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The company expects to record 25 per cent growth in net profits in 2003, said the Emaar Chairman. “In keeping with our pioneering mission—Shaping the Future. Today—and the demanding pace that we have set ourselves, Emaar continuously strives to incorporate international best standards in all its real estate projects, while continuously adapting to the demands of its valued customers and shareholders.

The company, which has more than 41,000 shareholders, most of them UAE nationals, has contributed significantly to invigorating the real estate sector and is energising and diversifying the economy of Dubai. Launched with an IPO for AED1 billion in 1997, Emaar Properties now has a capital of AED2.65 billion, and has already generated over AED1.64 billion in distributable profits, adding substantial value for its shareholders and re-energizing capital markets in the region Conveyancing Methodology.

Announcing changes in the accounting policy introduced by the company in 2002 over treatment of land donated by the Government of Dubai, Mr. Alabbar said: “During 2002, Emaar implemented International Accounting Standards followed by real estate companies in Europe, the Far East and USA. In these countries, it is common practice for governments to donate free land to public or private entities to spur growth and development.

Emaar will conform to practices followed in these countries in the valuation of assets related to donated land. “Emaar has reinstated treatment of land provided free by the Government of Dubai as no cost to the company. The company will henceforth adopt the practice of stating the actual cost of land at the time of sale rather than the fair market value at the time of donation.

Based on current valuations by independent auditors, the market value of donated land to Emaar as of December 31, 2002 is AED14.55 billion and the total value of the company, including the value of donated land, equity and liabilities, is AED21.18 billion. Touching on new real estate developments launched during the year, Mr. Alabbar said: “Huge consumer demand is driving the real estate market in Dubai.

During 2002, we launched several high-profile residential developments including The Meadows and The Springs, two luxury villa developments beside the Emirates Hills, and The Greens apartment project overlooking Emirates Golf Club. At the end of the year the company also launched the exclusive Arabian Ranches villa development.

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Emaar Properties has eight major real estate projects under development, reflecting the company’s focus on spurring growth in the local real estate sector and the development of New Dubai in the growth corridor of Jumeirah in accordance with the company’s vision of shaping the future of the Emirate.

Expense of property Conveyancing company launched Dubai Bank, its most recent subsidiary, in 2002, to set new standards in the region’s banking sector. Dubai, March 10, 2003: Work will commence shortly on the region’s first boutique Clubhouse and Hotel at The Montgomerie, Dubai. Slated for 2004 completion, The Montgomerie, Dubai Clubhouse will feature 17 deluxe rooms and suites providing boutique hotel-style accommodation including suites and interconnecting rooms. Several fully furnished and serviced villas and maisonettes will be situated adjacent to the Clubhouse for short-term stay.

Other visitors will enjoy limited access— visitors choosing to stay at the Club will be entitled to Temporary Citizenship for the duration of their stay.” In addition to accommodation, the Clubhouse boasts a golf shop with an extensive range of apparel and golf equipment, a health club and gymnasium, massage treatment rooms, a steam room with plunge pool and an outdoor swimming pool overlooking the prestigious 18th hole of The Montgomerie Golf Course.

Over 200 landscaped acres, this spectacular course features 79 bunkers, water features and the world’s largest green. Headquartered at Scottsdale, Arizona, Troon Golf is the leading golf operations and turnkey development company in the world, delivering pristine golf-course conditioning, personalised customer and member services and world-class retail offerings at the multiple five star daily-fee, resort and private facilities it manages around the world.

Troon Golf’s flagship properties include Turnberry in Ayrshire, Scotland, Troon North in Scottsdale Arizona, The Ocean Club on Paradise Island, The Bahamas, Huntingdale in Melbourne, Australia and The Montgomerie, Dubai, U.A.E. Troon Golf is the only third- party golf development and management company that focuses its efforts solely on the operation of its 131 five star facilities located in 11 countries.

