Property prices in the UAE will remain steady over the next three years and will prove to be a drag on economic growth, according to a survey of investment professionals in the Middle East.
Of the 166 CFA Institute members surveyed between January 13 and 22, 57 per cent said they expected real estate prices would not increase and 40 per cent believed it would affect economic growth.
Amer Khansaheb, the president of CFA Society Emirates, said it was high time property prices fell. “Prices have increased so much over the past year that they are threatening the competitiveness of the UAE in terms of cost to different companies,” he said. “At a certain point when living costs become too high, companies will have to relocate.”
About 88 per cent of respondents said that the fall in oil prices was not beneficial to the sustainability of the UAE economy.
Half of the participants expected the oil price to range between $61 and $90 a barrel this year.
One-third of UAE respondents said that UAE finances would tighten if oil prices fell to between $31 and $40 a barrel, and the rest predicted this would happen if oil prices fell to between $41 to $50 a barrel.
Oil prices, which have more than halved since peaking at about $115 a barrel in June last year, have recovered a little over the past two weeks as the recent oil price slump begins to affect production and investments of oil firms. Regionally, 47 per cent of those surveyed predicted that global equities would provide the biggest return on investments this year.
About 31 per cent expected regional equities to do so and a quarter expected real estate to provide the highest total return.
One third of respondents said commodity prices provided the most insight into potential near-market corrections, while one-third picked equity markets as a metric and 27 per cent picked real estate as the best indicator of near-term economic corrections. These indicators are not sufficient to gauge the health of the economy, according to Mr Khansaheb. The UAE economy needed indicators such as job growth, salary growth and factory production, among others.
“What we are lacking here in the UAE is proper statistics on proper economic indicators,” said Mr Khansaheb.
Better gauges for the economy include credit growth, bank deposits growth and other financial indicators, he added.
dalsaadi@thenational.ae
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PRISCILLA
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The%20specs%3A%202024%20Mercedes%20E200
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Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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
Mountain%20Boy
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