The UAE was one of the top 10 destinations of interest for Chinese property buyers last year, according to a new report.
The study, by Juwai, a portal advertising global properties in China and Hong Kong, placed the UAE eighth on a list of the most in-demand markets. The number of indexed enquiries received by the site for UAE properties increased by 43 per cent last year, but have quadrupled over a two-year basis, the company said.
“This is in large part a function of big growth in the second half of 2018 that was mostly sustained throughout 2019,” said George Chmiel, chairman of property brokerage IMI, which owns the website.
UAE developers have increasingly courted more buyers from China in recent years, with the Dubai Land Department establishing offices in Shanghai and Beijing.
The department also reported strong interest from Chinese buyers in the first nine months of 2018, with Dh1.7 billion of transactions recorded, putting them among the top four nationalities purchasing properties.
However, it did not break down transaction levels from Chinese buyers when publishing a report last month stating 150 nationalities bought Dh135bn worth of real estate in the emirate in 2019.
The coronavirus pandemic, which began in the Chinese city of Wuhan, has made it harder for overseas buyers to complete sales this year, Mr Chmiel says.
“While buyers can still make enquiries and do virtual tours, it’s more difficult to get them to the point of signing on the dotted line. This is a practical problem that will ease when travel restrictions are reduced,” he said.
Despite this, he argued there is still demand from investors looking for ways to keep their money safe.
"Right now, the best pitch that Dubai can make is not about growth or yields but about long-term safety and diversification of investment. Buyers from Asia who are investing overseas in this half year are looking for a way to protect their money from any economic turmoil in their home country.
"Chinese, in particular, are worried about a potential devaluation of the yuan. Dubai can play the role of the global safe deposit box real estate market. Dubai is well-positioned to protect investors in this way due to its long history as a safe and appealing investment market,” he argued.
Thailand, Australia and Japan were the three most attractive markets for Chinese buyers in 2019, according to Juwai’s report, with the US and Canada making up the top five.
“Cross-border property buying by Chinese consumers is evolving rapidly as these buyers gain in wealth, motivation and sophistication. Destination markets are also competing more aggressively for the investment and economic boost that these buyers bring,” the report said.
Property transactions in Dubai grew 9.7 per cent in the first quarter of 2020, according to Property Finder, despite a slowdown towards the end of the period as Covid-19 restrictions kicked in. Supply levels are still high, though, with 20,000 units handed over by April 29.
“During the current situation, we have obviously seen a slow down in transactions, however due to the government's proactive, swift, extreme efforts and policies I believe we will get through this tough period quicker than most,” Lynnette Abad, director of data and research at Property Finder, said.
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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more from Janine di Giovanni
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
More from Neighbourhood Watch
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Killing of Qassem Suleimani
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
KILLING OF QASSEM SULEIMANI
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
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ON%20TRACK
%3Cp%3EThe%20Dubai%20Metaverse%20Assembly%20will%20host%20three%20main%20tracks%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEducate%3A%3C%2Fstrong%3E%20Consists%20of%20more%20than%2010%20in-depth%20sessions%20on%20the%20metaverse%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInspire%3A%3C%2Fstrong%3E%20Will%20showcase%20use%20cases%20of%20the%20metaverse%20in%20tourism%2C%20logistics%2C%20retail%2C%20education%20and%20health%20care%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EContribute%3A%3C%2Fstrong%3E%20Workshops%20for%20metaverse%20foresight%20and%20use-case%20reviews%3C%2Fp%3E%0A
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
