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    2018-02-28 - Asteco’s Owners Association asks the question – To VAT or not to VAT?

    To VAT or not to VAT,

    This is the question facing Owners Associations (OA) in the new age of UAE VAT.

    Owners Associations find themselves in a somewhat tricky position since the introduction of UAE-wide VAT from January 1st this year. Like many organisations, clarity on the exact rules and regulations remain murky, at best.

    At the heart of this confusion lies the simple question of whether OA’s are tax exempt or not. Nobody seems able to give a proven answer on this subject, thus opening OA’s up to falling foul of their own inactivity.

    The catch 22 position revolves around whether OA’s are deemed taxable entities or whether they fall outside of this domain, like many service providers such as schools. If an OA fails to register they may be hit with a AED20,000 fine for non-registration however, if they do undertake to pay VAT but are subsequently judged to be exempt, they have to go about trying to recover paid taxes.

    If OA’s are found to be taxable entities this will add further costs to all OA’s in addition to the 5% increase in fees. The individual associations will have to increase their internal costs to Owners to cover the admin, budgeting and auditing fees associated with administering such a system.

    Neither RERA nor the Federal Tax Authority (FTA) has committed either way at this stage, therefore Asteco has tried to solicit clarity on this subject with both parties, with no concrete answer forthcoming.

    As taxation falls outside Asteco’s area of expertise they are unable to offer specific help or advice on this subject however, have taken it upon themselves to share the facts, as they currently stand, in order for all OA’s to arrive at a well-informed decision.

    “As Manager’s with insight and expertise in our field we have a duty of due diligence on behalf of the OAs to protect the industry to be treated equitably in terms of VAT. We are asking authorities for consultation and to provide substantiation of any decisions regarding OAs and VAT.” – Nicholas White, Associate Director, Asteco Owners Association

    It is recommended that all OA’s take it upon themselves to seek professional advice from a taxation or legal specialist to be able to embark on the best course of action for the OA.

    For more details, please visit www.asteco.com

    Publication of this article

    Emirates News 247

    AME Info

    2018-02-13 - Asteco shares UAE Real Estate insight spanning nearly 10 years

    In response to ongoing regional and global economic uncertainties, the UAE Real Estate market has proven itself resilient by adapting and evolving over the years.

    This report looks back at the changes that have occurred throughout the UAE since 2008, and provides Asteco’s opinion on the prospects for 2018 and beyond.

    Following the Global Financial crisis in 2008, which subsequently resulted in the bursting of the Real Estate bubble in the UAE, we recorded drastic declines in sales prices and rental rates across all sectors. Apartment rental rates in Dubai for example decreased by approximately 35% since the peak. The fallout was even more pronounced in Abu Dhabi with a drop of close to 50% as the Capital recorded the highest rental rates across the UAE pre-crisis, mainly due to the lack of supply.

    Although prices continued to soften over the next 24 months, the rate of decline slowed as the UAE was still considered a ‘safe’ haven and good investment option in the midst of the Arab Spring and Euro Crisis.

    During the period of June 2011 – March 2013 apartment rental rates in each Emirate bottomed out with Dubai initiating the start of this new Real Estate cycle and Sharjah falling in line last.

    Whilst the Northern Emirates, Abu Dhabi and Al Ain had yet to reach their market low, Dubai recorded steady increases throughout 2012, which were amplified in late 2013 with the announcement of Expo 2020.

    Over the next 2 years rates in the different Emirates grew steadily and began peaking in late 2014 until early 2016, during and after which they more or less stabilised.

    Low oil prices, global political tensions (Brexit, Trump, Qatar Diplomatic Crisis) and growing real estate supply resulted in a downward trend for apartment rental rates in 2016 and 2017.

    Interestingly, Sharjah recorded the shortest growth cycle of only 18 months compared with Dubai’s 3 ½ years. This is mainly due to the lack of quality supply and the large percentage of Commuter-Residents in the Emirate, who are often influenced by the supply/demand dynamics and market sentiment in Dubai.

    Another intriguing observation is the fact that rental rates in both Sharjah and Al Ain bottomed out after their neighbours Dubai and Abu Dhabi, yet reached the top before them.

    It is important to note that the drivers behind any changes in the Real Estate market vary in each Emirate and are not necessarily correlated to events in the neighbouring, more prominent Emirate but depend on internal as well as external factors.

