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CLUTTONS FINDS NEW OFFICE FOR MIDDLE EAST'S LARGEST LAW FIRM

Al Tamimi, advised by Cluttons, has chosen the Bahrain Financial Harbour (BFH), the Kingdom's acknowledged business hub, as the location for its new Bahrain office.

The Middle East's largest law firm has leased 223sqm on the 13th floor of the landmark development's West Tower, joining a growing number of international businesses, local companies and financial institutions that are taking advantage of the financial city's strategic and stunning waterfront location, state of the art facilities, and contemporary, fully-equipped office spaces. The popularity of BFH has helped to make it one of the most desirable business addresses in the Gulf region. 

Al Tamimi's new Bahrain office will be led by Ms. Foutoun Hajjar, an English-qualified Solicitor and Barrister with over two decades of professional experience, with the last ten years in Bahrain where she has worked in both private practice and in-house positions. 

The launch of the firm's Bahrain office takes the number of offices for Al Tamimi to 14 across eight countries. In addition to Bahrain, the firm has offices in the United Arab Emirates, Kuwait, Qatar, Oman, Saudi Arabia, Jordan and Iraq. Al Tamimi works with a diverse range of clients representing both the public and private sectors in the region, with the Middle East being the core focus for their business. 
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CLUTTONS TAKES HOME PRIZES AT TANSFORM AWARDS, DUBAI

Cluttons took home prizes in three categories at the inaugural, MENA edition of the 2014 Transform Awards, held in Dubai, for its Middle East rebrand.

There were over 1000 entries across the various categories which recognise best practice in corporate, product and global brand development work and focus on strategy, execution, content and evaluation.

The awards for Cluttons were:

o Best visual identity from the property sector - Bronze award (category winner was Mubadala)

o Best creative strategy - Highly Commended (category winner was Milaha)

o Best internal communication during a rebrand - Highly Commended (category winner was Dubai Airports)
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@Cluttons#Islington hosted a #summer #garden #party in Duncan Terrace Gardens at the weekend. Elder flower and sandwiches for all! #N1
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DUBAI RESIDENTIAL DEVELOPMENTS SELL OUT WITHIN DAYS OF LAUNCHING

Off-plan sales are being launched again in Dubai, however developers, bankers and the government are being much more careful than in the 2008 boom period. Launches of new residential projects, at Business Bay and Arabian Ranches, have sold out within days and sometimes just hours after the registration rooms opened their doors.

The launch of a new scheme at Business Bay earlier this year sold out in a week, with robust demand from investors amid renewed volumes of capital flooding in from traditional sources such as India and other parts of the Middle East and North Africa. Investors, many of them cash buyers, are hungry again for property in Dubai.

Developers too have a big incentive in welcoming the return of off-plan, as it is a viable means to finance new projects. That avenue was closed off after 2008, when the quick-fire buying and selling of off-plan properties for profit was identified as a significant contributor to the property boom and bust that affected the UAE with particular vehemence. 

For buyers, going off-plan remains an attractive proposition, with banks still providing 50 per cent mortgages for off-plan purchases. Some payment plans offer low deposits, in a bid to reel in buyers. This, however, has yet to develop into a frenzy as seen in the real estate boom of the 2000s. 

“While banks introduced internal controls limiting the value of mortgages extended on off-plan properties, following the market correction, the federal mortgage caps have helped to curtail off-plan sales further,” says Faisal Durrani, international research and business development manager at Cluttons. “Today’s real estate landscape is very different to what we experienced during the last property cycle. Not only has the government been more proactive in helping to rein in growth, but the buyer base is also vastly different.” Government fees charged on property deals in Dubai were doubled to 4 per cent in 2013, a move clearly aimed at stopping quick reselling. “The doubling of property registration fees has added to the growing list of upfront costs,” says Durrani.
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Cluttons research suggests brain drain on South East as aspiring homeowners who feel unable to buy in five years would relocate to secure first home: http://tiny.cc/iugf4w
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Government’s Help-to-Buy scheme extension to push house prices further. Cluttons reveals Greater London house price growth set to be 6.9% in 2013: http://tiny.cc/1b1f1w
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CLUTTONS PROVIDES EXPERT ANALYSIS

Each quarter, IPD produces key performance indicators for the UK direct property investment market. These are presented over short breakfast briefings in conjunction with the IPF to inform the industry, whilst also allowing for networking. 

Following the release of the Q3 2014 Commercial Property Market Outlook, produced by the commercial valuation consultancy and research teams the latest report findings were presented to over 160 delegates at at the Q2 launch. 

Commercial analyst Andrew Heard presented Cluttons view on current investment and occupational trends followed by a panel debate alongside Doug Rowlands of IPD, Andy Schofield of TIAA Henderson Real Estate and Neil Thompson of Great Portland Estates. 

The debate, chaired by Phil Clark of Kames Capital addressed the prospects of Central London becoming overheated as an investment market with investors now showing greater appetite outside the capital. It also highlighted some of the main risks on the horizon and to what extent these could dampen current demand levels.
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NEW LONDON RESIDENTIAL OFFICE OPENS FOR BUSINESS

The Blackheath branch will offer sales, lettings and management services and will be headed by Wallace Jaffray. The lettings department will be overseen by Sally Livermore. 

