Mixed forecast for house prices in Dubai

Dubai house prices fell 12 per cent last year and will continue to drop this year - but the rate of decline is slowing, says Jones Lang LaSalle, a property company, in a report published yesterday.

"We expect 2011 to be similar to 2010," with declines of 10 per cent to 15 per cent, said Craig Plumb, the head of research for Jones Lang LaSalles's Dubai office.

In 2009, Dubai prices in many areas fell 25 per cent over the year before.

Any pickup in the number of transactions will be offset by a continued oversupply of housing in the city, the company said. Twenty-five thousand new units are expected to come online in Dubai this year, compared with 7,800 last year, said the report.

About 79 per cent of that residential supply will be apartments on the market by the end of the year, said Jones Lang LaSalle.

"Even if some of these projects are delayed, there will be a significant level of new supply entering the market," Mr Plumb said.

The company's findings are corroborated by new data, also released yesterday, by CB Richard Ellis (CBRE).

"Notable hand-overs from new developments in Dubai Sports City, Al Barari and Jumeirah Village will further aggravate the oversupply situation during the course of 2011," CBRE reported.

Rental rates dropped 17 per cent last year compared with 2009, largely due to the abundance of units available, CBRE reported. Rents for one-bedroom apartments fell 19 per cent in the year compared with 2009, while those for villas dropped 13 per cent, the company said.

"With a number of other major villa projects under construction, it is likely that this segment of the market could see expanding vacancy levels over the next 12 months, particularly in new freehold locations," CBRE reported.

Jones Lang LaSalle said it did not expect sale prices to improve before next year.

The number of sales transactions dropped 53 per cent last year compared with 2009, it reported, and the value of those deals dropped 65 per cent.

But the company said it expected the number of transactions to pick up this year.

"The key to transaction levels is going to be liquidity and the availability of mortgages," Mr Plumb said. He declined to say when he expected prices to level out.

"Clearly we're getting closer to the bottom, but in our view we are not at the bottom," he said.

kbrass@thenational.ae

EDITOR'S PICK: Internet speeds to increase as du eyes 4G partner.

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The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Electric scooters: some rules to remember

Riders must be 14-years-old or over
Wear a protective helmet
Park the electric scooter in designated parking lots (if any)
Do not leave electric scooter in locations that obstruct traffic or pedestrians
Solo riders only, no passengers allowed
Do not drive outside designated lanes

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013

Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Our commentary on Brexit

Con Coughlin: Choice of the British people will be vindicated
Sam Williams: Departure is influenced by its sense of place

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

Brief scores:

Toss: Kerala Knights, opted to fielf

Pakhtoons 109-5 (10 ov)

Fletcher 32; Lamichhane 3-17

Kerala Knights 110-2 (7.5 ov)

Morgan 46 not out, Stirling 40

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

The biog

Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball

RESULTS

Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18

Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections"

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"

Score

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs

New Zealand win by 47 runs

New Zealand lead three-match ODI series 1-0

Next match: Zayed Cricket Stadium, Abu Dhabi, Friday

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Banned items

Dubai Police has also issued a list of banned items at the ground on Sunday. These include:

Drones
Animals
Fireworks/ flares
Radios or power banks
Laser pointers
Glass
Selfie sticks/ umbrellas
Sharp objects
Political flags or banners
Bikes, skateboards or scooters

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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