A model of giraffes and a biker outside the Dubailand sales office. A focal element of the Dh235 billion property development was supposed to be entertainment.
A model of giraffes and a biker outside the Dubailand sales office. A focal element of the Dh235 billion property development was supposed to be entertainment.

5,000 new homes at bargain prices in Dubailand

More than 5,000 new homes are about to come on the market at bargain prices in Dubailand, the Dh235 billion (US$63.98bn) master-planned development off Emirates Road.
Sale and rental prices in Dubailand are already 20 to 40 per cent less than in comparable Dubai neighbourhoods, agents say.
Many owners in projects under construction bought off-plan at the height of the building boom and are now trying to sell their units.
But there are few takers outside the already established communities.
"The only demand is for completed property," said Hannah Bakshani, a Better Homes consultant who specialises in the Dubailand market.
Dubailand is billed on its website as "the world's most ambitious tourism, leisure and entertainment project".
Plans for the 3 billion-square-foot development include integrated Universal Studios and Six Flags theme parks, shopping malls, golf courses, offices and housing on a huge scale, creating a new international attraction.
But most of the development's entertainment components - including the theme parks; the Mall of Arabia, the world's largest shopping mall; and a Tiger Woods golf course - were put on hold in 2009, leaving the disjointed housing projects to battle for buyers with developments around the city.
The entertainment element "was the value added" for the Dubailand housing projects, said Matthew Green, the head of research for the property adviser CB Richard Ellis. "Otherwise it was just a development in the middle of the desert."
Many of the original buyers walked away from their purchases and forfeited their deposits during the economic downturn, leaving developments with hundreds of empty units.
More than 40 per cent of the buyers in Indigo Towers, a residential project built by H&H Investment & Development, defaulted, said Shahab Lutfi, the company's chief executive. Prices in many projects in Dubailand are already among the lowest in Dubai. In Falcon City, the development that was planned to include replicas of the Taj Mahal and the Eiffel Tower, a five-bedroom, five-bathroom villa is advertised for Dh3 million, or about Dh570 per sq ft. An 8,600 sq ft villa in The Villa, a Mediterranean-style development with more than 1,800 homes, is listed at Dh4.2m, or Dh492 per sq ft.
The average asking price for a villa in Dubai is closer to Dh860 per sq ft, according to the latest report on the market by Jones Lang LaSalle.
Hundreds of apartments are available for rent in the area as units at both the Remraam and Skycourts developments are handed over this summer.
A one-bedroom apartment in Skycourts, the 2,800-unit project, is advertised at Dh30,000 a year.
"The only place we're seeing property leasing is in the Villa project," said Michael Michael, the director of sales for Landmark Properties. "Everything else is a non-issue."
Established communities with completed shopping centres, parks and community amenities, such as Arabian Ranches and the Green Community, are enjoying sales activity, local agents say.
But the newer developments are often surrounded by desert, with supermarkets and parks still nothing more than designs in future plans.
"The lack of these facilities contributes to the desirability and demand of such stock, which in turn cause values to drop further and puts additional pressure on the demand of some more known areas," the property consultancy Cluttons said in a recent report. Dubai Properties Group (DPG), which is developing Dubailand, is still committed to building the infrastructure and entertainment elements of the project, said Khalid Al Malik, the chief executive. He said contracts were being renegotiated and a new master plan would be announced by the end of the year. "The good news is that DPG is going ahead with Dubailand," said Mohanad Al Wadiya, the managing director of Harbor Real Estate, which is marketing the Skycourts project. "The reality is that people should be happy the project will still be done." But in the short term property executives believe it could take years for the market to absorb the new homes coming on to the market
"A lot will be occupied and a lot will stay empty," said Thomas Bunker, an investment sales consultant for Better Homes.

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government


Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5


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Power: 235hp
Torque: 350Nm
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Price: From Dh167,500 ($45,000)
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Favourite Meal: Chicken Caesar salad

Hobbies: Travelling, going to the gym

Inspiration: Father, who was a captain in the UAE army

Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

Favourite film: The Founder, about the establishment of McDonald's


Director: Wes Ball

Starring: Owen Teague, Freya Allen, Kevin Durand

Rating: 3.5/5


Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight


Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others


July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

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