Sales of off-plan and secondary properties in Dubai reached a 12-year high in the third quarter, both in terms of volume and value, according to a report by Property Finder.
A total of 25,456 sales transactions worth Dh69.72 billion ($18.98bn) were recorded in the third quarter, marking an increase of about 62 per cent in terms of volume and more than 65 per cent in terms of value, compared with the third quarter of 2021.
There were 4,210 transactions worth Dh14.66bn in the secondary segment and 4,439 off-plan transactions valued at Dh9.75bn in September — a monthly high — as the momentum recorded throughout the year in the Dubai market continued.
“The surge in demand across [the] off-plan and secondary market comes as no surprise, given the UAE’s proactive strategies, attractive policies, golden visa initiative, formidable investment landscape and the property-pricing tactics,” said Scott Bond, UAE country manager at Property Finder.
“Major trends and catalysts, including an influx of high-net-worth individuals and millennials switching from renting to owning their desired properties, will consolidate the prominence of Dubai’s property market.”
Secondary properties recorded an increase of more than 30 per cent in terms of volume and a rise of more than 32 per cent in terms of value in September, on an annual basis.
Meanwhile, off-plan transactions in September were up more than 80 per cent in terms of volume and 94 per cent in terms of value year on year, Property Finder said.
______________________
______________________
The strong sales performance in September follows a decade-high reached in August, as the market continues to rebound over the past year on the back of the UAE's broader economic recovery.
The market boom is expected to continue through to the end of the year, with a further boost set to come from the hosting of the football World Cup in Qatar next month.
“While globally, recession fears and stock market concerns loom, the UAE government’s agile response to the pandemic, the successful hosting of Expo 2020 and the raft of demand drivers that were set in motion over the last few years to cement Dubai’s global positioning are bearing results,” property consultancy Core said in its Dubai market update for the third quarter.
“This is evidenced by the influx of FDI [foreign direct investment] and HNI wealth, rising number of licences issued, record transaction volumes and sustained population growth across income segments.”
It said Dubai had a record number of property sales worth more than Dh100 million this year, with 16 to date, including 10 in the third quarter.
A shortage of prime property in the city has been driving up prices.
Ultra-prime waterfront projects such as Bulgari Ocean Mansions and Palm Jumeirah villas were leading this trend, it said.
Earlier this week, it was announced that a record for the most expensive property sale in Dubai had been achieved.
The property was a double Signature Villa, named Casa Del Sole, on Palm Jumeirah, which was developed by Alpago Properties and sold for Dh302m.
It beat the earlier record high sale price of Dh280m, which also came this year.
The property has eight bedrooms and underground parking for up to 15 cars. It has been built over four levels on a plot of 28,000 square feet (2,601 square metres).
UAE currency: the story behind the money in your pockets
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
NATIONAL%20SELECTIONS
%3Cp%3E6pm%3A%20Falling%20Shadow%3Cbr%3E6.35pm%3A%20Quality%20Boone%3Cbr%3E7.10pm%3A%20Al%20Dasim%3Cbr%3E7.45pm%3A%20Withering%3Cbr%3E8.20pm%3A%20Lazuli%3Cbr%3E8.55pm%3A%20Tiger%20Nation%3Cbr%3E9.30pm%3A%20Modern%20News%3C%2Fp%3E%0A
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
