Property prices in Dubai rose 2.5 per cent in April recording the largest single-month increase since March 2014 as the economy recovers from the coronavirus pandemic-driven slowdown, according to a new report.
The average property price in the emirate climbed to Dh895 ($244) per square foot last month from Dh873 per square foot recorded in March, the Property Monitor monthly market report said.
“Since the end of 2020, prices have steadily recovered to record gains of 9.5 per cent in the last six months,” the report said. “However, this strong performance is not uniform across all communities, with some areas still displaying price weakness.”
The lifestyle, safety and business-friendly environment are key pull factors
The strong double-digit increase recorded in some communities is likely to slow in momentum “as the recovery switches to a more sustainable pace across Dubai as a whole”, according to the report.
Property prices in the UAE are expected to stabilise in 2021 as the economy bounces back from pandemic headwinds, driven by government initiatives to spur growth.
New programmes such as visas for expatriate retirees and the expansion of the 10-year golden visa scheme to attract foreign professionals to the UAE are also expected to support the local real estate market.
Dubai’s total transaction volumes in April stood at 4,879 deals, recording a year-on-year increase of 167.4 per cent and a 6 per cent jump on a monthly basis.
“Continuing the recent trend, there was a good volume of transactions in the high value segment of properties worth over Dh10 million. In all, 90 transactions were recorded for this segment, representing a month-on-month growth of 6.7 per cent,” the report said.
Some 81 villa transactions above Dh10m have been recorded on Palm Jumeirah so far this year, compared to 54 across the whole of 2020.
Dubai also recorded 1,926 off-plan transactions in April, up 13.9 per cent on a monthly basis and 46.5 per cent year-on-year.
“Betterhomes recorded the highest number of sales transactions on record for the month of April, despite it coinciding with the beginning of Ramadan,” Richard Waind, group managing director of brokerage Betterhomes, said.
“The extreme low interest rate environment and mortgage availability continues to drive healthy domestic end-user activity, and investors are returning with confidence, buoyed by recent capital gains.”
Wealthy Europeans clients are also buying the property in the UAE, he said.
“The lifestyle, safety and business-friendly environment are key pull factors and we think the post-Covid tax bill in many countries will act as a key push factor.”
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UAE currency: the story behind the money in your pockets
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Scores
Rajasthan Royals 160-8 (20 ov)
Kolkata Knight Riders 163-3 (18.5 ov)
UAE currency: the story behind the money in your pockets
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
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
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Scoreline
Bournemouth 2
Wilson 70', Ibe 74'
Arsenal 1
Bellerin 52'
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
UAE currency: the story behind the money in your pockets
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
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