    Throughout 2017, Asteco noted the emergence of a number of new Real Estate market trends in the UAE, including the shift in demand from high-end-luxury properties to affordable mid-market units, off-plan sales preferred over completed units due to flexible payment plans and the market becoming Tenant/Investor - driven due to continuously increasing supply.

    Looking at the year ahead, although the outlook for global economic recovery is positive, the knock-on effect may not be felt until later this year or early 2019.

    “2018 is expected to follow similar trends as compared with the previous year, although the number of new project launches is likely to ease off as the market finds a new equilibrium.” said John Stevens, Managing Director, Asteco.

    Diversification strategies in various areas are being implemented with a focus on promoting long-term economic sustainability and reduced reliance on oil, which is expected to stimulate employment and business growth.

    Asteco expects a surge in property deliveries over the next few years as construction-linked, post-completion payment plans encourage developers to finish projects within the stipulated timeframes. Sales prices and rental rates are expected to progressively stabilise in the medium-to long-term.

    “Whilst new inventory continues to increase in the UAE, it is also adding new leisure attractions and business opportunities, which will expand the market’s range of potential Residents, businesses and visitors, and help drive Real Estate demand.” Stevens concluded.

    For more details, please visit www.asteco.com


    Publication of this article

    AL Press

    Emirates News 247

    2018-01-24 - Abu Dhabi Tenants should expect moderate declines in rental and sales rates throughout 2018 - says Asteco

    Rental rates and sales prices are expected to follow a similar path to 2017 with further moderate declines for Abu Dhabi due to the continuous delivery of new supply, according to the Q4 Abu Dhabi Real Estate Report from Asteco.

    Whilst rental rates for one bedroom apartments decreased by an average of AED 10,000 per annum, the larger two- and three bedroom units dropped by an average of AED 16,500.

    Reductions in villa rental rates and sales prices were less pronounced with quarterly changes varying between 0% and 3% over the course of the year.

    “Approximately 9,000 residential units, including 6,200 apartments and 2,800 villas and townhouses are anticipated for completion this year, predominantly within the districts of Reem Island, Al Raha Beach and Yas Island.” said John Stevens, Managing Director, Asteco.

    “Based on previous years, the delivery of some of this inventory may be postponed until 2019 such as the delayed office buildings Omega Towers on Reem Island and the ADIB HQ on Airport Road, which were due for delivery in 2017 but are now expected for handover in 2018.” Stevens continued.

    Whilst transaction activity for completed properties slowed compared with previous years, newly launched off-plan quality projects with attractive payment plans and discounts will continue to benefit from good levels of demand and ultimately increase investment in the Real Estate sector for 2018.

    In regard to offices, vacancy rates are likely to increase as companies continue to downsize and relocate to smaller units. The overall outlook for the office market is expected to be subdued, with further rental declines projected across all quality grades.

    For more details, please visit www.asteco.com

    Publication of this article

    MENA Herald

    AL Press

    Khaleej Times

    Emirates News 247

    Gulf News

    2018-01-14 - Dubai Tenants continue to boast bargaining power in 2018, says Asteco

    2018 is set to be another favourable year for Tenants with rental rates predicted to incur a marked drop as a result of the sheer amount of supply projected for delivery this year, according to the latest report from leading Real Estate Consultancy Asteco.

    Apartment rental rates softened steadily throughout the year with decreases ranging from 2% to 4% per quarter, on average. Drops in sales prices were slightly less prominent with variations of 0% to 4%. The villa market fared similarly with average quarterly declines in sales prices and rental rates of 2% and 3%, respectively.

    “2017 recorded discernible contractions across all asset classes. However, this had and will continue to have a positive effect on tenants and investors with opportunities and value to be realised in 2018.” said John Stevens, Managing Director, Asteco.

    There are 23,000 apartments and 8,500 villas scheduled for handover throughout Dubai in 2018 resulting in continual growth of supply and therefore more negotiating power in the hands of Tenants/Investors.

    One bedroom apartments across the board have seen rental rates drop between AED5,000 to AED20,000 showcasing a further 13% decrease on 2016. Units in Downtown Dubai are now available for AED95,000, The Greens AED75,000, Dubai Marina AED70,000 and International City reports AED40,000, on average.

    Rental rates for one to three bedroom apartments have shown an average decrease of 13% compared with Q4 2016 and 18% since the last market peak in 2014, which has led to owners/landlords offering a number of incentives including rent-free periods and increased payments (up to 12 cheques) to retain tenants and/or improve occupancy.

