Real estate and property management specialist Asteco has officially launched its operations in Al Ain to cater to the growing demand in ‘The Garden City’.
The new Asteco office in Al Ain is located on the city’s main street in the Clock Tower area, and has a six member team headed by Property Manager Surendran Paleri. Paleri has been with Asteco in Abu Dhabi for the past five years and has eight years’ experience in the real estate industry.
The Al Ain residential market is currently seeing rent decreases for apartments in both old and new buildings due to over supply. Residential occupancy rates are between 70-80 per cent. Asteco research shows that 99 per cent of residential facilities are unfurnished, and there are virtually no serviced apartments available in the emirate. But the outlook for the market is brighter in the medium term.
Elaine Jones, Asteco CEO, said: “Al Ain’s economy is expected to see an upturn in the next few years. This is partly due to the Government’s initiative to demolish old buildings and replace them with new ones. Rents may increase as a result.”
A AED20 million mixed use property set to open in November this year will give Al Ain’s real estate market a shot in the arm, Jones added. Another new development completed last year, leased by Asteco, is Emirates Commercial Complex. The new building is made up of a shopping mall on two floors, and a mix of commercial and residential space.
Asteco also manages the Abu Dhabi Commercial Bank portfolio and the Andlous Housing Complex in Al Ain.
“Asteco has been leasing and managing properties in Al Ain for over a year now,” said Jones. “We have an extensive portfolio of properties that we manage through our partnership with ADCB and individual landlords. With the gradual increase in demand for new properties, it was only logical to establish a permanent office in Al Ain.”
Jones added: “Asteco is a real estate pioneer in Al Ain. None of the other agencies have a comparable presence in Al Ain except for the Khalifa Committee, which is a government entity. Property Manager Surendran Paleri has been heading operations for the last year, and has an excellent rapport with local landlords.”
Al Ain’s history dates back to the 4th millennium BC. However, it is a modern city and one of the greenest in the Gulf, with the UAE’s largest museum and biggest zoo. It is a thriving town with a population of 300,000 and home to no less than 65 public parks and gardens.
Founded in Dubai in 1985, Asteco is the UAE’s largest property management company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property marketing; feasibility studies and evaluations; and research and investment.
