The Almas tower, right, stands above other skyscrapers at the Jumeirah Lake Towers development in Dubai, United Arab Emirates, on Sunday, Dec. 11, 2011. Dubai and its state-owned non-financial companies have $101.5 billion of outstanding debt and may need further financial support to meet those obligations, Moody's said. Photographer: Gabriela Maj/Bloomberg
The Almas tower, right, stands above other skyscrapers at the Jumeirah Lake Towers development in Dubai, United Arab Emirates, on Sunday, Dec. 11, 2011. Dubai and its state-owned non-financial companies have $101.5 billion of outstanding debt and may need further financial support to meet those obligations, Moody's said. Photographer: Gabriela Maj/Bloomberg
The Almas tower, right, stands above other skyscrapers at the Jumeirah Lake Towers development in Dubai, United Arab Emirates, on Sunday, Dec. 11, 2011. Dubai and its state-owned non-financial companies have $101.5 billion of outstanding debt and may need further financial support to meet those obligations, Moody's said. Photographer: Gabriela Maj/Bloomberg
The Almas tower, right, stands above other skyscrapers at the Jumeirah Lake Towers development in Dubai, United Arab Emirates, on Sunday, Dec. 11, 2011. Dubai and its state-owned non-financial compani

Off-plan Dubai properties remained most popular among investors last year


Deepthi Nair
  • English
  • Arabic

Off-plan transactions remained the most popular method of buying residential property last year, accounting for 53 per cent of total deals in Dubai, a new report shows.

Some Dh14.4 billion worth of off-plan properties were bought from a total of Dh27.2bn residential deals, according to an annual report published by listings portals Bayut and Dubizzle.  Ready property deals were worth Dh12.8bn in 2020, the report said, citing Dubai Land Department data.

Popular communities in Dubai reported price declines between 2 per cent and 10 per cent, while rents reduced between 9 per cent and 17 per cent in 2020. The sales and rental price reductions remained in line with the patterns observed in 2018 and 2019, the report said.

Dubai has been able to stay resilient, in large part due to timely measures from the government, including the stimulus plans and deferred payments for off-plan buyers

“2020 has been an exceptionally challenging and uncertain year for the real estate fraternity and the world at large,” Haider Ali Khan, Mena head of the listing sites' parent company Emerging Markets Property Group, said.

“However, we’ve seen interest in the Dubai real estate sector remain consistently high. Dubai has been able to stay resilient, in large part due to timely measures from the government, including the stimulus plans and deferred payments for off-plan buyers.”

The property market in the UAE slowed in the wake of a three-year oil price slump that began in 2014. Prices have since remained under pressure due to oversupply concerns. The coronavirus-induced economic slowdown further pressured the market in 2020.

JLL forecasts 53,000 homes are due for handover this year, a 9 per cent increase on the total stock of 595,000 at the end of last year.

Dubai Marina remained the most popular for luxury apartment sales in 2020, recording 526 transactions in the past six months, the report said.

Other communities such as Palm Jumeirah, Jumeirah Beach Residence, Downtown Dubai and DIFC were also popular with high-net-worth buyers and investors and recorded minor price declines between 3 per cent and 10 per cent, the Bayut and dubizzle report said.

Meanwhile, Jumeirah Village Circle garnered most interest from buyers for affordable apartments, recording 332 sale transactions over the past six months. Other affordable apartment communities in demand were Jumeirah Lakes Towers, Dubai Silicon Oasis, Business Bay and International City, which registered price declines between 7 per cent and just under 13 per cent.

International City now offers investors the highest yields, with apartments in the community averaging returns of 8.5 per cent. Dubai Marina apartments yield about 6.2 per cent, the report said.

Luxury villa sales were most prominent in communities by well-known developers such as Arabian Ranches, the Palm Jumeirah, Dubai Hills Estate and Jumeirah Park. Those looking for affordable villas focused on suburban localities such as Dubailand, the report added.  Villa yields were highest in Jumeirah Village Circle at 5.9 per cent, with Arabian Ranches units yielding 5.5 per cent.

In the rental market, apartments in JVC were the most in demand among budget-conscious tenants last year. Rents for apartments in JVC experienced moderate declines between 10 per cent and 17 per cent.

Meanwhile, tenants searching for affordable homes also showed interest in older neighbourhoods such as Bur Dubai, Al Nahda and Deira, where rents have seen declines of about 13 per cent, the report said.

On the other end of the spectrum, Dubai Marina was the first choice for luxury apartment rentals in 2020. Other premium apartment communities such as Palm Jumeirah, JBR and DIFC recorded rent declines of about 17 per cent last year.

Jumeirah was the first choice for tenants looking for upscale villas last year, followed by Arabian Ranches, while suburban neighbourhoods were popular for affordable villas. Mirdif was the most searched by tenants on a smaller budget. Other suburbs such as Akoya Oxygen, JVC and Reem were also popular among budget-conscious tenants.

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Property of the week: A Dh38.5 million Jumeirah Golf Estates mansion

2024%20Dubai%20Marathon%20Results
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Hales' batting career

Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94

ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171

T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out

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5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)

4 — Alain Prost (1985, ’86, ’89, ’93)

4 — Sebastian Vettel (2010, ’11, ’12, ’13)

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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
RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

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8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

10pm Handicap (TB) Dh102,500 (T) 1,400m

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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

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1,942 teams

116 pitches

76 nations

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Started: September 2023
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