What was the general market movement in Dubai in Q1?
Rents continued to fall in a broadly similar fashion to the declines experienced in 2019. However, there were signs of stability in a number of districts where rental prices remained the same as the previous quarter.
While the data from the first three months of this year does run into the onset of the coronavirus pandemic in the UAE, the restriction measures across Dubai taken in response to Covid-19 were yet to have much of an impact on the property market – that is expected to be seen in the second quarter and beyond, according to experts. Therefore, sentiment and trends were more in line with the pre-coronavirus period.
"The Covid-19 pandemic has created an environment of acute uncertainty," said Asteco executive chairman and founder Elaine Jones. "The implications for world markets and the real estate sector have yet to be quantified."
She added: "To date, Asteco has not recorded a discernible change in demand, or values. However, it is likely that activity will diminish, at least over the short-to-medium term."
Bayut chief executive Haider Ali Khan echoed the need to wait and see what happens in the coming months.
"Although the first quarter shows some healthy numbers, we should be prepared to see some fluctuations in the coming months as the UAE continues to lead the region’s fight against Covid-19," he said.
"While the government has been proactive by announcing stimulus packages to support the industry, we still need to wait and observe the impact on consumer interest in the following quarter."
What else did the property companies have to say?
Chestertons described the residential sector's first quarter as "resilient", as apartment rents fell on average 1.5 per cent and villas 1.3 per cent, while also highlighting a "greater stability" during the period.
It noted that once government measures were introduced in March to tackle the spread of Covid-19, the impact on residential property was limited, with the hospitality and retail sectors more acutely affected.
Asteco found annual rental declines to generally be in the double digits, and said it anticipates the trend to intensify "in part due to the volume of supply expected for handover in the short-to-medium term, but mainly as a result of uncertainties surrounding the impact of the current pandemic".
It added in its "Dubai Real Estate Report Q1 2020" that it expects tenants to adopt a wait-and-see approach before potentially relocating once restrictions on movement have been lifted.
Improvements in rental rates were largely confined to the villa market where areas such as the Meadows and Jumeirah Park experienced no change during the three-month period.
What about supply of new units?
That stood at 4,458 across freehold areas, according to Chestertons, compared to 6,328 in Q1 2019, and 12,369 in Q1 2018.
"A reduction in future residential supply is a crucial step towards more balanced supply and demand dynamics and will go some way to support long-term investor confidence," it wrote in its Observer Dubai Residential Report for Q1 2020.
Asteco offered a higher number of completed units in the first quarter – 5,750 apartments and 2,150 units.
It said the expected delivery of 34,000 units by the end of the year is likely to be revised given the circumstances around the pandemic.
What has been done to protect tenants during the Covid-19 restrictions?
In both Dubai and Abu Dhabi, tenants struggling to pay their rent are exempt from eviction after the government issued new directives to protect them.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Dubai Judicial Council, temporarily suspended all eviction judgements related to residential and commercial facilities in the emirate during March and April.
The directive also stopped all "imprisonment judgements" linked to rental disputes. However, the ruling does not apply to abandoned homes.
Property agents confirmed to The National that some landlords are already being flexible with tenants who are struggling financially.
The Dubai economy overall has received government incentives worth Dh1.5bn for three months, and local banks have been directed to provide support packages to struggling clients.
How did property sales fare during Q1?
There was positive movement, with transactions in Dubai rising an annual 10 per cent amid government policies to support the economy, according to Property Finder.
Total property sale transactions during the period ending March 31 reached 10,243, Property Finder said.
It added that the month of March had more than 1,209 mortgage registrations, which is the highest number since October 2019 and 24.8 per cent more than March 2019.
As part of the economic stimulus provided by the Central Bank amid coronavirus, loan-to-value ratios applicable on mortgage loans for first-time buyers increased by 5 percentage points.
This means the upfront cash deposit required to buy a property has decreased to 20 per cent from 25 per cent for first time expatriate buyers, and to 15 per cent, from 20 per cent for Emiratis.
As for prices, they were down 2 per cent on averagefor villas and apartments quarter-on-quarter, Asteco reported, while Chestertons witnessed a 1.8 per cent fall for apartments and 0.8 per cent for villas.
Can I move house during the restriction measures?
Yes, but you will need a movement permit, which can be obtained on the Dubai Police website.
Choose the “personal” option, then click “emergency” from the drop-down menu and explain in the description box that your tenancy agreement is coming to an end. Permits are processed quickly in most cases.
For landlords, the tenancy contract can be uploaded on the official Ejari portal or the app.
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
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
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 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
MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
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
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
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Dominic Rubin, Oxford
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
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Second Test
In Dubai
Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)
Day 3: New Zealand trail by 197 runs with 8 wickets remaining
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Price: From Dh590,000
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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