Estate agents in Dubai are hiring again in a sign the market may be regaining a form of normality.
Better Homes, one of the largest agencies in the emirate, expects to add 20 sales consultants before the year ends.
The company will close out the year with more than 400 employees, compared with 350 at the end of last year, said Partho Bhattacharya, the director of human resources and operations.
"There is more demand due to an increase in expatriates migrating to the UAE from GCC countries in view of the political instability," Mr Bhattacharya said.
Estate agents in Dubai cut staff and closed offices after the property downturn, in which prices fell by more than half in some areas since 2008.
Prices are expected to continue to decline in many areas, with 27,000 homes scheduled for completion in Dubai in the year, according to Jones Lang LaSalle data.
Arqaam Capital yesterday predicted values and rents would drop an additional 15 to 20 per cent in the next year.
But estate agents are reporting increased activity in many areas, especially in the more expensive villa market.
PowerHouse Properties, which does the majority of its business in villas, reported sales of Dh75 million (US$20.4m) in August, the highest volume of sales in a single month in the company's five-year history, according to Myles Bush, the managing director.
PowerHouse plans to add 10 sales brokers to its existing team of 20 by the end of February, Mr Bush said. He is specifically looking for speakers of Chinese and Farsi.
"We are now spending more money on advertising," added Mr Bush. "We're getting more and more inquiries in the front door and we need to service those inquiries."
Smith & Ken, another Dubai agency, is running advertisements in the UK to recruit sales agents.
"We are looking for people with no preconceptions of how Dubai used to be," said Ben Smith, the company's chief executive. "I can teach them how to sell."
Mr Smith expects to add 15 to 20 salespeople in the next few months to his existing staff of 85. The additional numbers are needed to handle the increasing volume of inquiries, Mr Smith said. "We're still growing. We need more agents."
Advertisements for estate-agent jobs are common, but they do not always reflect the state of the business, said Ben Waddilove, a director of Macdonald and Company, which recruits for property jobs.
Agents are often paid on a commission-only basis, usually half of the agent fees, or they are paid a combination of a small salary and a commission.
"They're always looking for people because the turnover is high," said Mr Waddilove, who primarily deals with developers and property companies.
While estate agents were expanding, the overall property employment market was still depressed, Mr Waddilove said. But some areas were growing. "The residential letting market is buoyant," he said. "We're seeing movement in property management and asset management."
At least one Dubai property consultancy is growing. Knight Frank, a UK firm with offices around the globe, opened its first office in Dubai in March. The company's UAE staff has expanded from three to 13 since an office opened in Abu Dhabi 18 months ago, said Joseph Morris, the associate director of Knight Frank.
The company expects to add more experts in valuations and corporate leasing by the end of the year.
"There are challenges in the market, but there are opportunities for growth," Mr Morris said.
Get behind the property news with Kevin Brass and his Crane Country blog. www.blogs.thenational.ae
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The%20specs
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Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Race card
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
COMPANY%20PROFILE
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
MEDIEVIL%20(1998)
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
ARGYLLE
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