Dubai's residential property market posted strong growth in August, with total sales up 37 per cent annually to Dh31.2 billion ($8.5 billion), boosted by rising demand for off-plan units.
The value of off-plan sales doubled on a yearly basis to Dh16.79 billion last month, the latest market report by EFG Hermes said.
Robust activity in the Dubai Land and Business Bay areas drove off-plan sales, the report found.
Average selling prices continued their upward trend last month, increasing 20 per cent year-on-year to Dh2,230 per square foot on average.
Rates in the luxury segment posted strong annual growth of 37.7 per cent, with average prices at Dh3,870 per sq ft.
The top five areas by transaction value were Dubai Harbour (Dh2.7 billion), The Palm Jumeirah (Dh2.49 billion), Downtown Dubai (Dh778 million), Jumeirah (Dh393 million) and Dubai Healthcare City (Dh349 million).
In the affordable segment, prices rose 8.5 per cent yearly in August, with average rates at Dh1,815 per sq ft, EFG Hermes said.
Total transaction value stood at about Dh13 billion, with the top five areas including MBR City (Dh3.7 billion), Business Bay (Dh2.3 billion), Dubai Marina (Dh1.07 billion), Arabian Ranches (Dh1.01 billion) and The Lagoons (Dh837 million).
Meanwhile, in the budget segment, prices dropped by 4.5 per cent year-on-year, although they were up 4.4 per cent on a monthly basis averaging Dh990 per sq ft.
Looking at transaction values, the top five areas were Dubai Land (Dh4.9 billion), Dubai South (Dh1.28 billion), Jumeirah Village Circle (Dh915 million), Al Furjan (Dh 713 million) and Jumeirah Golf Estates (Dh544 million).
Dubai's property market has bounced back strongly from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retired and remote workers.
The emirate's move to expand the 10-year golden visa programme and higher oil prices also supported property market growth momentum.
Dubai’s residential real estate prices rose 17 per cent in the second quarter on an annual basis, marking the 10th consecutive quarter of expansion, amid strong demand and robust economic growth, a report by consultancy Knight Frank last month found.
Overall, total transactions in Dubai's real estate market rose nearly 25 per cent annually to Dh44.67 billion in August, the EFG report said.
While residential and office activity posted strong gains, land transactions recorded the least growth on a yearly basis.
Rental market mixed
On the rental side, the market recorded mixed performance in August, the EFG report found.
Areas such as Motor City, Downtown Dubai (affordable) and Dubai Sports City saw strong annual growth of 37.5 per cent, 29 per cent and 28 per cent, respectively, for two-bedroom apartments.
However, in Downtown Dubai (luxury) rents were down 17.6 per cent year-on-year, and in Emirates Living (The Greens) and International City, they nudged up 11 per cent and about 14 per cent, respectively, for two-bedroom units.
ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
The biog
Name: Shamsa Hassan Safar
Nationality: Emirati
Education: Degree in emergency medical services at Higher Colleges of Technology
Favourite book: Between two hearts- Arabic novels
Favourite music: Mohammed Abdu and modern Arabic songs
Favourite way to spend time off: Family visits and spending time with friends
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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”.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
