Abu Dhabi will be updating the rental index every quarter as well as provide rental values of individual buildings in the future as it aims to promote transparency and attract more investment in the real estate sector, according to a senior official at Abu Dhabi Real Estate Centre (Adrec).
Last month, Abu Dhabi launched the emirate's first residential rental index, aimed at providing indicative rental values in different areas of the emirate.
The rental index, which is available online at the real estate centre’s website, highlights rental rates for apartments and villas in Abu Dhabi City, Al Dhafra and Al Ain.
“Today, the rental index gives you an accurate, precise rental average based on a sector in the emirate of Abu Dhabi that's based on transacted [Tawtheeq] contracts,” Rashed Al Omaira, acting director general of Adrec, told The National.
“Our next step in the rental index is basically zooming into specific residential buildings. So, we look at stand-alone building by building rather than sector by sector, giving more accurate readings into the rental index,” Mr Al Omaira said.
As part of the strategy, it aims to look at providing rental values in major landmark residential buildings in the capital. Adrec, however, did not reveal when it plans to launch the new initiative.
The centre was set up last year to regulate the real estate market in the emirate and promote the sector with new strategies.
“Our job is to make sure that it's a transparent market where consumers and partners have access to information from the real estate sector, and we leave those prices to be dictated based on supply and demand,” Mr Al Omaira said.
Currently, as per Abu Dhabi law, a landlord cannot increase rent beyond 5 per cent when a contract is renewed with the tenant every year.
However, if there is a dispute between the landlord and tenant, residents can contact Adrec’s call centre or approach its office to resolve the issue.
Our doors are “wide open for the public to visit us and raise any inquiries that they have, plus also they can reach us by our digital channels”, Mr Al Omaira said.
Abu Dhabi property market
The UAE’s property market continues to rebound strongly from the coronavirus pandemic on the back of government initiatives such as residency permits for those who have retired and remote workers and growth in the non-oil economy.
In the second quarter, Abu Dhabi’s average apartment prices registered a year-on year increase of 6.2 per cent and average villa prices grew by 3.9 per cent, according to CBRE.
Average apartment prices reached Dh13,405 ($3,650) per square metre, and average villa prices Dh12,070 per square metre.
Rental prices also jumped during the period, with apartment prices rising by 6.6 per cent and average villa rents by 2.5 per cent during the quarter, the report said. Average annual apartment and villa rents in Abu Dhabi stood at Dh66,375 and Dh166,261, respectively.
“Abu Dhabi [is a] very promising property market,” Mr Al Omaira said.
“There's a lot of demand. We've recently announced that year-on-year growth for foreign direct investment has exceeded 200 per cent,” he said.
As per Adrec’s latest data, 971 individual investors from 75 countries including the US, the UK, China, Russia and Kazakhstan have bought property worth Dh3.28 billion in the emirate during the first half of 2024.
Overall, the emirate recorded 12,439 property transactions valued at Dh36.2 billion for the six-month period, with Dh23.7 billion worth of sales and purchase deals and Dh12.5 billion comprising mortgage transactions.
Residential supply in Abu Dhabi
About 1,800 new residential units are expected to hit the market until the first quarter of next year in Yas Island, Saadiyat and Al Reem islands amid continued demand for property, Mr Al Omaira said.
He added that they “carefully monitor” the supply situation, taking into consideration the population growth and roll out of new projects and previously approved projects “to make sure that we're in an occupancy rate that's maintained at a healthy delta in the real estate cycle”.
“When required, we can control a bit of the supply of stock and accordingly, mitigate a bit of the risk that might happen from a potentially oversupplied market. But currently, today, we're in a very optimistic market.”
The occupancy rate for Abu Dhabi residential buildings currently is between 85 per cent and 90 per cent, he added.
The latest data comes as developers continue to launch new projects amid higher demand for property.
On Wednesday, Aldar Properties, Abu Dhabi’s biggest listed developer, unveiled a new project on Yas Island named Yas Riva, with 151 four, five and six-bedroom canal-front villas available.
This follows another project announced by Aldar in July in the Saadiyat cultural district. It is developing 281 apartments and sky villas as part of The Arthouse residential community in Saadiyat Island.
This week, Abu Dhabi’s Bloom Holding also announced that it has begun the handover process of units in Cordoba, the first phase of the Bloom Living project in Abu Dhabi ahead of its delivery schedule in December.
Built over an area of 2.2 million square metres, Bloom Living near Abu Dhabi International Airport features more than 4,500 homes including villas, town houses and apartments.
“Abu Dhabi being an easy city to set up business and do business … all of these play a key role in positioning Abu Dhabi on the global footprint for potential investment and increasing the demand projections into the real estate sector,” Mr Al Omaira said.
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What you as a drone operator need to know
A permit and licence is required to fly a drone legally in Dubai.
Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.
It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.
“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.
“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.
“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.
“You cannot fly a drone without registration under any circumstances.”
Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.
The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.
“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.
“Operators must undergo proper training and certification to ensure safety and compliance.
“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
UAE currency: the story behind the money in your pockets
FIXTURES
Saturday, November 3
Japan v New Zealand
Wales v Scotland
England v South Africa
Ireland v Italy
Saturday, November 10
Italy v Georgia
Scotland v Fiji
England v New Zealand
Wales v Australia
Ireland v Argentina
France v South Africa
Saturday, November 17
Italy v Australia
Wales v Tonga
England v Japan
Scotland v South Africa
Ireland v New Zealand
Saturday, November 24
|Italy v New Zealand
Scotland v Argentina
England v Australia
Wales v South Africa
Ireland v United States
France v Fiji
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
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
Crime%20Wave
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Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
RESULT
Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')
Abu Dhabi Sustainability Week
Get Out
Director: Jordan Peele
Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Company%20profile
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
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In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
