consultancy.

It is expected that new supply will have the most affect on villa units, with a high number of new developments helping to significantly increase supply in this sector, he added.

Overall property sales are slowing in Canada but some locations, most notably Toronto, are seeing gains in what is regarded by experts as a more balanced real estate market.

With rising activity in Toronto offset by lower activity in Vancouver, the number of homes sold through the Multiple Listing Service systems of Canadian real estate boards edged lower in February. In recent months, national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market, it is claimed.

According to statistics released by The Canadian Real Estate Association, seasonally adjusted national home sales edged down 1.5% in February.

Activity declined mostly in Vancouver, but this was offset by an equally large gain in Toronto. Sales were also down in a number of other British Columbia housing markets. Since there were no significant gains in sales activity elsewhere in Canada, the national figure for sales activity was pulled slightly lower.

‘The Olympic Winter Games may have impacted February sales activity in British Columbia, so activity for the province in March will be closely watched,’ said CREA President Dale Ripplinger.

‘Activity is expected to remain elevated in Ontario and British Columbia over the first half of the year, with buyers looking to beat the introduction of the HST and expected interest rate hikes,’ he added.

Across the country, actual, not seasonally adjusted, residential sales activity was up 44% in February compared with the same month last year. New records for February activity were set in Ontario and Quebec. But the year over year gain in national activity was smaller than those of the previous three months.

The residential average price in Canada’s major markets was up 18.7% year over year in February. The seasonally adjusted number of new listings across Canada climbed another 2.4% on a month over month basis in February to reach 73,849 units, the highest level since October 2008. Five consecutive monthly increases have lifted new listings 16.3% above where they stood last September, when they had fallen to the lowest level since late 2005, the data also shows.

As with sales activity, new listings in February 2010 were up most in Ontario and down most in British Columbia. Strong resale housing demand continues to draw down inventories, but supply is shrinking at a decreasing rate because of slightly softer sales activity and an increase in new listings in recent months.

‘Housing markets are becoming more balanced. There are still a number of major markets where sales negotiations favour the seller due to a shortage of inventory, but supply has begun rising. Further expected supply increases will continue to take the steam out of housing markets as the year progresses,’ said CREA Chief Economist Gregory Klump.

Property prices and rents in Abu Dhabi are likely to decrease in coming months, putting the emirate more on par with neighbouring Dubai, it is claimed.

The property markets in both emirates are entwined and this is likely to have a stabilising effect with price differences between the two narrowing, according to an analysis from property advisors Tasweek Real Estate Marketing and Development.
‘The rent differential between the two has resulted in a significant proportion of cross emirate migration. If this trend continues then it will exert further downward pressure on prices and rents in Abu Dhabi, at least narrowing the difference between the two in the medium term,’ its latest report says.

The key drivers for apartment, office and retail prices in the UAE for the future will be location, quality of construction, community facilities, completed infrastructure, and availability of competitive financing solutions. Critical elements for more transactional activity, on the other hand, include affordability, return on investment, and trust worthy exchange partners,’ analysts explain.

‘Prices seem to be stabilizing and even increasing in selected areas where lifestyle communities are offered along with easy access to retail, leisure, education and entertainment. All in all, 2010 is expected to play out as a crucial period for determining the real estate industry’s direction as the world pursues post crisis recovery,’ the report adds.

Abu Dhabi has a greater availability of mortgage financing and a short to medium term supply demand mismatch but needs progressive transparency and regulation in the property market. ‘Tasweek believes investments in real estate should be made in Abu Dhabi for the longer term as it offers very low risk and steady returns for the future,’ the report points out.

There is an undersupply in housing in Abu Dhabi which Tasweek estimates at between  22,000 and 32,000 units. There is also a discrepancy as to how many units will be delivered over the next two years, estimated at between 15,500 and 23,000 units.

At the same time transactional activity remained very weak in 2009 and there is very low demand for off-plan properties. ‘It is extremely clear that substantial activity in the future will be made via private equity groups and large institutional investors looking for conservative but higher than usual yields,’ the report says.

Average apartment price fell by 40% to 50% from their peak in Abu Dhabi and average rents for new leases have lost an estimated 20% from their highs in 2008 to the end of 2009, the research shows.

Growth in the Dubai property market is being hampered by lack of mortgage financing.  ‘Tasweek believes real estate investments should be made in Dubai for the few who clearly understand the market and are in a position to carry out rigorous due diligence and securitize their capital and future income. This provides a platform for reaping great rewards three to five years down the line when transparency returns to the market,’ the report says.

‘The economic recovery does paint a cautious picture for Dubai’s residential market in the near to medium term when rising supply, if uncontrolled, may hamper price recovery,’ it adds.

Signs that the property industry in the gulf and Middle East is healing from its bruised and battered downturn are beginning to emerge with developers looking to the future but the focus is very much away from hard hit Dubai.

New developments are largely outside Dubai which saw prices slump up to 50% last year and those that are operating in the emirate don’t see any recovery for at least another 12 months, if not longer.
Developers are very much concentrating on other locations. Oman’s Ominvest revealed that it is planning a $1 billion integrated tourism resort in the southern port city of Salalah that will include four hotels and housing units which will be offered for sale to both local and international investors.

