In Dubai, residential sales prices fell 4.11 per cent year-on-year and 0.36 per cent month-on-month. Pawan Singh / The National
In Dubai, residential sales prices fell 4.11 per cent year-on-year and 0.36 per cent month-on-month. Pawan Singh / The National
In Dubai, residential sales prices fell 4.11 per cent year-on-year and 0.36 per cent month-on-month. Pawan Singh / The National
In Dubai, residential sales prices fell 4.11 per cent year-on-year and 0.36 per cent month-on-month. Pawan Singh / The National

UAE residential sales prices fall, but Emaar-Aldar tie-up will buoy market


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Residential sales prices in Abu Dhabi and Dubai fell in February, but the partnership between Aldar Properties and Emaar Properties will buoy the market, according to a new report by property data provider Reidin.

Abu Dhabi sales prices plunged 7.9 per cent year-on-year in February and 1 per cent month-on-month, according to Reidin's residential price indexes for Abu Dhabi and Dubai. In Dubai, sales prices fell 4.1 per cent year-on-year and 0.3 per cent month-on-month.

“Overall market conditions in the UAE have remained stable when we compare total sales transaction volumes in February 2018 with same term last year,” said Reidin’s operations and research director Ozan Demir. “Recently, the UAE’s two major developers Emaar and Aldar announced a partnership to launch Dh30 billion worth of iconic and lifestyle projects locally and internationally. This attests the UAE Government’s ambitions in strengthening real estate regulations and adding economic value to the country.”

The UAE’s property market has softened in the past few years on increased supply, job cuts, reduced housing allowances and weaker economic growth sparked by low oil prices. But a rebound in the price of oil and slower delivery of units is helping the market recover.

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The recent partnership between Aldar and Emaar also signals a greater co-operation between property developers from different emirates, a move that will bolster the real estate market.

In Abu Dhabi, apartment sales prices dipped 9.1 per cent year-on-year in February, while villa sales prices fell 4.1 per cent.

In Dubai, apartment sales prices decreased 4.1 per cent year-on-year in February, while villas sales prices dropped 4 per cent.

With regards to rent, Abu Dhabi suffered from a steeper decline than Dubai.

Rental prices in Abu Dhabi fell 10.7 per cent year-on-year, while in Dubai they dropped 7 per cent year-on-year.

Apartment rentals in Abu Dhabi plunged 11 per cent while villa rentals declined 9.4 per cent.

In Dubai, apartment rentals fell 6.5 per cent and villa rentals tumbled 10.2 per cent.

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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)