{"id":1916,"date":"2016-01-19T14:30:00","date_gmt":"2016-01-19T07:30:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=1916"},"modified":"2016-01-19T12:52:00","modified_gmt":"2016-01-19T05:52:00","slug":"dubai-property-developers-need-to-be-agile-to-survive-tough-period-ahead","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-developers-need-to-be-agile-to-survive-tough-period-ahead\/","title":{"rendered":"Dubai property developers ‘need to be agile to survive tough period ahead’"},"content":{"rendered":"


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\nDubai\u2019s biggest landlord has a message for the city\u2019s developers: get ready to rethink your budgets and building plans repeatedly this year or be engulfed by a topsy-turvy market.Companies need to be \u201cmore agile to sustain their businesses and survive the tough period ahead,\u201d said Hesham Al Qassim, chief executive of the state\u2019s Wasl Asset Management and vice chairman of Dubai\u2019s largest lender, Emirates NBD. \u201cThose who are mindful of the reality around them will manage, but those who stretch themselves with billions worth of projects won\u2019t.\u201d
\nDubai\u2019s property market was buffeted last year by falling oil prices, rising political tension in the region and slowing economic growth from China to Brazil, all trends that are set to continue in 2016. Real estate developers, whose projects can take two to four years to build, may see their markets change several times over that period.Residential property prices in Dubai dropped around 15 per cent last year and rents softened as demand from European and Russian buyers waned, Phidar Advisory said last week.
\nThe dollar-pegged dirham made properties more expensive at a time the decline in the oil price put pressure on government spending. \u201cI\u2019d be very cautious, whether running an asset management company or a development company,\u201d Mr Al Qassim said. \u201cI have to be very dynamic in terms of my budget planning. When there is a slowdown, I have to go through my budget and try to adjust it according to the market.\u201d
\nWasl, which\u00a0collects rent from around 35,000 households and holds offices, hotels and golf courses across Dubai, is developing thousands of middle-income homes, a market that\u2019s experiencing a severe shortage. Mr Al Qassim said he reviews the company\u2019s plans often, shelving some and delaying or altering others to better respond to fast-changing demand and market sentiment.We look \u201cto develop what the company can afford to do in the worst-case scenario,\u201d he said.
\nHe says greater interest-rate stability shows that the UAE market is adjusting to lower oil prices. However, bankruptcies at some companies in the country could set off a chain reaction that hurts many others, he said.Emirates NBD, Dubai\u2019s largest bank, expects earnings to be flat in 2016 and the bank will freeze hiring to reduce staff through attrition rather than job cuts,\u00a0Mr Al Qassim said. Growth will probably return in mid-2017 as a decline in values spurs new demand and momentum builds ahead of Dubai hosting of the World Expo 2020.
\nbusiness@thenational.aeFollow The National\u2019s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai property developers \u2018need to be agile to survive tough period ahead\u2019<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s biggest landlord has a message for the city\u2019s developers: get ready to rethink...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1916","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uU","jetpack-related-posts":[{"id":1955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-biggest-landlord-warns-developers-of-tough-period-ahead\/","url_meta":{"origin":1916,"position":0},"title":"Dubai\u2019s biggest landlord warns developers of \u201ctough period ahead\u201d","date":"January 19, 2016","format":false,"excerpt":"\r Wasl Asset Management collects rent from around 35,000 households and holds offices, hotels and golf courses across the emirate\r \r Source : arabianbusiness.com\r Read more...Dubai\u2019s biggest landlord warns developers of \u201ctough period ahead\u201d","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":134787,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-samana-developers-launches-87mn-luxury-residential-projects-inspired-by-greek-islands\/","url_meta":{"origin":1916,"position":1},"title":"Dubai\u2019s Samana Developers launches $87mn luxury residential projects inspired by Greek islands","date":"February 21, 2023","format":false,"excerpt":"\r The two projects are the first of the 12 planned for this year\r \r Source : arabianbusiness.com\r Read more...Dubai\u2019s Samana Developers launches mn luxury residential projects inspired by Greek islands","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2023\/02\/Samana-Santorini-4-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":40934,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-eyeing-expo-2020-as-golden-opportunity-plan-new-dubai-launches\/","url_meta":{"origin":1916,"position":2},"title":"Developers eyeing Expo 2020 as 'golden opportunity' plan new Dubai launches","date":"January 17, 2017","format":false,"excerpt":"\r A wave of project launches is expected from Dubai's major developers looking to complete schemes before 2020, even as a glut of new homes keeps a lid on rents, according to CBRE.The firm's UAE head of research and consultancy, Matthew Green, said that \"Expo will start to have more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41020,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-eyeing-expo-2020-as-golden-opportunity-to-plan-new-dubai-property-launches\/","url_meta":{"origin":1916,"position":3},"title":"Developers eyeing Expo 2020 as 'golden opportunity' to plan new Dubai property launches","date":"January 17, 2017","format":false,"excerpt":"\r A wave of project launches is expected from Dubai's major developers looking to complete schemes before 2020, even as a glut of new homes keeps a lid on rents, according to CBRE.The firm's UAE head of research and consultancy, Matthew Green, said that \"Expo will start to have more\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-twist-in-dubais-property-data-row\/","url_meta":{"origin":1916,"position":4},"title":"New twist in Dubai’s property data row","date":"December 22, 2015","format":false,"excerpt":"\r \r Reidin, Dubai\u2019s major property data provider, said yesterday that developers supplied just 9,397 units in 2015 \u2013 compared with start-of-the-year projections from other sources that 25,000 units would be handed over. This is the latest chapter in an argument between property developers and brokerages over the outlook for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4130,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-delayed-falconcity-of-wonders-to-get-2-billion-kick-start\/","url_meta":{"origin":1916,"position":5},"title":"Dubai's delayed Falconcity of Wonders to get $2 billion kick start","date":"February 9, 2016","format":false,"excerpt":"\r \r The main developer of one of Dubai's most outlandish real estate projects, the Falconcity of Wonders, says the long-delayed project will gain new life this year with around US$2 billion in new developments.The falcon-shaped project has seen only about a tenth of the 5,500 planned homes built since\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1916"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=1916"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1916\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=1916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=1916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=1916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}