Latest news with #Chestertons
Zawya
3 days ago
- Business
- Zawya
Chestertons Reports 50% surge in commercial leasing as legal reforms and investor confidence accelerate UAE Real Estate Momentum
Q1 2025 data reveals record-breaking office and retail leasing across the UAE, backed by 100% foreign ownership laws, tax incentives, and rising demand in key commercial hubs Dubai, UAE – Chestertons MENA, one of the world's most established real estate advisories, has released new data confirming a sharp rise in commercial real estate activity across the UAE. The firm's Q1 2025 Market Report shows a 50.4% year-on-year increase in commercial leasing, alongside double-digit growth in villa and townhouse transactions — underscoring the powerful convergence of market demand, investor confidence, and regulatory readiness. Office leasing led the commercial sector, recording over 101,000 transactions — a 62.7% increase compared to Q1 2024 — while retail leasing saw 36,000 transactions, amounting to AED 3.4 billion. Land leasing also posted steady gains. The data points to robust corporate expansion, growing business formation, and sustained appetite for commercial space across key UAE zones. 'Commercial real estate is no longer a peripheral category — it's at the centre of the UAE's next economic chapter,' said Mohamed Mussa, Executive Director of Chestertons. 'What we're seeing is not a temporary rebound but a redefinition of the region's investment profile. From the performance of off-plan markets in Ras Al Khaimah to the legal reforms enabling long-term ownership, this is an ecosystem ready for scale.' These trends were unpacked during Chestertons' Commercial Conference held in May 2025, which brought together senior leaders across valuation, advisory, and legal practice. The panel included: Andrew Elliott, Director of Commercial Agency Benjamin Cullum, Head of Valuations and Advisory Conor Henry, Director of Valuations and Advisory Jake Wright, Director of Investment and Advisory Michael Kortbawi, Corporate & Finance Law Expert (BSA Ahmad Bin Hezeem & Associates LLP) The conference highlighted key structural enablers: 100% foreign ownership across most mainland sectors A newly introduced 9% federal corporate tax, with 0% options for qualifying free zone income structures Expansion of investor-friendly zones such as RAKEZ, which is set to overtake JAFZA in activity Long-term renewable lease models, digital incorporation platforms, and streamlined dispute resolution through RERA, DIFC, and specialized courts Increasing demand for REITs, sale-and-leaseback structures, and institutional-grade commercial assets amid Grade A supply constraints 'Recent legal reforms have shifted the UAE from being merely attractive to being strategically compelling,' said Lawyer: Michael Kortbawi, Corporate & Finance Law Expert and panelist at the Chestertons Commercial Conference. 'Investors now have clarity on ownership, tax, and dispute resolution, along with access to digital tools and long-term visas. This is a legal framework built for global capital and long-term business planning.' Residential demand also remained strong. Townhouse and villa transactions rose 51.93% in volume year-on-year, reaching a total value of AED 76.5 billion, while apartment sales climbed 16.25% in value to AED 75.1 billion. Buyer appetite was concentrated in communities such as JVC, Business Bay, and Dubai Marina, driven by location, lifestyle, and long-term rental yield potential. Rental activity reflected similar growth. Apartment leasing was up 21.4% year-on-year, totaling AED 11.3 billion across 151,000 rental transactions, while villa and townhouse leasing rose 21% in value to AED 3.4 billion. The report attributes these trends to population growth, long-term residency programs, and a shift toward larger living spaces post-COVID. 'Across every segment — commercial, residential, leasing, and investment — the UAE is showing clear signs of structured, sustainable growth,' added Mania Merrikhi, Chief Operating Officer and Managing Director at Chestertons MENA. 'The legal infrastructure, investor protections, and macroeconomic vision are all working in tandem to create one of the world's most investible property markets.' Chestertons — established in London in 1805 and active in the UAE since 2008 — has built a deep regional presence from its headquarters in Dubai Marina. The firm's team of over 165 professionals offers services across brokerage, valuation, building consultancy, asset management, and market research, property management and investment advisory. In Q1 2025 alone, Chestertons reported a 155% year-on-year increase in MENA transactions and is now targeting 220% regional growth by 2026.