Troon Golf is committed to its founding ideals, which are to build the first luxury brand in the industry by providing unequalled golf course conditions, customer and member service, unique retail environments and outstanding food and beverage experiences in the world’s premier facilities.

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Dubai, August 14, 2002: Emaar Properties, the region’s premier property development company in the region, today confirmed that it is in advanced negotiations with several leading banks and financial institutions in the Gulf to offer home-finance options to investors from Gulf Cooperation Council (GCC) countries.

To offer individual and corporate investors a range of property finance options. The company recently announced the launch of the first phase of construction comprising nearly 9,000 new residential units across its various world-class projects in Dubai. Arabian Ranches, Emaar Properties’ multi-billion dirhamgolf, equestrian and residential community, is spurring the growth of the region’s equine industry with the development of a dedicated Equestrian Centre Sydney conveyancing specialist.

The Equine Centre will feature two turf polo fields, each measuring 300 by 160 yards and will meet international competition standards. There will also be a grass practice field and arenas for dressage and show jumping. Two hundred horses at the Equine Centre have already been donated by HH General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence. These will be initially accommodated in over 300 stables at the facility, fifty of which will be dedicated polo ponies.

The World Cup is the world’s richest horse race and among the most prestigious events in Dubai’s sporting calendar,” said Mr. Alabbar. The Dubai World Cup, now in its eighth year, will feature five Group 1 races, and two Group 2 races, and offers US$15.25 million in prize money. Other exciting races include the UAE Derby, The Dubai Duty Free, Dubai Sheema Classic, Dubai Golden Shaheen and Godolphin Mile.

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An added attraction this year is an exciting finale to the first-ever Dubai RacingCarnival, a series of seven race meetings at Nad Al Sheba, which showcases the feature races and build-up to the big day itself. ‘This was the year the internet came of age, and has a radical impact on the way buyers search for properties,’ comments Richard Addington of FPDSavills.

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They do their homework on the web, identifying appropriate areas to move to, and become so conversant with values they can spot a property over priced! The magic of the web is that all the information, i.e. photographs, floor plans, and therefore room sizes, is there to be seen requiring only a phone call to the agent to make an appointment. FPDSavills pride themselves with the use of this technology to sell property and we receive more visits to our website in the country than any other competitor. We also provide emailable brochures for most of the property on display, enabling a buyer to download a hard copy without having to resort to the post.

As authorized Conveyancer was, however, plenty of activity below this threshold and the Exeter office has sold both more value of property and for a higher average price than in 2002.’ ‘Due to the uncertainty, most of this years sales have been in go slow mode, so that the average lead time between under offer and exchange has increased from 40 days last year to 55.

One wonders if the property information packs proposed by the Government would have sped up the transaction process this year where buyers themselves dragged their feet, uneasy about the prospects of the market.’ ‘According to Richard Donnell, our very much respected research analyst, the UK housing market will be entering an era of slow growth for the next few years where values track household incomes, and main stream house prices are expected to rise by 4% in 2004.

It seems that slower house price growth and higher transaction costs will limit the ability of households to move as rapidly up the property ladder as they did in the in 1990s, resulting in lower transaction levels.

We look forward, optimistically, to next year, particularly at the higher levels,’ says Richard, ‘as there is a strong body of opinion leading us to believe that there will be generous bonuses in the city, and we are agreeing a number of prominent and valuable sales as this year closes. Confidence is back for the time being, but we live in fragile times, where terrorist attacks could easily upset the equilibrium.

If prices are still predicted to go up, investing in bricks and mortar, as ever, continues to be a rewarding and enriching lifestyle.’ Almost 45% of purchasers were new ‘lifestyle’ buyers during 2003, a very significant increase on the 32% in 2002,, according to provisional results of FPDSavills research. Farmers have been relatively absent from the market because of uncertainty created by Mid Term Reform (MTR) of the CAP.

