House prices and rents in Abu Dhabi are set to maintain a downward trend this year as the fallout from the recent oil price drop continues to affect the market.
According to the property broker Core Savills, prime and mid-prime villa values in Abu Dhabi will fall this year by at least 15 per cent while apartment values will fall by 7 per cent.
In its Abu Dhabi Market Review, Core Savills said that the price falls would be similar to 2016 levels because “similar market conditions persist”.
Core Savills said that housing rents in the capital would also remain under pressure this year as vacancy rates across the city continue to creep upwards as a swath of mergers among Abu Dhabi-based companies including Mubadala and IPIC and NBAD and FGB has led to job cuts.
“These consolidations are starting to reflect in the slowing population growth,” said David Godchaux, its chief executive. “Contractions in housing allowances and disposable incomes coupled with the growing inflation rate have led to a steep downward adjustment on the demand for both residential and commercial real estate.”
Core Savills said that price and rent falls would be particularly marked on Reem Island where another 2,400 homes are expected to come to the market this year as towers including Marina 1&2, Sigma 1&2, Al Shams Tower and M Tower are all due to be delivered this year.
“This glut in supply will be hard to absorb and is expected to cause a sharp drop in both rentals and sales values in Reem Island area,” Mr Godchaux said.
lbarnard@thenational.ae
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
How to apply for a drone permit
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- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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