Dubai registered property deals worth Dh61.97 billion ($16.87bn) during the first half of 2021, indicating a broader economic recovery in the emirate's real estate market, according to listings portal Property Finder.
The value of deals during the first half was about 56 per cent higher when compared to the second half of last year. Total sales transaction volumes during the six-month period from January to June rose by more than 40 per cent to 27,373, compared with the second half of 2020.
“Fifty-four per cent more apartments were sold in the first half of 2021 compared to second half of 2020 and 49 per cent more villa/town houses,” said Lynnette Sacchetto, director of research and data at Property Finder.
Dubai's property market has registered an increase in deal activity over the past few months due to pent-up demand in the market. The emirate's house prices rose at their fastest pace in seven years in the second quarter of 2021, according to a recent report from Knight Frank.
Average transacted prices increased by about 1 per cent quarter-on-quarter to Dh1,156 a square foot for property in Dubai, the commercial and tourism centre of the Middle East, during the period from April to June this year, Knight Frank said.
Dubai had 17,434 secondary or ready transactions worth Dh46.88bn and 9,939 off-plan transactions valued at Dh15.09bn in the first half, Property Finder data showed.
The average transaction price for secondary or ready property increased to Dh2.69 million in the first half, from D2.48m in the second half of last year, while the average transaction price for off-plan property rose to Dh1.52m from Dh1.32m during the reporting period.
Mohammed bin Rashid City, Dubai Hills Estate, Dubai Land, Nad Al Sheba and the Green Community had the highest transaction numbers in the villas/town house category while Business Bay, Jumeirah Village Circle, Dubai Marina, Jumeirah Lakes Towers and Downtown Dubai were popular with buyers on the hunt for apartments, according to Property Finder.
The UAE property market, which had softened amid the Covid-19 pandemic as with various other real estate markets around the world, has been recovering steadily on the back of supportive government measures, the coming Expo 2020 and growing demand for larger homes amid a rise in remote working.
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.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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SPECS
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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'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.”
RESULTS
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RESULTS
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Cheeseburger%20ingredients
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Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
COMPANY%20PROFILE
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Results:
Men's 100m T34: 1. Walid Ktila (TUN) 15 sec; 2. Rheed McCracken (AUS) 15.40; 3. Mohammed Al Hammadi (UAE) 15.75. Men's 400m T34: 1. Walid Ktila (TUN) 50.56; 2. Mohammed Al Hammadi (UAE) 50.94; 3. Henry Manni (FIN) 52.24.
UAE currency: the story behind the money in your pockets
First Person
Richard Flanagan
Chatto & Windus
UAE currency: the story behind the money in your pockets
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The%20specs
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Company%20profile
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