A property deal for the purchase of land worth Dh600 million ($163.4m) has been recorded by the Dubai Land Department as prices in prime areas of Dubai continue to rise.
The land, on The Palm Jumeirah, was bought by an unnamed buyer, with the area listed as 5,534 square metres.
The deal comes a few weeks after a record was set for Dubai's most expensive property with the sale of a villa on Palm Jumeirah for Dh302m.
The market has rebounded on the back of the UAE's broader economic recovery from the coronavirus-induced slowdown, and a shortage of prime property in the city that has been driving up prices.
Prime residential values in Dubai, which encompass The Palm Jumeirah, Emirates Hills and Jumeirah Bay, have risen by 89 per cent in the past 12 months, according to a report by property consultancy Knight Frank.
“Prime residential values in Dubai continue to strengthen, growing by 29 per cent in Q3 [third quarter] alone, fuelled by a persistent deluge of UHNWI [ultra high net worth individuals] who are zeroing in on Dubai’s premier districts, in search of second homes,” said Faisal Durrani, partner and head of Middle East research at Knight Frank.
“This trend marks a significant departure to the emirate’s two previous market cycles, where the overriding flavour of buyers was linked to buy-to-let or buy-to-flip purchases.
“This insatiable demand has fuelled villa price rises of over 100 per cent in locations such as The Palm Jumeirah since the start of the pandemic.”
A total of 152 ultra-prime sales, those costing more than $10m, were recorded in the first nine months of 2022, beating last year's total of 93.
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Knight Frank does not expect prices or demand to wane in the short to medium term, with a further price growth of 5 per cent to 7 per cent expected by the end of the year.
It noted that only eight new villas are due in Dubai’s prime residential areas between 2023 and 2025 — all of which are on Jumeirah Bay Island.
“The overriding challenge for the emirate is the shortage of waterfront homes,” Mr Durrani added. “The revival of Deira Islands as The Dubai Islands should help to alleviate the drought of ultra-prime homes once the development plans are finalised, albeit it is likely to be a few years yet before the first homes are ready to move into here.”
Broker Chris Boswell, who for seven years held the record for Dubai’s highest private residence sale and has sold more than 100 properties on The Palm since 2006, told The National that the man-made island was now one of the most premium waterfront addresses in the world, but remains still well priced compared to luxury locations in other countries.
“The demand we are seeing for Palm Jumeirah villas is completely unprecedented,” he said.
“I always said that real estate on the island was undervalued before the acceleration in prices and still feel prices are still under where they should be, in comparison to other global luxury waterfront destinations. The amenities, hotels, restaurants and retail destinations are the best in the world, and I foresee prices — due to the demand and the lack of prime supply — will climb further into Q1 2023.”
The market boom is expected to continue across all price segments, with a further boost set to come from the hosting of the football World Cup in Qatar next month.
Developer Nakheel said it was revisiting its plans for Palm Jebel Ali, which could fill the gap in waterside properties available. The project has been dormant since 2009.
Dubai Land Department data showed 22,895 units were sold in the third quarter, up 61 per cent from the same period in 2021.
Villa and townhouse prices in Al Furjan experienced a 12 per cent increase, according to Betterhomes, followed by a 7 per cent rise in Jumeirah Golf Estates.
However, Jumeirah Village Circle, a popular and affordable community for families, had a 5 per cent drop in prices.
“While there are still pockets of runaway prices. On the whole, prices have stabilised over the past quarter and we now seem to be in a period of strong transactions and sustainable price growth,” said Richard Waind, group managing director at Betterhomes.
The five pillars of Islam
Results
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Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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NATIONAL%20SELECTIONS
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Company%20Profile
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Sholto Byrnes on Myanmar politics
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
Company%20profile
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
Spec%20sheet
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