It’s an odd set of affairs when property brokers start telling you that a four-bedroom villa on Saadiyat is “reasonably priced” at Dh8.1 million.
But when you start to consider that some of the mansions on the island set to become the home of the new Louvre Abu Dhabi are on the market for around triple that, the price does start to look slightly more affordable in comparison.
“It’s all about the size,” says Maria Eduarda Silveira, a senior residential and commercial consultant at Better Homes, which is marketing the property.
“This villa is not cheap and it is not pricey, it is just the right price for the market. However, it is much more affordable to families than the really big villas on Saadiyat which have been selling for as much as Dh23m and are aimed at the super wealthy.”
Buy despite its less lavish size, luxury is still comparative. This four-bedroom villa is located within walking distance of both the beach and the Saadiyat Island golf course and includes a balcony, off-street parking and a maid’s room.
The house is just 2.4 kilometres from the St Regis Saadiyat Island resort and 2.6km from the newly opened Cranleigh School.
“Over the past year prices on Saadiyat Island have increased significantly,” Ms Silveira said. “It’s because there has been no supply of new homes. Cranleigh School opening has also had an effect on the market as well as the fact that the Louvre will open later this year.”
However, with the Abu Dhabi market, like that in Dubai, suffering from a slowdown in sales volumes following the introduction of mortgage caps, anyone interested in buying here might still be able to negotiate.
“Over the past couple of months the market has really slowed down,” Ms Silveira added. “This is especially the case in Saadiyat, because most people buying here are expatriates and so are not able to borrow as much money as they would have been able to before the mortgage caps were introduced.”
Q&A
How much do homes on Saadiyat Island cost?
Agents report that prices have risen sharply over the past year with townhouses which used to go for around Dh6 million last year now selling for closer to Dh7 million. According to Asteco, Saadiyat Beach Villas were the most expensive villas it surveyed in the third quarter of 2014 with prices for an average three-bedroom villa going for Dh5.5 million, a four-bedroom villa costing Dh5.8 million, and a five-bedroom villa on the market for Dh10.5 million.
When will the Louvre actually open?
According to Aurélie Filippetti, the French minister of culture, speaking at the opening of the Abu Dhabi Art festival last year, the long awaited Louvre museum will finally open to the public on UAE National Day, December 2, 2015. It is expected be followed by the opening of the Zayed National Museum in 2016 and the Guggenheim Abu Dhabi in 2017.
What else is planned for Saadiyat Island?
Saadiyat Island has been divided into six separate neighbourhoods. The Cultural District, located just across the bridge from Abu Dhabi island, will contain the three museums and a performing arts centre; the Saadiyat Beach district based around nine kilometers of beach includes some luxury homes and hotels and has been earmarked for many more. There will also be a Marina district providing berthing for more than 1,000 vessels; Saadiyat Reserve which will include the island’s natural wetlands, Saadiyat Promenade which will include shops and restaurants around a boardwalk; and Saadiyat Lagoons around the island’s tidal lagoon system.
How much of the masterplan has actually been built?
Currently the Saadiyat Beach district is the most advanced and includes most of the island’s completed houses. New York University opened its Saadiyat Island campus in September – the same time that Cranleigh School also opened.
lbarnard@thenational.ae
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
MATCH INFO
AC Milan v Inter, Sunday, 6pm (UAE), match live on BeIN Sports
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
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Sholto Byrnes on Myanmar politics
