Business Bay recorded the highest number of off-plan properties traded in one month in August, according to a new report by consultancy ValuStrat. Antonie Robertson / The National
Business Bay recorded the highest number of off-plan properties traded in one month in August, according to a new report by consultancy ValuStrat. Antonie Robertson / The National
Business Bay recorded the highest number of off-plan properties traded in one month in August, according to a new report by consultancy ValuStrat. Antonie Robertson / The National
Business Bay recorded the highest number of off-plan properties traded in one month in August, according to a new report by consultancy ValuStrat. Antonie Robertson / The National

Dubai’s apartments record higher price gains on strong demand in August


Deepthi Nair
  • English
  • Arabic

Prices for apartments in Dubai increased along with those of villas and townhouses last month, according to real estate consultancy ValuStrat.

The market for apartments experienced capital gains of 1.5 per cent monthly and expanded at a record 10 per cent annually, the highest capital growth in a decade, the agency said in a new report.

Apartments in Palm Jumeirah recorded the highest capital gains annually at 19.3 per cent, followed by The Greens at 14.7 per cent, Discovery Gardens at 14.1 per cent, Motor City at 13 per cent, and Jumeirah Beach Residence at 11.3 per cent, the research showed.

“Increased sales of apartments within affordable and mid-market communities were observed,” said Haider Tuaima, head of research at ValuStrat.

“August saw International City ranking fourth within locations with highest number of ready home sales. Arjan ranked third within the highest number of off-plan registrations, while Business Bay broke its individual record for the first time with the highest number of off-plan properties traded in one month.”

Dubai’s property boom is not going to slow down any time soon, according to real estate experts, as a rising population, minimal taxes and the global economic climate continue to drive optimism.

Dubai's property market has bounced back strongly from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for the retired and remote workers.

The emirate's move to expand the 10-year golden visa programme, the economic gains generated by Expo 2020 Dubai and higher oil prices also supported property market growth momentum.

Dubai’s residential real estate prices rose 17 per cent in the second quarter on an annual basis, marking the 10th consecutive quarter of expansion, amid strong demand and robust economic growth, according to a report by consultancy Knight Frank last month.

Property prices in the April to June period rose 4.8 per cent from the previous quarter, the agency said.

Meanwhile, villa prices in Dubai increased 2.4 per cent when compared with July, and 18.2 per cent since last year, according to the ValuStrat report.

“This is far below the 33.9 per cent villa annual capital gains seen during February 2022,” Mr Tuaima said.

Villas in Jumeirah Islands recorded the highest capital gains annually at 24.2 per cent, followed by the Palm Jumeirah at 22.1 per cent, Dubai Hills Estate at 22 per cent, and Emirates Hills at 20.6 per cent, the report showed.

Jumeirah Park, Arabian Ranches and Jumeirah Islands surpassed their 2014 price peaks by up to 3.2 per cent.

Off-plan Oqood (contract) registrations rose 13 per cent monthly and 40.8 per cent annually, representing a three-year record share of 63.5 per cent of overall monthly sales, ValuStrat said.

However, ready homes transactions fell 14.6 per cent monthly and 26.2 per cent annually.

Apartment sales dominated last month, representing 95 per cent of all deals, 99 per cent of off-plan registrations and 88 per cent of ready home title deeds, the research showed.

Top off-plan locations transacted last month included projects in Business Bay, Jumeirah Village, Arjan, Sobha Hartland and Dubai Harbour.

The majority of ready homes sold in August were in Jumeirah Village, Dubai Marina, Business Bay, International City and Downtown Dubai, ValuStrat said.

Properties developed by Emaar (10.9 per cent), Damac (10.5 per cent), Sobha (8.7 per cent), Danube (5.6 per cent) and Nakheel (5 per cent) topped the sales charts.

Dubai's most expensive home on sale for $204 million – in pictures

  • A mansion in the Emirates Hills area of Dubai has been put on the market with a price tag of Dh750 million. All photos: Luxhabitat Sotheby's
    A mansion in the Emirates Hills area of Dubai has been put on the market with a price tag of Dh750 million. All photos: Luxhabitat Sotheby's
  • Emirates Hills is a gated community to the south of Dubai Marina, with security personnel and checkpoints to guard some of the Middle East's wealthiest residents
    Emirates Hills is a gated community to the south of Dubai Marina, with security personnel and checkpoints to guard some of the Middle East's wealthiest residents
  • The property - nicknamed the Marble Palace by the selling agents - was built using an estimated Dh80-Dh100 million worth of Italian marble
    The property - nicknamed the Marble Palace by the selling agents - was built using an estimated Dh80-Dh100 million worth of Italian marble
  • The pool area is the size of a hotel spa
    The pool area is the size of a hotel spa
  • The property arrives on the market as the city experiences one of the world's biggest property booms
    The property arrives on the market as the city experiences one of the world's biggest property booms
  • Construction took nearly 12 years and was completed in 2018
    Construction took nearly 12 years and was completed in 2018
  • 'It’s not everybody’s taste or style,' Luxhabitat Sotheby’s broker Kunal Singh says, acknowledging that buyers will either love it or hate it
    'It’s not everybody’s taste or style,' Luxhabitat Sotheby’s broker Kunal Singh says, acknowledging that buyers will either love it or hate it
  • Amenities include a 15-car garage, 19 bathrooms, a power substation and panic rooms
    Amenities include a 15-car garage, 19 bathrooms, a power substation and panic rooms
  • The owner, a local property developer, declined to be named
    The owner, a local property developer, declined to be named

Separately, global real estate consultancy CBRE said in a recent report that total volume of transactions in Dubai’s residential market stood at 11,328 in August, the second-highest monthly figure registered yet and up by 22 per cent compared with the previous year.

In the year to date to August, a total of 79,605 transactions were registered, the highest on record over this period, the consultancy added.

In the 12 months to August, average prices rose by 19.6 per cent. Over this period, average apartment prices rose by 20 per cent and average villa prices rose by 17.3 per cent.

Average apartment sales rates sit 9.6 per cent below their 2014 comparable peak, while average villa sales rates are at 8.7 per cent above their 2014 level, according to CBRE’s findings.

In the apartment segment, Downtown Dubai registered the highest sales rate per square foot at Dh2,460, whereas in villas, Palm Jumeirah reported the highest sales rate per square foot at Dh4,915.

“In the rental market, we continue to witness a slight moderation in the rate of growth,” Taimur Khan, head of research for Middle East and North Africa at CBRE in Dubai, said.

“Average rents in Dubai rose by 21.7 per cent in the year to August. Over this period, average apartment rents increased by 21.5 per cent, and average villa rents rose by 22.6 per cent.”

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The Farewell

Director: Lulu Wang

Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma

Four stars

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
Copa del Rey

Semi-final, first leg

Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')

Second leg, February 27

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

RACE CARD

6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m

7.05pm Handicap (TB) $68,000 (Turf) 2,410m

7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m

8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m

8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m

9.25pm Handicap (TB) $65,000 (T) 1,000m

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

The specs: 2019 Audi A8

Price From Dh390,000

Engine 3.0L V6 turbo

Gearbox Eight-speed automatic

Power 345hp @ 5,000rpm

Torque 500Nm @ 1,370rpm

Fuel economy, combined 7.5L / 100km

Under 19 World Cup

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

 

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

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Updated: September 16, 2023, 7:56 AM