Al Bawaba
4 days ago
- Business
- Al Bawaba
Chestertons Reports 50% Surge in Commercial Leasing as Legal Reforms and Investor Confidence Accelerate UAE Real Estate Momentum
Chestertons MENA, one of the world's most established real estate advisories, has released new data confirming a sharp rise in commercial real estate activity across the UAE. The firm's Q1 2025 Market Report shows a 50.4% year-on-year increase in commercial leasing, alongside double-digit growth in villa and townhouse transactions — underscoring the powerful convergence of market demand, investor confidence, and regulatory leasing led the commercial sector, recording over 101,000 transactions — a 62.7% increase compared to Q1 2024 — while retail leasing saw 36,000 transactions, amounting to AED 3.4 billion. Land leasing also posted steady gains. The data points to robust corporate expansion, growing business formation, and sustained appetite for commercial space across key UAE zones.'Commercial real estate is no longer a peripheral category — it's at the centre of the UAE's next economic chapter,' said Mohamed Mussa, Executive Director of Chestertons. 'What we're seeing is not a temporary rebound but a redefinition of the region's investment profile. From the performance of off-plan markets in Ras Al Khaimah to the legal reforms enabling long-term ownership, this is an ecosystem ready for scale.'These trends were unpacked during Chestertons' Commercial Conference held in May 2025, which brought together senior leaders across valuation, advisory, and legal practice. The panel included:Andrew Elliott, Director of Commercial AgencyBenjamin Cullum, Head of Valuations and AdvisoryConor Henry, Director of Valuations and AdvisoryJake Wright, Director of Investment and AdvisoryMichael Kortbawi, Corporate & Finance Law Expert (BSA Ahmad Bin Hezeem & Associates LLP)The conference highlighted key structural enablers:100% foreign ownership across most mainland sectorsA newly introduced 9% federal corporate tax, with 0% options for qualifying free zone income structuresExpansion of investor-friendly zones such as RAKEZ, which is set to overtake JAFZA in activityLong-term renewable lease models, digital incorporation platforms, and streamlined dispute resolution through RERA, DIFC, and specialized courtsIncreasing demand for REITs, sale-and-leaseback structures, and institutional-grade commercial assets amid Grade A supply constraints'Recent legal reforms have shifted the UAE from being merely attractive to being strategically compelling,' said Lawyer: Michael Kortbawi, Corporate & Finance Law Expert and panelist at the Chestertons Commercial Conference. 'Investors now have clarity on ownership, tax, and dispute resolution, along with access to digital tools and long-term visas. This is a legal framework built for global capital and long-term business planning.'Residential demand also remained strong. Townhouse and villa transactions rose 51.93% in volume year-on-year, reaching a total value of AED 76.5 billion, while apartment sales climbed 16.25% in value to AED 75.1 billion. Buyer appetite was concentrated in communities such as JVC, Business Bay, and Dubai Marina, driven by location, lifestyle, and long-term rental yield activity reflected similar growth. Apartment leasing was up 21.4% year-on-year, totaling AED 11.3 billion across 151,000 rental transactions, while villa and townhouse leasing rose 21% in value to AED 3.4 billion. The report attributes these trends to population growth, long-term residency programs, and a shift toward larger living spaces post-COVID.'Across every segment — commercial, residential, leasing, and investment — the UAE is showing clear signs of structured, sustainable growth,' added Mania Merrikhi, Chief Operating Officer and Managing Director at Chestertons MENA. 'The legal infrastructure, investor protections, and macroeconomic vision are all working in tandem to create one of the world's most investible property markets.' Chestertons — established in London in 1805 and active in the UAE since 2008 — has built a deep regional presence from its headquarters in Dubai Marina. The firm's team of over 165 professionals offers services across brokerage, valuation, building consultancy, asset management, and market research, property management and investment advisory. In Q1 2025 alone, Chestertons reported a 155% year-on-year increase in MENA transactions, and is now targeting 220% regional growth by 2026.
