Dubai’s success in handling the Covid-19 pandemic and its proactive policy measures to jump-start the economy have driven demand for property, pushing capital values for prime homes higher in the emirate.
Residential capital values grew 4.2 per cent in the first half of 2021 on availability of good quality stock, affordable prices and strong transaction activity, according to a report by global property consultancy Savills.
“The return of international travel is likely to provide an increased supply of buyers for prime properties,” said Swapnil Pillai, associate director of research at Savills Middle East.
“The economic recovery and growth, led by [an] increasing vaccination rate in the UAE, is expected to further support buyer confidence and boost demand. Though a degree of pandemic-related uncertainty remains, the prime residential sector is likely to remain strong through the rest of the year.”
Despite the ongoing uncertainty caused by the pandemic, 30 property markets in the Savills global index held up well as capital values grew on average by 3.9 per cent over the six-month period, the fastest growth rate since December 2016, according to the consultancy.
Dubai, the commercial and travel centre of the Middle East, was ranked 11th in terms of capital appreciation, with Shanghai topping the charts, followed by another Chinese city, Hangzhou. The US cities of Los Angeles and Miami occupied third and fourth spots, respectively.
Moscow, Seoul and Lisbon were also included in the top-10 global markets that have registered considerable capital appreciation in the first half, according to the report.
“With offices closed and the work-from-home concept in full bloom, the resulting increased need for space helped to push up capital values in locations including Dubai, Cape Town, Moscow and Lisbon,” Savills said.
“Alongside that, transaction volumes are going up in comparison with the first half of 2020 when a lot of cities where in complete lockdown.”
The UAE property market – which softened due to a three-year oil price slump that began in 2014, oversupply concerns and the pandemic – is bouncing back strongly.
People upgrading to larger homes with outdoor amenities have driven demand amid a rise in remote working and learning.
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 investor sentiment.
Dubai’s prime residential market recorded a 43.8 per cent surge in sales volume in the second quarter of 2021, compared with the previous quarter, according to Luxhabitat Sotheby’s International Realty report, which cited Dubai Land Department data.
Total sales during the period included 4,681 apartments and 818 villas valued at Dh16.7 billion ($4.54bn).
Overall property prices in Dubai rose 15 per cent in July alone, with average price in the emirate climbing to Dh941 per square foot ($256), from Dh818 per square foot in the same period last year, Property Monitor said.
Prices rose 1.9 per cent month-on-month in July and have climbed 11.8 per cent this year, mirroring the global trend as the world recovers from the pandemic-driven slowdown, according to its monthly market report.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
LA LIGA FIXTURES
Saturday (All UAE kick-off times)
Valencia v Atletico Madrid (midnight)
Mallorca v Alaves (4pm)
Barcelona v Getafe (7pm)
Villarreal v Levante (9.30pm)
Sunday
Granada v Real Volladolid (midnight)
Sevilla v Espanyol (3pm)
Leganes v Real Betis (5pm)
Eibar v Real Sociedad (7pm)
Athletic Bilbao v Osasuna (9.30pm)
Monday
Real Madrid v Celta Vigo (midnight)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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