Demand for prime residential property in a number of flagship communities in Dubai rebounded in the second half of last year, recording higher prices and transaction levels, according to Knight Frank.
Transaction volumes for prime properties increased by 7.9 per cent in 2020, compared to an overall 16.4 per cent market decline, the company's UAE Market Review and Forecast said.
"On the prime side of things, it's been a relatively good year. In the vast majority of markets, we've actually seen greater volumes in terms of transaction numbers in 2020 than we've seen in a few years," Taimur Khan, associate director at Knight Frank Middle East told The National.
Although prime residential values decreased by 4.2 per cent in 2020, in the second half of the year apartment and villa prices on Palm Jumeirah increased by 5.1 per cent and 9.4 per cent, respectively. Prices for villas in the Mohammed Bin Rashid City District One Community were 3.5 per cent higher and other prime markets such as Downtown Dubai and Emirates Hills also showed signs of improvement, the report showed.
The reasons for recovery are area-specific, but a common theme is a demand for mature communities.
"If you look at what's happening on the Palm, a lot of it is fairly developed out now. You can't really get the Dubai continuous additional development," Mr Khan says.
There had also been a readjustment in prices that meant even prior to the pandemic, "we were seeing a bottom for villas on the Palm". Improvements to roads and the addition of amenities such as the malls and other leisure attractions have helped drive demand.
Similarly, new community facilities at District One, where Meydan Mall is moving closer to completion, is also making the community attractive to prospective buyers, Mr Khan said.
"District One has done well because it's a really good product in a really good location - the ABCs of property," Mr Khan said. "You've got a villa community within 10 minutes of DIFC and Downtown, and that makes it very, very attractive. Historically, villa communities have been towards the Marina side [of the city] or Arabian Ranches."
Downtown Dubai is another area where construction is ongoing, but the community is maturing. "In Downtown, there are a few plots left, but in the large, it's getting there," he said.
Mohammed Bin Rashid City was the prime residential community with the highest amount of sales in 2020, with properties worth more than Dh6.4bn changing hands in 2020, according to a Luxhabitat Sotheby's report last month. Downtown Dubai and Palm Jumeirah saw sales of about Dh5.2bn and Dh3.5bn, respectively.
Dubai government measures to achieve a better balance between demand and supply appear to be paying off, with the number of new launches in 2020 at their lowest level for eight years, Knight Frank's report said. The amount of stock due to be delivered over the next 18 months will continue to keep the market attractive to buyers until a bottoming-out occurs in mid-2022.
In Abu Dhabi, the number of new launches were at their lowest since 2004, but are expected to increase this year.
"Given the relatively restrained levels of completions over recent years, we expect this not to have a drastic impact on the market," the report added.
The UAE's commercial market is set to undergo a period of major transformation. Globally, the pandemic will alter work patterns, but the office will "remain central to our working lives", used as a space for staff to socialise, collaborate and for education as opposed to just being a work setting.
In the UAE, market dynamics mean tenants coming to the end of leases "can effectively upgrade for little to no cost" to more modern spaces.
A trend towards consolidation was already underway, but this will accelerate as companies with onshore and offshore locations are likely to group in one place following recent commercial companies law changes.
"The structural change in the market is a very good thing in my opinion because it allows the country to attract more occupiers in the market, but it will cause a bit of pain for landlords" in the short term, Mr Khan said.
Ongoing travel restrictions also mean the UAE has yet to fully benefit from recent reforms aimed at attracting more investment, but there is anecdotal evidence that attempts to attract high net-worth individuals and investors through the easing of visa rules has brought some success.
"High net-worth individuals who [thought] that Dubai was a good place to set up for a while and work from here ... we know of a few cases where they've actually moved some of their business [to Dubai]," Mr Khan said.
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
The%20new%20Turing%20Test
%3Cp%3EThe%20Coffee%20Test%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EA%20machine%20is%20required%20to%20enter%20an%20average%20American%20home%20and%20figure%20out%20how%20to%20make%20coffee%3A%20find%20the%20coffee%20machine%2C%20find%20the%20coffee%2C%20add%20water%2C%20find%20a%20mug%20and%20brew%20the%20coffee%20by%20pushing%20the%20proper%20buttons.%3C%2Fem%3E%3C%2Fp%3E%0A%3Cp%3EProposed%20by%20Steve%20Wozniak%2C%20Apple%20co-founder%3C%2Fp%3E%0A
ZIMBABWE V UAE, ODI SERIES
All matches at the Harare Sports Club:
1st ODI, Wednesday - Zimbabwe won by 7 wickets
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
more from Janine di Giovanni
