Sales of off-plan and secondary properties in Dubai reached a 12-year high in the third quarter, both in terms of volume and value, according to a report by Property Finder.
A total of 25,456 sales transactions worth Dh69.72 billion ($18.98bn) were recorded in the third quarter, marking an increase of about 62 per cent in terms of volume and more than 65 per cent in terms of value, compared with the third quarter of 2021.
There were 4,210 transactions worth Dh14.66bn in the secondary segment and 4,439 off-plan transactions valued at Dh9.75bn in September — a monthly high — as the momentum recorded throughout the year in the Dubai market continued.
“The surge in demand across [the] off-plan and secondary market comes as no surprise, given the UAE’s proactive strategies, attractive policies, golden visa initiative, formidable investment landscape and the property-pricing tactics,” said Scott Bond, UAE country manager at Property Finder.
“Major trends and catalysts, including an influx of high-net-worth individuals and millennials switching from renting to owning their desired properties, will consolidate the prominence of Dubai’s property market.”
Secondary properties recorded an increase of more than 30 per cent in terms of volume and a rise of more than 32 per cent in terms of value in September, on an annual basis.
Meanwhile, off-plan transactions in September were up more than 80 per cent in terms of volume and 94 per cent in terms of value year on year, Property Finder said.
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The strong sales performance in September follows a decade-high reached in August, as the market continues to rebound over the past year on the back of the UAE's broader economic recovery.
The market boom is expected to continue through to the end of the year, with a further boost set to come from the hosting of the football World Cup in Qatar next month.
“While globally, recession fears and stock market concerns loom, the UAE government’s agile response to the pandemic, the successful hosting of Expo 2020 and the raft of demand drivers that were set in motion over the last few years to cement Dubai’s global positioning are bearing results,” property consultancy Core said in its Dubai market update for the third quarter.
“This is evidenced by the influx of FDI [foreign direct investment] and HNI wealth, rising number of licences issued, record transaction volumes and sustained population growth across income segments.”
It said Dubai had a record number of property sales worth more than Dh100 million this year, with 16 to date, including 10 in the third quarter.
A shortage of prime property in the city has been driving up prices.
Ultra-prime waterfront projects such as Bulgari Ocean Mansions and Palm Jumeirah villas were leading this trend, it said.
Earlier this week, it was announced that a record for the most expensive property sale in Dubai had been achieved.
The property was a double Signature Villa, named Casa Del Sole, on Palm Jumeirah, which was developed by Alpago Properties and sold for Dh302m.
It beat the earlier record high sale price of Dh280m, which also came this year.
The property has eight bedrooms and underground parking for up to 15 cars. It has been built over four levels on a plot of 28,000 square feet (2,601 square metres).
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Types of policy
Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.
Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.
Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.
Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.
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
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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