‘The construction of the resort will start in late 2010 or early next year and it will be built in three phases. We are building a complete town that caters to both local and international visitors,’ said chairman Hani Al Zubair.

Meanwhile UAE’s Majid Al Futtaim (MAF) Properties is planning an $817 million shopping mall and office project in Syria, as it seeks new markets in the Middle East and North Africa outside an already packed Dubai.

The firm, famous for building an indoor ski slope in Dubai, and which typically enters markets with French retailer Carrefour as anchor tenant of its malls, will fund the project with its own financing and with banks in Syria. It will have a mall, hotels and office buildings.

The company has ten operating malls in the Middle East and North Africa and plans to more than double its portfolio by 2015 with 14 new projects in the UAE, Oman, Egypt, Lebanon, Syria, Qatar, Saudi Arabia and Yemen. Chief executive Peter Walichnowski said the company’s malls have shown resilience to the global economic crisis and did not see a significant drop in sales in 2009.

But there are tentative signs that confidence is slowing creeping upwards in the beleaguered Dubai market. Emerald Palace Group said that none of its customers had defaulted on payments for units at its Kempinski Hotel Residences Palm Jumeirah project in Dubai. Company chiefs said the zero defaults were a ‘reflection of our customers’ confidence in the project, in Palm Jumeirah and in the long term potential of Dubai’.

Dubai’s property market will not recover before next year and most likely towards the end of 2011 as mortgages become easier to obtain and more people move to the city, according to the developer of a $4 billion hotel and residential project.

Banks can’t stay away for long. They have to lend and historically most of this region’s lending goes into property,’ said Santhosh Joseph, founder and chief executive officer of Dubai Pearl.

‘We’re not expecting to sell substantially in 2010 and 2011. We are a zero debt company but we may look into leveraging at a later date,’ he added

Apollo is in advanced talks to take over Citigroup’s real estate unit with global assets worth $12.5 billion. Global private equity house Apollo Management LP may assume control of about seven to eight investments of Citi Property Investors (CPI) in India, on which it is currently holding due diligence. Apollo is in advanced negotiations to take over Citigroup’s real estate unit, CPI, with assets worth over $12.5 billion under management globally.

In India, this could see some of CPI’s key investments passing over to Apollo giving the latter a fairly well-spread real estate portfolio to start with. Among the marquee investments of CPI are $55 million investment in Nitesh Estates, its multiple investments worth over $200 million in New Delhi-based BPTP, $20 million in True Value Homes in Chennai and another $50 million commitment into Gera Developments in Pune. A Citigroup India spokesperson offered no comment, when contacted. Meanwhile, Citigroup has been trying to offload some of its structured finance deals with a few domestic real estate firms like Golden Gate Properties Ltd in Bangalore, independently. Also Citigroup Venture Capital International’s real estate investments like Emaar MGF will not be a part of this deal.

Apollo is expected to take over 74% CPI stake in a JV with Nitesh Estates, which is developing India’s first Ritz Carlton hotel in Bangalore. Incidentally, Nitesh, which has the option of buying back a part of the stake from Citi at a later date, is in the midst of Rs 550-crore IPO roadshow currently. Though CPI had originally committed $360 million investment to various projects of Nitesh Estates, it deferred the rest last year and only went ahead with Ritz Carlton deal. Most of CPI’s investments are at project level barring its 5.89% stake at the parent entity of BPTP.

The acquisition of CPI will could also give New York-based Apollo access to investments across Asia. CPI closed CPI Capital Partners Asia Pacific, LP in February 2007 with commitments totaling $1.29 billion. This fund has a primary focus in Greater China and India. Apollo recently made its debut private equity deal in India by investing $100 million in direct to home satellite TV company Dish TV. Apollo Management’s affiliate, Apollo Real Estate Advisors, already runs a $650-million real estate private equity fund in India in partnership with Delhi-based Khemka family’s SUN group. But Citi Property Investor’s assets are expected to come directly to Apollo, which would give it a direct presence in the Indian real estate market. The deal, being done at a global level for which the interim agreement has been signed, is expected to unveiled in a month’s time. An email sent to Apollo’s India chief Mintoo Bhandari for comments did not elicit any response.

The deal is part of Citi’s efforts to raise funds from selling assets. Citigroup’s arms have also recently exited investments in India’s largest commodity exchange Multi Commodity Exchange of India and telecom tower arm of Bharti Airtel. Last year CPI promoted its India head, Ravi Hansoty, as the interim head of its pan-Asian real estate platform the Asia head David Schaefer moved out. By far, CPI’s largest exposure is to BPTP, where it picked up a 5.89% stake in the entity for Rs 322 crore ($80 million) in August 2007. Subsequently it also picked up stakes in three associate companies and subsidiary of BPTP for another Rs 399 crore ($99 million) in April 2008. The fate of the entity level investment remains to be seen as BPTP recently said is planning to go for a Rs 1500 crore public offering early next fiscal.

