Property prices across Dubai have been on the rise during the past couple of years as the UAE economy bounced back from the Covid-induced slowdown.
Some areas have seen sharper price increases, driven by strong demand due to factors such as location, amenities and quality of projects.
Dubai's Business Bay, which has recorded significant growth in prices, is now emerging as the new city centre, property consultant Knight Frank said.
"The significant growth in residential prices in Business Bay over the last two years is part of a broader re-pivoting of the city’s centre of gravity towards Central Dubai, encompassing the DIFC, the Sheikh Zayed Road area between the Trade Centre and Dusit Thani, as well as Downtown," said Faisal Durrani, partner and head of Middle East research at Knight Frank.
Prices in Business Bay have risen 16.7 per cent in the past two years, the consultancy said.
"Business Bay has found itself on the doorstep to Dubai’s main business district and in very close proximity to arguably the emirate’s most lifestyle retail rich neighbourhoods, such as Jumeirah and Al Safa," Mr Durrani said.
Almost 7,000 homes were delivered in the area in 2019 and 2020, and prices are, on average, 27 per cent cheaper than the Downtown area, he said.
Business Bay is also set to add ultra-high-end developments such as the Dorchester Collection, Mr C Residences and, further along the Dubai Canal, the Four Seasons.
"It’s no surprise that as premium waterfront plots have all but been sold or developed, Dubai Canal has filled a gap in the market by providing added opportunities," said Dean Foley, head of residential project sales and marketing at Knight Frank.
"Indeed, we are expecting the Marasi Drive area of Business Bay, specifically Canal-fronting plots, to be a new hotspot in Dubai."
But while other consultants agree that Business Bay has some exciting developments in the pipeline, they consider the city centre to be elsewhere.
Apartment prices in Business Bay rose 41 per cent year on year during the first quarter and 7 per cent from the fourth quarter of 2021 to the first quarter of 2022, data from Asteco showed.
Meanwhile, prices in Downtown Dubai rose 33 per cent annually, while Palm Jumeirah prices were up 50 per cent during the same period, Asteco said.
CBRE data showed Business Bay apartment prices rising 1.3 per cent in May after a 1.7 per cent increase in April. They were averaging Dh1,522 ($41.4) a square foot in May.
The square foot cost is below that of DIFC (Dh1,687), Palm Jumeirah (Dh1,996), Jumeirah (Dh1,996) and Downtown Dubai (Dh2,045).
One of the arguments against the Business Bay area being the city's new centre is that, when looking at major cities around the world, the financial centre or central business district is very rarely considered to be the true centre of the city, Mark Castley, chief operating officer at LuxuryProperty.com, told The National.
"Whether we are talking about Wall Street, Canary Wharf or Downtown Miami, these are areas where you will find high levels of activity but they aren't seen as city centres," Mr Castley said.
"The Business Bay area is not, I feel, a place that many would consider home.
"There are a number of high-end residential projects being developed in the area — The Residences Dorchester Collection and Mr C Residences, for example — but those are targeted towards a very niche audience."
A city centre really needs to tick a number of boxes, not just for wealthy people, but also for single professionals, families and investors, he said.
"In my view, an area like Jumeirah ticks all the right boxes," Mr Castley said.
"The area has a famous and always popular coastline, a wide selection of retail, dining and leisure, plus there is a mix of homes designed for Emiratis and GCC nationals as well as new freehold properties.
"But really, if we are looking at a place to consider as the centre of Dubai, the most obvious choice would be the area that is named after the emirate's ruler — Mohammed bin Rashid Al Maktoum City, with its flagship community of Dubai Hills Estate.
"There is a large selection of properties to choose from, whether you are looking for apartments, townhouses, villas or custom-built mega mansions. New projects are still being handed over and even newer ones being announced."
The area also has leisure and retail offerings such as Dubai Hills Central Park, Dubai Hills Golf Club and Dubai Hills Mall — all popular locations.
For Robert Villalobos, branch director at Betterhomes, the centre of Dubai has turned towards Palm Jumeirah.
The Palm is achieving the highest price for a square foot for off-plan developments, with AVA selling for Dh60.2 million at 7,431 a sq ft, and Atlantis the Royal fetching Dh62.9m at 8,843 a sq ft.
"It offers so much for everyone, from studios to luxury mansions," Mr Villalobos told The National.
"There's the new Atlantis the Royal project with a 90-metre sky infinity pool and celebrity restaurants which include Gordon Ramsey, Giorgio Locatelli, Nobu Matsuhisa, Ariana Bundy, Gaston Acrio, Heston Blumenthal and Costa Spiliadis.
"The new Marriott and Hilton hotels are ready to open, West Beach just opened with its array of social amenities and Five Hotels and Resorts offers annual music festivals.
"It’s also a stone's throw [away] from Media City, Healthcare City, as well as the office hubs of JLT and Barsha Heights."
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
FIXTURES
December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm
December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm
December 30
3rd/4th place play-off, 5pm
Final, 7pm
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
KILLING OF QASSEM SULEIMANI
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
More from Neighbourhood Watch
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Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
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MATCH INFO
Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')
Olympiakos 2 (El-Arabi 06', Semedo')
RACECARD%20
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Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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 years Ramadan fell in May
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The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
COMPANY%20PROFILE
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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”.
A%20QUIET%20PLACE
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More from Rashmee Roshan Lall
Mohammed bin Zayed Majlis
Meg%202%3A%20The%20Trench
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MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
Packages which the US Secret Service said contained possible explosive devices were sent to:
- Former first lady Hillary Clinton
- Former US president Barack Obama
- Philanthropist and businessman George Soros
- Former CIA director John Brennan at CNN's New York bureau
- Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
- California Congresswoman Maxine Waters (two devices)
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
UAE currency: the story behind the money in your pockets
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
