Four out of seven emirates in the UAE recorded Dh68.6 billion ($18.52bn) of real estate transactions in the first quarter of this year, a sign the property market in the Arab world’s second-largest economy is bouncing back from a pandemic driven- slowdown.
Property deals in Abu Dhabi, Dubai, Sharjah and Ajman reflect growing demand, with Abu Dhabi and Dubai recording 86 per cent (Dh59.2bn) of deals in the first three months of 2021, state news agency Wam said, citing data from concerned departments.
The UAE's property market softened in the wake of a three-year oil price slump that began in 2014 and oversupply concerns. Pandemic-driven headwinds put the sector under further pressure. However, the market is showing signs of a revival as cheaper valuations and lower borrowing costs attract investors.
Economic support measures and government initiatives, including visas for expatriate retirees, remote workers and the expansion of the 10-year golden visa scheme, have also helped to improve sentiment.
Pandemic-induced movement restrictions have also sparked demand for townhouses and villas, as end-users look to upgrade to larger spaces amid a rise in remote working and learning. Aldar Properties, Abu Dhabi's biggest developer by market value, on Sunday said the third phase of its Noya project, Noya Luma, on Yas Island sold out within four hours. The developer plans to launch five more projects this year amid improving demand for properties.
Last week, Property Monitor reported that 81 villas with a value of more than Dh10m had been sold on Dubai's Palm Jumeirah within the first four months of the year, compared to 51 during the whole of last year.
"It seems Europe has woken up again to how much Dubai has to offer, and high net-worth Europeans are coming to the market in numbers we have not seen before," Richard Waind, group managing director of Betterhomes, said in the Property Monitor report.
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Property of the week: 'striking' Dh16m Dubai Marina penthouse
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"These are buyers looking at Dubai as a long-term base and have been fuelling the over Dh10m market, with waterfront villas in particularly high demand."
Abu Dhabi accounted for 3,847 realty deals valued at Dh11.5bn in the first quarter of this year, Wam reported, citing the emirate’s Department of Municipalities and Transport data.
In Dubai, deals worth Dh47.7bn were registered in the first three months of 2021, a 47 per cent year-on-year rise, according to Dubai’s Land Department. Dubai, the commercial and trading hub of the Middle East, recorded a total of 5,800 real estate deals from January through to March. Momentum picked up in April, with DLD stating last week that Dh92bn of deals were done in the first four months – a 72 per cent increase on the same period last year.
Sharjah saw Dh6.7bn in property deals during the first quarter, a growth of 84.9 per cent from a year earlier. A total of 20,448 transactions were recorded during the period, according to the emirate's Real Estate Registration Department.
In Ajman, Dh2.7bn of deals were registered, according to the emirate's Department of Land and Real Estate Regulation, which also projected the emirate’s property market would pick up further over the coming months.
More on animal trafficking
Mohammed bin Zayed Majlis
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Tell Me Who I Am
Director: Ed Perkins
Stars: Alex and Marcus Lewis
Four stars
