The developer behind Dubai Festival City is selling the first freehold homes on the site after restarting work on stalled buildings following the 2008 financial crisis.
Al-Futtaim Group Real Estate is selling four and five-bedroom villas starting from Dh4.8 million (US$1.3m) - the first to hit the market on a freehold basis on the north side of Dubai Creek.
It represents the latest sign of returning developer confidence in the city's luxury property market, which has benefited from rising demand for completed properties as well as an influx of funds from the wider Arab world.
The first batch of 24 townhouses to be sold at Al Badia Residences will be followed by the release of more houses and apartments over the next 18 months, according to Ian Plumley, the general manager of property sales at Dubai Festival City. Much of the demand is coming from regional investors.
"In the last nine to 12 months we have seen the premium coming to the top. Quality is selling," he said. "There are a lot of wealthy people living in Syria and Iran and they may not want to invest their wealth in their own countries now. Dubai is a safe haven."
Dubai Festival City helped to kick-start the emirate's six-year building boom in 2002 and at the time was billed as the biggest mixed-use development in the Middle East. The 1,300-acre site includes a vast shopping centre with 2 million square feet of retail space and about 1,000 apartments. It is also the new home for the Dubai Hard Rock Cafe.
Brokers and developers are reporting a sales activity increase in some prime Dubai property locations where prices have lost as much as half of their value since the 2008 market peak. Falling mortgage rates and the increased availability of completed units over the past year have started to lure buyers back to the market.
The first signs of rising rents for villa properties emerged during the first quarter of this year, with lease rates growing by about 3 per cent on the previous quarter, according to data from CBRE, the international property consultancy.
"At the peak of the boom, people were paying more for off-plan properties than completed ones, which didn't make any sense," said Craig Plumb, the regional head of research at Jones Lang LaSalle in Dubai. "It is good to see developers building first and then selling,"
Developers including Nakheel and Emaar Properties have this year started to sell new homes for the first time in four years. Last month, Nakheel launched Palm Views on the Palm island, a collection of 192 studio apartments aimed at younger residents. The developer has also announced plans to build new townhouses on the island. Emaar said it took just one day to sell all 224 of the apartments in its Panorama at The Views development last month.
The release of units for sale at Dubai Festival City comes just days after the emirate made more land available to foreign investors.
Two plots of land were released for foreign buyers in Dubai Investments Park on a leasehold basis for up to 85 years, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, disclosed on his website.
It was not clear whether the land was intended for commercial or residential use.
[ scronin@thenational.ae ]
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Notable salonnières of the Middle East through history
Al Khasan (Okaz, Saudi Arabia)
Tamadir bint Amr Al Harith, known simply as Al Khasan, was a poet from Najd famed for elegies, earning great renown for the eulogy of her brothers Mu’awiyah and Sakhr, both killed in tribal wars. Although not a salonnière, this prestigious 7th century poet fostered a culture of literary criticism and could be found standing in the souq of Okaz and reciting her poetry, publicly pronouncing her views and inviting others to join in the debate on scholarship. She later converted to Islam.
Maryana Marrash (Aleppo)
A poet and writer, Marrash helped revive the tradition of the salon and was an active part of the Nadha movement, or Arab Renaissance. Born to an established family in Aleppo in Ottoman Syria in 1848, Marrash was educated at missionary schools in Aleppo and Beirut at a time when many women did not receive an education. After touring Europe, she began to host salons where writers played chess and cards, competed in the art of poetry, and discussed literature and politics. An accomplished singer and canon player, music and dancing were a part of these evenings.
Princess Nazil Fadil (Cairo)
Princess Nazil Fadil gathered religious, literary and political elite together at her Cairo palace, although she stopped short of inviting women. The princess, a niece of Khedive Ismail, believed that Egypt’s situation could only be solved through education and she donated her own property to help fund the first modern Egyptian University in Cairo.
Mayy Ziyadah (Cairo)
Ziyadah was the first to entertain both men and women at her Cairo salon, founded in 1913. The writer, poet, public speaker and critic, her writing explored language, religious identity, language, nationalism and hierarchy. Born in Nazareth, Palestine, to a Lebanese father and Palestinian mother, her salon was open to different social classes and earned comparisons with souq of where Al Khansa herself once recited.
Results
5pm: Al Maha Stables – Maiden+(PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara+(jockey), Mohamed Daggash+(trainer)
5.30pm: Wathba Stallions Cup – Maiden+(PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige+(PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige+(PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1+(PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed+(TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
La Mer lowdown
La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
Manchester City (0) v Liverpool (3)
Uefa Champions League, quarter-final, second leg
Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
The Beekeeper
Director: David Ayer
Starring: Jason Statham, Josh Hutcherson, Emmy Raver-Lampman, Minnie Driver, Jeremy Irons
Rating: 3/5
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Company profile
Name: WonderTree
Started: April 2016
Co-founders: Muhammad Waqas and Muhammad Usman
Based: Karachi, Pakistan, Abu Dhabi, UAE, and Delaware, US
Sector: Special education, education technology, assistive technology, augmented reality
Number of staff: 16
Investment stage: Growth
Investors: Grants from the Lego Foundation, UAE's Anjal Z, Unicef, Pakistan's Ignite National Technology Fund
UAE currency: the story behind the money in your pockets
The five pillars of Islam
Killing of Qassem Suleimani
