The value of ready home transactions in Dubai more than doubled annually to Dh8.5 billion ($2.3bn) in February, according to Egyptian investment bank EFG Hermes.
The increase was a result of a UAE property market rebound driven by government initiatives and Expo 2020 Dubai.
Total residential activity rose 34 per cent a year to Dh15.5bn in February, with 6,913 units sold. This was primarily fuelled by a three-time surge in the value of off-plan sales and a 107 per cent rise in the sale of move-in ready homes, the report said, citing Reidin data.
A total of 2,399 off-plan units worth Dh4.24bn were sold in February, compared with 955 homes valued at Dh1.26bn during same period last year.
“The most active areas in Dubai for off-plan sales were Mohammed bin Rashid City, Dubailand, Dubai Marina, Business Bay and Downtown Dubai,” EFG Hermes said.
The UAE property market has recovered from the coronavirus-induced slowdown on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme.
Measures to contain the spread of the pandemic, such as the UAE’s widespread vaccination programme, have also helped the real estate market to recover.
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The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of sales transactions.
The emirate registered 61,241 sales deals worth Dh151.07bn in 2021, making it the best year for total transactions since 2013 and the highest in terms of value since 2009, said listings portal Property Finder.
Affordable home sales accounted for 48 per cent of total residential transactions in February while budget and luxury home sales made up 31 per cent and 21 per cent of the total mix, respectively, EFG Hermes said.
Villas accounted for 36 per cent of the value of all transactions while apartments contributed 31 per cent and land sales added 29 per cent, the report said.
Residential sales prices in Dubai rose 41.3 per cent annually to an average of Dh1,612 per square foot on higher prices across all segments.
Palm Jumeirah registered the biggest increase annually, with the price per square foot rising to Dh2,480, from Dh1,322, while Bur Dubai recorded the biggest drop in price — to Dh1,304, from Dh2,671, EFG Hermes reported.
In terms of February's rental performance, Downtown Dubai led the recovery while communities such as the International Media Production Zone, Sports City and Dubai Silicon Oasis were the worst performers, the report found.
In the Dubai luxury market, total activity rose 156 per cent annually to Dh3.3bn. The top five areas by transaction value for luxury property were Palm Jumeirah, Downtown Dubai, Dubai Harbour, Dubai Creek Harbour and Jumeirah Bay Island.
There was a strong pick-up in activity in the affordable property segment in February, driven by sales of ready units.
The transaction value of cheaper homes rose 26 per cent a year to Dh7.4bn, EFG Hermes said, with MBR City, Dubai Marina, Business Bay, Damac Lagoons and Arabian Ranches making up the top five areas by transaction value.
The budget property market grew 9 per cent annually to Dh4.8bn, also on growing ready unit sales.
Dubailand accounted for 41 per cent of total activity in the budget segment while Al Furjan, Tilal Al Ghaf, Jumeirah Village Circle and Jumeirah Golf Estates were the other main areas for the segment, the report said.
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The biog
Age: 23
Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi
Education: Bachelor of science in industrial engineering
Favourite hobby: playing the piano
Favourite quote: "There is a key to every door and a dawn to every dark night"
Family: Married and with a daughter
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
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Mohammed bin Zayed Majlis
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Maestro
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