COMMERCIAL PROPERTY with Bayleys North Shore Commercial
Successful Dubai Trip
From the first impressions at the airport, as I admired the grandeur of the architecture and facilities available, I knew I was in for a visual treat.
Upon exiting the terminal I was quickly ushered into my air-conditioned 4-wheel drive and it was hot, very hot! The drive to the hotel made me feel like a kid again as I continually rubber necked and pointed excitedly at the next architectural miracle that someone dreamt up and was allowed to build, exclaiming “look at that!”. Dubai seems to be the largest sandpit in the world, where architects come to play!
Dubai is busy (as busy as it is hot!) and with the financial disaster in Europe and the Arabic Summer (that’s the term for the current revolutions occurring in the Arabic countries) it seems to be driving itself out of the chaos caused to them from the GFC. Europeans are investing. Other Arab states see Dubai as a safe haven for their funds.
The Kiwi Real Estate Agents I met are operating in a hard
market with over-supply in all sectors; the office market being tenant driven, a new concept for Dubai. Incentives and rent-free periods the Kiwi agent is used to, the Dubai market is struggling with the concept.
Kiwis involved in property development are not working on projects in Dubai, they are building apartments and Hotels in Lebanon and Nigeria.
Dubai has invested in creating itself as a hub and it is working – globally and centrally positioned, it has established itself on the global retail map. Having two of the largest shopping malls in the world which have integrated entertainment from a five storey aquarium to ice rinks and snow skiing – just incredible!
Bayleys, alongside Auckland-based law firm McVeagh Fleming and North Shore-based chartered accountants Hall and Parsons, have completed a one week trip to Dubai, providing the latest information on the residential, rural, commercial and industrial property market and the opportunities on offer in
New Zealand.
The aim of the trip was to engage with ex-pat’ Kiwis living in Dubai who plan to move back to New Zealand, and who are looking at investing capital into the country.
The trip began with an interview on talk radio station Dubai Eye where we were able to discuss the opportunities in the New Zealand property market.
The following day we hosted a seminar which was attended by 50 people. The seminar was promoted as an information evening aimed at bringing parties interested in investing in New Zealand up-to-date on the market and associated legal, trust and tax issues.
Gerald informed the audience on all sectors of the property market in New Zealand, while McVeagh Fleming partner Brandon Cullen spoke on property law and trusts, and Hall and Parsons partner Sean Parsons spoke on taxation. At the end of the seminar we held a question and answer session which proved extremely popular.
by Bayleys North Shore commercial and industrial director Daryl Devereux and Bayleys Research manager Gerald Rundle.
