Dubai’s property sales transactions hit an eight-year high of Dh14.79 billion ($4.03bn) in June as segments of the market across the UAE benefitted from new demand and the continued economic rebound, according to listings portal Property Finder.
This is the highest value of monthly property transactions recorded by the emirate since December 2013, the portal said on Tuesday.
“The trends this year have certainly kept us on our toes, with month-on-month increases and record-breaking months for sales transactions, high investment demand from residents and foreign investment and property prices increasing across prime, popular communities,” said Lynnette Sacchetto, research and data director at Property Finder.
The UAE property market, which softened due to a three-year oil price slump that began in 2014 and oversupply concerns, is showing signs of recovery as people upgrade to larger homes with outdoor amenities amid a remote working and learning trend sparked by the Covid-19 pandemic.
Economic support measures and government initiatives – such as residency permits for retirees and remote workers and the expansion of the 10-year golden visa programme – have also helped to improve sentiment.
The emirate recorded 6,388 sales transactions during the month, with volume and value up 173.46 per cent and 204.55 per cent, respectively, compared with the same period a year ago.
More than 62 per cent of transactions in June were for secondary or ready property while off-plan property accounted for 37.8 per cent of transactions.
The off-plan market had 2,418 property transactions worth Dh3.5bn while the secondary market recorded 3,970 transactions worth Dh11.29bn.
“If we take a deeper dive into the data and compare real estate sales transactions in both June 2021 and the second quarter of 2021 with similar periods in 2020 and 2019, we see that the market has had significant growth and Covid was a growth accelerator for the industry,” said Property Finder.
Dubai recorded 15,638 property transactions worth Dh36.86bn during the second quarter, according to the data.
The number of transactions from the start of this year through to June 30 stood at 27,373, with a total value of Dh61.97bn.
The top areas for apartment sales during the month were Meydan, Jumeirah Lakes Towers and Dubai Marina.
For villas, Green Community, Mohammed Bin Rashid City and Dubai Hills Estate were the most popular with buyers.
“Following on from the rest of the year’s trends, second-quarter outperformed previous quarters and we will most likely see this trend continue until the end of year and into 2022,” said Ms Sacchetto.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars
- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes
- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts
Teaching in coronavirus times
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
CREW
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
