Simply Abu Dhabi XXX

Where did you grow up, and how long have you been living in theMiddle East? I grew up in London and on my family farm in Somerset in the southwest of England. This year will be my fifth year in the Middle East; I live in Dubai and travel throughout the Gulf and Northern Africa. On average, I travel for one week each month throughout the region. You’ve recently learnt to speak, write and read Arabic—how have you found this experience? Three years ago, I began lessons in Modern Standard Arabic. This is a more formal type than that which is used for daily life in the Gulf and would be what is spoken by, for example, a television newsreader. Investing time in learning the Arabic language was one of the best decisions I made when arriving in the Gulf. Taking a few lessons out of curiosity was reasonably easy; the more I progressed, I began to gain a deep appreciation for the language, its complexities and its beauty. I have found the ability to communicate to be completely enriching across all aspects of my life here, both in business and personally. I use the spoken language every day, especially when traveling in the region, and I am able to read and write everything that I’m able to speak. When did you first enter the world of property? During the holiday periods whilst at school, I worked with my father on property developments in the southwest of England. This involved all aspects of real estate and commercial property— including acquisition, construction, property management, leasing and sales. When leaving school, I completed a BSc (Hons) undergraduate degree in real estate and property management at the Royal Agricultural University, Cirencester. What was your introduction to Knight Frank? After graduation, I gained employment at Knight Frank and enrolled on the graduate training programme. This is a two-year course and covers every aspect of real estate in depth. I then qualified as a MRICS Chartered Surveyor. What has been your path to becoming Associate Partner at Knight Frank, and what does the role entail? I have had the opportunity to work with the best in the industry at Knight Frank and learning from them has shaped and developed my own skills. My specialist role is now focused on advising clients here in the region with residential real estate internationally. This could be property in the UK, Europe or even North America. I travel to meet with potential clients, often in their private offices or home and discuss their previous experience and future aspirations for real estate. From here, I assist at every step of the process of purchasing a property from start to finish. If a client wishes, I can assist with organising interior design, finance, or the leasing of an investment property. What sort of market trends are you seeing in the commercial field? We are seeing new interest for property in Europe and especially office and industrial property for investment. Within the UAE many clients have specific requirements depending on their investment goals. What sort of market trends are you seeing in the private sector? In the private residential sector, London is still a favourite amongst my clients. Second to this, houses in Surrey or high- yielding investments in Birmingham or Manchester have been of interest recently. Globally, Paris, Lake Geneva, New York and LA are favoured amongst families for holiday use or even if younger family members are looking to study internationally. For investment in Europe, Berlin has recently been a hotspot as it provides an alternative to London with a strong capital growth forecast. Is the property market in theMiddle East strong, and what factors affect it? Middle Eastern property markets have witnessed a period of softer performance over the past three years on the back of low oil prices and a weaker global economic climate. The UAE’s market has moved through a number of phases over the past five years. Strong price growth was replaced by price falls, but the latest data points to a recovery in demand and the beginning of a new pricing cycle. The recovery in oil prices and a stronger global economic backdrop is likely to support this. We are very optimistic for the UAE’s future with the new infrastructure projects coming forward and the EXPO 2020. Some of the most notable factors include the recent fluctuations in natural resource markets, regional political frictions and the strength of the USD—to which the Emirati Dirham is pegged, and despite weakness, the USD is strong against many major currencies, given that over 200 nationalities invest in the UAE’s property markets. Do you seemuch international interest in theMiddle Eastern property sector? Yes, our latest research suggests that for the Dubai market, Indian, Pakistani and British buyers are the most prominent internationally. As for regional investors into the UAE, Saudi Arabian, Jordanian and the Lebanese are most notable. What types of developments are taking place? In Dubai, the Royal Atlantis Residences are currently under development on the crescent of the Palm Jumeirah. This project, consisting of a hotel and private residences, will be a new iconic image for Dubai in the future and sets the benchmark in terms of quality. In addition, we are also seeing world-class office space currently under construction within the DIFC, one of the world’s top ten financial centres, in the form of ICD Brookfield Place. What types of services does the Knight FrankMiddle East office provide its clients? Our services start with research of the various real estate markets. Our professional advisors can assist with the valuation of all real estate types in the region; this could be an individual commercial building up to full portfolios of assets. For the developer, we offer feasibility studies for potential new projects and will carry out reviews as to what the best use for a development site could be. On the transactional side, we advise on the purchase, sale and leasing of commercial properties, from office and industrial buildings, to schools and hotels. Residentially, we offer sales, consultancy and project marketing services locally in the UAE and internationally we assist clients with property globally. What are themost popular types of property? On the residential side, central London apartments are the most popular. This could be for holiday use, family seeking a residence whilst studying, or for investment. For investor clients we would offer to lease, furnish and fully manage the property or portfolio. Commercially, this can vary depending on the goals of the client and targeted returns. Generally speaking, properties with long contracted tenancies for 5-10 years or more are often popular. What is the shape of the futuremarket, and what new trends do you expect to see? Our research suggests that Dubai’s commercial market activity is expected to pick up in 2018 with GDP growth expected to increase from 3.2% in 2017 to 3.8% in 2018 and 4.0% in 2019. Within Dubai’s residential market we expect price performance will continue to diverge in 2018 across Dubai, with neighbourhoods where a significant delivery of new supply is expected likely to continue to see prices soften, areas where this is not the case and which are rich in amenities, well located and have good transport links are likely to outperform. In London, we forecast a stable year with moderate growth in values of 2.5-3.5% from 2019-2021. What will be the next must-have areas for both commercial developments and private residences? In Dubai, the DIFC remains in high demand for office space, likewise in Abu Dhabi in the Abu Dhabi Global Market Square, while Dubai’s Palm Jumeirah is always in demand for residential property. For those seeking private residences in London, new areas that are undergoing significant regeneration include Earl’s Court, White City, and Southall. These areas could be ideal for those seeking high-performing capital growth prospects in their investments. 2 6 1 S I M P LY A B U DH A B I