DUBAI // Property prices and rentals increased by up to 50 per cent in some areas of Dubai last year, annual statistics released by the classifieds website Dubizzle show.
Developments including Jumeirah Village Circle, Tecom and Dubai Sports City had the biggest rises in leasing and sales, but there were huge increases across the board.
“2013 has no doubt been an eventful year in real estate here in the UAE,” said Ann Boothello, property marketing specialist at Dubizzle.
Ms Boothello said in the past 12 months there had been projects launched by developers in Dubai, property registrations fees doubled by the Dubai Land Department, and new rental decrees in Dubai and Abu Dhabi.
She said that in September last year Abu Dhabi’s “live locally policy”, whereby employees of government entities and companies had to live in the emirate, came into effect.
Then there was the Abu Dhabi Government's approval of Dh15.6 billion in infrastructure and welfare projects, and the long-awaited announcement that Dubai would host Expo 2020.
“These are a few of several interrelated dynamisms that have influenced the price trends seen in 2013,” Ms Boothello said.
“These are some of the highlighted topics that residents will factor in when looking back at the price shifts observed.”
Dubizzle says rents for two bedroom flats in Jumeirah Village Circle increased by 50 per cent, while one-bedroom flat rents in Tecom grew by 45 per cent.
“With units growing in demand in areas like JVC and lack of availability to satisfy this demand within those communities, these price shifts were inevitable,” Ms Boothello said.
Mario Volpi, managing director of Prestige Real Estate, said there had already been increases in certain areas of Dubai, such as the Marina and Downtown, in 2012, and over the past year the more affordable communities such as JVC had caught up.
“These areas were starting from a much lower base than the others,” Mr Volpi said. “These were like hidden gems. Those areas will continue to see even further rises as the area develops with facilities like shops and gyms.”
Other areas considered primary locations, such as Dubai Marina, Downtown and Jumeirah Lakes Towers, had smaller rental increases for one-bedroom flats, at 15 per cent, 16 per cent and 14 per cent.
With sale prices, the biggest price increases were for one-bedroom properties in JLT, which rose by 41 per cent, and three-bedroom apartments in Tecom, which rose by 42 per cent.
One of the only areas where prices decreased was in four-bedroom villas at Emirates Hills, with a 2 per cent reduction.
Craig Plumb, head of research at Jones Lang LaSalle, said the company’s own figures had rents and prices across the country rising by 20 per cent.
“We are describing 2013 as a broad-based recovery,” Mr Plumb said. “Prices did go up in most locations and I’m aware of hardly anywhere where they went down.
“Within that, there are areas where prices and rents have increased more than others.
“However, 20 per cent average price growth across the market is unsustainable. We are expecting prices and rents to continue to increase in 2014, but certainly not at those levels.”
He said there was a chance that prices could continue to grow at current rates, and that could pose a danger to the market.
“If that happened it would be a bubble because you would expect the market to eventually adjust downwards,” Mr Plumb said.
“However, if we see rents and prices increasing, but at a lower rate than 2013, we may avoid the need for a correction.”
mcroucher@thenational.ae
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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
Company%20profile
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Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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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"
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Results:
5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard
7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia
7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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
