VILLA PRICES: Palm Jumeirah: Dh3,207 per square foot — up 5 per cent a month in May (they went up 5 per cent in April).
VILLA PRICES: Palm Jumeirah: Dh3,207 per square foot — up 5 per cent a month in May (they went up 5 per cent in April).
Emirates Hills: Dh2,096 per square foot — up 1.8 per cent a month (up 1.8 per cent in April). Photo: Knight Frank
Emirates Hills: Dh2,096 per square foot — up 1.8 per cent a month (up 1.8 per cent in April). Photo: Knight Frank
Jumeirah: Dh2,046 per square foot — up 2.0 per cent a month (up 3.7 per cent in April). Sarah Dea / The National
Jumeirah: Dh2,046 per square foot — up 2.0 per cent a month (up 3.7 per cent in April). Sarah Dea / The National
District One: Dh1,867 per square foot — up 2.3 per cent per cent a month (down 0.9 per cent in April). Satish Kumar / The National
District One: Dh1,867 per square foot — up 2.3 per cent per cent a month (down 0.9 per cent in April). Satish Kumar / The National
Mohammed bin Rashid City: Dh1,514 per square foot — up 0.1 per cent a month (up 0.7 per cent in April).
Mohammed bin Rashid City: Dh1,514 per square foot — up 0.1 per cent a month (up 0.7 per cent in April).
Dubai Hills: Dh1,465 per square foot — up 1.2 per cent a month (up 1.5 per cent in April). Photo: Emaar Malls Management
Dubai Hills: Dh1,465 per square foot — up 1.2 per cent a month (up 1.5 per cent in April). Photo: Emaar Malls Management
The Meadows: Dh1,462 per square foot — up 1.6 per cent a month (down 0.5 per cent). Jeffrey E Biteng / The National
The Meadows: Dh1,462 per square foot — up 1.6 per cent a month (down 0.5 per cent). Jeffrey E Biteng / The National
The Lakes: Dh1,438 per square foot — up 1.2 per cent a month (up 1.0 per cent in April). Pawan Singh / The National
The Lakes: Dh1,438 per square foot — up 1.2 per cent a month (up 1.0 per cent in April). Pawan Singh / The National
Jumeirah Islands: Dh1,468 per square foot — up 0.9 per cent a month (up 2.5 per cent). Photo: Prestige Dubai
Jumeirah Islands: Dh1,468 per square foot — up 0.9 per cent a month (up 2.5 per cent). Photo: Prestige Dubai
Jumeirah Golf Estates: Dh1,407 per square foot — up 3.6 per cent a month (up 4.6 per cent). Pawan Singh / The National
Jumeirah Golf Estates: Dh1,407 per square foot — up 3.6 per cent a month (up 4.6 per cent). Pawan Singh / The National
The Springs and The Meadows: Dh1,166 per square foot — up 1.8 per cent a month (up 2.1 per cent in April). Photo: Better Homes
The Springs and The Meadows: Dh1,166 per square foot — up 1.8 per cent a month (up 2.1 per cent in April). Photo: Better Homes
Arabian Ranches: Dh1,204 per square foot — up 0.7 per cent a month (up 3.7 per cent in April). Pawan Singh / The National
Arabian Ranches: Dh1,204 per square foot — up 0.7 per cent a month (up 3.7 per cent in April). Pawan Singh / The National
Meydan City: Dh1,167 per square foot — up 0.9 per cent a month (up 0.9 per cent in April).
Meydan City: Dh1,167 per square foot — up 0.9 per cent a month (up 0.9 per cent in April).
Al Barari: Dh1,137 per square foot — down 0.7 per cent a month (up 4.9 per cent in April). Photo: Luxhabitat
Al Barari: Dh1,137 per square foot — down 0.7 per cent a month (up 4.9 per cent in April). Photo: Luxhabitat
Jumeirah Park: Dh1,100 per square foot — up 0.2 per cent a month (up 0.8 per cent in April). Pawan Singh / The National
Jumeirah Park: Dh1,100 per square foot — up 0.2 per cent a month (up 0.8 per cent in April). Pawan Singh / The National
Victory Heights: Dh1,104 per square foot — up 3.7 per cent a month (down 2.2 per cent in April). Photo: Luxhabitat
Victory Heights: Dh1,104 per square foot — up 3.7 per cent a month (down 2.2 per cent in April). Photo: Luxhabitat
Mudon: Dh1,003 per square foot — down 0.5 per cent a month (up 2.7 per cent in April). Satish Kumar / The National
Mudon: Dh1,003 per square foot — down 0.5 per cent a month (up 2.7 per cent in April). Satish Kumar / The National
Jumeirah Village Triangle: Dh957 per square foot — down 0.2 per cent a month (up 2.3 per cent in April). Pawan Singh / The National
Jumeirah Village Triangle: Dh957 per square foot — down 0.2 per cent a month (up 2.3 per cent in April). Pawan Singh / The National
Sustainable City: Dh941 per square foot — down 0.8 per cent a month (up 0.6 per cent in April). Antonie Robertson / The National
Sustainable City: Dh941 per square foot — down 0.8 per cent a month (up 0.6 per cent in April). Antonie Robertson / The National
Town Square: Dh805 per square foot — down 1.0 per cent a month (up 1.4 per cent in April). Satish Kumar / The National
Town Square: Dh805 per square foot — down 1.0 per cent a month (up 1.4 per cent in April). Satish Kumar / The National
Living Legends: Dh796 per square foot — up 1.2 per cent a month. Pawan Singh / The National
Living Legends: Dh796 per square foot — up 1.2 per cent a month. Pawan Singh / The National
Jumeirah Village Circle: Dh619 per square foot — up 0.8 per cent (up 1.3 per cent in April). Antonie Robertson / The National
Jumeirah Village Circle: Dh619 per square foot — up 0.8 per cent (up 1.3 per cent in April). Antonie Robertson / The National
Falconcity of Wonders: Dh724 per square foot — down 2.5 per cent a month (up 1.6 per cent in April). Sarah Dea / The National
Falconcity of Wonders: Dh724 per square foot — down 2.5 per cent a month (up 1.6 per cent in April). Sarah Dea / The National
Akoya Oxygen: Dh598 per square foot — up 1.0 per cent a month (up 1.3 per cent in April). Photo: Allsopp & Allsopp
Akoya Oxygen: Dh598 per square foot — up 1.0 per cent a month (up 1.3 per cent in April). Photo: Allsopp & Allsopp