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Our research is likely to show that the uncertainty caused by the MTR reforms has significantly reduced the proportion of farms marketed by farmers from around 60% of total vendors in 2002 to around 45% in 2003. Non-farming private landowners, who were mainly selling for investment or personal reasons, represented 45% of vendors in 2003 compared with only 27% in 2002.


Evidence collected to date suggests that the average value of all types of farmland across Great Britain has strengthened by around 3% during 2003 due to the continued lack of supply and improved farm profitability. Values have strengthened further where market demand has been strong, notably, by up to 10% for dairy and pasture land in the western regions and by a similar amount in the Eastern commercial farming areas of England Property conveyancing solicitors in Brisbane .

Although MTR was a key reason behind the limited supply during 2003, 38% fewer acres marketed in Great Britain than in 2002, low interest rates (albeit rising) can not be ignored. Our Prime Country House Index, which measures the price movements of prime residential country property (from cottages to mansions) throughout Great Britain, shows that the average capital value of prime rural properties continued to increase, albeit at a reduced rate.

The index showed that growth in average values nationally slowed in the year to September 2003 to 3.4% compared with 6.3% in the year to June 2003 and 11.5% in the year to March 2003. This continued market strength was evident in all regions although growth in the South East of England has, generally, been most constrained since the beginning of 2002 compared with all other regions.

The supply of farmland this year has been the lowest since FPDSavills records began, even lower than the Foot and Mouth year (down 7% across Great Britain) reports Crispin Holborow, head of farm agency at FPDSavills, commenting that: “the outlook for 2004 will be affected in part by the outcome of the MTR review.

We expect, however, that the strengthening land market will result in deals becoming more simplified and often less MTR dependant”. International property adviser FPDSavills has formed a strategic business alliance with Lisbon-based Abacus Property, one of Portugal’s leading commercial real estate practices.

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This is the third European link up agreed by FPDSavills in the past two weeks following the announcement of similar affiliations with Belfast agency Osborne King in and Stockholm-based Tufvesson & Partners and is further evidence of FPDSavills’ intention to expand its European business. Jeremy Helsby, chairman of FPDSavills Commercial, says: “There is increasing interest from the international investment community in the Iberian peninsular and this new relationship with Abacus will complement our highly successful Madrid and Barcelona offices.”


Enact Conveyancing Melbourne  managing director of Abacus Property says: “We have enjoyed a close working relationship with FPDSavills for a number of years and by formalising this link we will be able to generate considerable new business opportunities. It will also enable us to offer our existing clients an international dimension to our services.

Abacus Property’s clients include WPP, Apollo Real Estate, Miller Developments, GE Capital, Nexity and Securitas. The company is also agent for Lisbon’s premier city centre office development, the 36,000 sq m (387,500 sq ft) Atrium Saldanha.London’s West End remains the most expensive location to set up a new office across major European and Asian cities, despite almost two years of falling rents, according to new research from FPDSavills, the leading property consultancy.

The company estimates that the total cost of setting up a new office for 25 people, including fit out, rent and residential rental costs would be €4,000 per square metre per year or €62,500 per person per year. London’s City office market lies in second place with an estimated total office cost of €3,500 per square metre per year, or €54,700 per person per year.

Canary Wharf, in east London is in third place, costing €3,200 per square metre per year or €49,800 per person per year. London is the most expensive city followed by Paris and Milan, driven mainly by office occupancy and fit out costs. The Asian and Eastern European centres were the cheapest due to lower occupancy costs and fit-out costs.

FPDSavills believes that its new method of calculating the cost of setting up an office, which it calls the Corporate Quantum, provides occupiers with a more accurate way of assessing the overall bill than studying headline rents in isolation. The property consultancy says that falling prime rents and occupancy costs have driven down the corporate quantum across Europe by two per cent, compared with a one per cent increase in 2002.

