The value of luxury homes in the UAE’s two largest cities, Dubai and Abu Dhabi, expanded at the fastest pace since 2015 in the third quarter.
The surge in sale comes as the country's residential property market continues to recover from the impact of the Covid-19 pandemic.
Villa prices in Dubai have increased 16.5 per cent year-on-year, according to provisional data for third quarter from global property consultancy Knight Frank. Residential values in Abu Dhabi also climbed two per cent compared to the corresponding period last year, it said in a report on Wednesday.
“The market is roaring back to life," Faisal Durrani, partner and head of Middle East research at Knight Frank, said. "The emerging euphoria around the fact that the UAE has the pandemic so well and truly under control, coupled with the excitement around the much-anticipated Expo 2020 Dubai are adding to the confidence that is taking hold in the residential market."
The UAE has undertaken one of the world's fastest Covid-19 inoculation drives, stimulating economic activity and the return of overseas visitors, as it sought to balance protecting public health with the safe re-opening of its economy.
The country's success in handling the Covid-19 pandemic and its proactive policy measures to jump-start the economy have boosted demand for property, pushing capital values for prime homes higher.
The UAE’s rapid response to the Covid-19 pandemic has attracted the world’s wealthy investors, who continue to flock to Dubai, snapping up the most expensive homes in locations such as the Palm Jumeirah and Jumeirah Bay, according to Knight Frank. This has played a big part in driving up villa values, it said.
Villa prices in Dubai are provisionally up by 5 per cent in the third quarter of 2021, the report shows.
The number of homes worth more than $10 million that have been sold in the emirate currently stands at 54, breaking the previous record of 31, set in 2015.
The Palm Jumeirah and Emirates Hills account for almost 75 per cent of super prime home sales in the city, but new sub-markets in Dubai such as Business Bay have also joined the list of locations for homes worth more than $10m.
"It was only a matter of time before the ‘halo-effect’ from Downtown Dubai spilled over to surrounding markets, highlighting that not only is Dubai’s super prime market expanding, but it is also maturing," Mr Durrani said.
Luxury home prices in Abu Dhabi are also climbing, with residential values overall at their second consecutive quarter of positive year-on-year increases, according to Knight Frank’s analysis.
Residential values in the UAE capital are now 2 per cent higher than they were a year ago, with villas experiencing stronger price growth of 3.1 per cent compared with apartment prices growing at 1.8 per cent, the report said.
“As has been the case throughout the pandemic, existing and aspiring home-owners have their eyes firmly set on larger homes, whether for more room for a home office, or access to extra space, indoors, or outdoors," Mr Durrani said.
More UAE residents are in search of bigger homes as the pandemic normalised trends of remote working and home-schooling.
"It really is a case of bigger is better, as has been reflected in recent rapid off-plan villa sales projects in Abu Dhabi," Mr Durrani said. He quoted the examples of Aldar’s 480-villa Noya Viva development on Yas Island, which sold out in 48 hours in April, and the recent sale of all 83 villas at Saadiyat Reserve the Dunes.
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World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
UAE currency: the story behind the money in your pockets
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)
Man of the match Harry Kane
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Killing of Qassem Suleimani
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The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