Business

Property

Dubai property prices: where they are rising and falling — May 2022

Prime areas such as Palm Jumeirah and Downtown Dubai continue to register price increases

Ian Oxborrow
Ian Oxborrow

June 15, 2022

  • English
  • Arabic

Property prices in Dubai continued to rise in May, with transaction volumes also growing as the emirate's real estate market makes a strong rebound from the coronavirus-induced slowdown.

Average residential property prices increased by 10.9 per cent in the year to May 2022, with apartment prices rising 9.6 per cent and villa prices up 19.8 per cent, CBRE said in its latest Dubai market report.

Month on month, prices rose 0.4 per cent for apartments and 1.2 per cent for villas in May, the report said.

The total volume of transactions in the market reached 5,542 in May, up 33 per cent from a year earlier.

“Transaction activity in Dubai’s residential market continues to remain on a strong footing, with total transaction volumes in the year to date [until] May 2022 reaching 30,903, the highest total recorded since 2009,” said Taimur Khan, head of research for the Mena region at CBRE.

“Price growth has also remained robust, despite the rate of growth slowing marginally from a month earlier.”

Check apartment price rises and falls in the slide show below

APARTMENT PRICES: Downtown Dubai rose by 0.5 per cent month-on-month in May to Dh2,045 per square foot (they were up 0.7 per cent in April). Reuters
APARTMENT PRICES: Downtown Dubai rose by 0.5 per cent month-on-month in May to Dh2,045 per square foot (they were up 0.7 per cent in April). Reuters
Jumeirah: Dh1,996 per square foot — up 3.6 per cent a month (up 3.5 per cent in April). The National
Jumeirah: Dh1,996 per square foot — up 3.6 per cent a month (up 3.5 per cent in April). The National
The Palm Jumeirah: Dh1,996 per square foot — up 4.2 per cent a month (up 4 per cent in April). Antonie Robertson / The National
The Palm Jumeirah: Dh1,996 per square foot — up 4.2 per cent a month (up 4 per cent in April). Antonie Robertson / The National
DIFC: Dh1,687 per square foot — up 2.5 per cent a month (up 1.2 per cent in April). Jeff Topping / The National
DIFC: Dh1,687 per square foot — up 2.5 per cent a month (up 1.2 per cent in April). Jeff Topping / The National
Business Bay: Dh1,522 per square foot — up 1.3 per cent a month (up 1.7 per cent in April). Sarah Dea / The National
Business Bay: Dh1,522 per square foot — up 1.3 per cent a month (up 1.7 per cent in April). Sarah Dea / The National
Jumeirah Beach Residence: Dh1,452 per square foot — down 1.0 per cent a month (down 2.2 per cent in April). Photo: LuxuryProperty.com
Jumeirah Beach Residence: Dh1,452 per square foot — down 1.0 per cent a month (down 2.2 per cent in April). Photo: LuxuryProperty.com
Mohammed bin Rashid City: Dh1,503 per square foot — up 2.3 per cent a month (down 0.2 per cent in April). Satish Kumar / The National
Mohammed bin Rashid City: Dh1,503 per square foot — up 2.3 per cent a month (down 0.2 per cent in April). Satish Kumar / The National
Dubai Hills: Dh1,488 per square foot — up 2.7 per cent a month (up 0.3 per cent in April). Photo: Emaar Malls Management
