Demand for property in the UAE that is fully renovated and upgraded is “as high as ever”, real estate experts have told The National.
There is an increasing number of buyers, particularly from Europe, looking to buy houses ready to move into, they said.
This in turn has driven more property investors to buy houses to renovate and sell on at a profit, a strategy widely referred to as flipping.
“I'd say the majority of flipping has happened over the past two or three years,” said Jamie Grimshaw, co-owner of Luxury Invest Group, which has offices in the UAE and the UK.
“After Covid, everyone wanted more space or a new house as they were spending more time in their properties. I think this fuelled this investor-led house flipping market as there was demand for something completely done, brand new and I'd say this demand is as high as ever.”
'A little side hustle'
Natasha Hatherall, founder and chief executive of TishTash marketing and public relations agency in Dubai, recently started a side business flipping houses with her husband.
“We’ve bought and sold two properties that were our homes here in the UAE and we’ve enjoyed renovating them and selling for a good profit to help us go up the property ladder and boost our equity,” she told The National.
“Given we have learnt a lot about property and renovation, coupled with the fact that we enjoy it, it makes sense as we start planning for our retirement to make this a little side hustle.”
The long-term Dubai resident said this is not a new concept here.
“You only have to think back to the early days with the new developments being bought and sold a day later at a high profit. This still continues with the vast number of off-plans sales,” she said.
“Now, though, we’re also seeing a lot more renovation and flipping, as properties in the country age and offer a great canvas for renovation, space optimisation and upgrades to add value.”
Increased confidence in the market is also key, she added.
“Ultimately, the country is maturing and growing and this comes with it,” said Ms Hatherall.
“It’s great to see more unique properties coming from it too.”
'Running at full speed'
While most investors are looking to upgrade older properties across the country in areas such as the Springs or Meadows, estate agent Ricardo Scala started flipping houses in the newer Sidra communities in Dubai Hills Estate almost three years ago.
Recently, he finished a 10-month renovation on a four-bedroom property in Sidra 2, which he bought for Dh6.5 million and is now selling for Dh13.5 million after investing about Dh3 million for renovations, excluding costs paid to Emaar for the extra square footage.
“The community is amazing, but the villas are mediocre and they deserve to be made so much better due to the location,” he told The National.
The secondary market side of things is very much now in force, running at full speed. If I had the funds to do 10 to 15 renovations at once, I would
Ricardo Scala
There are now three sectors within the property market, he said, and those are apartments, standard villas and renovations or brand-new builds.
Last year, a total of 118,993 residential transactions were registered in Dubai, the highest total recorded to date, with off-plan sales growing by 31.9 per cent in this period, and secondary market sales increased by 26.3 per cent, according to CBRE's UAE Real Estate Market Review.
“The secondary market side of things is very much now in force, running at full speed,” said Mr Scala.
“If I had the funds to do 10 to 15 renovations at once, I would, because so many people want this.”
Mr Grimshaw agreed.
“There are probably more end users looking to just move into this perfect property and, effectively, they're just financing the renovation, instead of having to pull all of the cash in and renovate it themselves,” he said.
It's not just villas, either, he added, as it's becoming common in apartments, too, including on Palm Jumeirah and in Dubai Marina.
Ms Hatherall is currently selling a three-bedroom apartment on Palm Jumeirah and with the money they make on that property, they will have enough to pay off their mortgage on their next home, plus buy one or two more to start renovating at the same time.
“The idea being to scale up and keep investing back in,” she said.
To do that, it's imperative to be realistic when budgeting, she added.
“Add a third of extra time and budget to any project,” said Ms Hatherall.
“Also make sure you factor in any fees – land fees, estate agent fees, etc – which can add up and take a lot from potential profit.
“Make sure you are clear on all costs you need to factor in or you could do a lot of work for little to no profit if not budgeted properly.”
Interiors with wide appeal
It's also important to design interiors that have mass appeal, said entrepreneur Stephanie Farah, who recently renovated her own three-bedroom home in Springs 10, which she bought in 2022 for Dh2.65 million.
Now she's getting offers of up to Dh4.8 million every day and she enjoyed the process so much she's moving into the flipping market.
It also inspired her to start an interior-upgrade company called The Tile and Wrap Society, which specialises in architectural wrapping and 3D stickers.
“Choose a design that's going to appeal to a wider audience versus your own taste. Modern farmhouse is very popular, for example,” said Ms Farah.
“I've walked into Springs villas that were renovated, but they were hideous, with the colours that they chose on cabinets, counter tops, tiles and nothing matched.
“Then they would try and sell it for an extortionate amount and that just made no sense because nobody was buying it.”
Mr Grimshaw said contemporary and minimalist European styles are very on trend across the market.
“You have to look at the people who are actually buying these properties once they're finished and, predominantly, I'd say a heavy portion are Europeans,” he said.
“We sell a lot of properties in the UK as well and if you look at all the projects that are being built, they're generally very similar in style; very modern, with a contemporary finish.”
Statement walls and multipurpose rooms are also popular, said Ms Hatherall.
“Our plan for all properties is high-quality, contemporary but flexible living space to work to modern-day family needs,” she said.
“For example, rooms that can be bedrooms, offices, dining rooms, TV rooms – whatever that household needs.
“We are all about maximising space, but we also make each one different so there is personality and a uniqueness.”
Mr Grimshaw, who is currently embroiled in a court case with a contractor stemming from renovations on his own home, advised anyone looking to get into the market to find a reliable team first.
“I would say only use a contractor that one of your friends or someone that you know has used before and they've completed the job and they're happy with it,” he said.
“Because, otherwise, that whole industry is really poorly regulated and monitored.”
The challenge doesn't put him off, however, as he plans to flip houses in the near future, too.
“I think you just have to have a little bit of flexibility,” said Mr Grimshaw.
“Make sure you know the market of the area you're entering and make sure you pick the right contractor. And then there are huge profits to be made in that market.”
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
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
TECH%20SPECS%3A%20APPLE%20WATCH%20SE%20(second%20generation)
%3Cp%3EDisplay%3A%2040mm%2C%20324%20x%20394%3B%2044mm%2C%20368%20x%20448%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3EProcessor%3A%20Apple%20S8%2C%20W3%20wireless%3C%2Fp%3E%0A%3Cp%3ECapacity%3A%2032GB%3C%2Fp%3E%0A%3Cp%3EMemory%3A%201GB%3C%2Fp%3E%0A%3Cp%3EPlatform%3A%20watchOS%209%3C%2Fp%3E%0A%3Cp%3EHealth%20metrics%3A%202nd-gen%20heart%20rate%20sensor%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3EConnectivity%3A%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3EDurability%3A%20Water%20resistant%20up%20to%2050m%3C%2Fp%3E%0A%3Cp%3EBattery%3A%20269mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3ECards%3A%20eSIM%3C%2Fp%3E%0A%3Cp%3EFinishes%3A%20Aluminium%3B%20midnight%2C%20silver%2C%20starlight%3C%2Fp%3E%0A%3Cp%3EIn%20the%20box%3A%20Watch%20SE%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3EPrice%3A%20Starts%20at%20Dh999%20(40mm)%20%2F%201%2C119%20(44mm)%3C%2Fp%3E%0A
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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.
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
RESULTS
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
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
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
box
COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
More from Neighbourhood Watch:
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
COMPANY%20PROFILE
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Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million