Average prices for villa sales in Dubai continued to rise in April amid a record number of transactions, although average apartment prices fell slightly.
New data from consultancy CBRE showed average villa prices had risen 20.4 per cent in the past year and 1.9 per cent month on month in April.
While apartment prices were up 9.6 per cent year on year, they dipped 0.1 per cent in April.
The total volume of transactions in Dubai's residential property market rose 43 per cent annually to 6,342 in April, according to CBRE.
Listings website Property Finder said sales transactions worth Dh18.2 billion ($4.9bn) were recorded in April, the highest for the month since 2009.
“All eyes were on the real estate performance post Expo 2020, and with April 2022 performing the highest since 2009, the data is a strong testament to the growing appeal for the Dubai real estate market," said Scott Bond, UAE country manager at Property Finder.
Click through the slideshow above to see where villa prices have risen and fallen.
Where were the highest price increases in Dubai?
Some of the biggest rises were seen at the top end of the market. Dubai's prime property sector has boomed in the past year, with prices rising almost 60 per cent in the past 12 months.
Palm Jumeirah villa prices increased 5 per cent in April, while those of villas in Jumeirah and Jumeirah Golf Estates were up 3.7 per cent and 4.6 per cent respectively, CBRE's data showed. Al Barari villa prices increased 4.9 per cent in April.
In the apartment segment, the biggest rises were recorded on Palm Jumeirah and at Old Town, with both rising by 4 per cent.
See apartment price rises and falls in the slideshow below.
What's driving the rise in Dubai prices?
The UAE property market has been rebounding 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 and the economic boost from Expo 2020 Dubai.
The market has also benefitted from the country's widespread coronavirus vaccination programme, which has kept cases relatively low.
“Despite growing concerns around the global macroeconomic backdrop, namely higher financing costs and high rates of inflation, activity in Dubai’s residential market continues to remain at historic highs," said Taimur Khan, head of research – Mena at CBRE in Dubai.
He added that in the year to April 2022, while the rate of price growth has tapered slightly (+11 per cent), rents are increasing at their fastest rate (+16.2 per cent) since October 2014.
However, compared to the highs witnessed in late 2014, Dubai residential prices per square foot are 26.3 per cent and 10.6 per cent below the peak, for apartments and villas respectively, CBRE said in its May Market Snapshot.
What is driving demand for prime residential?
Barely a month has gone by so far this year without a new record of some sort being broken in the Dubai property market.
We've had the most transactions, the highest price per square foot (set at the Bulgari Resort and Residences), and the sale of the most expensive property in Dubai.
A Dh102.8 million villa was recently sold in Emirates Hills, marking the highest sale in the community so far this year.
Property consultancy Core said in its first-quarter market report that while the prime and ultra-prime residential market segments have been relatively resilient compared to the affordable and mid-market during 2014 to 2020, it has observed a marked increase in demand for prime residential properties since the fourth quarter of 2020.
"The demand for the luxury market is stemming from both end-users and overseas investors looking to relocate or buy a secondary home in Dubai," it said.
"While prime residential prices are well near 2014 prices, many buyers are largely agnostic to historical pricing and find Dubai prime waterfront property to be competitively priced compared to most global cities.
"With very high transaction volumes compared to previous years and most ready stock in this segment taken up by HNIs, the lack of inventory in the secondary market has pushed more interest towards the prime off-plan market."
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
Company%20profile
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Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
UAE currency: the story behind the money in your pockets
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