Dubai Hills: Dh1,488 per square foot — up 2.7 per cent a month (up 0.3 per cent in April). Photo: Emaar Malls Management
Dubai Marina: Dh1,362 per square foot — down 0.3 per cent a month (down 0.7 per cent in April). Victor Besa / The National
Dubai Marina: Dh1,362 per square foot — down 0.3 per cent a month (down 0.7 per cent in April). Victor Besa / The National
The Greens and The Views: Dh1,069 per square foot — down 2.5 per cent a month (down 0.6 per cent in April). Sarah Dea / The National
The Greens and The Views: Dh1,069 per square foot — down 2.5 per cent a month (down 0.6 per cent in April). Sarah Dea / The National
Jumeirah Lakes Towers: Dh1,013 per square foot — up 3.1 per cent a month (down 1.1 per cent in April). Antonie Robertson / The National
Jumeirah Lakes Towers: Dh1,013 per square foot — up 3.1 per cent a month (down 1.1 per cent in April). Antonie Robertson / The National
Damac Hills: Dh998 per square foot — up 2.1 per cent a month (down 0.7 per cent in April). Pawan Singh / The National
Damac Hills: Dh998 per square foot — up 2.1 per cent a month (down 0.7 per cent in April). Pawan Singh / The National
Jumeirah Village Circle: Dh900 per square foot — up 0.4 per cent a month (up 0.1 per cent in April). Razan Alzayani / The National
Jumeirah Village Circle: Dh900 per square foot — up 0.4 per cent a month (up 0.1 per cent in April). Razan Alzayani / The National
Town Square: Dh862 per square foot — up 0.4 per cent a month (down 1.9 per cent in April).
Town Square: Dh862 per square foot — up 0.4 per cent a month (down 1.9 per cent in April).
Motor City: Dh670 per square foot — up 0.8 per cent a month (down 0.7 per cent in April).
Motor City: Dh670 per square foot — up 0.8 per cent a month (down 0.7 per cent in April).
Dubai Silicon Oasis: Dh581 per square foot — down 2.9 per cent a month (down 0.7 per cent in April). Chris Whiteoak / The National
Dubai Silicon Oasis: Dh581 per square foot — down 2.9 per cent a month (down 0.7 per cent in April). Chris Whiteoak / The National
Dubai Sports City: Dh588 per square foot — down 3.9 per cent a month (down 1.1 per cent in April). Reem Mohammed / The National
Dubai Sports City: Dh588 per square foot — down 3.9 per cent a month (down 1.1 per cent in April). Reem Mohammed / The National
Discovery Gardens: Dh525 per square foot — up 0.3 per cent a month (down 2.2 per cent in April). Pawan Singh / The National
Discovery Gardens: Dh525 per square foot — up 0.3 per cent a month (down 2.2 per cent in April). Pawan Singh / The National
International City: Dh438 per square foot — down 0.5 per cent in a month (down 0.6 per cent in April). Antonie Robertson / The National
International City: Dh438 per square foot — down 0.5 per cent in a month (down 0.6 per cent in April). Antonie Robertson / The National

Where were the highest price increases in Dubai?

The prime areas showed the most significant price growth in May amid strong demand and a supply shortage in the segment.

The market has been attracting high-net-worth individuals from around the world on the back of the UAE's strong economic rebound from the global pandemic-induced slowdown.

