A wave of Singaporean and Iranian money is set to hit the Dubai prime property market as the city recovers from the financial crisis.
Knight Frank said yesterday that prime villa prices in Dubai rose 20 per cent last year, with Indians, Pakistanis and Russians emerging as the top three buying nationalities.
But the broker expects buyers from Iran and Singapore to lead the international investor pack this year - targeting prime properties.
The agent found that the number of high net worth individuals with more than US$30 million (Dh110.1m) rose by 5 per cent in 2012. In Singapore the report found that there were 1,345 high net worth individuals last year - a number it predicts to grow by 43 per cent over the coming decade.
"Dubai is already very cosmopolitan and the largest segments of buyers at present are Indians and Pakistanis, followed by Saudi Arabians and other GCC nationals. Russians, Europeans and other western nationalities also continue to invest and reside in the UAE," said Helen Tatham, the director of residential at Knight Frank Dubai. "What's interesting, however, is that developers have started to expand beyond the traditional markets and are targeting buyers from Africa and Asia."
UAE high net worth buyers were found to be the second highest proportion of overseas buyers in Jakarta, Indonesia and the third highest in Paris, Vienna and Nairobi.
Over the next couple of years Knight Frank predicts that rich UAE buyers will also flock to Monaco, Hong Kong and Kuala Lumpur as the global prime property markets become more international.
A survey of Knight Frank's development analysts found that nearly 40 per cent more of those questioned said that prices for new property in the Middle East and Africa had increased over the past year compared with those who said prices had fallen - the highest proportion of any region globally.
About 25 per cent more of those questioned also said prices for new property in the region had increased over the past three months - the second highest region in the world after Asia-Pacific.
[ lbarnard@thenational.ae ]
Everybody Loves Touda
Director: Nabil Ayouch
Starring: Nisrin Erradi, Joud Chamihy, Jalila Talemsi
Rating: 4/5
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant+& Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
Elvis
Director: Baz Luhrmann
Stars: Austin Butler, Tom Hanks, Olivia DeJonge
Rating: 4/5
Diriyah project at a glance
- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90+4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