Western Telegraph
08-05-2025
- Business
- Western Telegraph
Average UK house price increased by nearly £900 in April
Halifax recorded a 0.3% month-on-month price rise in April, following a 0.5% monthly fall in March. The annual house price growth rate ticked up to 3.2% in April, from 2.9% in March, Halifax said. The average property price in April was £297,781, up from £296,899 in March. Amanda Bryden, head of mortgages, Halifax, said: 'UK house prices rose by 0.3% in March, an increase of just under £900. This didn't lead to a significant increase in property prices Amanda Bryden, Halifax 'We know the stamp duty changes prompted a surge in transactions in the early part of this year, as buyers rushed to beat the tax-rise deadline. 'However, this didn't lead to a significant increase in property prices, with the last six months characterised by a stability in prices rarely seen since the pandemic.' Halifax's figures are in contrast to Nationwide Building Society's latest house price index, released last week. Nationwide reported that house price growth had softened, with prices dipping by 0.6% month on month in April and price growth also slowing on an annual basis, at 3.4% in April, down from 3.9% in March. Stamp duty 'nil rate' bands have become less generous from April, with some buyers facing higher costs for moving home. Stamp duty applies in England and Northern Ireland. Ms Bryden said 'modest price growth' is expected this year, adding: 'Overall, the market continues to show resilience, despite a subdued economic environment and risks from geopolitical developments.' Looking across the UK, Halifax recorded strong house price growth in Northern Ireland, Wales and Scotland, with a more subdued picture in south-west England and London. Nathan Emerson, chief executive of property professionals' body Propertymark, said of the Halifax figures: 'This is a sign of sustained confidence in the UK's housing market following a recent stamp duty surge in home buying, and it should give those sellers hoping to take advantage of the traditionally busier spring and summer months motivation to move up the housing ladder.' Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'We're seeing mortgage rates continue their welcome descent, with sub-4% deals now reappearing, which is a clear boost for buyer affordability and confidence.' Jonathan Handford, managing director at estate agent group Fine & Country, said: 'The rebound in prices suggests the market may be finding its footing after a turbulent few months.' Sellers remained motivated Matt Thompson, Chestertons Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'In April, some house hunters paused their search amid the Easter holidays, but sellers remained motivated which resulted in an uplift in the number of properties put up for sale.' Tom Bill, head of UK residential research at Knight Frank, said: 'Demand has increased as more mortgage rates drop below 4%, which will underpin prices while the momentum is maintained. 'Tariff turbulence has helped push interest rate expectations lower but buyers could be put off if it gets too bumpy.' Jason Tebb, president of OnTheMarket, said: 'With property prices remaining relatively steady, this suggests that affordability is having an impact on the amount buyers are willing and/or able to pay.' Babek Ismayil, founder and chief executive at homebuying platform OneDome, said: 'This increase masks ongoing affordability pressures and the longer-term hangover from the stamp duty changes in April.' Tomer Aboody, director of specialist lender MT Finance, said: 'The end of the stamp duty holiday in March saw a big push in transactions completing by the end of the month so that buyers could avoid the tax increase. 'We are now seeing the fallout, with transactions and mortgage approvals falling, although prices are holding steady.' Here are average house prices and the annual increase, according to Halifax. The regional annual change figures are based on the most recent three months of approved mortgage transaction data: East Midlands, £245,884, 3.0% Eastern England, £335,619, 2.0% London, £543,346, 1.3% North East, £175,207, 2.1% North West, £240,975, 4.1% Northern Ireland, £208,220, 8.1% Scotland, £214,011, 4.6% South East, £391,830, 2.0% South West, £304,451, 0.9% Wales, £229,079, 4.7% West Midlands, £261,098, 3.3% Yorkshire and the Humber, £214,844, 3.8%
The Independent
30-04-2025
- Business
- The Independent
Why are house prices still so ruinous despite rollercoaster rises stalling in April?
There was some blessed relief for people trying to buy their first home in April as the runaway housing market train finally hit the buffers. Nationwide's latest House Price Index (HPI) recorded a small, seasonally adjusted, 0.6 per cent decline when compared to March. In terms of real money – and do note that this figure is not seasonally adjusted – the average British home sold eased down to £270,752 from £271,316. That is still higher than this time last year. But the pace of growth on an annual basis, at 3.4 per cent when compared to April 2024, was slower than in the 12 months to March (3.9 per cent). It has been quite the rollercoaster for those in the game, by which I mean people buying and/or selling and not the sharp-suited estate agents whom they engage. My editor kindly sent me a picture featuring some headlines from the past few months. They spoke breathlessly of records broken and growth at the fastest pace in two years which is all very exciting for those sitting on a treasure chest and thinking of cashing in. So why has it come to a juddering halt? Stamp duty, mainly. There was a rush to get deals done in March ahead of the hike imposed by Rachel Reeves. Cash-strapped chancellors love stamp duty because just about the only way to avoid it is to get in quick before the hammer falls. Given the state of public finances, Reeves may increase it again in September. April was bound to be slow with the extra tax now due and Robert Gardner, chief economist for Nationwide, thinks that the market will stay soft over the next few months before picking up again in the