Dubai villa prices in prime areas recorded significant increases in June as transactions in the wider market stayed close to historical highs.
Average residential property prices increased 10 per cent in the year to June, with apartment prices nearly 9 per cent higher on average and villa prices increasing 19 per cent, CBRE said in its latest Dubai market report.
Month on month, apartment prices across Dubai edged up 0.1 per cent, while villa prices gained more than 1 per cent.
“Transaction activity in Dubai’s residential market continues to remain near historical highs, with total transactions in the year to date to June 2022 reaching 38,901," said Taimur Khan, head of research for the Mena region at CBRE. "This is the highest total recorded since 2009, over this period."
Mortgage transactions were steady despite recent interest rate increases in the UAE.
"Dubai's real estate market shows no signs of slowing down despite the challenges posed by global tensions and inflation," said Elias Hannoush, managing director of Morgan's International Realty.
"Since the end of Covid restrictions, the average transactional price per square foot has been steadily increasing, and this quarter was no exception."
Check apartment price rises and falls in the slide show below
Where were the highest price increases in Dubai?
The likes of Palm Jumeirah, Emirates Hills, District One and Dubai Hills all recorded increases of more than 4 per cent month on month.
June was the third month running that Palm Jumeirah had an increase of about 5 per cent on the month previous, as demand outstrips supply at the top end of the market.
Palm Jumeirah has the highest price per square foot for villas at Dh3,365.
In the apartment segment, Dubai Silicon Oasis recorded a 3.6 per cent rise in June, while Jebel Ali registered about a 4 per cent increase, CBRE data showed.
June was the highest month yet for Dubai sales value at about Dh23 billion ($6.2bn) — about 55 per cent higher in overall value year on year when compared with June 2021, according to Dubai Land Department data. As of July 1, 71 per cent of the total sales volume of 2021 had been reached.
"The Dubai real estate market has not disappointed us this year with consistent growth month on month and quarter on quarter despite global and local macroeconomic conditions," said Lynnette Sacchetto, director of data and digital transformation at Allsopp & Allsopp.
There was notable growth in June, month on month, when compared with May of this year with a 33 per cent increase in real estate volume and 24 per cent increase in value.
There was also 9.5 per cent increase quarter on quarter in real estate volume and about a 7 per cent increase in value compared with Q1 2022.
"I do not foresee these trends slowing down or shifting any time soon,” Ms Sacchetto said.
How high will Dubai property prices go?
A new record was set earlier this year when a Palm Jumeirah villa sold for Dh280 million. Brokers recently told The National there is a good chance a sale of more than Dh300m will be achieved.
Dubai's prime property sector is cheaper than other major cities around the world ― $1 million buys you 1,330 square feet in Dubai, four times more than you would be able to secure in London or New York.
Government initiatives, such as the expansion of the 10-year Golden Visa programme and new types of residence permits for retirees and remote workers, have contributed to price increases, while the swift and effective Covid-19 vaccine campaign has given investors a safe haven perception of the UAE.
"An effective vaccination programme led to one of the highest coronavirus inoculation rates globally, allowing the country to reopen for international business and tourism earlier than most countries," Fitch Ratings said.
"In addition, government initiatives to boost growth and competitiveness, including liberalised visa and residency rules, helped to increase the population."
UAE currency: the story behind the money in your pockets
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Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
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Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
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Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
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Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
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.
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
T20 World Cup Qualifier
Final: Netherlands beat PNG by seven wickets
Qualified teams
1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman
T20 World Cup 2020, Australia
Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
RACE CARD
6.30pm: Al Maktoum Challenge Round-3 – Group 1 (PA) $65,000 (Dirt) 2,000m
7.05pm: Handicap (TB) $65,000 (Turf) 1,800m
7.40pm: Meydan Classic – Listed (TB) $88,000 (T) 1,600m
8.15pm: Nad Al Sheba Trophy – Group 3 (TB) $195,000 (T) 2,810m
8.50pm: Dubai Millennium Stakes – Group 3 (TB) $130,000 (T) 2,000m
9.25pm: Meydan Challenge – Listed Handicap (TB) $88,000 (T) 1,400m
UAE currency: the story behind the money in your pockets
Uefa Champions League play-off
First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev
Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950