One-cheque payments are increasingly becoming the most popular choice among landlords in the Dubai rental market and accounted for 33 per cent of new tenancy agreements last year, a new report has said.
There was also a significant shift from four-cheque payments to two-cheque payments, suggestive of the competitive nature of the current rental market and landlords’ ability to negotiate favourable terms, according to property broker Better Homes.
“Rising prices have resulted in higher tenant retention rates, with occupants opting to renew their contracts instead of searching for new housing,” said Richard Waind, chief executive of Better Homes.
“A shortage of available properties in key communities across Dubai led to a continued increase in average rental prices in 2023.”
The UAE property market continues to rebound strongly on the back of government initiatives and overall growth in the economy amid booming non-oil sector expansion.
Dubai and Abu Dhabi recorded strong property sales last year and market prices are expected to continue to rise this year.
Apartment rents in Dubai increased between 20 per cent and 30 per cent, according to Better Homes’ data.
While price increases were relatively consistent across many popular communities, notable growth was reported in Dubai Creek Harbour, Palm Jumeirah, Jumeirah Golf Estates and Jumeirah Beach Residence, the agency said.
While average villa rents also increased in communities across Dubai, these rises were typically in the range of 10 per cent to 20 per cent.
But in several popular communities average rental prices increased by more than 20 per cent, including Jumeirah Golf Estates, Damac Hills, Arabian Ranches 2 and Emirates Living, Better Homes reported.
“The number of new properties handed over in 2023 was relatively unchanged from the previous year, failing to keep up with the speed at which Dubai’s population is expanding,” Mr Waind said.
“This supply-demand imbalance has put pressure on rents. We see more tenants opting for lease renewals, leading to a surge in tenant retention rates and record-breaking occupancy levels.”
There were 34,810 homes delivered in Dubai last year, a modest 1.5 per cent increase on the previous year, Better Homes reported, citing Dubai Land Department data.
This was considerably lower than the current market conditions required, the agency added.
“While buoyant market conditions prompted developers to announce more than 80,000 new homes in 2023, their delivery is not anticipated until late 2025 and into 2026,” according to the report.
“The modest increase in supply projected for 2024 is unlikely to keep up with demand, amidst Dubai's rapidly growing population, offering little relief to tenants.”
Communities expected to see most residential handovers in 2024 are Jumeirah Village Circle, Business Bay, Mohammed Bin Rashid City, Arjan, Jumeirah Lakes Towers and Al Furjan, the agency estimated.
Meanwhile, a combination of rising rents and a desire for long-term stability have motivated tenants to transition into buyers despite higher interest rates, the report said.
The Dubai real estate market continued to break records in 2023, with 120,742 residential sales transactions, up 38 per cent on the previous record of 87,454 set in 2022, Better Homes said.
This growth came predominantly from apartment sales, which increased by 49 per cent to 94,155, the agency said.
The villa and townhouse segment grew more modestly, up 9 per cent to 26,587, largely due to a lack of supply in key communities.
Off-plan sales were responsible for the majority of the growth in transactions last year, up 48 per cent year on year and accounted for 54 per cent of all residential real estate sales, according to the research.
This growth was from the sale of apartments, which increased by 63 per cent year on year and made up 87 per cent of transactions in the off-plan market, Better Homes reported.
In Dubai’s secondary market, transactions increased by 21 per cent.
A shortage of available properties in key communities across Dubai led to a continued increase in average rental prices in 2023
Richard Waind,
chief executive, Better Homes
The sale of apartments was up by 32 per cent, while the sale of ready villas and townhouses went up by approximately 3 per cent.
The total value of properties sold in Dubai last year was Dh322 billion, up 52 per cent year on year, Better Homes estimated.
Overall, prices in Dubai rose by approximately 18 per cent last year.
“This has put average prices at a record high, more than 3 per cent above the previous market peak seen in September 2014,” Mr Waind said.
“Recently, higher interest rates have gone some way to dampen demand and price increases in the secondary market.
“If, as the market currently expects, interest rates begin to fall sometime in 2024, this would make mortgages more affordable, increasing buyer demand and putting further upward pressure on prices.”
The company expects a significant increase in the number of new homes delivered this year, as developers begin to complete projects announced in the post-Covid construction boom.
If the new supply is delivered as expected, this could lead to a deceleration in the rate of price increase observed since 2021, the agency estimated.
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Killing of Qassem Suleimani
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
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
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Company%20Profile
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Results
4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
4.35pm: Mahab Al Shimaal Group 3 $350,000 (D) 1,200m; Winner: Wafy, Tadhg O’Shea, Satish Seemar.
5.10pm: Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m; Winner: Wildman Jack, Fernando Jara, Doug O’Neill.
5.45pm: Burj Nahaar Group 3 $350,000 (D) 1,600m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass.
6.20pm: Jebel Hatta Group 1 $400,000 (T) 1,800m; Winner: Barney Roy, William Buick, Charlie Appleby.
6.55pm: Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m; Winner: Matterhorn, Mickael Barzalona, Salem bin Ghadayer.
7.30pm: Dubai City Of Gold Group 2 $350,000 (T) 2,410m; Winner: Loxley, Mickael Barzalona, Charlie Appleby.
Remaining fixtures
- August 29 – UAE v Saudi Arabia, Hazza bin Zayed Stadium, Al Ain
- September 5 – Iraq v UAE, Amman, Jordan (venue TBC)
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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