Dubai’s off-plan sales surged more than 100 per cent annually in May to Dh14 billion ($3.8 billion) amid strong activity in Dubai Harbour and Dubai Land areas, EFG Hermes has said.
The total number of off-plan units sold during the month also rose more than 100 per cent to 5,476 units, the Egyptian bank’s Dubai Property Chartbook data shows.
Dubai Harbour, the seafront development near Palm Jumeirah recorded total sales of about Dh3 billion in the month, up from Dh134 million in the same month last year, while sales in Dubailand surged to Dh1.15 billion, from Dh274 million in May last year.
Other areas also recorded strong sales activity, including Mohammed bin Rashid City, Downtown Dubai and The Palm Jumeirah, with the off-plan market activity across the emirate reaching its highest level in a decade.
The UAE property market made a strong recovery 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 and the economic boost generated by Expo 2020 Dubai and higher oil prices.
The performance of the Dubai property market last year was described as "exceptional" by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, as the value of deals jumped 76.5 per cent to a high of Dh528 billion.
The number of transactions rose by 44.7 per cent annually to 122,658, the Dubai Media Office said earlier this year.
Abu Dhabi recorded 5,472 real estate transactions worth Dh27.9 billion in the first quarter of 2023, according to the latest data from the Department of Municipalities and Transport.
The value of the deals in the emirate more than doubled during the three-month period to the end of March while the volume of transactions, which include property sales and mortgages, rose by 66 per cent.
Total property transactions in Dubai – including land, apartments, villas and offices – rose 94 per cent annually in May to Dh45 billion, according to EFG Hermes.
Total residential market transactions during the month were up 134 per cent annually at Dh32.7 billion.
All residential segments, including luxury, affordable and budget, recorded growth during the month.
The luxury segment includes Downtown Dubai, Old Town, The Palm Jumeirah and the Dubai International Financial Centre while the affordable segment includes Business Bay, Jumeirah Lake Towers, Dubai Marina, Emirates Living, Arabian Ranches and affordable units in Downtown Dubai.
The budget segment includes International City, Discovery Gardens, Dubai Sports City, Jumeirah Village, International Media Production Zone and MotorCity.
Dubai's luxury home sales during the month more than doubled to about Dh11 billion, while affordable and budget home sales also more than doubled to about Dh14 billion, and Dh8.8 billion, respectively, the data shows.
Dubai Harbour registered the best annual price performance at Dh3,976 per square foot, up from Dh2,672 per square foot in May last year.
Other top-performing areas include MBR City and The Palm, while prices dropped in Dubai Marina, Tilal Al Ghaf and luxury homes in Downtown Dubai, EFG Hermes said.
Dubai recorded some big property deals this year. Earlier this year, a 24,500-square-foot sandy plot in Jumeirah Bay was sold for Dh125 million, making it the most expensive land plot sold in the UAE, while a Versailles-like mansion is being sold for Dh750 million in Emirates Hills.
In May, a luxury mansion on the Lanai Islands, in the Tilal Al Ghaf project, was sold for Dh200 million.
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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4,872 matches
1,942 teams
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76 nations
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15 Lebanese teams
2 Kuwaiti teams
Killing of Qassem Suleimani
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Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
Killing of Qassem Suleimani
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Creator: Mike White
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Rating: 4.5/5
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Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
MATCH INFO
Everton v Tottenham, Sunday, 8.30pm (UAE)
Match is live on BeIN Sports
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What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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