    “These conditions have put the bargaining power firmly in the hands of Tenants who enjoyed a wider choice of properties, discounted rates and increased incentives. New properties and areas of the city are also becoming more accessible to a wider tenant pool.” Stevens added.

    Average villa rents fell by 11% with four bedroom units in Arabian Ranches for example priced at AED190,000 versus AED235,000 in 2016.

    Sales prices were affected the least with an average decrease of 6%, although it is important to note that demand for villas with high ticket prices remained subdued in 2017.

    Stevens said, “Investors will continue to be more sensitive to the price point of properties in 2018 as opposed to the price per square foot, meaning units that were previously advertised below the AED 1,000 per sq.ft. mark will be marketed for instance at below AED 500,000 for studios or AED 1 million for one bedroom apartments to entice take-up.”

    Demand for offices, on the other hand, was limited and resulted in subdued transaction activity in the market.

    “Despite recording only marginal quarterly drops in sales prices and rental rates, the office sector has arguably proven the most challenging asset class in 2017 underpinned by a bearish market sentiment, low oil prices and limited business growth. However, Asteco expects healthy appetite for quality Grade A commercial properties moving into 2018.” he added.

    Following the 5% VAT introduction, which is applicable to the commercial sector, there has been concern amongst the market on how this will affect both Tenants and Investors. Despite the fact that it is expected to dampen market sentiment in the short-term, Asteco believes that in the long-term it will ultimately boost the economy.

    In regards to the residential market, which is generally exempt, the tax is anticipated to have a minimal fallout as it is only applicable indirectly to items such as maintenance, utility and agency fees, with some or all of these charges expected to be initially absorbed by Owners/Landlords.

    “Whilst VAT affects all of us, the impact for Tenants will be negligible. The commercial market will adjust accordingly as we see the system successfully implemented nationwide,” John Stevens, Managing Director, Asteco.

    For more details, please visit www.asteco.com

    Publication of this article

    Emirates News 247

    Khaleej Times

    MENA Herald

    2017-12-17 - KEO partners with Asteco Property Management with the support of Seddiqi Holding for Blood Donation Drive

    KEO International Consultants, a leading design, engineering and project management firm, joined hands with Seddiqi Holding and Asteco Property Management to organize a blood donation drive in conjunction with Dubai Health Authority. The event, which took place at Rolex Tower on Sheikh Zayed Road in Dubai, attracted a large number of donors from companies with offices in Rolex Tower as well as local businesses in the area participated in the "Give Blood, Recycle Yourself" campaign.

    Alyssa Sultan, Deputy Vice President Human Resources Corporate Services and Managing Director of Facility Management & Administration at KEO International Consultants said: "Our partnership with Seddiqi Holding and Asteco Property Management has helped create more awareness of the importance of blood donation. We want to thank not only the DHA staff and those who donated blood, but also the volunteers who worked hard to make this event happen. In KEO, we believe our purpose goes far beyond helping our Clients to deliver the most iconic projects in the region - we want to try to make a difference in the community. The tremendous response to this initiative further strengthens our commitment to corporate social responsibility. We sincerely hope it will inspire others to give the gift of life by donating blood in the future."

    KEO has organized several blood donation drives across the GCC as part of the Firm’s program to support employee health and wellbeing and promote the culture of giving back to the community.

    Publication of this article

    ConstructionWeekOnline.com

    2017-12-13 - Asteco wins global marketing award

    The Middle East’s largest independent full service real estate company has received global recognition as the company is crowned Best Property Consultancy in Marketing at the International Property Awards 2017

    Asteco has been recognised as the ‘World’s Best’ at the International Property Awards 2017 during a gala awards ceremony at the internationally renowned Savoy Hotel, London, earlier this week.

    Beating off stiff competition from Europe, Canada, the Caribbean, USA, Central & South America, the UK, Asia Pacific, including submissions from Colliers International and German real estate powerhouse, Rubina Real Estate GmbH, Asteco was awarded the Best International Property Consultancy – Marketing, for the work the company has undertaken for The Residences at St Regis, Abu Dhabi.

    John Stevens, Managing Director of Asteco said: “It is a tremendous honour to be recognised as the best in the world. Asteco has once again validated the skills and expertise to deliver international standards and demonstrate the attributes needed to win on the global stage.”

    The International Property Awards are open to residential and commercial property professionals from around the globe, and recognise the highest levels of achievement by companies operating in all sectors of the property and real estate industry.