It also has an investment in TVH Estates Chennai Pvt Ltd, a Rs 700-crore residential project near Chennai developed by construction firm True Value Homes. The developer is believed to have the right to buyback CPI’s investment in the project. CPI also has a 50:50 joint venture with the Gera Developments for a residential project in Pune. Clarification: Apollo Real Estate Advisors is now known as AREA Property Partners and has no affiliation with Apollo Global Management. AREA’s name change and formal separation from Apollo Management were implemented in 2009.

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Real Estate Major Emaar MGF will invest Rs 500 crore to build a mid-income housing project at Gurgaon in Haryana. The company, which plans to launch its initial public offer to raise up to Rs 3,850 crore, would develop 1,250 units in the 29 acre-project located at Sector-77 in Gurgaon. Sources said that investment in the project ‘Palm Hills’ could be around Rs 500 crore, excluding the cost of the land. With a starting price of Rs 48 lakh the company has sold 650 units in the first phase.

“The encouraging response on the first day of launch is a testimony to the prevailing huge demand for quality housing in the mid-market segment,” Emaar MGF Executive Vice Chairman and Managing Director Shravan Gupta said. Emaar MGF is a joint venture between Dubai-based Emaar Properties and domestic firm MGF. It commenced its operations in India in 2005 and recently got approval from the SEBI for its maiden public offer.

Of the total proceeds from the issue, Emaar MGF plans to utilise Rs 1,972 crore for part re-payment of debt of over Rs 5,800 crore. The company would use Rs 820 crore for redemption of certain redeemable preference shares and will invest Rs 276.8 crore in paying development and licence renewal charges. Emaar MGF has a land bank of 11,340 acres. It currently has 29 projects, including the Commonwealth Games Village.

Burj Khalifa has been officially declared as the world’s tallest building at a height of 828.00 meters by the Chicago-based The Council on Tall Buildings and Urban Habitat (CTBUH).

The non-profit organization, in its statement, revealed that CTBUH has received and examined detailed drawings of the Burj Khalifa submitted by Emaar Properties, and can now confirm the official building height at 828 meters, and the title of The Worlds Tallest Building.

When the building was officially announced completion on 4th January 2010, Burj Khalifa surpassed the World’s Tallest (Taipei 101) by 320 meters, an unprecedented increase of 61 percent.

The Burj Khalifa represents four major trends, with respect to location, function, structural material and height, in the current tall building construction category.

The trend of the world’s tallest buildings was dominated by the North American continent until the 1990s. But two decades later, the trend moved to Middle East and Asia, due to the dramatic increase in tall building construction in these regions. The Burj Khalifa is the third successive World’s Tallest located outside North America.

As for the function of the building, the Burj Khalifa is the first mixed-use building to hold the World’s Tallest title and is inline with the current tall building trends. At present only 20 percent of the world’s 100 tallest buildings are for mixed-use.

For several years in a row, steel was the material of choice for tall buildings. However, at present composite, concrete and mixed-structure construction is more prevalent in tall buildings. Only 24 percent of the world’s 100 tallest buildings at present have a purely steel structural system.

The height of super-tall structures keeps increasing. The number of completed super-tall now stands at 44, up from 11 in the year 1990. The figure is hoped to increase considerably over the next decade, with 70 projects 300 meters or taller under construction internationally.

Burj Khalifa has also been rated as World’s Tallest in the primary height category of Height of Architectural Top the Council confirms. Burj Khalifa has also surpassed previous record heights in the Height to Tip category and Highest Occupied Floor category at 829.84 meters and 584.50 meters respectively.

Apart from this, the Burj Khalifa also contains record-breaking number of floors, at 163. The observation deck also becomes the second highest in the world at 452.1 meters.

Bargain prices in mature real estate markets in the West are attracting property investors at the expense of emerging markets such as the Middle East and Asia, it is claimed.

Donald Trump Junior, executive vice president of the Trump Organisation and son of property tycoon Donald Trump, told the opening day of Cityscape Dubai property conference that emerging markets need to aim for more transparency and regulation as these are still major areas of concern.

‘It’s a question of risk versus reward.

The potential reward for investing in mature markets has improved significantly over the last couple of years, whereas the risk has if anything reduced,’ he said.

‘On the other hand, emerging markets, whilst they still represent good reward, their risk element - transparency, regulation - is still a concern.

Therefore funds that would normally have been earmarked for emerging markets are now finding their way into the more mature real estate,’ he added.

Trump, who is due to speak in Egypt and India after the conference, said there was still clear potential for emerging markets, but the global fall in prices meant there was more opportunity for real estate investors to do deals in their own back-yard.

‘I’ve just bought a new apartment in New York which was twice the price two years ago,’ he explained.

While he stressed the values that characterised Dubai’s boom - the excess, drive and momentum - were not lost in the recession, he recognised the challenges of reconciling the increased supply that’s now coming onto the market.

‘Its Dubai’s greatest asset that was also its greatest liability. Now is the time to buy real estate in Dubai, according to Trump Jr.