There is no income or capital gains tax payable on any number of properties an investor buys, rents or sells, making it simpler to calculate a return. Pawan Singh / The National
There is no income or capital gains tax payable on any number of properties an investor buys, rents or sells, making it simpler to calculate a return. Pawan Singh / The National

House prices in Dubai, Abu Dhabi witness ongoing declines between April and October, says Propertyfinder



Residential sales and rental prices in the UAE have continued to fall between April and October, enticing renters to consider buying properties, according to a new report from UAE-based property search website Propertyfinder.ae.

“Falling prices, as we’ve seen, makes buying more feasible for a larger percentage of the population,” said Michael Lahyani, chief executive of Propertyfinder Group.

“We’re seeing the ‘forever renters’ moving into the buyer category, preferring to pay off their own mortgage rather than someone else’s.”

Residential real estate prices and rents in the UAE have started sliding in the past two years due to the economic slowdown, jobs cuts and lower housing allowances amid an increase in supply in some communities.

The steepest drop in rental prices during the April-October period was in Dubai villas, with declines in Al Furjan neighbourhood (13.9 per cent), followed by Al Barsha (12 per cent), Jumeirah Village Circle (JVC), at 11.8 per cent, and Dubai Sports City (10.7 per cent).

"Dubai villa rents have experienced the biggest decline of all the categories in this report, but the decline is shallowing for other categories when compared to January 2016," the report said. "This may be due to a significant amount of affordable villas released to the market in areas such as JVC and Al Furjan."

Almost all of Dubai apartment communities monitored in the website’s 2017 Trends study saw rental declines, attributed to high levels of new stock. The exception was Dubai Investment Park, which saw an increase of 3.5 per cent, according to the report.

The biggest apartment rental drop was in Discovery Gardens (9.3 per cent). Historically one of the most affordable developments in Dubai, this neighbourhood now faces increasing competition from new “affordable” projects across Dubai.

Meanwhile, Dubai sales prices have seen low single-digit declines in most areas of the emirate in the six-month period. The biggest drop for Dubai apartments was in The Views (5.2 per cent), while Dubai Marina saw a more modest 2.4 per cent decline.

The up-and-coming area of Business Bay bucked the trend with a 0.5 per cent increase in sales prices over the period, possibly boosted by recent development activity alongside the new Dubai Canal.

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Dubai villa sales prices also experienced significant declines, according to the report, with The Meadows prices dropping by 9.3 per cent, Dubai Land by 8.2 per cent, Al Furjan by 8.1 per cent and Jumeirah Islands by 7.1 per cent.

Villa sales prices in the upscale Emirates Hills and Jumeirah Park neighbourhoods remained stable, while the midmarket areas of JVC and Al Barsha were the only two Dubai villa communities that saw sales increases in the past six months, of 4 per cent and 0.69 per cent respectively.

The Abu Dhabi villa rental market has seen a rapid decline from relatively stable levels in 2016 because of a larger number of handovers, according to Propertyfinder.ae.

Villa rental prices declined by 12 per cent in Al Salam Street, 7.7 per cent in Al Reef and 5.9 per cent in Al Raha Gardens. On the apartment front, the report shows a mixed picture, with Mohamed Bin Zayed City, Al Mushrif and Electra Street all seeing large rental increases of 13.8 per cent, 12.8 per cent and 8 per cent, respectively.

However, rents dropped in other Abu Dhabi communities, with the steepest declines recorded in the Corniche Area (7.8 per cent), Al Ghadeer (7.7 per cent), Al Raha Beach (6.6 per cent, and Al Reem Island (5 per cent).

Abu Dhabi villa sales prices witnessed low-to-mid single-digit declines over the six-month period with the biggest drops seen in Al Reef (6.6 per cent) and Al Raha Golf Gardens (6.2 per cent).

If you go

Flying

Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.

 

Touring

Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com 

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Turning waste into fuel

Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres

Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)

Time required for one full cycle of production from used cooking oil to biofuel: One day

Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

Aquaman and the Lost Kingdom

Director: James Wan

Starring: Jason Mamoa, Patrick Wilson, Amber Heard, Yahya Abdul-Mateen II 

Rating: 2/5

Russia's Muslim Heartlands

Dominic Rubin, Oxford

The Cairo Statement

1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

All The Light We Cannot See

Creator: Steven Knight

Stars: Mark Ruffalo, Hugh Laurie, Aria Mia Loberti

Rating: 1/5 

Wenger's Arsenal reign in numbers

1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.

Apple Mac through the years

1984 - Apple unveiled the Macintosh on January 24
1985 - Steve Jobs departed from Apple and established NeXT
1986 - Apple introduced the Macintosh Plus, featuring enhanced memory
1987 - Apple launched the Macintosh II, equipped with colour capabilities
1989 - The widely acclaimed Macintosh SE/30 made its debut
1994 - Apple presented the Power Macintosh
1996 - The Macintosh System Software OS underwent a rebranding as Mac OS
2001 - Apple introduced Mac OS X, marrying Unix stability with a user-friendly interface
2006 - Apple adopted Intel processors in MacBook Pro laptops
2008 - Apple introduced the MacBook Air, a lightweight laptop
2012 - Apple launched the MacBook Pro with a retina display
2016 - The Mac operating system underwent rebranding as macOS
2020 - Apple introduced the M1 chip for Macs, combining high performance and energy efficiency
2022 - The M2 chip was announced
2023 -The M3 line-up of chip was announced to improve performance and add new capabilities for Mac.

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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

SERIE A FIXTURES

Saturday

AC Milan v Sampdoria (2.30pm kick-off UAE)

Atalanta v Udinese (5pm)

Benevento v Parma (5pm)

Cagliari v Hellas Verona (5pm)

Genoa v Fiorentina (5pm)

Lazio v Spezia (5pm)

Napoli v Crotone (5pm)

Sassuolo v Roma (5pm)

Torino v Juventus (8pm)

Bologna v Inter Milan (10.45pm)

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

Company profile

Company name: Ogram
Started: 2017
Founders: Karim Kouatly and Shafiq Khartabil
Based: Dubai, UAE
Industry: On-demand staffing
Number of employees: 50
Funding: More than $4 million
Funding round: Series A
Investors: Global Ventures, Aditum and Oraseya Capital

Muguruza's singles career in stats

WTA titles 3

Prize money US$11,128,219 (Dh40,873,133.82)

Wins / losses 293 / 149