The UAE’s property market is “on steroids”, but may be headed for a correction, according to investors who attended Aldar’s sales launch of its third development at Coca-Cola Arena on Thursday.
Queues of property brokers and buyers were forming on the streets of City Walk outside the 17,000-capacity arena as early as 8.30am ahead of the Abu Dhabi developer’s sales launch for The Wilds.
It is a family-friendly residential community with up to 1,700 properties that will integrate greenery and wildlife.
A total of 800 villas were available to buy on Thursday in the first of three sales phases this year. While almost half were sold to Aldar clients privately on Wednesday, another 700 appointments were lined up at the arena, with all plots expected to sell out before the end of the day.
Meanwhile, over in Sharjah, UAE developer Arada sold out its new Dh5.6 billion ($1.52 billion), 975,000-square-metre Masaar 2 development in three hours. It had sold all 2,000 units by noon on Thursday, making it the company's fastest-selling off-plan project in the emirate.
Peter Lawson, a property investor with a portfolio of 20 residences across the UAE, who attended the event in Dubai, said the rush this week to buy properties is a reflection of the current market, which he said is “on steroids at the moment”.
“We wondered if there’s going to be a correction, but I would say considering for Dh5 million I can buy somewhere on Palm Jumeirah overlooking the most iconic skyline in the world at the moment, but if I go to London, Barcelona or Munich that would be 5 million euros – I think the market as a whole is actually undervalued," he said.
Demand for family homes skyrockets
Dubai's real estate sector has maintained a strong growth momentum in recent years, recording deals worth Dh761 billion ($207.2 billion) last year, up 20 per cent annually. This boom is supported by government initiatives such as residency permits for retired and remote workers, an expanded golden visa programme, as well as robust economic growth in the UAE.
While developers such as Aldar are working fast to meet rising demand as the country’s population continues to grow, experts believe there is still plenty of room for more options.
This is particularly true for family homes in Dubai, said property broker Ana Carolina Barni, who was helping a client buy a new home on Thursday in The Wilds. “Ten years ago, for Europeans, they would come here on holiday or maybe the father would come as a businessman," she said.
"But now the whole family is moving over and there is more and more need for family homes in Dubai, especially with these kinds of amenities, as you don’t want to leave your community.”
Mother-of-two Gauhar, who owns a chain of nurseries for Russian-speakers and has lived in Dubai since 2009, bought a four-bedroom villa in The Wilds, her first family home. She had been looking for a while but had struggled to find something that met her criteria. “I’ve been looking for something that is family-orientated, something new, something fresh,” she told The National.
Going wild for nature
Located along Sheikh Mohammed bin Zayed Road, opposite Global Village, The Wilds, which is scheduled for completion in 2029, will feature a range of apartments, villas and five- and six-bedroom mansions designed by Lebanese architect Nabil Gholam. The project will incorporate native plants, a woodland, dry stream habitats, community gardens, duck houses, bee-keeping zones and more.
British celebrity survivalist Bear Grylls attended the launch as the development’s ambassador. “What I like about The Wilds is that you can roll out of your house and people aren’t going to think you’re mad for walking barefoot through the forest areas, but actually you’re in Dubai,” Mr Grylls told The National during the event.
“I like things that are innovative and pioneering, especially when it comes to families and creating and developing things that are about becoming more connected.”
Property broker Milana, who was rushing to take her place in the growing queue outside Coca-Cola Arena, was certain this development would be popular among buyers. “It’s going to sell out today, for sure.”
Sharjah’s Masaar 2 has a similar ethos steeped in nature. The units range from two-bedroom town houses to five-bedroom villas, and features will include "a large-scale, swimmable forest lagoon with waterfall".
Construction at the project is due to start before the end of 2025, with the first homes scheduled for completion by the end of 2027. The full development, with all its amenities, will be ready by 2028, Arada said.
While family-friendly, nature-based communities are in high demand, Dubai’s Beyond Developments is betting on waterfront property, as it also launched new beachfront residences on Thursday. Its third project, Sensia, is an eight-million-square-foot master-planned development at Dubai Maritime City.
“The appetite from local, regional and international investors for high-quality waterfront development remains strong, and the success of our projects at Dubai Maritime City is a testament to this growing demand,” said chief executive Adil Taqi.
Fluctuation 'doesn't matter' for long-term investors
Mr Lawson bought a five-bedroom villa for Dh7.8 million in The Wilds and said he thought it could have been 20 per cent more expensive. “I believe on handover, that will be north of Dh13 million.”
Keen investor Ankur Malik also bought a three-bedroom property, which starts at Dh5.1 million, the third Aldar property he now owns. This was a “fair price”, he told The National. “I expect it to go up.”
He chose The Wilds because he “wanted to have something unique” and was attracted by the availability of stand-alone villas as opposed to town houses, which are more common across other developments in Dubai.
Mr Malik echoed Mr Lawson’s sentiment that there could be a correction in the market coming. “Long-term investors need to hold the property,” he added. “If you have the capacity to hold the property, then the fluctuation doesn’t matter.”
Killing of Qassem Suleimani
RACECARD
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The years Ramadan fell in May
Killing of Qassem Suleimani
The years Ramadan fell in May
KILLING OF QASSEM SULEIMANI
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RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
The five pillars of Islam
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Killing of Qassem Suleimani
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Zayed Sustainability Prize
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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DIVINE%20INTERVENTOIN
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
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
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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
Killing of Qassem Suleimani
Zayed Sustainability Prize
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
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AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
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
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Mohammed bin Zayed Majlis
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
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The five pillars of Islam
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UAE currency: the story behind the money in your pockets
UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
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Results
2pm: Handicap Dh 90,000 1,800m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.30pm: Handicap Dh120,000 1,950m; Winner: Just A Penny, Sam Hitchcott, Doug Watson.
3pm: Handicap Dh105,000 1,600m; Winner: Native Appeal, Pat Dobbs, Doug Watson.
3.30pm: Jebel Ali Classic Conditions Dh300,000 1,400m; Winner: Thegreatcollection, Adrie de Vries, Doug Watson.
4pm: Maiden Dh75,000 1,600m; Winner: Oktalgano, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Conditions Dh250,000 1,400m; Winner: Madame Ellingtina, Richard Mullen, Satish Seemar.
5pm: Maiden Dh75,000 1,600m; Winner: Mystery Land, Fabrice Veron, Helal Al Alawi.
5.30pm: Handicap Dh85,000 1,000m; Winner: Shanaghai City, Jesus Rosales, Rashed Bouresly.
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