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In quarter 3, the average annual cost per person of setting up an office in Europe was €36,200 or €2,300 per square metre. Luxembourg and Stockholm reported the highest drop in office costs, both falling 13.4 per cent. As a result, Stockholm has dropped from the fifth most expensive office location to number eleven in the rankings with an annual cost of €36,500 per person, or €2,400 per square metre per year.

Milan was the biggest riser, with total costs rising 7 per cent, pushing it up to fifth place in the rankings. The cheapest location to set up an office in the major European and Asian cities was Guangzhou in China, with an annual cost of €14,900 per person or €1,000 per square metre per year. Looking at the separate costs involved in setting up an office, in the last 12 months FPDSavills says that prime office occupancy costs (including rent, service charges and local taxes) have dropped by 11 per cent on average, following a 2.5 per cent fall in 2002 Enact Conveyancing Company .

The consultancy says that the average prime occupancy cost across major European centres is now €635 per square metre. Including the Asian cities in the study, the average prime occupancy cost drops to Euro 581 per square metre. Despite the drop in occupancy costs, fit out costs have tended to increase. Across Europe, the average fit out cost is €1,685 per square metre.

Taking into account cities in China and Singapore where labour costs are cheaper, the average fit out cost reduces to €1,468 per square metre. Fit out costs for offices in London are 50 per cent higher than the average, while Asian cities are typically 40 per cent lower than average. Lastly, residential costs for prime apartments in European cities have risen by almost 8 per cent, to an average of €193 per square metre per year.

Including the residential costs in Asia, the average price rises to €195 per square metre per year. Farmland in the East Midlands area has become hot property for investors looking to find alternatives to the Stock Market, says Ken Jones, head of FPDSavills in Lincoln. While uncertainty over changes to CAP subsidy has affected much of the agricultural sector, the trade in farms let under old-style Secure Tenancies has taken off, fuelled by buyers with an eye on long-term reward.

This type of land is traditionally seen as the Cinderella of the farmland market with a much lower turnover in terms of both acres and value than land with vacant possession or let under the new shorter-term Farm Business Tenancies,” said Mr Jones. “But it has become an extremely attractive proposition for investors who know that ultimately the tenancy will come to an end and the value of their asset will appreciate considerably.

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Year by year the sector is shrinking because the law no longer allows Secure Tenancies to be created. Tenant deaths and buy-outs or deals between landlord and tenant to release the vacant possession premium mean that land is becoming scarcer and scarcer, leading to inevitable price rises. Over the last two years, increases of 20 per cent per annum have been the norm – especially when the farm includes residential property or older barns which could be converted, or where there may be future development potential.


The strength of the market is encouraging many to sell, but despite this increase in supply, demand has been red hot. “It’s now common place to see a tenant outbid when a let farm comes to the market and the number of disappointed would-be buyers who are now fully retained by us continues to grow,” he said. Even farms where there is a young successor tenant could be attractive if the tenancy was granted after September 1995,” he added. “In that case 100 per cent Agricultural Property Relief for the owner would apply – quite a useful bit of Inheritance Tax planning.” FPDSavills has expanded its European network and has taken its first step into the Scandinavian market by entering into an affiliation agreement with Stockholm-based Tufvesson & Partners, a specialist in advising Swedish institutional investors residential property conveyancing Adelaide .

Jeremy Helsby, chairman of FPDSavills Commercial, says: “Creating a relationship with Tufvesson is significant as it opens the door for us to the Scandinavian market. We are confident that the association will generate new business opportunities for both companies, allowing Tufvesson to add to its AAA client list and enabling us to expand our European business.

Martin Tufvesson, ceo of Tufvesson & Partners, comments: “Not only is interest from international investors increasing but domestic clients are also seeking to market their property internationally. Under this co-operation all our clients will benefit from a growing European network and the possibility of skill swaps is very exciting.

