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.
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
Killing of Qassem Suleimani
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
Zayed Sustainability Prize
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
WISH
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The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UAE currency: the story behind the money in your pockets
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DUNE%3A%20PART%20TWO
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
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Naga
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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
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Killing of Qassem Suleimani
More from Neighbourhood Watch:
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
