Someone asked me recently about how many cycles of the Abu Dhabi property market I’d experienced during the decade and a half I’ve lived in the city. The enquiry was prompted by a conversation about the slings and arrows of renting a place to live and some of their experiences along the way. It’s an interesting question.
Data provides us with regular snapshots of the market in near real-time, highlighting microclimates and trends. Reports into rental activity at the end of last year found that there were moderate price rises in popular areas, such as Reem Island, and larger leaps in upmarket areas, such as Saadiyat Island and Yas. That seems to have been the picture for the past couple of years. Outside of the city’s noticeable hotspots, the market moves as the market moves, which is steadily, but it didn’t always do that.
As tempting as it was to think of a number and triple it when estimating how many turns of the market I’d witnessed or to think of the past 15 years as a series of mini cycles, the answer I gave was one, or a single transition. Here’s why.
The explanation for that answer begins 16 years ago, about the time the first edition of The National was published in April 2008, which led with the news that action was being taken against “maverick property agents” amid a very hot property market in Abu Dhabi.
The country was going through an extraordinary period of construction and expansion a decade and a half ago, but this growth also created fissures
An official told the newspaper that there were clear signs of profiteering because there was a shortage of both residential and commercial units. A good chunk of the display advertising in that first print edition was for off-plan and forthcoming property developments in Abu Dhabi and Dubai, which also tells you a lot about what was going on at the time.
We also reported that some prospective tenants were being asked to pay a fee even to view a property by some agents. It wasn’t unheard of for the prospective price of a home to change from morning to afternoon.
The country was going through an extraordinary period of construction and expansion, but this growth also created fissures.
Next to no supply in new housing stock coupled with rapid population growth meant that there were challenges for those looking for a place to live. Certainly, that was my experience. All the big new developments that could have helped alleviate some of those broader market pressures, such as Reem, Raha and Saadiyat, were years away from moving from the drawing board to reality.
That also meant that it was normal for neighbours to be paying rents in established areas determined by when they moved into the property rather than being based on the nominal true value of the flat or villa. With housing stock in short supply, every time a tenant vacated a property, it presented an opportunity for agents and owners to see what the market would bear. Generally, the answer was a lot more than the previous day, month or year.
In 2009, on the day I first moved into the mid-island neighbourhood where I still live today, someone else was moving out of a villa across the road. They were leaving the country after a long stint in the UAE and had been told that the new tenants in their villa had signed a deal to rent the property for more than double what they had been paying.
It was the kind of conversation that was typical of the time.
If you were already in accommodation back then, rent controls helped moderate the market for you. The rent cap, introduced almost 20 years ago in Abu Dhabi in 2006, had been effective to that point in calming rampant rent renewal inflation by capping rent increases to 5 per cent a year, but hadn’t quelled the market all together.
If you weren’t in a property already or had to move, the market was moving far too fast. If you delayed over a contract, the price could change or you could lose out to another bidder.
There were other, more quirky signs that the market was hot, such as The National’s periodic reporting on houseboat living as a way of escaping the ups and downs of renting on land, although these pieces also told us that the rising tide of rents lifted all boat prices, too.
Thankfully, the storm began to subside as economic rhythms changed over a couple of years.
By the time the rent cap was removed in 2013, supply and demand were in much better balance. The cap was reinstated in 2016 and its existence provides much-needed protection for both landlords and tenants and a framework for negotiations over renewals, although some would advocate for the introduction of a rent calculator similar in nature to the system in place in Dubai.
So that was the single phase of the market, transitioning from the challenges of the late aughts to the relative calm of the 2020s.
There will always be hotspots and anomalies in the market – those are the exceptions that prove the rule – but there is now supply and choice, when a decade and a half ago there was an absence of either of those things. In other words, the fundamentals have now changed – in a good way.
Match info
UAE v Bolivia, Friday, 6.25pm, Maktoum bin Rashid Stadium, Dubai
Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
SPEC%20SHEET
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
More on Quran memorisation:
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
UAE currency: the story behind the money in your pockets
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
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University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
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Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
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The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