In 2003, FPDSavills strengthened its European operation in France, Spain and Italy and formed a similar association with Palmer McCormack, the Irish commercial property consultants. Tax secured from the housing market during 2002-2003 is estimated at £4.5bn, representing 3% of total tax revenues. With speculation mounting that the residential sector could provide yet more revenue, FPDSavills Research warns that further tax increases at a time when the market is slowing, could have serious consequences for the economy at large, and more specifically, be the cause of house price volatility.

The bulk of tax revenue generated from the housing market comes from stamp duty (77%) whilst the remainder comes from capital gains (4%) and inheritance taxes (19%). Recent murmurings within the press have focused on the potential for further increases in stamp duty or the levying of capital gains tax on main residences which are currently exempt.

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Donnell again: ’There is no doubt that taxing capital gains on main residences would be a huge money spinner. Over the last 12 years, the value of the average house has risen £74,871, which, at a tax rate of 40%, would generate £30,000 of tax revenue.”   He adds, ‘This represents 23% of the current value of the average house and, if levied at this rate, would certainly act as a massive bake on house price growth. Aside from the talk of possible future tax rises, Property Depreciation donnell highlights the fact that higher stamp duty levels are having a negative impact on the housing market right now. High levels of stamp duty and slower house price growth are already leading to lower levels of turnover as households opt to stay put. This is a trend most evident in London and parts of the South East at the moment.

It would discourage private investment in the UK’s housing stock at a time when investment is needed. Chronically low levels of house building mean it is essential that all forms of investment in our old an ageing housing stock are encouraged. Furthermore, any introduction of Capital Gains Tax would, like stamp duty, act as a major disincentive for people to move. Donnell concludes: ‘The housing market already generates significant sums of tax revenue and could generate even more.

However if the net result of higher taxes is a further restriction on supply, then this will simply support high house prices and make residential values even more volatile. House price volatility was key part of the recent decision not to join the Euro. There seems to be a potential conflict between the need for extra tax revenue and the Government’s desire to see a less volatile housing market.

Donnell points out that the meteoric rise in house prices over the last decade has been primarily the result of falling interest rates which, together with rising household incomes, has given households a six fold boost to their buying power since the late 1980’s. Much of this buying power has been focused on the housing market although spending on holidays and cars has also increased markedly over this time. The research cites rising interest rates and a continued absence of first time buyers as the two biggest threats to the housing market going forward.

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Furthermore, so long as unemployment does not rise, then Donnell believes that a 0.5% to 1% increase in interest rates can be absorbed into the market. Even if housing costs do rise by more than expected then there is room for households to cut back in the discretionary areas of spending which have grown rapidly in recent years.The low take-up by first time buyers is the biggest concern and something that needs to be watched carefully according to Donnell. “First time buyers are the fuel that feeds house prices from the bottom of the market upwards and any sustained absence could have an impact on values in 18 to 24 months time.

Donnell believes that confidence factors (e.g. the War in Iraq, talk of price falls) have led to lower take-up by first time buyers for whom renting is in many cases as cheap as buying. In terms of which areas will do better than others then FPDSavills Research believe that the recent South-North divide in house price growth, with the north doing far better than the south, will continue into 2004.

Yearly deterioration surveyor Affordability pressures are greatest in the south of the country whilst in most northern regions there is still room for further house price growth, although not at the pace seen recently” Donnell notes “affordability pressures will catch up with these markets by the middle of 2004 as they have already done in the south.

Indeed, residential values in some of the higher value markets in the south have fallen back over the last 12 months as concerns over the economic outlook impacted on demand and the prices that buyers were willing to pay. As affordability pressures impact on the mortgage reliant, mainstream housing markets, the equity driven prime markets will be far less affected.

Lower mortgage rates reduce housing costs for both owners and renters and contribute to higher home ownership rates. Stable mortgage flows help moderate cyclical swings in the housing market, which in turn stabilize broader business-cycle activity. With these tools and operating under the discipline of private-market incentives, the companies have proven their ability to reduce consumer costs, champion innovation and manage effectively.