Real estate rental and sales prices continued to decline across much of the UAE last month as the fight for affordability persists, new data shows.
Average residential sales prices in Dubai decreased by 7.7 per cent year-on-year in September, market analyst Reidin said in a report on Wednesday.
Its Dubai Residential Property Sales Price Index, researched on a monthly basis, decreased by 2.1 points to 235.6 – a 0.8 per cent month-on-month drop.
Villa sale prices registered the steepest declines of all types of residential property in Dubai in September. Prices decreased by 9 per cent year-on-year, while apartment sales prices declined by 7.3 per cent.
Property prices across the UAE have fallen over the past few years amid a three-year oil price slump. Global oil prices have recovered to above $80 per barrel now, but rising supply and a maturing market offering a broader range of price points is keeping property values lower than before.
Average rental values in Dubai declined by 9.8 per cent, and Reidin's Dubai Residential Property Rental Price Index decreased by 0.6 points to 82.2, representing a monthly decline of 0.7 per cent. Apartment rental prices declined more steeply than for villas, at 9.9 per cent year-on-year compared to 7.9 per cent for villas.
In Abu Dhabi, residential sales prices declined by 5.6 per cent year-on-year in September, according to Reidin. The Abu Dhabi Residential Property Sales Price Index fell by 0.6 points to 87.7, a 0.62 per cent decline. Average apartment sales prices fell by 6.4 per cent year-on-year, while villa sales prices declined by 3 per cent.
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Read more:
[ UAE real estate recovery likely next year, analysts say ]
[ Dubai’s ‘tenant-friendly’ residential market to persist through 2018, says Core Savills ]
[ UAE residential sales prices fall, but Emaar-Aldar tie-up will buoy market ]
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For rentals, prices declined at a steeper 11.2 per cent on average in September, with apartment rental rates in Abu Dhabi falling by 11.7 per cent annually and villas by 9.9 per cent. Reidin’s Abu Dhabi Residential Property Rental Price Index decreased by 0.7 points month-on-month, to 81.7.
Real estate price declines were similar in the Northern Emirates, the report showed. Ajman apartment rents declined by 10.3 per cent year-on-year in September, 8.1 per cent in Ras Al Khaimah and 7 per cent in Sharjah. In RAK and Sharjah, there were marginal price increases of 0.02 per cent on a monthly basis.
World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
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The five pillars of Islam
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
RESULTS
Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18
Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Mrs Chatterjee Vs Norway
Director: Ashima Chibber
Stars: Rani Mukerji, Anirban Bhattacharya and Jim Sarbh
Rating: 2/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
