The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of real estate sales transactions, buoyed by demand in the secondary real estate market as the UAE economy recovers from the coronavirus pandemic.
The emirate registered 61,241 sales transactions worth Dh151.07 billion ($41.13bn) last year compared with Dh71.87bn worth of transactions it closed in 2020, making 2021 the best year for total transactions since 2013 and the highest in value since 2009, according to listings portal Property Finder. Total value of sales in 2009 was Dh155.6bn.
The sales transaction volumes in the fourth quarter were also 64.12 per cent higher when compared with the same period in 2020 and the value of deals during the period surged 114.74 per cent to Dh46.75bn.
“Investor sentiment remains strong, demand is still very high and supply is dwindling,” Lynnette Sacchetto, director of research and data at Property Finder, said. “This has put an upward pressure on prices as they still continue to rise and will most likely continue into first half of 2022.”
Property prices have rebounded in Dubai after the pandemic disrupted the global economy. The UAE government's moves to provide more flexible visas has helped to attract more investors, with the emirate recording interest from more non-resident and high-net worth buyers, according to a recent Knight Frank study.
The six-month Expo 2020 global fair, which started in October, also had a positive impact on the property sector.
Last year, 59.6 per cent of all property transactions in the emirate were for secondary or ready property, while off-plan property accounted for 40.4 per cent of the deals, according to Property Finder.
The off-plan market transacted 24,761 properties worth Dh45.5bn during the year. Meanwhile, transactions in the ready market reached 36,480, with a total value of Dh105.56bn.
Expo 2020 appears to have had an impact on the Dubai real estate market, Property Finder said, with Dubai having recorded a total of 17,942 sales transactions worth Dh46.75bn since last October.
“This is the highest volume and value the Dubai real estate market has transacted during a quarter in over eight years," Property Finder said.
Business conditions in Dubai's non-oil private sector economy were at their strongest level in two and a half years in December, driven by a sharp increase in new orders amid a Expo 2020 Dubai demand boost and an improvement in the tourism sector.
The emirate's seasonally adjusted IHS Markit Purchasing Managers' Index reading climbed to 55.3 in December, from 54.5 in November, signalling a sharp improvement in operating conditions, as the non-oil economy continued to recover.
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Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
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Engine: 2.0-litre 4cyl turbo
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Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
FIGHT CARD
Fights start from 6pm Friday, January 31
Catchweight 82kg
Piotr Kuberski (POL) v Ahmed Saeb (IRQ)
Women’s bantamweight
Cornelia Holm (SWE) v Corinne Laframboise (CAN)
Welterweight
Omar Hussein (JOR) v Vitalii Stoian (UKR)
Welterweight
Josh Togo (LEB) v Ali Dyusenov (UZB)
Flyweight
Isaac Pimentel (BRA) v Delfin Nawen (PHI)
Catchweight 80kg
Seb Eubank (GBR) v Mohamed El Mokadem (EGY)
Lightweight
Mohammad Yahya (UAE) v Ramadan Noaman (EGY)
Lightweight
Alan Omer (GER) v Reydon Romero (PHI)
Welterweight
Ahmed Labban (LEB) v Juho Valamaa (FIN)
Featherweight
Elias Boudegzdame (ALG) v Austin Arnett (USA)
Super heavyweight
Roman Wehbe (LEB) v Maciej Sosnowski (POL)
Barbie
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