    Early this year Asteco was successful in the Africa & Arabia Property Awards winning the top award for the categories; Best Property Consultancy for Abu Dhabi, Best Lettings Agency, Best Property Consultancy in Dubai and the Best Property Consulting Marketing in Abu Dhabi. Asteco represented the Middle East for the last three categories in London.

    “Asteco has once again proven why we are one of the top property management teams in the UAE’s highly competitive real estate industry. The team has worked incredibly hard this year and these awards, both at an international and regional level, are testament to what we have achieved. As a team we’re extremely proud to round 2017 off at the very pinnacle of the real estate industry,” added Stevens.

    2017-11-01 - Asteco Saudi Arabia makes Cityscape debut in Riyadh

    Minister of Housing for KSA, HE Majed Al-Hogail welcomed to the Asteco stand by Ahmed Albader, General Manager of Asteco KSA

    Asteco Saudi Arabia, the first and only Asteco franchisee in the Kingdom, and the main real estate division of the Rabiah & Nasser Group (RANCO), a leader in the Saudi construction, industrial and real estate industry, attended their inaugural Restatex Cityscape exhibition in Riyadh International Convention & Exhibition Centre recently.

    John Stevens, Managing Director, Asteco, said: "Restatex Cityscape Riyadh is the largest and most prominent real estate exhibition held in the Kingdom. The event provided Asteco KSA with the perfect platform to showcase our latest project in Dubai; The Address Residences Jumeirah Resort & Spa. The response we had to this development was incredibly positive."

    The real estate exhibition and urban forum in Riyadh brings together investors, developers, government officials, financial institutions and real estate professionals from KSA and the wider Gulf region, all under one roof.

    The show was officially opened by the Minister of Housing for KSA, HE Majed Al-Hogail, who spent time at the Asteco KSA stand – the only non-Saudi stand he visited – where he was welcomed by Ahmed Albader, General Manager of Asteco KSA.

    Albader said: "We are extremely proud to bring the Asteco brand to the Kingdom, our extensive experience and solid reputation in the region is perfectly aligned with Asteco, creating a mutually beneficial partnership. Attending our first Cityscape under the Asteco banner not only underscores our commitment but also sends out a clear message that we’re here to do business and make our mark in the Saudi real estate market."

    RANCO is recognised as one of the key driving forces behind Saudi Arabia’s positive urban development. Projects developed include residential and compound properties in Riyadh and Al Khobar, as well as commercial office complexes in Riyadh, Al Khobar and Jeddah.

    Currently, Asteco has many franchises across three different countries in the GCC, including Property Concierge, Haxxon Real Estate and Savana Homes Real Estate in Dubai, as well as Jordan based Astra Plaza. All franchisees benefit from more than three decades of real estate experience earned by Asteco. Franchisees can also capitalise on a tailored set-up support service, free regular professional training and regional brand visibility while tapping into an enviable Residential and Commercial, Sales and Leasing portfolio.

    To find out more about franchise opportunities with Asteco, please call +971 600 547773 or visit www.asteco.com

    List of few publications of this article

    Noozz.com

    Al-business.net

    Syyaha.com

    Zawya.com - Arabic

    Albawaba (English)

    Al Ittihad

    BoomingEffects.com

    2017-10-24 - Abu Dhabi Real Estate Market remains subdued, says Asteco
    • Apartment and villa rentals decline 10% and 6% respectively YoY
    • Apartment and villa sales prices decline 10% and 5% respectively YoY
    • Apartment and villa rents both decline 3% QoQ
    • Apartment and villa sales prices decline 3% and 1% respectively QoQ

    Abu Dhabi continues to experience negative growth across all property types due to weakness in the job market and reduced housing allowances, according to the Q3 Abu Dhabi Real Estate report by leading real estate consultancy Asteco.

    Average apartment rental rates dropped by 3% over the quarter and by 10% over the last 12 months, with the highest declines recorded for mid-end properties and large units within prime and high-end projects.

    In the high-end segment, the highest year-on-year (YoY) declines were recorded at Abu Dhabi Corniche (down 15%), while mid-end and low-end areas evidenced the largest declines, including Al Reef Downtown, Khalifa and MBZ City.

    Sales prices for apartments declined 3% quarter-on-quarter (QoQ) and 10% YoY. The most significant YoY declines in sales price were recorded in Al Muneera and Reef Downtown, both down 12%, with the highest QoQ declines reported in City of Lights, down 8%, and Sun & Sky Towers, down 6%. Both Al Bandar and Saadiyat Beach Residence showed resilience, being unchanged for the quarter.