Allsopp & Allsopp recorded a 50 per cent decline in ultra-prime properties coming to the market when comparing May 2022 to May 2021, chief executive Lewis Allsopp told The National earlier this month.

While demand is increasing, supply has remained stagnant, he said.

“Most ultra-prime property owners are holding on to their properties unless there is a need to sell,” he said.

Palm Jumeirah apartments recorded a 4.2 per cent price rise, month on month, in May while villa prices on the man-made island increased 5 per cent. This follows similar rises in April.

Properties in Meydan City and Jumeirah Golf Estates also posted price rises last month.

In terms of the highest average sales rate per square foot, Downtown Dubai topped the list for the apartments segment at Dh2,045 while Palm Jumeirah led the villas segment, with prices at Dh3,207.

While average prices per square foot stood at Dh1,102 for apartments and at Dh1,307 for villas in May, they remain 25.9 per cent and 9.5 per cent lower, respectively, when compared to the highs witnessed in late 2014, CBRE said.

Inflationary pressures

Inflation in Dubai accelerated to an annual 4.6 per cent in April, from 1.1 per cent in December 2021. The UAE's consumer price index rose 2.5 per cent in 2021, according to official data.

Property consultancy Knight Frank said the level is “relatively tame compared to the rest of the world”.

Read more

Are Dubai properties near the Etihad Rail line set for a price boost?

The UAE Central Bank raised its interest rate by 50 basis points last month, in line with the US Federal Reserve board's decision to increase its key interest rate.

More rate increases are expected during the rest of this year, including one this week.

However, Knight Frank said it does not expect rate increases to affect the stability of the Dubai residential market.

During the first five months of 2022, mortgage buyers accounted for about 18 per cent of the residential market, by value of deals, compared to about 40 per cent last year and 52 per cent in 2007, it said in a report.

“Right now, the bulk of deals at the top end of the residential market are cash purchases, in large part due to the unrelenting influx of ultra-high net worth capital targeting Dubai’s most expensive homes,” it said.

“A persistent and intensifying wave of UHNWI capital from markets as varied as Monaco, Singapore, Hong Kong, Austria, Switzerland and even mainland China continues to zero in on the emirate’s residential real estate market.”

Looking ahead, while property prices are continuing to increase, they are unlikely to rise by 60 per cent again this year.

“It is unsustainable and unhealthy for the market, so price increases will undoubtedly be less vigorous,” Knight Frank said.

With price growth expected to hover at about 5 per cent to 7 per cent this year for Dubai's mainstream market and 12 per cent to 15 per cent for the prime properties, “residential property in the emirate is still an excellent inflation hedge”, the consultancy said.

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Dubai property rents: where are they rising and falling in Q1 2022?

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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
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Benefits of first-time home buyers' scheme
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  • Discounts on sales price of off-plan units
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  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Disability on screen

Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)

Rosewood and Transparent — heart issues

24: Legacy — PTSD;

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Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

While you're here

Director: Jon Favreau

Starring: Donald Glover, Seth Rogen, John Oliver

Rating: 2 out of 5 stars

RESULTS

6.30pm: Maiden Dh 165,000 1,600m
Winner: Superior, Connor Beasley (jockey), Ahmad bin Harmash (trainer)

7.05pm: Handicap Dh 185,000 2,000m
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10pm: Handicap Dh 165,000 1,600m
Winner: Untold Secret, Xavier Ziani, Sandeep Jadhav

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

UAE currency: the story behind the money in your pockets
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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Killing of Qassem Suleimani
On Women's Day
Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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The specs: 2018 Harley-Davidson Fat Boy

Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3EDual%20synchronous%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C108hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C340Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%20(front%20axle)%3B%20two-speed%20transmission%20(rear%20axle)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E488-560km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh928%2C400%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EOrders%20open%3C%2Fp%3E%0A
A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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UAE currency: the story behind the money in your pockets
Kanye%20West
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While you're here
While you're here
UAE currency: the story behind the money in your pockets
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Mohammed bin Zayed Majlis
Jewel of the Expo 2020

252 projectors installed on Al Wasl dome

13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas

550 tonnes of moulded steel were raised last year to cap the dome

724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

Steel trellis dome is one of the largest single structures on site

The size of 16 tennis courts and weighs as much as 500 elephants

Al Wasl means connection in Arabic

World’s largest 360-degree projection surface

Updated: June 15, 2022, 9:48 AM`
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