Dubai’s Deyaar inks property management deal with Belhasa International
Company will manage portfolio of buildings across Abu Dhabi, Dubai and Sharjah
Deyaar Property Management, a unit of Dubai-listed real estate company Deyaar Development, agreed to manage the mixed-use portfolio of UAE conglomerate Belhasa International, it said on Sunday.
“Property management aims to enhance customers’ overall experience in a property and increase its value, because satisfied tenants drive an increase in occupancy rates,” said Ahmed Al Suwaidi, vice president of Deyaar Property Management.
Real estate companies and landlords are working to retain occupiers in the current "tenants’ market" created by ongoing declines in property sales and rental values, driven by lower oil prices over the past four years. Sinking property prices have increased competition in the market and made the quality of service provision particularly important.
Deyaar Property Management – which is part of the Dubai real estate company 41 per cent owned by Dubai Islamic Bank – manages a portfolio of around 24,000 units in 1,500 buildings across the UAE, with an average occupancy rate of over 97 per cent, it says.
Under the partnership announced on Sunday, the company will deliver a range of property management services to Belhasa International, including leasing, legal advisory, landlord relations, property inspections and building services, as well as property management consulting services.
Belhasa is one of the UAE's largest conglomerates, with around 30 subsidiaries spanning construction, education, automotive services, trading and hospitality.
“Providing the best value and experience to our tenants is a priority,” said Saeed Ahmed Saif Belhasa, managing director of Belhasa International Company.
“We have found a reputable and reliable partner to ensure that our properties are attractive to investors.”
Deyaar Development in October posted flat net profit of Dh100.8 million for the nine-month period ending September 30. It has yet to report its full-year 2018 results.
Updated: January 27, 2019 05:06 PM