    Approximately 2,750 apartments have been completed across the emirate since the beginning of 2017, compared with 1,350 for the 2016 calendar year. In addition to the 800 units delivered in Q3, a further 1,500 apartments are due to handover before the end of 2017.

    "We are experiencing a weak labour market with reduced employment opportunities and a tightening of housing allowances. This, together with additional supply since 2016 has led to increased vacancy rates which we expect to continue into 2018. Landlords are discounting rents and offering flexible payment terms, (up to 12 cheques) to retain existing tenants and secure new leases," said John Stevens, Managing Director, Asteco.

    Villa rental rates decreased by 3% QoQ and by 6% YoY. Al Raha Gardens, Hydra Village and the larger units within Saadiyat Beach Villas recorded a more pronounced drop with rents softening by 7%, 4% and 5% respectively.

    The highest YoY decline in villa sales was recorded in Hydra Village, at 9%, with QoQ results showing a decline of 3%, the same as Raha Gardens.

    Only a small number of villas were delivered in 2016, however approximately 550 villas have been completed in 2017 and a further 250 villas are due for delivery before the end of Q4.

    Stevens said: "Rising vacancy rates have been experienced in many villa communities as tenants opted to downsize to smaller or more affordable properties, whilst some even transitioned to apartment units to reduce their accommodation expenses."

    He added: "Despite a marginal decrease in sales prices for completed villas, demand for prime and high-end off-plan projects, particularly those located on Yas Island and Saadiyat Islands, remained strong."

    Similar trends echoed throughout the office market due to a subdued economy, despite a modest recovery in the oil price since the start of the year. Office accommodation is evidencing low occupancy rates with approximately 170,000 sq.m. of office space having been delivered over 2016 and 2017.

    Stevens said: "Office rents were broadly unchanged over the quarter; however, evidence indicates declines of 5% to 10% on contract renewals within several Grade A and B office buildings. Landlords have actively sought to reconfigure accommodation into smaller units and offer rent free incentives to retain existing tenants and secure new tenants".

    List of few publications of this article

    Gulf News

    Al Bayan

    Times of Oman

    Khaleej Times

    2017-10-17 - New supply adds pressure to Dubai’s rental rates says Asteco Q3 Dubai report
    • Apartment rental rates down 4% in Q3, with sales flat, however y-o-y rental declines reached 12% and sales 4%.
    • Incentives and post-completion payment plans have opened the market for buyers
    • Office prices and rental rates stagnated due to oversupply and limited demand, with more declines forecast.

    The Q3 Dubai Real Estate Report from leading real estate consultancy Asteco has highlighted no movement in apartment sales prices q-on-q, the y-on-y figures however showed a more pronounced decline, averaging 4%, with Business Bay and Dubai Marina both posting an 8% drop, followed by Dubai Sports City, International City and Jumeirah Village, each recording a fall of 7%. Only The Greens and DIFC remained on par with Q3 2016.

    Apartment rental rates over the quarter fell 4%, while y-on-y rates showed a marked drop of 12%. Dubai Marina posted the highest decline in rental rates at 19%, compared to Q3 2016, followed by Downtown Dubai (18%), Dubai Sports City (16%) and Bur Dubai (16%).

    In the first three quarters of the year 10,200 apartments were delivered and a further 3,500 units are due for completion before the end of 2017. In 2016, the total supply was only 8,750 apartments.

    "There has been a steady rise in new projects reaching completion. However, Asteco believes a significant amount of the supply previously forecasted for handover in Q4 2017 will spill over into 2018. These delays are likely to result from both intentional phasing considerations and unplanned construction delays/financial issues," said John Stevens, Managing Director, Asteco.

    The report highlighted marginal changes across all property types in Q3, with sales in the office and apartment segments remaining flat, and in the villa segment showing a decrease of 1%.

    The figures are a minimal improvement on Q2 results, where price declines for apartments, villas and offices were recorded at approximately 3%, 2% and 2%, respectively.

    "The Q3 results clearly showed a rise in transactions across the market, as owners and tenants continued to secure the best deal possible. However, while the market remained flat or witnessed marginal decreases, some areas did show more pronounced drops, particularly year on year," added Stevens.

    Similar patterns were recorded in the villa segment, with a nominal q-on-q sales price drop of 1% and a decrease of 3% y-on-y. Jumeirah Village posted the most significant decline y-on-y, at 9%, followed by Dubai Sports City at 6%.