Lying between Greenwich and Lewisham, Blackheath is famous for its vast spaces of common ground. This picturesque location has seen property prices rise by over 15% over the last 12 months (Land Registry). The shortage of properties for sale in the area has added to the pressures in the lettings market, particularly for family homes. 

James Hyman, Cluttons head of agency comments on the decision to open a new branch in Blackheath:

“We wanted to come to Blackheath because we could see that there was a gap in the market for a niche agent like Cluttons, which truly represents the central London market. With Blackheath’s extensive green spaces, excellent national rail links to Waterloo and DLR access to Canary Wharf and the City, we believe we can establish it as a location that’s not only sought after locally, but also throughout London and internationally”. 

The new branch is Cluttons’ third located south of the Thames, following the success of branches in Clapham and Tower Bridge. Cluttons’ Blackheath office is located at 22 Tranquil Vale, London, SE3 0AX.
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CLUTTONS PRESENTS AT THIS YEAR'S CHARITY PROPERTY CONFERENCE

Earlier this month Cluttons partners Paul Chilton and Ralph Pearson presented to a full house at the annual Charity Property Conference 2014, where Cluttons were headline sponsors.

The presentation, entitled: If you fail to plan, you're planning to fail: Setting strategy for effective occupation, looked at the importance of charities planning for the future and giving delegates a step through guide in setting strategy for effective occupation.

There were over 100 charities represented at the conference which was held at BMA House Tavistock Square, London. 

Now in its seventh year, the Charity Property Conference is the only forum in the charity sector specifically designed to address the needs of those responsible for property management.

In the face of increasing financial pressures and a difficult economic climate, charities of all sizes are taking steps to improve the performance of their property portfolios, proactively minimising risks and maximising efficiency. 
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MEGA MALL DEVELOPMENT CRITICAL TO UNLOCKING 
DUBAI’S VISION

Dubai 6th July 2014: The unveiling of Dubai Holding’s proposals for The Mall of the World will form part of a strengthening mall development pipeline that is critical to unlocking Dubai’s vision, says Cluttons. 

Dubai Holding has unveiled the details behind its much awaited Mall of the World, which is set to also include the world's largest indoor theme park and a theatre district to rival London’s West End, or New York’s Broadway. It follows Nakheel’s recently revealed plans for a 6.15 million sqft mall on the Deira Islands, complete with an adjoining night market and amphitheatre.

Faisal Durrani, International Research and Business Development Manager at international real estate consultancy Cluttons, commented: “Shopping is already synonymous with Dubai and has proved to be one of the city's key lynchpins in its meteoric rise as the Middle East's business capital. Dubai has a very significant portfolio of existing shopping malls and the string of new mall developments looks set to push Dubai further ahead of the region’s other emerging economies.”

“Dubai's malls have thus far been fairly traditional, offering global retail brands in a single 'shopping destination’. During the last property cycle, we witnessed the inclusion of leisure attractions at some of the city's malls, with Ski Dubai, iFly and the Dubai Aquarium all helping the Emirate's malls position themselves as leisure destinations in their own right.”

As development across the city ramps up in the lead up to the 2020 World Expo and the Emirate's vision of playing host to 20 million tourists annually, the focus of activity has moved strongly towards the retail and hospitality sectors. Cluttons currently expects some 7 million sqft of new malls over 1 million sqft in size to enter the market over the next two years, excluding all current city wide mall expansion activity.

Durrani added: “With authorities working towards an ambitious annual visitor target, the current hotel and serviced apartment portfolio in the emirate of approximately 80,000 keys is going to have to grow significantly. And it's not just a question of swelling the hotel development pipeline, but a complex infrastructure of leisure and entertainment facilities have to be built to help drive Dubai's vision.”

The Mall of the World represents a significant milestone in the evolution of Dubai's shopping malls. Not only will the mega project include 100 hotels and some 20,000 keys, it will also offer visitors 7 kilometres of climate controlled promenades, something that is offered nowhere else in the world. 

Durrani concluded: “I see this as Dubai's answer to London's Oxford Street and Paris’ Champs Elysee, which are both iconic shopping avenues. The added climate control element will for the first time allow the emergence of what will effectively be Dubai's answer to a high street. At the same time, The Mall of the World will pave the way for the next generation of the city's malls, where the shopping element is combined in equal parts with entertainment and leisure facilities, creating destinations in thier own right, while catalysing the development of wider surrounding areas.”
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Cluttons urges the introduction of laws to curtail property speculation in Dubai and sustain the modest boom: http://bit.ly/16E7Kbd
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+44 20 7408 1010
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+44 20 7629 3263
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Portman House 2 Portman Street London W1H 6DU United Kingdom
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Cluttons - property investment, commercial property consultants and estate agents
Introduction
Cluttons is an international real estate services company founded in 1765.  Through our network of offices in the UK, Europe, Middle East, Asia Pacific and South Africa, we offer a wide range of professional property management, agency and consultancy services across the commercial and residential sectors, for both investors and occupiers.