Asteco appoints Manager for Abu Dhabi operations

Chattat brings 10 years of experience in property sales, business development and real estate management to Asteco. An Australian national, his new position will see him lead the Abu Dhabi team and liaise with other Asteco offices in the UAE to develop its services further, strengthen its client portfolio and ensure smooth functioning.

"The recent announcement of a $6.8bn airport redevelopment plan and an upcoming free zone in Abu Dhabi is spelling boom time for the region's developers and leading to sharp increases in property prices in the UAE's capital," explained Andrew Chambers, Managing Director, Asteco. "With this growth, there is also an increase in demand for professional property services within Abu Dhabi."

"Jean Paul is a valuable addition to our team and has important international experience that will help establish new standards and best practises. His role will also add new focus to Asteco's operations in Abu Dhabi and propel growth," added Chambers.

Under Chattat's direction, Asteco's sales team will be able to explore opportunities beyond the scope of traditional real estate agencies. Chattat will look at growing Asteco's office and services further and earning a reputation as the capital's pre-eminent professional property services provider.

Before coming to the UAE, Chattat was based in New South Wales as director and owner of The Deco Group for one year from 2005 and 2006. He launched and managed the real estate development company.

Chattat's career in the property sector began in 1996 with Bruce Lyon Real Estate as a property manager and project marketer. He then moved on to join Merrylands First National Real Estate where he spent six years from 1997 to 2003 as a partner and licensee. From 2003 to 2005, Chattat headed the Ozland Property Marketing Company as a partner to develop the company's business.

According to Chattat, Abu Dhabi's ambitious development plans have boosted demand for both commercial and residential projects. In addition, the capital's economic diversification strategy and the establishment of industrial, financial and free trade zones such as the Industrial City of Abu Dhabi (ICAD) in Mussafah and a new industrial area near the Khalifa Port are expected to further stimulate demand.

Based on Asteco's 2007 Q4 research, Chattat pointed out that commercial property in and around Airport Road witnessed a 37 per cent increase in rents, closely followed by Khalifa Street and Najda Street which touched 30 per cent price hikes.

"Entry of multinationals has spurred the jump in Abu Dhabi's commercial property rates and, the upcoming free zone is attracting huge interest from international investors," he added.

Asteco's 2007 Q4 research also showed significant growth in rental rates for two and three-bedroom apartments of 62 and 30% respectively on Airport Road while Khalidiya Road reported increases of 47 and 41% respectively compared to the previous quarter. "As new buildings near completion and demand for both prime commercial and residential property increases, clients are looking for quick solutions and innovative services," added Chattat.

Founded in Dubai in 1985, Asteco is the UAE's largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.