    Villa rental rates echoed the apartment market, with 3% q-on-q and 10% y-on-y drops. The Springs showed the highest decline compared to Q3 2016, at 18%. This was followed by Arabian Ranches (15%), Palm Jumeirah (15%), Dubai Sports City (14%) and Jumeirah Village (14%).

    In reaction, rental rates for different unit types within the same community are now blurring. For example, within a rental rate range of AED110,000 to AED140,000 tenants can currently choose between a two, three, four or five-bedroom townhouse in Jumeirah Village.

    The price disparity emerged despite supply in the villa market remaining consistently lower than that of the apartment market, with a total of 2,325 villas delivered in the first three quarters and an additional 1,300 units expected for completion in 2017. That compared to the 5,000 delivered in 2016.

    Stevens commented: “The rise in new finance options for off-plan residential projects, including increased incentives and post-completion payment plans, has opened the market for buyers with more limited equity. These developments now demand a larger share of the sales volumes compared to completed units, with rates continuing to decline as a result.

    "Compounding the issue, despite increased government spending on infrastructure, hospitality and retail in the run-up to the Expo 2020, is that market sentiment remains low. This is largely due to weak employment growth and the bearish outlook in terms of oil prices and global economic outlook," he continued.

    The most challenging asset class this year, according to the report, is the commercial market. Sales prices and rental rates remained flat in Q3, compared to Q2, with a y-on-y decline of 6% for sales and a marginal 2% for rentals.

    While the overall trend is due to limited demand in an oversupplied market, the reluctance of landlords to lower rates in certain areas, is causing the market to flatten. Landlords need become more proactive and offer incentives to tenants to increase take-up.

    List of few publications of this article

    Argaam Online

    Araanews.ae

    Dotemirates.com

    Stg.dotemirates.com

    2017-09-27 - Asteco secures five-star status with hat-trick of Arabian Property Awards

    The Middle East's largest independent full service real estate company named overall Arabia regional winner in three categories, with five stars for Best Lettings Agency and Best Property Consultancy in Dubai and Best Property Consulting in Marketing in Abu Dhabi

    Asteco was recognised at the Africa & Arabia Property Awards during a glittering gala ceremony at the JW Marriott Marquis recently as the UAE's leading real estate firm won the top award for the categories Best Lettings Agency and Best Property Consultancy in Dubai and Best Property Consulting Marketing in Abu Dhabi.

    Asteco was also successful in the Best Property Consultancy category for Abu Dhabi.

    The company, nominated as Arabia’s best, will now represent the Middle East on the global stage in London on the 4th December, competing with other winning entries from Europe, Canada, the Caribbean, USA, Central & South America, the UK and Asia Pacific for the title of the 'World’s Best'.

    “Asteco has once again demonstrated why we are one of the leading lights in the UAE’s real estate industry. In only the second year of participation, we have been recognised in three categories as the market leaders beating stiff competition from the best of the UAE's real estate industry and we are now looking forward to representing the Middle East on the global stage later this year” said John Stevens, Managing Director, Asteco.

    In 30 years Asteco has amassed a total sales value of over US$13 billion with a total of 13.8 million sqft sold, the equivalent of 216 soccer pitches! The company has also let 11,363 units totalling 16.4 million sqft and currently manages 13,000 units. The company has also expanded in the last three years with the addition of nine franchisees with a total of 98 staff.

    "We've built an incredible team at Asteco based on market-leading experience, innovation and embracing new technologies. These professional skills are essential to our ability to plan for the future. We look forward to competing with our international peers in London and being the standard bearer for real estate professionalism throughout the GCC," added Stevens.

    The Arabian Property Awards are part of the long established International Property Awards, recognised as one of the prestigious accolades in the residential and commercial property industry. Following a stringent judging process, held in London, involving a panel of over 80 international experts, Asteco was awarded five-stars in both categories and progressing to the global stage of proceedings.

    Dawn Draper, Director, MENA region for the International Property Awards, said: "Asteco have once again demonstrated their commitment to excellence and customer service and have been recognised by an international panel of professional, pre-eminent judges, with three out of four entries receiving a nomination for the Best Arabia titles. Asteco are a great example of what the International Property Awards are all about. Commitment, credibility and influential, reinforcing their strength and position in what is one of the most competitive industries, in one of the most competitive regions in the world."

    List of few publications of this article

    YYYY

    Al Fajr

    Al Khaleej

    Al Watan - UAE

    Taktical Realty