I recently moved to the UAE and have some money to invest in property. However, I don't know whether to invest here or in my home country in the UK. I plan to stay in the UAE for a few years so it would be nice to either own my own home or an investment property here. However, I am slightly alarmed by the highs and lows the property market here has experienced. Should I invest here or stick with what I know in the UK? CD, Abu Dhabi
Both the UK and the UAE property markets, (particularly Dubai) are experiencing a resurgence since the economic downturn. It has been a long, hard slog for the respected property sectors since the collapse of Lehman Brothers five years ago. Now, however, we continue to hear about positive sentiments, especially for Dubai and central London.
What you do not confirm in your question is where in UK or UAE you would consider buying. This is very important because the UK seems to be running with a two-speed property market. Outside of central and greater London, the picture has been quite gloomy in the past, as prices tumbled and a stagnant property market ensued. Only now we are seeing a rosier picture as prices seem to be on the up – but only just.
The UK government's "help to buy scheme" could be responsible for this improved sentiment and indeed with prices increasing at a rapid rate in some areas, there is now a debate as to how to stop a property bubble from forming. Greater London and particularly central London have not suffered as badly, with foreign investment pouring into prime residential assets. The same can be said of Dubai. Since the Arab Spring in 2011, local, regional and international money has been invested here as Dubai is seen (just like London) as a safe haven and despite its location, close to geopolitical unrest, continues to defy its critics with a robust property market, recovery with arguably still more positive sentiment to come thanks to Expo 2020.
When deciding whether to spend your money here or in the UK, a major factor is whether you are looking to buy to live in or as an investment to rent out. Buy to rent has historically brought much higher returns when investing in the UAE compared to the UK, but I understand what you mean when you comment on the ups and downs of our market here. Remember the UAE has never had a property downturn before and it was a big one, exacerbated this time around because of the impact of the world economic crisis.
So for now we are on the up, but as the age-old adage says: what goes up must come down. This time around the rises are based more on proper fundamentals rather than speculation as before. Do not, however, be fooled: the UAE will have a downturn again, and predicting when this will happen will give you the keys to a well-stocked safe.
For now, though, the UAE has still a lot to look forward to. In terms of legislation, there are many new plans to promote investor protection when buying off plan. This is aimed at avoiding the repetition of investors losing their money, as in the past.
There are more laws in place now to protect landlords and tenants from the effects of rising markets. Spending on airports, roads and transport is at an unprecedented scale now. For Dubai, Al Maktoum International Airport will open its doors to passenger traffic from next month. For Abu Dhabi the extension of the airport will allow many more millions of passengers to pass through its doors. Roads are constantly being improved and added to. Etihad Rail, linking Saudi Arabia to the Northern Emirates, is not a pipe dream but reality. Further extensions to the Dubai Metro are in the pipeline, as is an Abu Dhabi-based system too. A touristic but essential tram system around Dubai Marina will be in operation within a year and developments geared to boost tourist numbers and trade are breaking ground.
Residential plans to increase the inventory are needed as the demographic numbers increase. All this and still we have Expo 2020 to look forward to. While the host city has not yet been named, Dubai is definitely in the driving seat as it garners more and more friends and support along the way.
So given all the above facts, I would spend my money here in the UAE and if buying to live in, enjoy the property without the hassle of having to fight with your landlord on a yearly basis just to agree the rent. Enjoy the experience.
Mario Volpi is the managing director of Prestige Real Estate in Dubai and has worked in the property industry in London and Dubai for the past 29 years. Send any questions to mario@prestigedubai.com
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Honeymoonish
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UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE%20SPECS
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
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
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
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
UAE currency: the story behind the money in your pockets