summer. Matt Thompson, head of sales at estate agent Chestertons, is also eyeing that season with hungry eyes, telling me: 'We expect market activity and particularly buyer demand to pick up in early May which will lead to a busier than usual summer market. ' The economic backdrop may not be pretty. But, as Gardner points out, unemployment remains low, even with job vacancies in long-term decline, while earnings have been consistently beating inflation. Best of all, for buyers, is that mortgage rates are down. The interest rate swaps market, which governs the price of fixed rate deals, is anticipating that Bank of England base rates will fall faster and remain lower for longer than was the feeling before Donald Trump decided to lob a hand grenade into the middle of the global trading system. With lenders finding it cheaper to secure financing for the mortgages they offer, they've been passing the savings on. It is now possible to find deals below four per cent, although you need a low loan to value – typically 60 per cent – to qualify. These aren't deals for first-time buyers unless you're lucky enough to have a branch of the Bank of Mum & Dad LLC willing to front a truly stupendous deposit. When set against that, even the Trump-inspired chaos chilling an already less-than-healthy UK economy mightn't spoil the party that Chestertons, Nationwide and most other forecasters are expecting to get started later in the year. At this point, you've probably guessed that there is a 'but' coming. And you would be right. Taylor Wimpey CEO Jennie Daly noted what she called 'the ongoing affordability challenges for some of our customers, particularly in the south of England' in the group's latest trading update. You can almost hear the collective 'no kidding!' from those currently perusing estate agents' boards. Housing costs in Britain are, to put it simply, horrible. And Daly is quite right: a lot of people are struggling with their mortgages, especially those who recently came off the deals available when base rates were near zero. Raising a deposit presents a real struggle for young people without wealthy parents. I've also been watching banks reporting rising levels of bad debt. Yes, multiple things are feeding into this; non-performing loans to businesses facing tough trading conditions in particular. But what this may serve to do is to cool their ardour when it comes to offering hot mortgage rates by reducing their appetite for risk and causing them to take steps to protect their margins. The housing market is still crazy. Home ownership is a dream for a large number of people and they will do what it takes to make it come true, going without to fund their repayments when things get tight. But there are reasons for thinking the market might tread water for longer than people expect. While I've been wrong before, and I'm out of step with most of the forecasters who think that rollercoaster is poised to race up the hill at pace, I think this is quite possible. House prices are too high for people to afford. They need to come down.
The Independent
14-02-2025
- Business
- The Independent
Mapped: The cheapest area to buy your first home
The number of first-time buyers stepping onto the property ladder jumped by nearly a fifth last year, according to analysis by a major bank. Halifax said there were 341,068 first-time buyers last year, up 19 per cent compared with 2023. The year 2023 saw first-time buyer numbers drop off by 22 per cent annually, in the tough mortgage rate environment. Despite the rebound, last year's estimated total was not as big as the 369,870 first-time buyers recorded in 2022. The average deposit they are stumping up is £61,090 to buy a home valued at £311,034 typically. . Halifax said the average first-time buyer is 33 years old, two years older than a decade ago when they were 31. At a local level, the Shetland Islands have the youngest average first-time buyer at 27. At the other end of the scale, Slough in Berkshire and Sutton, south London, have the oldest first-time buyers at 38 - five years above the UK average. The bank said first-time buyers made up more than half (54 per cent) of all home purchases made with a mortgage last year. Nearly two-thirds (62 per cent) of mortgage completions last year were in two or more names, with 38 per cent starting on the property ladder on their own. Amanda Bryden, head of mortgages at Halifax said: "Last year saw a big increase in the number of first-time buyers, up almost a fifth from 2023. This likely reflects an improvement in mortgage affordability as interest rates eased and stabilised, providing more certainty for those stepping onto the ladder.' 'Many are still teaming up to make the numbers work, with most buying homes jointly. This makes sense given the average deposit of £61,090 and an average starter home price of £311,034, which can be a stretch for those with a single income. It's not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades. "Despite the challenges of saving for a deposit and rising house prices - up 8 per cent in 2024 - it's encouraging that first-time buyers still account for more than half of all new mortgages." The research was based on data from Halifax's own housing statistics database, figures from trade association UK Finance and official earnings data. Ms Bryden added: "Looking ahead we expect modest house price growth in 2025, but upcoming stamp duty threshold reductions won't make things any easier in the short term for first-time buyers." The "nil rate" stamp duty band for first-time buyers will reduce from £425,000 to £300,000 from 1 April. Stamp duty applies in England and Northern Ireland. Matt Thompson, head of sales at London-based estate agent Chestertons, said: "In December 2024 as well as the beginning of this year, the property market saw particularly high demand from first-time buyers who were motivated to beat April's stamp duty deadline. "This spike in buyer activity led to the majority of properties exchanging hands for the asking price, although some sellers, especially those in a rush to sell, agreed to enter price negotiations."
