Tag Archives: real estate
Office spaces turn into sleeping quarters?
Office spaces turn into sleeping quarters? Afkar Abdullah / 23 March 2014 Sharjah residents urge municipality to take action against companies that let staff to sleep in the office during night. Residents of Sharjah are facing a peculiar problem: Some companies are renting offices in residential buildings so that staff can sleep there during the night. Residents have urged the Sharjah Municipality to take action against such companies. Residents complained that companies use the space as offices in the day time and allow office boys and some other employees to use them as sleeping quarters to cut costs and avoid providing employees with transport and residence. According to an official at the Sharjah Municipality, they had put an end to this practice some time ago. “It has come to our notice that (some) companies rent offices on the first and mezzanine floors in (residential) buildings and the staff there use them as accommodation quarters during the night. In addition to companies, some supermarkets and salons are allowing workers to sleep on the premises, despite the law forbidding it,” said the official. Loui Farman, a resident of Al Yarmouk, said the workers of a car rental company sleep in the company’s offices in their building. “They create a ruckus at night and disturb the tenants. The practice must be stopped as it is not safe for families.” Mohammed Khalaf, a resident of Al Qasimia, said some employees of a company sleep in their office in his building. “They keep their lights on and walk in the corridor in their pajamas … These companies must follow the rules and regulations to ensure safety for residents.” An official at a real estate company said they have issued warnings to companies that allow their staff to sleep in spaces rented out as offices. Ali Ahmed Mohammed, Director of Tenancy Contract Attestation Department at the Sharjah Municipality said offices are only for work purposes and not for accommodation. The municipality, he said, is carrying out inspection campaigns targeting such practices. “The municipality will impose hefty fines on those found violating the rules and allowing their workers to sleep in a unit that is meant for commercial and business purposes. We urge building managements and landlords to report such practices by calling on 993,” Mohammed said. afkarali@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Lending for homes in UK up 43% compared to a year ago, latest figures show
Gross mortgage lending in the UK was £15.2 billion in February, down some 6% compared with January but still 43% higher than the £10.6 billion lent in February last year, the latest data from the Council of Mortgage Lenders shows. The CML also pointed out that it is the highest total for a February since 2008. CML chief economist Bob Pannell said that housing market indicators have continued to be strong over recent months, once seasonal factors have been taken into account. ‘First time buyers have benefitted most from the government’s Help to Buy initiatives, with the more recent mortgage guarantee scheme now starting to push typical loan to value levels higher,’ he explained. ‘The housing market got a further boost from this week’s Budget. This, together with benign developments in the economy more widely, should bolster short term sentiment and activity,’ he added. Experts believe that more new homes are needed to help the property market continue its recovery as lack of supply is holding it back. Duncan Kreeger, director of West One Loans, a privately funded short term lender, comments, believes that the market can only go so far without a sustainable supply of new homes. ‘While mortgages might be catching up with pre-recession levels, house building in the UK still falls considerably below these peaks,’ he said but added that building may have got a boost in yesterday’s Budget. ‘However, there are still many questions left unanswered. Some 200,000 new homes looks good on paper but we still don’t know where these will be placed. It’s all very well to build a garden city in Ebbsfleet, but if demand is greatest in urban areas, it’s unclear how this will help,’ he explained. ‘The hard truth is that to really increase the supply of homes where they are most needed requires complex property conversions and refurbishments and it’s still almost impossible to get mainstream funding for these types of projects,’ he added. According to Ian McGrail, managing director, FirstMortgage, the data supports the level of growth that his firm as seen at a company level year on year, as demand for mortgages from first time buyers and home movers remains consistently strong. ‘The results, showing the highest total for a February since 2008, pair well with our in house monthly figures, where similarly we have seen record levels of production. This growth looks set to continue steadily into the year, although we would expect activity to slow down temporarily at the end of April when the Mortgage Market Review comes into effect, as lenders get to grips with the reality of the reforms imposed,’ he added. However, Peter Williams, executive director of the Intermediary Mortgage Lenders Association (IMLA), warned that growth could slow this year partly because regulatory changes on 26 April will act as a temporary buffer and also because the bar was significantly raised in the second half of last year. 'But the recovery is well underway and should continue to… Continue reading
Independence debate having no effect on improving Scottish property market
Scottish house prices have so far shown no negative response to the independence debate with prices up 1.1% in January, the largest monthly increase for over four years. Average prices are also up 3.9% year on year, the largest annual increase since September 2010, according to data from the latest LSL/Acadata Scotland House Price Index. It takes the average house price to £160,270. ‘The enthusiasm of property investors suggests the independence debate is having no impact on confidence within the Scottish housing market. Scottish prices were up £1,680 in January,’ said Donald MacLellan, chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services. He pointed out that five consecutive months of rising prices indicate the market has bounced back fast as it gathers the fruits of the wider economic recovery. ‘Whether the possibility of Scottish independence throws up all sorts of question marks such as the economic cost of a separate monetary system for Scotland, currency risks, changes to stamp duty and land tax, the property market seems currently unaffected,’ he explained. ‘And whether some businesses are alarmed by the prospect of the use of a currency other than sterling, a development that might lead to a rise in transitional risks, large business costs, with corresponding implications for jobs, as of yet there is little obvious impact,’ he said. ‘Banks such as RBS and Standard Life have threatened to leave Scotland altogether and decamp to England, possibly causing a drop in net lending. But if a yes vote for independence looked like the more probable outcome, we would expect this uncertainty to have manifested itself in property prices. As we can see, there has been no such impact on the housing market,’ he added. The LDL data also shows that 2014 recorded the highest volume of sales in a January since 2008. ‘Increased lending and mortgage availability are reaching heights not seen since before the recession as first time buyers return to the market en masse. Mortgage finance, for those who can access it, is at its cheapest for some time,’ said MacLellan. ‘This is sustaining activity in all sections of the market, specifically buy to let investors and homeowners looking to upgrade. The spring market in Scotland will see more lending to first time buyers thanks to cheaper rates, a boost in high loan to value mortgages and the support of Help to Buy,’ he added. He also pointed out that the lack of supply in properties in Scotland is boosting competition between new and previous buyers, propping up prices, adding that the property market doesn’t appear to think things are set to change any time soon. Interest in Scottish rural estates remains relatively healthy despite the independence referendum and the possibility of new land reform legislation, it is claimed. When it comes to the more specialist sector of the property market, real estate experts believe their could be an impact in the run up to the vote in September but it is likely to be short lived. For… Continue reading
